On the agenda: Olivette meeting — data center (Aug 6)

Pension Board

August 6, 2026 - 5 p.m.
City Council Chambers
1140 Dielman Road
Olivette MO 63132
Join Via Zoom link

1. Roll Call
2. Approval Of Minutes

Documents:
05072026 PENSION BOARD MINUTES.PDF
3. Marquette Financial Update
Review of Marquette Report
Documents:
CITY OF OLIVETTE 08-06-26 MEETING_2Q26 PERFORMANCE AA SHEET BI
CALC_COMPLETE.PDF
4. Discussion Of Actuarial Report Dated 1/1/2026
5. Adjournment
AGENDA ITEMS WILL NOT NECESSARILY BE DISCUSSED IN ORDER. IF YOU HAVE ANY
QUESTIONS, PLEASE CALL CITY HALL AT (314) 993-0444
Individuals wishing to speak at the meeting may do so via Zoom. Persons will be called upon to
speak during Hearing from Citizens . Persons may speak or utilize the Chat or Q&A functions of
Zoom.
Public comments may also be emailed to [email protected], no later than 5:00
p.m. on the day of the meeting.
Posted this day, August 4, 2026
Jennifer Yackley, City Manager

Employee Retirement Board of Trustees
May 7, 2026 - 5:00 PM
Olivette City Center
Council Chambers
Meeting was called to order at 5:01 pm.
Roll Call
On roll call, the following persons were present, Ted Isaacs, Alan Robbins, Josephine Ezenwa,
Chassie Smith, Jennifer Yackley, and Mayor Bryan Lewis.
Absent: Nate Mahoney, Kent Berkbuegler
Also in attendance: Jonathan Bryant and Tom Latzke from Marquette Associates, Director of Finance
Darren Mann
Approval of Minutes
A motion was made by Mr. Robbins, seconded by Ms. Ezenwa to approve the minutes of February
5, 2026.
Motion passed unanimously.
Marquette Financial Update
Jonathan Bryant and Tom Latzke from Marquette Associates presented the financial update.
A motion was made by Mr. Robbins and seconded by Ms. Ezenwa to accept the recommendation to
reallocate money.
Motion passed unanimously.
Adjournment
A motion was made by Mr. Robbins and seconded by Mr. Isaacs to adjourn at 5:35 p.m.

The City of Olivette
Salaried Employees Pension Plan
2Q26 Performance Report
August 6, 2026

The City of Olivette – Salaried Employees Pension Plan
August 6, 2026

CONTENTS

EXHIBIT

2Q26 Performance Report

I

Asset Allocation Sheet & Benefit Index Calculation

II

Marquette Update
$428B

99%

40th

assets under advisement

client retention rate

year in business

100%

27

145+

employee-owned

partners

3Q 2026

LIVE WEBINAR — JULY 23

2026 Halftime
Market Insights

employees

MID-YEAR PROMOTIONS
UPCOMING SPEAKING ENGAGEMENTS
f Chris Grimm speaking at With Intelligence 2026 The Institutional Partnership

Summer Retreat 7/20
f Evan Frazier speaking at Markets Group 2026 Private Equity Chicago Forum 7/22
f Andrea Blomquist speaking at Women Investment Professionals Event 7/22
f Sarah E.R. Wilson speaking at PSACC 2026 Annual Conference 7/28
f Evan Frazier speaking at Markets Group 2026 Private Wealth Midwest Forum 8/13
f Luis Sierra speaking at Titan Investors 2026 Washington DC Institutional Exchange

Katie Leonard
Senior Client Analyst

Sydney Colgan
Associate Client Analyst

Keenan Sanchez
Senior Client Analyst, OCIO Services

Jocelyn Rivera
Associate Client Analyst

Bridget DeZellar
Client Analyst

Olivia Brasure
Senior Performance Analyst

Mike Kleinman
Client Analyst, OCIO Services

Elliot Cleghorn
Senior Performance Analyst

8/26
Javier Palma
f Evan Frazier speaking at Titan Investors 2026 Chicago E&F Roundtable 8/26
Client Analyst
f Luis Sierra speaking at 2026 529 Conference 9/23
Chris Poplawski
f Matt Nowak speaking at 12 th Annual Georgia Association of Public Pension Trustees
Client Analyst, OCIO Services
(GAPPT) Trustee School 9/29

Nick Phalen
Senior Performance Analyst
Ben Wheeland
Senior Performance Analyst

Subscribe to research email alerts Follow us on LinkedIn YouTube Client data as of March 31, 2026; firm data as of July 2026. The client retention rate has been calculated as the
average annual retention rate over the last 10 years. Marquette is an independent investment adviser registered with the U.S. Securities and Exchange Commission under the Investment
Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. More information about Marquette including our investment strategies, fees and objectives
can be found in our ADV Part 2 and Form CRS which are available upon request and on our website.

2Q 2026
Market Environment

This presentation is furnished on a confidential basis to the recipient for informational purposes only.
For disclosure information, please refer to the end of this presentation.

Overview

Asset class outlook
Core bonds











Bank loans











High yield











EMD











Large-cap











Mid-cap































Small-cap



Value











Non-U.S.
Equities



Developed large-cap











Developed small-cap





















Real Assets

U.S. Equities

Fixed
Income

CHANGE HEADWINDS NEUTRAL TAILWINDS

Core real estate











Value-add real estate











Infrastructure











Equity long/short





















VRP











Buyout











Venture Capital











Direct lending











Distressed/opportunistic











Private Private
Credit Equity

Hedge
Funds

Growth

Emerging markets

Credit





TAKEAWAYS














Fixed Income: Despite higher interest rates, fixed income generated positive returns across
major sectors in the second quarter, with the Bloomberg U.S. Aggregate Index gaining 0.7%.
Tightening credit spreads supported strong performance in high yield and leveraged loans,
while securitized credit remains attractive due to its higher yields and favorable relative
valuations. Despite persistent inflation and elevated rates, resilient credit fundamentals and
attractive starting yields support a constructive outlook.
U.S.: Supported by resilient earnings growth and sustained AI infrastructure investment, U.S.
equities are expected to remain constructive through the remainder of 2026. Market leadership
may continue to broaden beyond mega-cap technology into small-cap, industrial, and other AI
infrastructure beneficiaries. Key risks include elevated valuations, weaker-than-expected AI
monetization, and persistent inflation that could keep monetary policy restrictive.
Non-U.S.: Opportunities remain within non-U.S. equities (particularly among Asian technology
companies and beneficiaries of Europe's infrastructure buildout), but the near-term outlook is
clouded by geopolitical uncertainty stemming from the U.S.-Iran conflict. Europe remains
vulnerable to oil price volatility and tighter monetary policy, while emerging markets have
demonstrated resilience, led by strength in the Korean and Taiwanese technology sectors.
Real Assets: The real estate recovery extended into 1Q due to better transaction activity, a
thawing debt market, and a liquid lending environment. Infrastructure market dynamics and
performance trends remain broadly consistent with previous quarters. Core infrastructure
strategies continue to provide reliable, income-driven returns and secular drivers (e.g., electricity
demand from AI-linked data centers) are sustaining investor interest.
Hedge Funds: Hedge funds with flexible mandates, dynamic exposure management, and
differentiated alpha sources remain well-positioned to provide capital preservation and
diversification, particularly as market dispersion creates opportunities in areas such as mispriced
credit risk and software-related lending.
Private Equity: The outlook for private equity for 2H26 is cautiously constructive. Deal activity
remains healthy, particularly in the lower middle market and AI-related infrastructure sectors, while
operational value creation is becoming the primary driver of returns. However, elevated interest
rates, constrained liquidity, slower distributions, and continued fundraising concentration make
manager selection, discipline, and exit execution increasingly important.
Private Credit: All-in yield levels remain attractive and credit fundamentals are stable. While
retail-driven redemption pressures are expected to persist, direct lending remains well positioned
to deliver. Near-term market uncertainty has led to some improved new-issue pricing and deal
terms. Near-term unrealized losses may reverse over the subsequent quarters as mark-to-market
losses have been tied to speculation as opposed to weakening fundamentals.

For illustration only, as of June 30, 2026. These views apply to a 6–12-month horizon; arrows in Change column represent change in view since last quarter. This summary of individual asset class views
shows relative direction and strength of conviction but is independent of portfolio construction considerations. These views should not be construed as a recommended portfolio or investment advice.
Past performance is not indicative of future results.

Overview

3

Inflation
Inflation accelerated in May (CPI: + 4.2%) given higher energy costs,
though underlying pressures were less intense (core CPI: + 2.9%)
10%
9%

Year-over-Year Change

8%
7%
6%
5%
4%
3%
Fed 2% target inflation
2%
1%
0%
2019

2021

2023
Headline CPI

2025

Core CPI

Source: Bloomberg, Bureau of Economic Analysis as of May 31, 2026 (most recently available)

Overview

4

Hiring and unemployment
The U.S. snapped its hiring hot streak in June with 57,000 job adds;
the unemployment rate fell to 4.2% as workers left the labor force
1,000

10%

Job Adds (Thousands)

800

8%
7%

600

6%
400

5%
4%

200

3%

Unemployment Rate

9%

2%

0

1%

Job Adds

Monthly Breakeven Job Adds (Range)

May-26

Mar-26

Jan-26

Nov-25

Sep-25

Jul-25

May-25

Mar-25

Jan-25

Nov-24

Sep-24

Jul-24

May-24

Mar-24

Jan-24

Nov-23

Sep-23

Jul-23

May-23

Mar-23

Jan-23

Nov-22

Sep-22

Jul-22

May-22

Mar-22

Jan-22

Nov-21

Sep-21

Jul-21

May-21

Mar-21

0%

Jan-21

-200

U.S. Unemployment Rate (R)

Source: Bloomberg, U.S. Bureau of Labor Statistics as of June 30, 2026. Monthly breakeven job adds are economists’ estimates related to how fast payrolls can grow without
tightening the labor market and stoking wage pressures (i.e., neutral payrolls growth).

Overview

5

Finance and tech have been a drag on U.S. hiring
The decline in payrolls in the Financials and Information sectors (where
AI adoption rates have been fastest) has accelerated in 2026

5-Month Average Change

200k

150k

100k

50k

0k

Jun-26

Apr-26

Mar-26

Feb-26

Jan-26

Dec-25

Nov-25

Oct-25

Sep-25

Aug-25

Jul-25

Jun-25

May-25

Apr-25

Mar-25

Feb-25

Jan-25

Dec-24

Nov-24

Oct-24

Aug-24

Sep-24

Financials and Information

May-26

Total Payrolls

Jul-24

Jun-24

May-24

Apr-24

Mar-24

Feb-24

Jan-24

-50k

Overview

6

Total Excluding Financials and Information

Source: Bloomberg, U.S. Bureau of Labor Statistics as of June 30, 2026

AI has lifted productivity (but unevenly across sectors)
Since 2023, private sector productivity has grown by more than
double the average quarterly pace exhibited from 2010 to 2019
Average Quarterly Change in
Productivty

2.5%
2.0%

1.5%
1.0%
0.5%
0.0%
-0.5%

-1.0%

2010 - 2019

Since 2023

Source: U.S. Bureau of Economic Analysis, U.S. Bureau of Labor Statistics, Deloitte as of June 30, 2026. Shading indicates total private industries change.

Overview

7

The U.S. economy grew by more than 2% in 1Q (YoY)
The 2.1% figure came in above consensus expectations, as economists
had previously called for 1.6% GDP growth in the first quarter of 2026
8%

Annual Percentage Change

7%
6%
5%
4%
3%

2%
1%
0%
-1%
-2%
1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26
Quarterly U.S. GDP

Source: U.S. Department of Commerce as of June 30, 2026. Shading indicates most recent data point.

Overview

8

1/26/2022
3/17/2022
5/5/2022
6/16/2022
7/28/2022
9/22/2022
11/02/2022
12/14/2022
2/1/2023
3/22/2023
5/3/2023
6/14/2023
7/26/2023
9/20/2023
11/01/2023
12/13/2023
1/31/2024
3/20/2024
5/1/2024
6/12/2024
7/31/2024
9/18/2024
11/07/2024
12/18/2024
1/29/2025
3/19/2025
5/7/2025
6/18/2025
7/30/2025
9/17/2025
10/29/2025
12/10/2025
1/28/2026
3/18/2026
4/29/2026
6/17/2026
7/29/2026
9/16/2026
10/28/2026
12/09/2026
1/27/2027
3/17/2027
4/28/2027
6/9/2027
7/28/2027

Policy Rate
6%
6

5%
5

4%
4

3%
3

2%
2

1%
1

0%
0

-1%
-1

-2%
-2

#Hikes/Cuts
Effective Rate

Overview

Number of 25bp Hikes/Cuts

Rate expectations
The chance of an interest rate hike by the Federal Reserve in 2026 has
increased in recent months according to market-implied probabilities

Implied Rate

Source: Bloomberg as of July 3, 2026. Gray shading indicates forecasts.

9

Fixed Income

Fixed income performance
Despite higher yields, fixed income returns were positive in 2Q given
a strong income component across indices
MTD (%)

QTD (%)

YTD (%)

1 Yr (%)

3 Yr (%)

5 Yr (%) 10 Yr (%)

Broad Market Index

Blm Aggregate

0.2

0.7

0.6

3.8

4.2

0.1

1.5

Intermediate Index

Blm Int. Gov./Credit

0.1

0.4

0.4

3.1

4.7

1.2

1.9

Government Only Indices

Blm Long Gov.

1.0

0.9

0.4

2.9

-0.4

-5.6

-1.3

Blm Int. Gov.

0.1

0.2

0.2

2.7

4.1

0.9

1.4

Blm 1-3 Year Gov.

0.1

0.4

0.6

2.9

4.4

1.9

1.8

Blm U.S. TIPS

-0.5

0.9

1.2

3.4

4.0

1.0

2.6

Blm U.S. Long Credit

0.3

2.3

1.1

5.0

4.1

-2.2

2.1

Blm High Yield

0.3

2.5

2.0

5.9

8.9

4.2

5.8

CS Leveraged Loan Index

0.1

1.8

1.4

4.3

7.6

5.9

5.5

Blm MBS

0.2

0.6

1.0

5.2

4.6

0.5

1.4

Blm ABS

0.2

0.8

1.1

4.0

5.3

2.5

2.4

Blm CMBS

0.2

0.5

0.8

4.0

5.9

1.2

2.4

Blm Global Aggregate Hedged

0.4

1.3

1.1

3.2

4.5

0.9

1.9

JPM EMBI Global Diversified

0.7

4.6

3.3

11.8

10.3

2.6

3.7

JPM GBI-EM Global Diversified

0.2

3.9

1.5

7.9

7.3

2.13

2.7

Blm Municipal 5 Year

0.5

1.1

1.1

3.8

3.4

1.2

1.8

Blm HY Municipal

1.3

3.4

4.1

7.0

5.8

1.8

4.0

Credit Indices

Securitized Bond Indices

Non-U.S. Indices

Municipal Indices

Source: Bloomberg, JPMorgan, UBS as of June 30, 2026. The local currency GBI index is hedged and denominated in U.S. dollars.

Fixed Income

11

Historical interest rate levels
Increasing inflation is placing upward pressure on front end rates with
the likelihood of a Fed hike in 2026 decreasing in recent time

6/30/26

3/31/26

12/31/25

9/30/25

6/30/25

6/30/23

6/30/21

3 Mo.

3.87%

3.69%

3.67%

4.02%

4.41%

5.43%

0.05%

6 Mo.

4.01%

3.72%

3.59%

3.83%

4.29%

5.47%

0.06%

1 Yr.

3.98%

3.68%

3.48%

3.68%

3.96%

5.40%

0.07%

2 Yr.

4.14%

3.79%

3.47%

3.60%

3.72%

4.87%

0.25%

5 Yr.

4.19%

3.92%

3.73%

3.74%

3.79%

4.13%

0.87%

10 Yr.

4.44%

4.30%

4.18%

4.16%

4.24%

3.81%

1.45%

20 Yr.

4.93%

4.88%

4.79%

4.71%

4.79%

4.06%

2.00%

30 Yr.

4.91%

4.88%

4.84%

4.73%

4.78%

3.85%

2.06%

Source: Bloomberg as of June 30, 2026

Fixed Income

12

Proxy Fed funds rate
Actual financial conditions may be more restrictive than what the Fed
funds rate alone shows; this dynamic could slow the economy
8%
7%

Fed Funds Rate

6%
5%
4%
3%
2%
1%
0%
-1%

Effective Fed Funds Rate

Proxy Fed Funds Rate

Source: Federal Reserve as of June 30, 2026. The Fed funds proxy rate is a measure created by the San Francisco Federal Reserve bank and can be interpreted as indicating
what federal funds rate would typically be associated with prevailing financial market conditions if these conditions were driven solely by the funds rate

Fixed Income

13

Fixed income returns by credit rating
Lower quality credit outperformed in 2Q after lagging in 1Q; risk-on
sentiment returned given an improved geopolitical backdrop
MTD

QTD

YTD

1YR

3YR

5YR

10YR

2025

2024

2023

2022

2021

AAA

-0.09%

0.75%

0.04%

2.77%

2.24%

-2.25%

1.21%

6.38%

-2.35%

6.95%

-20.32%

-2.26%

AA

-0.02%

0.73%

0.28%

3.06%

3.59%

-0.94%

1.35%

6.66%

0.24%

7.02%

-17.29%

-1.46%

A

0.22%

1.27%

0.72%

4.21%

4.95%

0.19%

2.22%

7.84%

1.63%

7.74%

-15.15%

-1.93%

BBB

0.20%

1.67%

1.12%

4.73%

5.95%

0.76%

3.17%

7.93%

2.97%

9.51%

-15.90%

-0.22%

BB

0.31%

2.26%

1.98%

5.90%

8.12%

3.68%

5.57%

9.02%

6.30%

11.60%

-10.80%

4.61%

B

0.27%

2.84%

2.18%

6.15%

8.69%

4.27%

5.65%

8.44%

7.38%

13.78%

-10.26%

4.85%

CCC

-0.11%

2.98%

1.69%

6.32%

11.57%

5.19%

6.40%

8.27%

15.09%

19.84%

-16.29%

8.59%

High Yield

0.27%

2.47%

1.96%

5.91%

8.86%

4.17%

5.81%

8.62%

8.19%

13.45%

-11.19%

5.28%

CS Loan

0.13%

1.85%

1.36%

4.29%

7.58%

5.93%

5.49%

5.94%

9.05%

13.04%

-1.06%

5.40%

Source: Bloomberg as of June 30, 2026

Fixed Income

14

What is the outlook for defaults?
Default forecasts remain unchanged in 2Q; while high yield defaults
have increased of late, they are projected to remain well below loans
6.5%
6.0%
5.5%
5.0%

Default Rate

4.5%
4.0%
3.5%
3.0%

2.5%
2.0%
1.5%
1.0%
0.5%
0.0%
2018

2019

2020
High Yield

2021

2022

Leveraged Loans

2023

2024

2025

2026E

2027E

Long-Term Avg. Default Rate

Source: J.P. Morgan as of June 30, 2026

Fixed Income

15

U.S. Equities

U.S. equity performance
U.S. equities broadly rallied during the second quarter, with growth
stocks outperforming value across the market cap spectrum
Broad Market Indices

Large-Cap Market Indices

Mid-Cap Market Indices

Small-Cap Market Indices

MTD (%)

QTD (%)

YTD (%)

1 Yr (%)

3 Yr (%)

5 Yr (%)

10 Yr (%)

Dow Jones

2.7

13.4

9.8

20.6

17.1

10.8

13.7

Wilshire 5000

-0.5

15.2

10.6

22.5

20.4

11.9

14.9

Russell 3000

-0.3

15.4

10.9

22.8

20.4

12.3

15.1

S&P 500

-1.0

15.2

10.2

22.3

20.6

13.4

15.5

Russell 1000

-0.5

15.1

10.3

22.0

20.5

12.7

15.3

Russell 1000 Value

2.3

13.9

16.3

27.1

17.8

11.2

11.5

Russell 1000 Growth

-2.7

16.7

5.3

17.7

22.6

13.7

18.6

Russell Mid-Cap

3.1

13.8

15.3

21.6

16.5

8.5

12.0

Russell Mid-Cap Value

3.0

13.4

17.6

26.6

16.5

9.5

10.6

Russell Mid-Cap Growth

2.7

14.5

7.3

6.2

15.6

6.0

13.0

Russell 2000

3.7

21.5

22.6

40.8

18.6

7.0

11.6

Russell 2000 Value

4.0

17.2

23.0

43.0

18.7

8.2

10.9

Russell 2000 Growth

3.6

25.7

22.2

38.7

18.4

5.6

12.0

Source: Bloomberg as of June 30, 2026

U.S. Equities

17

S&P 500 sector performance
Information Technology and Industrials were the top-performing
sectors in the second quarter, while Energy was the primary laggard
35%
30%
25%
20%

Returns

15%
10%
5%
0%
-5%
-10%
-15%
-20%
Cons. Disc. Cons. Stap.
SECTOR
WEIGHTING

9%

5%

Energy
3%

Financials Health Care Industrials
12%

9%
MTD

9%
QTD

Tech

Materials

Comm.
Serv.

Real Estate

Utilities

38%

2%

10%

2%

3%

YTD

Source: Bloomberg as of June 30, 2026

U.S. Equities

18

U.S. equity valuations
U.S. equity multiples remain elevated across the market cap spectrum;
forward P/Es indicate projections of continued earnings growth
S&P 500

Russell 1000

Russell Mid Cap

Russell 2000

Current

Historical
Percentile
(%)

Current

Historical
Percentile
(%)

Current

Historical
Percentile
(%)

Current

Historical
Percentile
(%)

P/E

27.4

93

27.1

94

23.5

96

23.8

98

Forward P/E

18.8

74

18.8

75

16.4

59

18.7

91

P/B

5.7

99

5.4

100

3.4

98

2.7

99

P/S

3.6

100

3.3

100

1.8

93

1.7

100

P/CF

21.4

95

20.9

95

14.2

94

19.5

100

EV/EBITDA

15.9

94

15.9

94

14.0

84

19.5

93

Valuation
Metrics

Average

93

93

87

97

Source: Bloomberg as of June 30, 2026. TTM P/E is adjusted for negative earnings. Small-cap forward P/E is adjusted for negative earnings. Percentiles are based on data Jan.
1995 – June 2026.

U.S. Equities

19

SpaceX: Large cap, small weight
SpaceX ranks among the 10 largest U.S. companies by market cap, yet
represents a small weight in the Russell 1000 due to construction rules
8%
7%

Market Capitalization

$5T

6%
$4T

5%

$3T

4%
$4.8
$4.2

$2T
$2.2

$1T

$2.6

3%

$4.3

2%

$2.8

Weight in Russell 1000 Index

$6T

1%
$0.9

$1.0

OpenAI*

Anthropic*

$0T

0%
SpaceX
Technologies

Amazon

Market Cap (Trillions)

Microsoft

Apple

Alphabet

NVIDIA

Weight in Russell 1000

Source: FactSet as of June 30, 2026. Asterisks indicate estimates.

U.S. Equities

20

The Magnificent 7 have lagged the market in 2026
Idiosyncratic issues and elevated capital expenditures have caused the
Magnificent 7 basket of stocks to lag the broader market in 2026
25%

Cumulative Performance

20%
15%
10%
5%
0%
-5%
-10%
-15%

6/17

6/10

6/3

5/27

5/20

5/13

5/6

4/29

7/1

Russell Mid Cap

4/22

4/15

4/8

4/1

3/25

3/18

3/11

3/4

S&P 500

6/24

Mag 7

2/25

2/18

2/11

2/4

1/28

1/21

1/14

1/7

12/31

-20%

U.S. Equities

21

Russell 2000

Source: FactSet as of July 1, 2026. Magnificent 7: Alphabet (Google), Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla.

Semiconductors take the lead
Semiconductors have outperformed the Mag 7 recently as investors
have favored near-term earnings visibility over capex uncertainty
180%
160%

Cumulative Returns

140%
120%
100%
80%
60%
40%
20%
0%
-20%
Jun-25

Jul-25

Aug-25

Sep-25

Oct-25

Mag 7

Nov-25

Dec-25

Jan-26

Feb-26

Mar-26

Apr-26

May-26

Jun-26

Philadelphia Semiconductor Index (SOX)

Source: FactSet as of June 30, 2026. Magnificent 7: Alphabet (Google), Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla.

U.S. Equities

22

Russell Reconstitution: A shake-up in the Russell 1000

Change in Russell 1000 Sector Weights
due to June 2026 Rebalance

June’s reconstitution drove meaningful shifts in the Russell 1000, with
Technology gaining share across core and both style indices
10%

8%
6%
4%
2%
0%
-2%
-4%
-6%
Energy

Materials Industrials

Cons.
Discr.

Cons.
Staples
Core

Value

Health
Care

Financials

Comm.
Services

Info. Tech.

Utilities

Real Estate

Growth

Source: Bloomberg as of June 30, 2026

U.S. Equities

23

Russell Reconstitution: A shake-up in the Russell 2000

Change in Russell 2000 Sector Weights
due to June 2026 Rebalance

The June rebalance has reshaped the Russell 2000 Index; the Health
Care sector became larger while Industrials saw a major decline
8%
6%
4%
2%
0%
-2%

-4%
-6%
Energy

Materials Industrials

Cons.
Discr.

Cons.
Staples
Core

Value

Health
Care

Financials

Comm.
Services

Info. Tech.

Utilities

Real Estate

Growth

Source: Bloomberg as of June 30, 2026

U.S. Equities

24

Projected earnings growth for U.S. stocks is positive
Estimates for 2026 earnings growth have increased in recent months
as the AI trade has now broadened to small caps

EPS (Year Over Year Change)

40%

30%
20%
10%
0%
-10%
-20%
-30%
2022

2023

2024
S&P 500

2025

2026 Est.
(12/2025)

2026 Est.
(6/2026)

Russell 2000

Source: Bloomberg as of June 30, 2026

U.S. Equities

25

Non-U.S. Equities

Global equity performance
Non-U.S. equity indices saw a modest pullback in June, though the
quarter ended with strong returns (especially in emerging markets)
MTD
(%)

QTD
(%)

YTD
(%)

1 Yr
(%)

3 Yr
(%)

5 Yr
(%)

10 Yr
(%)

-0.8

14.9

11.2

23.7

19.7

11.0

12.8

MSCI ACWI ex. U.S.

-0.6

14.5

13.7

27.7

18.8

8.8

9.9

MSCI EAFE

0.1

10.8

9.4

20.2

16.4

9.0

9.7

MSCI EAFE Local

2.4

11.5

11.7

24.9

15.8

11.3

10.6

MSCI Emerging Markets

-1.4

24.1

23.8

43.5

23.0

7.2

10.1

MSCI EM Local

-0.1

24.1

26.8

50.2

25.1

10.1

11.8

MSCI EAFE Small-Cap

-3.7

9.0

7.6

17.4

15.7

5.4

8.6

MSCI EM Small-Cap

-3.0

13.7

12.9

20.9

16.3

7.2

9.5

MSCI Frontier

0.3

11.2

10.2

34.9

23.4

8.7

9.0

Global Equity Market Indices MSCI ACWI

Developed Markets Indices

Emerging Markets Indices

Small-Cap Market Indices

Frontier Markets Index

Source: Bloomberg as of June 30, 2026

Non-U.S. Equities

27

Non-U.S. country performance
Korea and Taiwan are driving non-U.S. equity performance on a yearto-date basis; Chinese equities continue to lag
140%
120%
100%

Return

80%
60%
40%
20%
0%
-20%
-40%
COUNTRY
WEIGHTING

Korea

Taiwan

Japan

Spain

Mexico

Italy

USA

Brazil

UK

8%

9%

14%

2%

1%

2%

--%

1%

8%

MTD

QTD

YTD

France Germany South
Africa
5%
5%
1%

India

China

4%

5%

Source: Bloomberg as of June 30, 2026. Returns based on individual MSCI country indices; country weights based on the MSCI ACWI ex-U.S. Index.

Non-U.S. Equities

28

Global equity valuations
Non-U.S. equity multiples expanded in 2Q after some compression
in March; valuations now sit at the higher end of historical ranges
S&P 500
Valuation
Metrics

MSCI EAFE

MSCI EM

MSCI EAFE SC

Current

Historical
Percentile (%)

Current

Historical
Percentile (%)

Current

Historical
Percentile (%)

Current

Historical
Percentile (%)

P/E

27.4

93.2

18.2

90.7

16.7

92.8

17.2

80.1

Forward P/E

18.8

82.6

15.2

90.3

10.3

23.1

13.0

36.1

P/B

5.7

99.2

2.3

91.4

2.5

93.2

1.6

68.4

P/S

3.6

99.6

1.8

100.0

2.1

97.8

1.0

89.3

P/CF

21.4

93.9

13.5

96.4

8.6

66.4

10.1

58.9

EV/EBITDA

15.9

92.5

11.2

52.8

10.7

94.3

9.7

38.2

Average

94

87

78

62

Source: Bloomberg as of June 30, 2026, data compiled on July 7, 2026. P/E is adjusted for negative earnings; percentiles are based on data dating back to 2002 (except for
FP/E, which goes back to 2006).

Non-U.S. Equities

29

Non-U.S. currency performance
Non-U.S. currencies continued to decline (albeit modestly) in 2Q as the
U.S. dollar strengthened during the period
16%
14%

Cumulative Return

12%
10%
8%
-0.72% in 2Q
6%
4%

2%
0%
-2%

-0.07% in 2Q

-4%

MSCI EAFE Currency

MSCI EM Currency

Source: Bloomberg as of June 30, 2026. Currency return calculated by subtracting index return in USD by index return in local terms.

Non-U.S. Equities

30

Earnings are driving non-U.S. equity returns
So far in 2026, optimism surrounding earnings growth for non-U.S.
stocks has increased and stoked robust performance
60%

2026 EPS Growth

50%

40%

30%

20%

10%

0%

MSCI EAFE

MSCI EAFE Small Cap
BoY Estimate

MSCI Emerging Markets

Mid-Year Revision

Source: FactSet as of January 5, 2026 (BoY) and July 8, 2026 (Mid-Year)

Non-U.S. Equities

31

The influence of oil prices on European equities
Falling oil prices, prompted by the re-opening of the Strait of Hormuz,
led to a rebound in European equities
15%

50%

10%

30%
5%
10%
0%

-10%
-5%
-30%
-10%

-50%
-70%

Cumulative Return (MSCI Europe)

Cumulative Return (Brent Crude)

70%

-15%

2/27

3/13

3/27

4/10

4/24
Brent Crude

5/8

5/22

6/5

6/19

MSCI Europe

Source: Bloomberg as of June 30, 2026. Cumulative returns begin on February 27, 2026 (the start of the war in Iran)

Non-U.S. Equities

32

Top 10 Emerging Market stocks: 2016 vs. 2026
TSMC and Samsung constitute a larger weight in the MSCI Emerging
Markets index today than the largest ten stocks did in 2016
40%

HON HAI PRECISION
SK SQUARE
SAMSUNG PFD
DELTA ELECTRONICS

MEDIA TEK

Weight in MSCI EM Index

35%

ALIBABA
TENCENT

30%
SK HYNIX

25%
20%
15%

HON HAI PRECISION
I&C BANK OF CHINA
BAIDU
CHINA CONSTRUCTION

SAMSUNG

NASPERS
CHINA MOBILE

10%

ALIBABA
TSMC

5%

TSMC

SAMSUNG
TENCENT

0%

June 2016

June 2026

Source: FactSet as of June 30, 2026.

Non-U.S. Equities

33

Real Estate

Real estate performance
While appreciation remained flat, real estate performance was
supported by consistent income gains across sectors in 1Q26
NPI
Income

Appreciation

QTD (%)

YTD (%)

1 Yr (%)

3 Yr (%)

5 Yr (%)

10 Yr (%)

1.2

1.2

4.9

0.2

3.8

4.8

1.1

1.1

4.7

4.7

4.4

4.5

0.1

0.1

0.2

-4.3

-0.7

0.3

NFI-ODCE

1.3

1.3

4.0

-2.0

3.2

4.7

Income

1.0

1.0

4.1

4.0

3.9

4.3

Appreciation

0.3

0.3

-0.1

-5.9

-0.6

0.7

3.8

3.8

3.3

6.8

4.0

5.5

NPI Multifamily

0.9

0.9

4.9

0.7

4.8

5.1

NPI Industrial

1.1

1.1

4.4

1.6

10.3

11.7

NPI Office

1.3

1.3

3.9

-5.6

-3.7

0.7

NPI Retail

1.8

1.8

6.9

4.1

4.0

2.7

NPI Hotel

-1.5

-1.5

2.0

5.6

7.2

2.3

NPI East

1.2

1.2

5.2

-0.1

2.2

3.5

NPI Midwest

1.6

1.6

7.0

2.3

3.8

3.7

NPI South

1.4

1.4

6.0

2.7

6.7

6.1

NPI West

1.1

1.1

3.7

-1.5

3.4

5.5

FTSE NAREIT All Eq. REITs
Property Type

Geographic Sectors

Source: NCREIF as of March 31, 2026

Real Estate

35

Current cycle showing stability
Core real estate returns stabilized since late 2024 through the present
as the interest-rate-driven repricing cycle subsided
3%
2%

Total Return

1%
0%
-1%
-2%
-3%
-4%
-5%
-6%
3Q22

4Q22

1Q23

2Q23

3Q23

4Q23

1Q24

2Q24

NPI

ODCE

3Q24

4Q24

1Q25

2Q25

3Q25

4Q25

1Q26

Source: NCREIF as of March 31, 2026

Real Estate

36

Transaction volumes are recovering
Transaction activity continues to rebound, with volumes now returning
to long-term average levels
$400B
$350B
$300B

Volume

$250B

17% above
prior year

$200B
$150B
$100B
$50B

1Q15
2Q15
3Q15
4Q15
1Q16
2Q16
3Q16
4Q16
1Q17
2Q17
3Q17
4Q17
1Q18
2Q18
3Q18
4Q18
1Q19
2Q19
3Q19
4Q19
1Q20
2Q20
3Q20
4Q20
1Q21
2Q21
3Q21
4Q21
1Q22
2Q22
3Q22
4Q22
1Q23
2Q23
3Q23
4Q23
1Q24
2Q24
3Q24
4Q24
1Q25
2Q25
3Q25
4Q25

$0B

Office

Industrial

Retail

Apartment

Other

10-Year Average

Source: MSCI RCA, DWS Research as of December 31, 2025

Real Estate

37

Cap rates
Despite stability in cap rates as interest rates ease, modest expansion
has persisted across select property types
8.0%
7.5%

Cap Rate

7.0%
6.5%
6.0%
5.5%
5.0%

4.5%

Apr-25

38

Jan-25

Real Estate

Oct-24

Jul-24

Apr-24

Jan-24

Oct-23

Jul-23

Apr-23

Jan-23

Oct-22

Oct-25

Office

Jul-22

Apr-22

Jan-22

Oct-21

Jul-21

Apr-21

Jan-21

Jul-20

Oct-20

Industrial

Jul-25

Apartment

Apr-20

Jan-20

Oct-19

Jul-19

Apr-19

Jan-19

Oct-18

Jul-18

Apr-18

Jan-18

Oct-17

Jul-17

Apr-17

Jan-17

4.0%

Retail

Source: MSCI RCA, DWS Research as of December 31, 2025

Evolving occupancy rates
Stable demand and limited supply support high occupancies, led by
alternative sectors with strong structural tailwinds
100%

Occupancy Rate

95%

90%

85%

80%

75%
Single-Family
Rental

Manuf.
Homes

Apartment

Senior
Housing

Retail

Historical Average 2000–2025

Data Centers

Industrial

Self Storage

Office

Forecast 2026–2030

Source: CoStar, PGIM Real Estate as of March 31, 2026

Real Estate

39

Private Equity

Private equity performance
Private equity expands access to high-growth companies and can
improve long-term return potential
1Q26 (%)

YTD (%)

1 Yr (%)

3 Yr (%)

5 Yr (%)

10 Yr (%)

0.6

0.6

11.4

7.7

8.0

14.0

Global Buyout

-0.8

-0.8

7.2

7.0

9.5

13.8

Global Expansion

-0.2

-0.2

5.1

7.2

7.3

9.3

Global Venture Capital

3.8

3.8

22.6

9.3

5.9

15.3

0.8

0.8

11.2

8.1

8.0

15.0

U.S. Buyout

-0.6

-0.6

5.9

6.9

10.0

14.4

U.S. Small Buyout

1.1

1.1

7.2

7.6

13.2

16.8

U.S. Expansion

0.9

0.9

5.9

8.6

10.6

12.7

U.S. Venture Capital

4.0

4.0

23.9

10.3

6.8

16.1

MSCI All Country World Index

-3.2

-3.2

20.0

16.6

9.5

11.3

S&P 500

-4.3

-4.3

17.8

18.3

12.1

14.2

Russell 3000

-4.0

-4.0

18.1

17.9

10.9

12.7

Russell 2000 Growth

-2.8

-2.8

23.6

12.3

1.6

9.8

Global Private Equity

U.S. Private Equity

Source: MSCI Private Capital Pooled Returns, Bloomberg, MSCI, S&P, FTSE Russell as of March 31, 2026; Small Buyout includes funds less than $1 billion in size.

Private Equity

41

Private equity deal activity
1Q26 U.S. PE deal volume rose 4.8% QoQ and 6.2% YoY, while value
fell 18.3% QoQ and 6.7% YoY as investors favored smaller deals
12,000

$1,200B

10,000

$1,000B
8,000
$800B
6,000
$600B
4,000
$400B
2,000

$200B
$0B

U.S. Private Equity Deal Count

U.S. Private Equity Deal Value

$1,400B

0
2017

2018

2019

2020

2021

Deal Value ($B)

2022

2023

2024

2025*

2026*

Deal Count

Source: PitchBook U.S. PE Breakdown as of March 31, 2026. *2025 and 2026 includes estimated deal count.

Private Equity

42

Private equity valuations
U.S. PE middle-market EV/EBITDA multiples declined to 11.5x in 1Q26
amid tighter and more selective financing

Median U.S. Private Equity Middle
Market Buyout EV/EBITDA Multiples

18.0x
16.0x

16.5x

14.0x

14.3x
13.8x

13.5x

13.5x

12.0x
10.0x

11.5x

11.1x
10.2x

11.9x

10.0x

8.0x
7.2x

6.0x
4.0x
2.0x

0.0x
2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

TTM

Source: PitchBook U.S. PE Middle Market Report as of March 31, 2026

Private Equity

43

Private equity exit activity
U.S. PE exit activity slowed in 1Q26 after a strong 2025, pressured by
AI, geopolitical, and interest rate uncertainty
$900B

2,500

$800B
1,957

2,000

$600B
$500B

1,462
1,360

1,545

1,457
1,348

1,334

1,254

1,395

1,500

$400B
1,000

Exit Count

U.S. PE Exit Value

$700B

$300B
$200B

373

500

$100B
$0B

0
2017

2018

2019

2020

2021
Exit Value

2022

2023

2024

2025

2026

Exit Count

Source: PitchBook U.S. PE Breakdown as of March 31, 2026

Private Equity

44

Holding periods
In 1Q26, U.S. PE hold times hit their lowest since 2021, as improving
exit markets enabled sponsors to reduce aging portfolio inventory
8
6.9

7

6.4
6.1

Years

6

5

4
4.0
3.4

3
3.1

2
2012

2013

2014

2015

2016

2017

2018

Median Exit Hold Times

2019

2020

2021

2022

2023

2024

2025

2026

Median Existing Hold Times

Source: PitchBook U.S. PE Breakdown as of March 31, 2026

Private Equity

45

Purpose:

Empower our
clients to meet their
investment
objectives

Vision
Be a trusted partner to our clients
through effective investment programs
Mission
Provide independent and thoughtful
investment guidance
Why Marquette?
✔ Our people
✔ Independent expertise
✔ Focused client service
✔ Careful research

PREPARED BY MARQUETTE ASSOCIATES

180 North LaSalle St, Ste 3500, Chicago, Illinois 60601
CHICAGO BALTIMORE MILWAUKEE PHILADELPHIA ST. LOUIS

PHONE 312-527-5500

WEB MarquetteAssociates.com

CONFIDENTIALITY NOTICE: This communication, including attachments, is for the exclusive use of the addressee and contains proprietary, confidential and/or privileged information; any use,
copying, disclosure, dissemination or distribution is strictly prohibited. Marquette Associates, Inc. retains all proprietary rights they may have in the information.
Marquette Associates, Inc. (“Marquette”) has prepared this document for the exclusive use by the client or third party for which it was prepared. The information herein was obtained from
various sources, including but not limited to third party investment managers, the client's custodian(s) accounting statements, commercially available databases, and other economic and
financial market data sources.
The sources of information used in this document are believed to be reliable. Marquette has not independently verified all of the information in this document and its accuracy cannot be
guaranteed. Marquette accepts no liability for any direct or consequential losses arising from its use. The information provided herein is as of the date appearing in this material only and is
subject to change without prior notice. Thus, all such information is subject to independent verification, and we urge clients to compare the information set forth in this statement with the
statements received directly from the custodian in order to ensure accuracy of all account information. Past performance does not guarantee future results and investing involves risk of loss. No
graph, chart, or formula can, in and of itself, be used to determine which securities or investments to buy or sell.
Forward‐looking statements, including without limitation any statement or prediction about a future event contained in this presentation, are based on a variety of estimates and assumptions
by Marquette, including, but not limited to, estimates of future operating results, the value of assets and market conditions. These estimates and assumptions, including the risk assessments
and projections referenced, are inherently uncertain and are subject to numerous business, industry, market, regulatory, geopolitical, competitive, and financial risks that are outside of
Marquette's control. There can be no assurance that the assumptions made in connection with any forward‐looking statement will prove accurate, and actual results may differ materially.
Indices have been selected for comparison purposes only. Client account holdings may differ significantly from the securities in the indices and the volatility (beta) of the account may be more
or less than the benchmark. You cannot invest directly in an index.
The inclusion of any forward‐looking statement herein should not be regarded as an indication that Marquette considers forward‐looking statements to be a reliable prediction of future events.
The views contained herein are those of Marquette and should not be taken as financial advice or a recommendation to buy or sell any security. Any forecasts, figures, opinions or investment
techniques and strategies described are intended for informational purposes only. They are based on certain assumptions and current market conditions, and although accurate at the time of
writing, are subject to change without prior notice. Opinions, estimates, projections, and comments on financial market trends constitute our judgment and are subject to change without
notice. Marquette expressly disclaims all liability in respect to actions taken based on any or all of the information included or referenced in this document. The information is being provided
based on the understanding that each recipient has sufficient knowledge and experience to evaluate the merits and risks of investing.
This document does not constitute an offer to sell, or a solicitation of an offer to buy, any interest in any investment vehicle, and should not be relied on as such. Targets, ranges and
expectations set forth in this presentation are approximations; actual results may differ materially. The information and opinions expressed herein are as of the date appearing in this material
only, are subject to change without prior notice, and do not contain material information regarding the Marquette Model Portfolio, including specific information relating to portfolio
investments and related important risk disclosures. The descriptions herein of Marquette’s investment objectives or criteria, the characteristics of its investments, investment process, or
investment strategies and styles may not be fully indicative of any present or future investments, are not intended to reflect performance and may be changed in the discretion of Marquette.
While the data contained herein has been prepared from information that Marquette believes to be reliable, Marquette does not warrant the accuracy or completeness of such information.
Client account holdings may differ significantly from the securities in the indices and the volatility of the index may be materially different from client account performance. You cannot invest
directly in an index. Artificial intelligence has been utilized during the preparation of this document.

ABOUT MARQUETTE ASSOCIATES
Marquette was founded in 1986 with the sole objective of providing investment consulting at the highest caliber of service. Our expertise is grounded in our commitment to client
service — our team aims to be a trusted partner and as fiduciaries, our clients’ interests and objectives are at the center of everything we do. Our approach brings together the
real-world experience of our people and our dedication to creativity and critical thinking in order to empower our clients to work towards their goals.
Marquette is an independent investment adviser registered with the U.S. Securities and Exchange Commission under the Investment Advisers Act of 1940, as amended.
Registration does not imply a certain level of skill or training. More information about Marquette including our investment strategies, fees and objectives can be found in our ADV
Part 2 and Form CRS which are available upon request and on our website. For more information, please visit www.MarquetteAssociates.com.

EXHIBIT I

The City of Olivette
Pension
Quarterly
Executive Summary
June 30, 2026

City of Olivette Pension Quarterly

Manager Status

Investment Manager
Principal Core Fixed Income

Asset Class
Core Fixed Income

Status
In Compliance

Reason
--

Principal Core Plus Bond

Core Plus Fixed Income

In Compliance

--

Baird Core Plus

Core Plus Fixed Income

In Compliance

--

Principal High Yield

High Yield Fixed Income

In Compliance

--

Aristotle Pacific

Senior Secured Loans

In Compliance

--

Vanguard 500 Index

Large-Cap Core

In Compliance

--

Vanguard Mid Cap Index Fund

Mid-Cap Core

In Compliance

--

Ishares Core S&P Small Cap

Small-Cap Core

In Compliance

--

Vanguard Total International Stock

Non-U.S. Large-Cap Core

In Compliance

--

Vanguard FTSE All World ex-US Small-Cap Fund

Non-U.S. Small-Cap Core

In Compliance

--

Vanguard Emerging Markets

Emerging Markets

In Compliance

--

Principal US Property

Core Real Estate

In Compliance

--

Partners Group PE II, LLC

Global Divers. PE FoF

Alert

Performance

1

Manager Status

Investment Manager Evaluation Terminology
The following terminology has been developed by Marquette Associates to facilitate efficient communication among the Investment Manager, Investment
Consultant, and the Plan Sponsor. Each term signifies a particular status with the Fund and any conditions that may require improvement. In each case,
communication is made only after consultation with the Trustees and/or the Investment Committee of the Plan.
In Compliance – Marquette has not been notified of any issues or changes to the investment manager that would materially impede upon its ability to execute
the investment strategy or adhere to any applicable investment guidelines.
Alert – The investment manager has experienced a problem in performance (usually relative to a benchmark), a change in investment characteristics, an
alteration in management style, ownership, or key investment professionals, and/or any other irregularities that may impede upon its ability to execute the
investment strategy or adhere to any applicable investment guidelines.
On Notice – The investment manager has experienced continued concern with one or more Alert issues. Failure to improve upon stated issues within a certain
time frame may justify termination.
Termination – The investment manager has been terminated and transition plans are in place.

2

City of Olivette Pension Quarterly

Performance Summary
As of June 30, 2026

Return (% )

20.0
15.6

15.1

15.0

12.1
10.0

8.3

8.6

12.4
8.5

7.6

7.4

6.4

8.6

8.7

8.7

6.5

5.0

0.0
Year
To
Date

1
Quarter

1
Year

3
Years

Total Fund Composite

1
Year ($)

3
Years ($)

5
Years ($)

Beginning Market Value

23,858,889

22,166,276

25,635,513

Net Cash Flow

-1,170,789

-4,000,366

-6,576,751

Gain/Loss

3,470,823

7,993,014

7,100,161

Ending Market Value

26,158,924

26,158,924

26,158,924

0.1%
39.5%
40.8%

US Equity Composite

10
Years

Summary of Cash Flows
30.0%
30.1%

Fixed Income Composite

7
Years

Total Fund Composite Custom Benchmark

Total Fund Composite vs. Target Allocation

Total Fund Composite

1.3%
18.0%
18.1%

Non-US Equity Composite

0.1%
5.0%
4.7%

Real Estate Composite

-0.3 %
7.5%
6.3%

Private Equity Composite

-1.2 %
0.0%
0.1%
0.1%

Cash Composite
-20.0 %
Target

5
Years

0.0%
Actual

20.0%

40.0%

60.0%

Difference

3

City of Olivette Pension Quarterly

Portfolio Allocation
Quarter Ending June 30, 2026

Total Fund Composite

24,278,521

Net Cash
Flow ($)
-115,799

Fixed Income Composite

7,481,098

285,672

7,862,409

30.1

30.0

1.3

2,560,206

384,212

2,970,706

11.4

11.0

1.0

Asset Class

Beginning MV ($)

Ending MV ($)
26,158,924

% of
Policy (%)
Portfolio
100.0
100.0

3 Mo
(%)
8.3

Principal Core Fixed Income

Core Fixed Income

Principal Core Plus Bond

Core Plus Fixed Income

986,202

-98,540

895,203

3.4

3.0

0.9

Baird Core Plus

Core Plus Fixed Income

1,674,863

-

1,690,889

6.5

7.0

1.0

Principal High Yield

High Yield Fixed Income

1,131,074

-

1,156,061

4.4

4.5

2.2

Aristotle Pacific

Senior Secured Loans

1,128,753

-

1,149,550

4.4

4.5

1.8

9,462,699

-239,804

10,665,120

40.8

39.5

15.3

US Equity Composite
Vanguard 500 Index

Large-Cap Core

6,036,542

-110,000

6,843,367

26.2

25.5

15.2

Vanguard Mid Cap Index Fund

Mid-Cap Core

1,949,976

-40,000

2,152,968

8.2

8.0

12.5

Ishares Core S&P Small Cap

Small-Cap Core

1,476,181

-89,804

1,668,784

6.4

6.0

19.7

4,423,360

-165,000

4,738,764

18.1

18.0

10.9

Non-US Equity Composite
Vanguard Total International Stock

Non-U.S. Large-Cap Core

2,676,694

-65,000

2,932,003

11.2

11.0

12.0

Vanguard FTSE All World ex-US Small-Cap Fund

Non-U.S. Small-Cap Core

892,762

-70,000

885,467

3.4

3.5

6.7

Vanguard Emerging Markets

Emerging Markets

853,903

-30,000

921,295

3.5

3.5

11.4

4

City of Olivette Pension Quarterly

Portfolio Allocation
Quarter Ending June 30, 2026
Asset Class

Real Estate Composite
Principal US Property

Core Real Estate

Private Equity Composite
Partners Group PE II, LLC

Global Divers. PE FoF

Cash Composite
Regions Cash

Cash & Equivalents

1,202,877

Net Cash
Flow ($)
-

1,202,877

-

1,218,737

4.7

5.0

1.3

1,680,312

445

1,642,469

6.3

7.5

-2.3

1,680,312

445

1,642,469

6.3

7.5

-2.3

28,174

2,888

31,425

0.1

0.0

0.8

28,174

2,888

31,425

0.1

0.0

0.8

Beginning MV ($)

Ending MV ($)
1,218,737

% of
Policy (%)
Portfolio
4.7
5.0

3 Mo
(%)
1.3

Partners Group is as of 05/31/2026.

5

City of Olivette Pension

Asset Allocation
As of June 30, 2026

vs. All Public DB Plans Under $50M
80.0

65.0

Allocation (%)

50.0

35.0

20.0

5.0

-10.0

£ Total Fund Composite
¢

US Equity
40.8 (70)

Global ex-US Equity
18.1 (18)

US Fixed
30.1 (44)

Private Equity
6.3 (18)

Total Real Estate
4.7 (59)

Cash & Equivalents
0.1 (97)

5th Percentile

66.3

22.4

65.4

9.5

8.6

7.9

1st Quartile

53.8

17.0

34.4

5.0

6.7

2.2

Median

46.9

14.5

27.9

4.0

5.0

1.3

3rd Quartile

35.0

11.1

22.1

2.0

4.3

0.8

95th Percentile

24.3

6.3

15.5

1.1

2.3

0.2

Population

199

177

201

16

123

193

6

City of Olivette Pension Quarterly

Historical Asset Allocation
5 Years Ending June 30, 2026

100.0

90.0

80.0

Allocation (%)

70.0

60.0

50.0

40.0

30.0

20.0

10.0

0.0
6/21
Fixed Income

12/21

6/22
U.S. Equity

12/22

6/23
Non-U.S. Equity

12/23
Real Estate

6/24

12/24
Private Equity

6/25

12/25

6/26

Cash

7

City of Olivette Pension Quarterly

As of June 30, 2026

Market Value History
30.0

Millions ($)

27.0

26.3M

26.2M

24.0

21.0
19.1M
18.0

15.0
6/16

3/17

12/17

9/18

6/19

3/20

12/20

9/21

6/22

3/23

12/23

9/24

6/25

6/26

Market Value

Periods Ending

Beginning
Market Value
$

Contributions
$

Distributions
$

Gain/Loss
$

1
19,109,804.02
12,648.76
Quarter ($)
19,543,367.95
13,063.07

Year
-130,441.42
To
Date
($)
-185,425.31

1
551,356.59
Year ($)
90,647.56

Summary of Cash Flows
Jun-2016
Jul-2016
Aug-2016

-

Ending
Market Value
$
19,109,804.02
3
19,543,367.95
Years ($)
19,461,653.27

5
2.9
Years ($)
0.5

100.0

7
102.9
Years ($)
103.4
-

Income % of
Beginning
Market Value
0.0
10
0.0
Years ($)
0.0

19,421,823.30
22,166,276
19,023,660.18
-4,000,366

0.3
25,635,513
-1.3
-6,576,751

103.7
21,761,735102.4-8,748,224-

0.0
19,109,804
0.0
-11,329,517

19,167,929.73
7,993,014
19,483,954.18
26,158,924

1.4
7,100,161
1.2
26,158,924

103.7
13,145,413105.0
26,158,924-

0.0
18,378,637
0.0
26,158,924

%Return

Unit Value

Income
$

Total Fund Composite

Sep-2016
20,715.76 24,899,802
-125,918.32 23,858,889
65,372.59
Beginning Market 19,461,653.27
Value
24,278,521
Oct-2016
19,421,823.30
1,013,583.04
-1,155,833.37
-255,912.79
Net Cash Flow
-115,799
-550,564
-1,170,789
Nov-2016
19,023,660.18 1,996,202
13,947.77
-125,663.72 3,470,823
255,985.50
Net Investment Change
1,809,686
Dec-2016
19,167,929.73 26,158,924
205,984.07 26,158,924
-122,256.33 26,158,924
232,296.71
Ending Market Value

8

City of Olivette Pension Quarterly

Annualized Performance (Net of Fees)
As of June 30, 2026
1 Mo
(%)
0.3

3 Mo
(%)
8.3

YTD
(%)
7.4

1 Yr
(%)
15.1

3 Yrs
(%)
12.1

5 Yrs
(%)
6.4

7 Yrs
(%)
8.5

10 Yrs
(%)
8.7

SI
(%)
6.7

Total Fund Composite Custom Benchmark

0.1

8.6

7.6

15.6

12.4

6.5

8.6

8.7

7.4

All Public DB Plans Under $50M Rank

53

77

61

67

77

65

68

63

97

0.2

1.3

1.0

4.2

5.6

1.2

2.3

2.7

3.2

0.2

0.7

0.6

3.8

4.2

0.1

1.2

1.5

3.3

82

18

40

37

11

35

31

37

-

0.9

15.3

12.6

23.4

18.9

10.9

14.1

13.8

13.6

-0.3

15.4

10.9

22.8

20.4

12.3

15.5

15.1

14.7

25

40

22

35

68

71

75

66

47

-0.8

10.9

12.4

25.2

17.8

7.3

9.6

9.3

6.5

-0.5

15.3

14.3

27.7

18.7

8.6

10.0

9.8

7.4

74

83

60

49

55

74

72

61

100

0.7

1.3

2.3

4.6

-0.9

2.1

2.8

4.3

5.9

0.4

1.3

2.3

3.6

-1.5

1.9

2.5

3.7

5.8

0.0

-2.3

-3.4

-0.8

4.5

-

-

-

5.2

0.0

0.0

1.0

7.7

7.4

5.8

13.0

14.0

3.7

0.3

0.8

1.8

3.9

4.7

3.8

2.9

2.3

1.8

0.3

0.9

1.7

3.8

4.6

3.5

2.8

2.3

1.8

52

85

62

52

41

4

25

53

67

Total Fund Composite

Fixed Income Composite

Market
% of
Value ($)
Portfolio
26,158,924
100.0

7,862,409

30.1

Blmbg. U.S. Aggregate Index
All Public DB Plans-Fixed Income Rank
US Equity Composite

10,665,120

40.8

Russell 3000 Index
All Public DB Plans-US Equity Rank
Non-US Equity Composite

4,738,764

18.1

MSCI EAFE + Emerging Markets Index (Net)
All Public DB Plans-Intl Equity Rank
Real Estate Composite

1,218,737

4.7

NFI-ODCE
Private Equity Composite

1,642,469

6.3

MSCI Private Capital Global All Private Equity
Cash Composite
ICE BofA 3 Month U.S. T-Bill
eV US Cash Management Rank

31,425

0.1

Inception
Date
Jan 03

Jan 03

Aug 12

Mar 12

Jan 03

Feb 22

Aug 13

9

City of Olivette Pension

Annualized Performance (Net of Fees)
As of June 30, 2026

vs. All Public DB Plans Under $50M
24.0

20.0

Return (% )

16.0

12.0

8.0

4.0

0.0

£ Total Fund Composite
¢

8.3 (77)

Year
To
Date
7.4 (61)

£ Total Fund Composite Custom Benchmark
¢

8.6 (69)

7.6 (53)

15.6 (53)

12.4 (69)

6.5 (60)

8.7 (60)

5th Percentile

11.4

10.4

18.7

15.5

8.4

10.5

1st Quartile

10.1

8.6

16.9

13.8

7.5

9.3

Median

9.2

7.7

15.8

13.1

6.7

8.9

3rd Quartile

8.4

7.0

14.3

12.2

6.1

8.2

95th Percentile

4.9

4.3

9.3

8.8

4.2

7.0

Population

188

185

184

168

160

140

1
Quarter

1
Year

3
Years

5
Years

10
Years

15.1 (67)

12.1 (77)

6.4 (65)

8.7 (63)

10

City of Olivette Pension Quarterly

Calendar Performance (Net of Fees)
As of June 30, 2026
2025
(%)
14.1

2024
(%)
9.9

2023
(%)
11.7

2022
(%)
-13.1

2021
(%)
13.5

2020
(%)
12.6

2019
(%)
19.5

2018
(%)
-5.3

2017
(%)
15.6

2016
(%)
8.8

2015
(%)
0.4

Total Fund Composite Custom Benchmark

14.5

10.0

12.0

-13.5

13.2

13.1

19.8

-5.2

14.9

8.7

0.2

All Public DB Plans Under $50M Rank

54

79

88

20

48

68

65

72

41

9

35

7.1

3.7

8.1

-12.3

-0.8

7.6

10.0

-0.7

5.1

5.8

-1.0

7.3

1.3

5.5

-13.0

-1.5

7.5

8.7

0.0

3.5

2.6

0.5

75

35

21

58

56

61

17

59

64

46

52

US Equity Composite

14.8

20.8

21.9

-18.3

24.5

19.3

30.3

-6.8

20.0

11.3

0.9

Russell 3000 Index

17.1

23.8

26.0

-19.2

25.7

20.9

31.0

-5.2

21.1

12.7

0.5

64

59

75

55

71

34

39

62

65

76

13

30.4

5.7

13.9

-17.7

7.7

12.8

21.2

-15.4

28.8

6.8

-9.5

32.0

5.0

15.6

-16.3

6.6

11.0

21.1

-14.0

28.0

3.2

-4.2

52

38

83

54

57

50

70

68

45

12

99

3.9

-2.3

-11.1

3.9

22.3

0.4

5.8

7.9

7.9

8.8

13.4

2.9

-2.3

-12.7

6.5

21.1

0.3

4.4

7.4

6.7

7.8

14.0

7.2

5.9

9.5

-

-

-

-

-

-

-

-

13.2

5.8

5.9

-8.4

40.2

33.5

17.4

12.1

20.4

9.1

9.8

4.3

5.6

3.5

3.8

0.0

0.3

1.9

1.4

0.5

0.1

0.0

4.2

5.3

5.0

1.5

0.0

0.7

2.3

1.9

0.9

0.3

0.1

52

4

100

1

61

91

91

97

94

92

86

Total Fund Composite

Fixed Income Composite
Blmbg. U.S. Aggregate Index
All Public DB Plans-Fixed Income Rank

All Public DB Plans-US Equity Rank
Non-US Equity Composite
MSCI EAFE + Emerging Markets Index (Net)
All Public DB Plans-Intl Equity Rank
Real Estate Composite
NFI-ODCE
Private Equity Composite
MSCI Private Capital Global All Private Equity
Cash Composite
ICE BofA 3 Month U.S. T-Bill
eV US Cash Management Rank

11

City of Olivette Pension Quarterly

Annualized Performance (Net of Fees)
As of June 30, 2026
1 Mo
(%)
0.3

3 Mo
(%)
8.3

YTD
(%)
7.4

1 Yr
(%)
15.1

3 Yrs
(%)
12.1

5 Yrs
(%)
6.4

7 Yrs
(%)
8.5

10 Yrs
(%)
8.7

SI
(%)
6.7

Total Fund Composite Custom Benchmark

0.1

8.6

7.6

15.6

12.4

6.5

8.6

8.7

7.4

All Public DB Plans Under $50M Rank

53

77

61

67

77

65

68

63

97

0.2

1.3

1.0

4.2

5.6

1.2

2.3

2.7

3.2

0.2

0.7

0.6

3.8

4.2

0.1

1.2

1.5

3.3

82

18

40

37

11

35

31

37

-

0.2

1.0

0.9

4.0

4.3

0.2

1.4

2.0

2.0

Blmbg. U.S. Aggregate Index

0.2

0.7

0.6

3.8

4.2

0.1

1.2

1.5

1.8

eV US Core Fixed Inc Rank

82

11

24

34

58

60

72

34

61

0.2

0.9

0.6

3.8

3.9

-0.4

1.5

2.1

3.5

Blmbg. U.S. Aggregate Index

0.2

0.7

0.6

3.8

4.2

0.1

1.2

1.5

3.3

Blmbg. U.S. Mortgage Backed Securities

0.2

0.6

1.0

5.2

4.6

0.5

1.1

1.4

3.1

71

67

95

92

99

98

87

81

97

0.2

1.0

0.8

-

-

-

-

-

3.0

0.2

0.7

0.6

3.8

4.2

0.1

1.2

1.5

2.8

62

56

62

-

-

-

-

-

47

0.2

2.2

1.7

4.6

-

-

-

-

5.0

0.3

2.5

2.0

5.9

8.9

4.2

5.1

5.8

6.3

73

67

67

84

-

-

-

-

90

0.0

1.8

1.3

5.1

7.6

-

-

-

7.8

0.1

1.8

1.4

4.3

7.6

5.9

5.5

5.5

7.6

63

48

51

27

32

-

-

-

20

Total Fund Composite

Fixed Income Composite
Blmbg. U.S. Aggregate Index
All Public DB Plans-Fixed Income Rank
Principal Core Fixed Income

Principal Core Plus Bond

eV US Core Plus Fixed Inc Rank
Baird Core Plus
Blmbg. U.S. Aggregate Index
Intermediate Core-Plus Bond Rank
Principal High Yield
Blmbg. U.S. Corp: High Yield Index
High Yield Bond Rank
Aristotle Pacific
S&P UBS Leveraged Loan Index
Bank Loan Rank

Inception
Date
Jan 03

Jan 03

Dec 14

Jan 03

Sep 25

Mar 25

Sep 22

12

City of Olivette Pension Quarterly

Annualized Performance (Net of Fees)
As of June 30, 2026

US Equity Composite

1 Mo
(%)
0.9

3 Mo
(%)
15.3

YTD
(%)
12.6

1 Yr
(%)
23.4

3 Yrs
(%)
18.9

5 Yrs
(%)
10.9

7 Yrs
(%)
14.1

10 Yrs
(%)
13.8

SI
(%)
13.6

Russell 3000 Index

-0.3

15.4

10.9

22.8

20.4

12.3

15.5

15.1

14.7

25

40

22

35

68

71

75

66

47

Vanguard 500 Index

-1.0

15.2

10.2

22.3

20.6

13.4

16.0

15.5

14.4

S&P 500 Index

-1.0

15.2

10.2

22.3

20.6

13.4

16.1

15.5

14.4

68

40

42

35

28

22

23

20

11

2.4

12.5

11.8

16.7

-

-

-

-

13.7

2.4

12.6

11.9

16.8

15.4

8.0

11.6

11.8

13.7

Mid-Cap Blend Rank

77

66

72

75

-

-

-

-

44

Ishares Core S&P Small Cap

7.3

19.7

24.0

37.5

-

-

-

-

15.9

S&P SmallCap 600 Index

7.3

19.7

23.9

37.5

16.0

7.4

11.3

11.5

15.9

25

52

30

38

-

-

-

-

47

All Public DB Plans-US Equity Rank

Large Blend Rank
Vanguard Mid Cap Index Fund
Morningstar U.S. Mid Cap Index

Small Blend Rank

Inception
Date
Aug 12

Jul 15

Apr 24

Apr 24

13

City of Olivette Pension Quarterly

Annualized Performance (Net of Fees)
As of June 30, 2026
1 Mo
(%)
-0.8

3 Mo
(%)
10.9

YTD
(%)
12.4

1 Yr
(%)
25.2

3 Yrs
(%)
17.8

5 Yrs
(%)
7.3

7 Yrs
(%)
9.6

10 Yrs
(%)
9.3

SI
(%)
6.5

-0.5

15.3

14.3

27.7

18.7

8.6

10.0

9.8

7.4

74

83

60

49

55

74

72

61

100

-0.2

12.0

14.0

27.4

18.7

8.8

10.4

9.9

8.4

-1.1

13.7

13.1

27.1

19.0

9.0

10.6

10.3

8.8

69

30

23

20

28

47

36

39

54

-3.7

6.7

8.1

18.6

15.4

5.6

8.6

-

7.0

FTSE Global ex U.S. Small Cap Index

-4.2

8.4

7.7

18.5

15.8

5.9

9.0

8.5

7.3

Foreign Small/Mid Blend Rank

82

72

65

46

69

70

75

-

77

Vanguard Emerging Markets

-0.1

11.4

11.1

24.0

17.1

5.0

8.1

8.4

4.9

Vanguard EM Spliced Index

-1.7

12.4

9.3

22.3

16.9

5.0

8.1

8.5

4.9

50

84

86

83

80

75

77

76

77

0.7

1.3

2.3

4.6

-0.9

2.1

2.8

4.3

5.9

0.4

1.3

2.3

3.6

-1.5

1.9

2.5

3.7

5.8

0.7

1.3

2.3

4.6

-0.9

2.1

2.8

4.3

5.9

0.4

1.3

2.3

3.6

-1.5

1.9

2.5

3.7

5.8

0.0

-2.3

-3.4

-0.8

4.5

-

-

-

5.2

0.0

0.0

1.0

7.7

7.4

5.8

13.0

14.0

3.7

0.0

-2.3

-3.4

-0.9

4.5

-

-

-

5.2

0.0

0.0

1.0

7.7

7.4

5.8

13.0

14.0

3.7

0.3

0.8

1.8

3.9

4.7

3.8

2.9

2.3

1.8

0.3

0.9

1.7

3.8

4.6

3.5

2.8

2.3

1.8

52

85

62

52

41

4

25

53

67

Non-US Equity Composite
MSCI EAFE + Emerging Markets Index (Net)
All Public DB Plans-Intl Equity Rank
Vanguard Total International Stock
FTSE Global ex USA All Cap Index
Foreign Large Blend Rank
Vanguard FTSE All World ex-US Small-Cap Fund

Diversified Emerging Mkts Rank
Real Estate Composite
NFI-ODCE
Principal US Property
NFI-ODCE
Private Equity Composite
MSCI Private Capital Global All Private Equity
Partners Group PE II, LLC
MSCI Private Capital Global All Private Equity
Cash Composite
ICE BofA 3 Month U.S. T-Bill
eV US Cash Management Rank

Inception
Date
Mar 12

Aug 12

Jul 17

Mar 12

Jan 03

Jan 03

Feb 22

Feb 22

Aug 13

14

City of Olivette Pension Quarterly

Calendar Performance (Net of Fees)
As of June 30, 2026
2025
(%)

2024
(%)

2023
(%)

2022
(%)

2021
(%)

2020
(%)

2019
(%)

2018
(%)

2017
(%)

2016
(%)

2015
(%)

14.1

9.9

11.7

-13.1

13.5

12.6

19.5

-5.3

15.6

8.8

0.4

Total Fund Composite Custom Benchmark

14.5

10.0

12.0

-13.5

13.2

13.1

19.8

-5.2

14.9

8.7

0.2

All Public DB Plans Under $50M Rank

54

79

88

20

48

68

65

72

41

9

35

7.1

3.7

8.1

-12.3

-0.8

7.6

10.0

-0.7

5.1

5.8

-1.0

7.3

1.3

5.5

-13.0

-1.5

7.5

8.7

0.0

3.5

2.6

0.5

75

35

21

58

56

61

17

59

64

46

52

7.5

1.6

5.4

-12.8

-1.9

8.1

8.9

0.0

4.5

5.3

-1.2

Blmbg. U.S. Aggregate Index

7.3

1.3

5.5

-13.0

-1.5

7.5

8.7

0.0

3.5

2.6

0.5

eV US Core Fixed Inc Rank

33

57

78

37

81

57

59

31

13

4

99

7.3

0.4

5.2

-14.1

2.5

9.3

10.2

-2.5

4.5

5.0

-1.0

Blmbg. U.S. Aggregate Index

7.3

1.3

5.5

-13.0

-1.5

7.5

8.7

0.0

3.5

2.6

0.5

Blmbg. U.S. Mortgage Backed Securities

8.6

1.2

5.0

-11.8

-1.0

3.9

6.4

1.0

2.5

1.7

1.5

78

97

98

74

4

32

39

99

57

33

84

-

-

-

-

-

-

-

-

-

-

-

7.3

1.3

5.5

-13.0

-1.5

7.5

8.7

0.0

3.5

2.6

0.5

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

8.6

8.2

13.4

-11.2

5.3

7.1

14.3

-2.1

7.5

17.1

-4.5

-

-

-

-

-

-

-

-

-

-

-

6.6

8.3

13.9

-

-

-

-

-

-

-

-

5.9

9.1

13.0

-1.1

5.4

2.8

8.2

1.1

4.2

9.9

-0.4

17

61

11

-

-

-

-

-

-

-

-

Total Fund Composite

Fixed Income Composite
Blmbg. U.S. Aggregate Index
All Public DB Plans-Fixed Income Rank
Principal Core Fixed Income

Principal Core Plus Bond

eV US Core Plus Fixed Inc Rank
Baird Core Plus
Blmbg. U.S. Aggregate Index
Intermediate Core-Plus Bond Rank
Principal High Yield
Blmbg. U.S. Corp: High Yield Index
High Yield Bond Rank
Aristotle Pacific
S&P UBS Leveraged Loan Index
Bank Loan Rank

15

City of Olivette Pension Quarterly

Calendar Performance (Net of Fees)
As of June 30, 2026
2025
(%)

2024
(%)

2023
(%)

2022
(%)

2021
(%)

2020
(%)

2019
(%)

2018
(%)

2017
(%)

2016
(%)

2015
(%)

US Equity Composite

14.8

20.8

21.9

-18.3

24.5

19.3

30.3

-6.8

20.0

11.3

0.9

Russell 3000 Index

17.1

23.8

26.0

-19.2

25.7

20.9

31.0

-5.2

21.1

12.7

0.5

64

59

75

55

71

34

39

62

65

76

13

Vanguard 500 Index

17.8

25.0

26.2

-18.1

28.7

18.4

31.5

-4.4

21.8

11.9

-

S&P 500 Index

17.9

25.0

26.3

-18.1

28.7

18.4

31.5

-4.4

21.8

12.0

1.4

25

26

28

50

25

45

29

30

36

29

-

11.7

-

-

-

-

-

-

-

-

-

-

11.7

15.3

16.0

-18.7

24.5

18.2

31.1

-9.2

19.3

11.2

-1.3

Mid-Cap Blend Rank

27

-

-

-

-

-

-

-

-

-

-

Ishares Core S&P Small Cap

5.9

-

-

-

-

-

-

-

-

-

-

S&P SmallCap 600 Index

6.0

8.7

16.1

-16.1

26.8

11.3

22.8

-8.5

13.2

26.6

-2.0

67

-

-

-

-

-

-

-

-

-

-

All Public DB Plans-US Equity Rank

Large Blend Rank
Vanguard Mid Cap Index Fund
Morningstar U.S. Mid Cap Index

Small Blend Rank

16

City of Olivette Pension Quarterly

Calendar Performance (Net of Fees)
As of June 30, 2026
2025
(%)

2024
(%)

2023
(%)

2022
(%)

2021
(%)

2020
(%)

2019
(%)

2018
(%)

2017
(%)

2016
(%)

2015
(%)

30.4

5.7

13.9

-17.7

7.7

12.8

21.2

-15.4

28.8

6.8

-9.5

32.0

5.0

15.6

-16.3

6.6

11.0

21.1

-14.0

28.0

3.2

-4.2

52

38

83

54

57

50

70

68

45

12

99

32.2

5.2

15.5

-16.0

8.6

11.3

21.5

-14.4

27.4

4.7

-4.4

32.4

5.9

16.2

-15.8

9.1

11.5

22.2

-14.4

27.8

5.0

-4.0

39

40

70

56

70

36

62

58

31

17

85

29.9

2.6

15.1

-21.3

12.7

11.9

21.7

-18.5

-

-

-

FTSE Global ex U.S. Small Cap Index

29.9

3.3

15.9

-21.2

13.4

11.8

22.1

-18.6

30.3

4.3

-0.2

Foreign Small/Mid Blend Rank

63

53

36

80

53

30

66

46

-

-

-

Vanguard Emerging Markets

24.7

11.0

9.2

-17.8

0.9

15.2

20.2

-14.7

31.2

11.6

-15.5

Vanguard EM Spliced Index

24.5

11.6

9.5

-17.6

1.4

15.5

20.4

-14.8

31.0

10.3

-14.4

80

16

70

31

44

63

47

36

74

32

73

3.9

-2.3

-11.1

3.9

22.3

0.4

5.8

7.9

7.9

8.8

13.4

2.9

-2.3

-12.7

6.5

21.1

0.3

4.4

7.4

6.7

7.8

14.0

3.9

-2.3

-11.1

3.9

22.3

0.4

5.8

7.9

7.9

8.8

13.4

2.9

-2.3

-12.7

6.5

21.1

0.3

4.4

7.4

6.7

7.8

14.0

7.2

5.9

9.5

-

-

-

-

-

-

-

-

13.2

5.8

5.9

-8.4

40.2

33.5

17.4

12.1

20.4

9.1

9.8

7.2

5.9

9.5

-

-

-

-

-

-

-

-

13.2

5.8

5.9

-8.4

40.2

33.5

17.4

12.1

20.4

9.1

9.8

4.3

5.6

3.5

3.8

0.0

0.3

1.9

1.4

0.5

0.1

0.0

4.2

5.3

5.0

1.5

0.0

0.7

2.3

1.9

0.9

0.3

0.1

52

4

100

1

61

91

91

97

94

92

86

Non-US Equity Composite
MSCI EAFE + Emerging Markets Index (Net)
All Public DB Plans-Intl Equity Rank
Vanguard Total International Stock
FTSE Global ex USA All Cap Index
Foreign Large Blend Rank
Vanguard FTSE All World ex-US Small-Cap Fund

Diversified Emerging Mkts Rank
Real Estate Composite
NFI-ODCE
Principal US Property
NFI-ODCE
Private Equity Composite
MSCI Private Capital Global All Private Equity
Partners Group PE II, LLC
MSCI Private Capital Global All Private Equity
Cash Composite
ICE BofA 3 Month U.S. T-Bill
eV US Cash Management Rank

17

City of Olivette Pension Quarterly

Statistics Summary
3 Years Ending June 30, 2026
Sharpe
Ratio
0.9

Tracking
Error
0.6

Standard
Deviation
8.0

Up
Capture
98.1

Down
Capture
99.2

Total Fund Composite Custom Benchmark

0.9

-

8.2

100.0

100.0

Fixed Income Composite

1.0

0.9

4.3

87.6

52.6

1.0

1.0

-

5.5

100.0

100.0

0.3

1.0

1.0

0.2

5.4

98.6

94.3

0.0

0.0

1.0

1.0

-

5.5

100.0

100.0

0.7

-0.6

1.1

1.0

-0.3

5.9

102.9

109.5

-0.1

0.0

0.0

1.0

1.0

-

5.5

100.0

100.0

-

-

-

-

-

-

-

-

-

1.0

0.0

0.0

1.0

1.0

-

4.2

100.0

100.0

-

-

-

-

-

-

-

-

-

ICE BofA U.S. Preferred Stock, Fixed Rate

0.2

0.0

0.0

1.0

1.0

-

6.8

100.0

100.0

Aristotle Pacific

1.6

0.6

0.0

1.0

0.9

0.1

1.8

101.2

109.0

S&P UBS Leveraged Loan Index

1.7

0.0

0.0

1.0

1.0

-

1.8

100.0

100.0

US Equity Composite

1.0

2.4

-1.4

1.0

1.0

-0.5

13.5

97.9

105.5

Russell 3000 Index

1.1

0.0

0.0

1.0

1.0

-

13.2

100.0

100.0

Vanguard 500 Index

1.2

0.0

0.0

1.0

1.0

-10.2

12.9

99.9

100.1

S&P 500 Index

1.2

0.0

0.0

1.0

1.0

-

12.9

100.0

100.0

-

-

-

-

-

-

-

-

-

0.8

0.0

0.0

1.0

1.0

-

13.2

100.0

100.0

-

-

-

-

-

-

-

-

-

0.6

0.0

0.0

1.0

1.0

-

17.1

100.0

100.0

-

-

-

-

-

-

-

-

-

0.7

0.0

0.0

1.0

1.0

-

16.2

100.0

100.0

-

-

-

-

-

-

-

-

-

0.7

0.0

0.0

1.0

1.0

-

18.9

100.0

100.0

Alpha

Beta

R-Squared

0.0

1.0

1.0

0.0

0.0

1.0

1.0

0.2

1.5

2.3

0.8

Blmbg. U.S. Aggregate Index

-0.1

0.0

0.0

Principal Core Fixed Income

0.0

0.7

Blmbg. U.S. Aggregate Index

-0.1

Principal Core Plus Bond

-0.1

Blmbg. U.S. Aggregate Index

Total Fund Composite

Principal High Yield
Blmbg. U.S. Corp: High Yield Index
Principal Preferred Securities

Vanguard Mid Cap Value
Morningstar U.S. Mid Cap Value Index
Vanguard Mid Cap Growth
Morningstar U.S. Mid Cap Growth Index
Vanguard Small Cap Value
Morningstar U.S. Small Cap Value Index
Vanguard Small Cap Growth
Morningstar U.S. Small Cap Growth Index

Information
Ratio
-0.5

18

City of Olivette Pension Quarterly

Statistics Summary
3 Years Ending June 30, 2026
Sharpe
Ratio
1.0

Tracking
Error
3.2

Standard
Deviation
12.7

Up
Capture
93.6

Down
Capture
91.4

MSCI EAFE + Emerging Markets Index (Net)

1.0

-

13.9

100.0

100.0

Vanguard Total International Stock
FTSE Global ex USA All Cap Index

1.0

-0.2

12.7

97.7

97.3

1.0

-

13.7

100.0

100.0

0.9

1.0

-0.3

14.2

96.6

96.2

0.0

1.0

1.0

-

15.1

100.0

100.0

2.9

1.5

0.9

1.0

-0.3

12.2

89.3

80.7

0.9

0.0

0.0

1.0

1.0

-

13.9

100.0

100.0

Real Estate Composite

-1.9

2.2

0.3

0.8

0.4

0.3

2.7

112.4

89.4

NFI-ODCE

-2.6

0.0

0.0

1.0

1.0

-

2.2

100.0

100.0

Principal US Property

-1.9

2.2

0.3

0.8

0.4

0.3

2.7

112.4

89.4

NFI-ODCE

-2.6

0.0

0.0

1.0

1.0

-

2.2

100.0

100.0

Alpha

Beta

R-Squared

1.1

0.9

1.0

0.0

0.0

1.0

1.0

1.1

2.4

1.2

0.9

1.0

0.0

0.0

1.0

Vanguard FTSE All World ex-US Small-Cap Fund

0.8

2.0

0.5

FTSE Global ex U.S. Small Cap Index

0.8

0.0

Vanguard Emerging Markets

1.0

FTSE Emerging Index

Non-US Equity Composite

Information
Ratio
-0.3

19

City of Olivette Pension

Annualized Risk vs. Return
5 Years Ending June 30, 2026

vs. All Public DB Plans Under $50M
12

Return (%)

10

8

6

4

2
2.8

3.5

4.2

4.9

5.6

6.3

7.0

7.7

8.4

9.1

9.8

10.5

11.2

11.9

12.6

13.3

14.0

14.7

Standard Deviation (%)

£ Total Fund Composite
¢

6.4

Standard
Deviation
9.7

¯
¿ Total Fund Composite Custom Benchmark

6.5

9.9

¾ Median

6.7

10.9

160

160

Return

Population

20

The City of Olivette Pension Quarterly

Fee Schedule
As of June 30, 2026

¹ Expense Ratio & Estimated Annual Fee are Based on Market Value at Quarter End.
² Source: Marquette Associates Investment Management Fee Study.

21

City of Olivette Pension Quarterly

Benchmark Composition
As of June 30, 2026

Total Fund Composite Custom Benchmark
Jan-1979
Russell 2000 Index

Weight (%)

Total Fund Composite Custom Benchmark

Weight (%)

5.00

Jan-2009
Russell 2000 Index

5.00

S&P 500 Index

35.00

Russell 3000 Index

10.00

Blmbg. U.S. Aggregate Index

45.00

Russell Midcap Index

5.00

MSCI EAFE (Net)

8.00

S&P 500 Index

25.00

NFI-ODCE

7.00

Blmbg. U.S. Aggregate Index

43.00

MSCI EAFE (Net)

5.00

NFI-ODCE

7.00

Nov-2006
Russell 2000 Index

10.00

Russell Midcap Index

10.00

S&P 500 Index

25.00

Apr-2010
Russell 2000 Index

5.00

Blmbg. U.S. Aggregate Index

30.00

Russell 3000 Index

10.00

MSCI EAFE (Net)

15.00

Russell Midcap Index

5.00

NFI-ODCE

10.00

S&P 500 Index

20.00

Blmbg. U.S. Aggregate Index

43.00

MSCI EAFE (Net)

5.00

MSCI Emerging Markets (Net)

5.00

NFI-ODCE

7.00

Jan-2007
Russell 2000 Index

10.00

Russell Midcap Index

10.00

S&P 500 Index

25.00

Blmbg. U.S. Aggregate Index

25.00

MSCI EAFE (Net)

20.00

NFI-ODCE

10.00

22

City of Olivette Pension Quarterly

Benchmark Composition
As of June 30, 2026

Total Fund Composite Custom Benchmark

Weight (%)

Total Fund Composite Custom Benchmark

Weight (%)

Jan-2013
Russell 2000 Index

7.50

Jan-2016
Russell 2000 Index

10.00

Russell 3000 Index

12.00

Russell Midcap Index

10.00

Russell Midcap Index

7.50

S&P 500 Index

20.00

S&P 500 Index

23.00

Blmbg. U.S. Aggregate Index

27.50

Blmbg. U.S. Aggregate Index

30.00

Blmbg. U.S. Corp: High Yield Index

2.50

Blmbg. U.S. Corp: High Yield Index

2.50

MSCI EAFE (Net)

15.00

MSCI EAFE (Net)

5.00

Vanguard EM Spliced Index

5.00

MSCI Emerging Markets (Net)

5.00

NFI-ODCE

10.00

NFI-ODCE

7.50

Jun-2017
S&P 500 Index

20.00

Sep-2015
Russell 2000 Index

11.50

Blmbg. U.S. Aggregate Index

25.00

Russell 3000 Index

8.00

Blmbg. U.S. Corp: High Yield Index

2.50

Russell Midcap Index

8.00

ICE BofA U.S. Preferred Stock, Fixed Rate

2.50

S&P 500 Index

22.50

FTSE Global ex U.S. Small Cap Index

5.00

Blmbg. U.S. Aggregate Index

27.50

Vanguard EM Spliced Index

5.00

Blmbg. U.S. Corp: High Yield Index

2.50

FTSE Global ex USA All Cap Index

10.00

MSCI EAFE (Net)

5.00

Morningstar U.S. Mid Cap Index

10.00

MSCI Emerging Markets (Net)

5.00

Morningstar U.S. Small Cap Index

10.00

NFI-ODCE

10.00

NFI-ODCE

10.00

23

City of Olivette Pension Quarterly

Benchmark Composition
As of June 30, 2026

Total Fund Composite Custom Benchmark

Weight (%)

Total Fund Composite Custom Benchmark

Weight (%)

Feb-2022
S&P 500 Index

19.00

Jan-2023
S&P 500 Index

19.00

Blmbg. U.S. Aggregate Index

22.00

Blmbg. U.S. Aggregate Index

18.00

Blmbg. U.S. Corp: High Yield Index

4.00

Blmbg. U.S. Corp: High Yield Index

4.00

ICE BofA U.S. Preferred Stock, Fixed Rate

4.00

ICE BofA U.S. Preferred Stock, Fixed Rate

4.00

FTSE Global ex U.S. Small Cap Index

4.50

FTSE Global ex U.S. Small Cap Index

4.50

Vanguard EM Spliced Index

4.50

Vanguard EM Spliced Index

4.50

FTSE Global ex USA All Cap Index

9.00

FTSE Global ex USA All Cap Index

9.00

Morningstar U.S. Mid Cap Index

9.00

Morningstar U.S. Mid Cap Index

9.00

Morningstar U.S. Small Cap Index

9.00

Morningstar U.S. Small Cap Index

9.00

NFI-ODCE

10.00

S&P UBS Leveraged Loan Index

4.00

Cambridge Associates All PE

5.00

MSCI Private Capital Global All Private Equity

5.00

NFI-ODCE

10.00

23.00

Sep-2022
S&P 500 Index

19.00

Blmbg. U.S. Aggregate Index

18.00

Apr-2024
S&P 500 Index

Blmbg. U.S. Corp: High Yield Index

4.00

Blmbg. U.S. Aggregate Index

21.00

ICE BofA U.S. Preferred Stock, Fixed Rate

4.00

Blmbg. U.S. Corp: High Yield Index

4.50

FTSE Global ex U.S. Small Cap Index

4.50

FTSE Global ex U.S. Small Cap Index

3.50

Vanguard EM Spliced Index

4.50

Vanguard EM Spliced Index

3.50

FTSE Global ex USA All Cap Index

9.00

FTSE Global ex USA All Cap Index

11.00

Morningstar U.S. Mid Cap Index

9.00

S&P UBS Leveraged Loan Index

4.50

Morningstar U.S. Small Cap Index

9.00

MSCI Private Capital Global All Private Equity

5.00

S&P UBS Leveraged Loan Index

4.00

NFI-ODCE

10.00

NFI-ODCE

10.00

Morningstar U.S. Mid Cap Index

8.00

Cambridge Associates All PE

5.00

S&P SmallCap 600 Index

6.00

24

City of Olivette Pension Quarterly

Benchmark Composition
As of June 30, 2026

Total Fund Composite Custom Benchmark

Weight (%)

Mar-2025
S&P 500 Index

25.50

Blmbg. U.S. Aggregate Index

21.00

Blmbg. U.S. Corp: High Yield Index

4.50

FTSE Global ex U.S. Small Cap Index

3.50

Vanguard EM Spliced Index

3.50

FTSE Global ex USA All Cap Index

11.00

S&P UBS Leveraged Loan Index

4.50

MSCI Private Capital Global All Private Equity

7.50

NFI-ODCE

5.00

Morningstar U.S. Mid Cap Index

8.00

S&P SmallCap 600 Index

6.00

25

Baird Core Plus

Portfolio Characteristics
As of June 30, 2026

Baird Core Plus

Market
Value ($)

3 Mo
(%)

YTD
(%)

1 Yr
(%)

3 Yrs
(%)

5 Yrs
(%)

7 Yrs
(%)

10 Yrs
(%)

SI
(%)

Inception
Date

1,690,889

1.0

0.8

-

-

-

-

-

3.0

Sep 25

0.7

0.6

3.8

4.2

0.1

1.2

1.5

2.8

56

62

-

-

-

-

-

47

Blmbg. U.S. Aggregate Index
Baird Core Plus Rank

Portfolio Characteristics

Portfolio

Blmbg. U.S. Aggregate Index

Risk vs. Return - Year To Date
6

8.0

8.4

Avg. Quality

A

AA

Coupon Rate (%)

4.2

3.8

Modified Duration (yrs.)

5.7

5.9

Effective Duration (yrs.)

5.8

5.8

Yield To Maturity (%)

5.0

4.7

Yield To Worst (%)

5.0

4.7

4

Re tu rn

Avg. Maturity (yrs.)

2
0
-2
-4
0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

2.0

2.2

2.4

2.6

2.8

Standard Deviation

Credit Quality Distribution (%)

Sector Distribution (%)

Maturity Distribution (%)

100.0

60.0

32.0

75.0

45.0

24.0

50.0

30.0

16.0

25.0

15.0

8.0

0.0

0.0
AA/Aa
AAA/Aaa

BBB+/Baa1/BBB/Baa2
A
BB/Ba

B

0.0

D
CCC/Caa

Corporate
Not Rated

UST/Agency

ABS
MBS

Portfolio

Muni
Foreign

NA/Unknown

<1 Year

1-3 Years
5-7 Years
10-15 Years
20-30 Years
NA/Unknown
3-5 Years
7-10 Years
15-20 Years
>30 Years

Benchmark

26

Aristotle Pacific

Portfolio Characteristics
As of June 30, 2026
1 Mo
(%)

3 Mo
(%)

1 Yr
(%)

3 Yrs
(%)

5 Yrs
(%)

10 Yrs
(%)

SI
(%)

Inception
Date

1,149,550

0.0

1.8

5.1

7.6

-

-

7.8

Sep 22

0.1

1.8

4.3

7.6

5.9

5.5

7.6

63

48

27

32

-

-

20

S&P UBS Leveraged Loan Index
Aristotle Pacific Rank

Portfolio Characteristics

Portfolio

Avg. Maturity (yrs.)

S&P UBS Leveraged Loan
Index

3.3

-

B

-

Coupon Rate (%)

5.5

-

Modified Duration (yrs.)

2.8

-

Effective Duration (yrs.)

2.2

-

Yield To Maturity (%)

6.1

-

Yield To Worst (%)

5.9

-

Avg. Quality

Risk vs. Return - 3 Years
9
8

Re tu rn

Aristotle Pacific

Market
Value ($)

7

6
5
1.0

1.2

1.4

1.6

1.8

2.0

2.2

2.4

2.6

2.8

3.0

Standard Deviation

Credit Quality Distribution (%)

Sector Distribution (%)

Maturity Distribution (%)

100.0

100.0

100.0

75.0

75.0

75.0

50.0

50.0

50.0

25.0

25.0

25.0

0.0

0.0

0.0

B
BB/Ba

NA/Unknown
Not Rated

Corporate

Portfolio

3-5 Years
1-3 Years

7-10 Years
5-7 Years

NA/Unknown

Benchmark

27

US Equity Composite

Portfolio Characteristics
As of June 30, 2026

US Equity Composite

Market
Value $

1 Mo
(%)

3 Mo
(%)

1 Yr
(%)

3 Yrs
(%)

5 Yrs
(%)

10 Yrs
(%)

SI
(%)

Inception
Date

10,665,120

0.9

15.3

23.4

18.9

10.9

13.8

13.6

Aug 12

-0.3

15.4

22.8

20.4

12.3

15.1

14.7

25

40

35

68

71

66

47

Russell 3000 Index
US Equity Composite Rank

Portfolio Characteristics

Portfolio

Russell 3000 Index

Wtd. Avg. Mkt. Cap $M

$903,686

$1,235,924

Median Mkt. Cap $M

$7,345

$2,725

Price/Earnings ratio

25.5

26.9

Price/Book ratio

4.3

5.1

5 Yr. EPS Growth Rate (%)

20.8

23.6

Current Yield (%)

1.3

1.1

Risk vs. Return - 5 Years
16.0

Beta (5 Years, Monthly)
Number of Stocks

1.0

1.0

1,157

2,998

Re tu rn

14.0
12.0

10.0
8.0
14.7

15.4

16.1

16.8

17.5

18.2

18.9

24.0

32.0

40.0

Standard Deviation

Distribution of Market Capitalization (%)

Sector Weights (%)
Energy
Materials
Industrials
Consumer Discretionary
Consumer Staples
Health Care
Financials
Information Technology
Communication Services
Utilities
Real Estate
Other
Cash

>100 Bil
75 Bil - 100 Bil
25 Bil - 75 Bil
15 Bil - 25 Bil
2 Bil - 15 Bil
0 - 2 Bil
Cash
0.0

15.0

30.0

45.0

60.0

75.0

Portfolio

0.0

8.0

16.0

Benchmark

28

US Equity Composite

Correlation Matrix
3 Years Ending June 30, 2026
B

A

A
1.00

B

0.97

1.00

C

-

-

-

D

-

-

-

A
B
C
D

=
=
=
=

C

D

-

US Equity Composite
Vanguard 500 Index
Vanguard Mid Cap Index Fund
Ishares Core S&P Small Cap

29

Vanguard 500 Index

Portfolio Characteristics
As of June 30, 2026

Vanguard 500 Index

Market
Value $

1 Mo
(%)

3 Mo
(%)

1 Yr
(%)

3 Yrs
(%)

5 Yrs
(%)

10 Yrs
(%)

SI
(%)

Inception
Date

6,843,367

-1.0

15.2

22.3

20.6

13.4

15.5

14.4

Jul 15

-1.0

15.2

22.3

20.6

13.4

15.5

14.4

68

40

35

28

22

20

11

S&P 500 Index
Vanguard 500 Index Rank

Portfolio Characteristics

Portfolio

S&P 500 Index

Wtd. Avg. Mkt. Cap $M

$1,403,809

$1,405,632

Median Mkt. Cap $M

$43,837

$44,061

Price/Earnings ratio

27.6

27.6

Price/Book ratio

5.5

5.5

5 Yr. EPS Growth Rate (%)

24.6

24.6

Current Yield (%)

1.1

1.1

Beta (5 Years, Monthly)

1.0

1.0

Number of Stocks

517

503

Risk vs. Return - 5 Years
32.0

Re tu rn

24.0
16.0
8.0
0.0
-8.0
8.0

10.0

12.0

14.0

16.0

18.0

20.0

22.0

24.0

40.0

48.0

Standard Deviation

Distribution of Market Capitalization (%)

Sector Weights (%)
Energy
Materials
Industrials
Consumer Discretionary
Consumer Staples
Health Care
Financials
Information Technology
Communication Services
Utilities
Real Estate
Other
Cash

>100 Bil
75 Bil - 100 Bil
25 Bil - 75 Bil
15 Bil - 25 Bil
2 Bil - 15 Bil
Cash
0.0

15.0

30.0

45.0

60.0

75.0

90.0

Portfolio

0.0

8.0

16.0

24.0

32.0

Benchmark

30

Vanguard Mid Cap Index Fund

Portfolio Characteristics
As of June 30, 2026

Vanguard Mid Cap Index Fund

Market
Value $

1 Mo
(%)

3 Mo
(%)

1 Yr
(%)

3 Yrs
(%)

5 Yrs
(%)

10 Yrs
(%)

SI
(%)

Inception
Date

2,152,968

2.4

12.5

16.7

-

-

-

13.7

Apr 24

2.4

12.6

16.8

15.4

8.0

11.8

13.7

77

66

75

-

-

-

44

Morningstar U.S. Mid Cap Index
Vanguard Mid Cap Index Fund Rank

Portfolio Characteristics

Portfolio

Morningstar U.S. Mid Cap
Index

Wtd. Avg. Mkt. Cap $M

$55,840

$56,009

Median Mkt. Cap $M

$36,808

$36,808

Price/Earnings ratio

24.2

24.1

Price/Book ratio

3.5

3.5

5 Yr. EPS Growth Rate (%)

13.3

13.3

Current Yield (%)

1.5

1.5

-

1.0

289

282

Beta
Number of Stocks

Risk vs. Return - 1 Year
100.0

Re tu rn

75.0
50.0
25.0
0.0
-25.0
3.0

6.0

9.0

12.0

15.0

18.0

21.0

24.0

27.0

20.0

24.0

Standard Deviation

Distribution of Market Capitalization (%)

Sector Weights (%)
Energy
Materials
Industrials
Consumer Discretionary
Consumer Staples
Health Care
Financials
Information Technology
Communication Services
Utilities
Real Estate
Cash

>100 Bil
75 Bil - 100 Bil
25 Bil - 75 Bil
15 Bil - 25 Bil
2 Bil - 15 Bil
Cash
0.0

15.0

30.0

45.0

60.0

75.0

90.0

Portfolio

0.0

4.0

8.0

12.0

16.0

Benchmark

31

Ishares Core S&P Small Cap

Portfolio Characteristics
As of June 30, 2026

Ishares Core S&P Small Cap

Market
Value $

1 Mo
(%)

3 Mo
(%)

1 Yr
(%)

3 Yrs
(%)

5 Yrs
(%)

10 Yrs
(%)

SI
(%)

Inception
Date

1,668,784

7.3

19.7

37.5

-

-

-

15.9

Apr 24

7.3

19.7

37.5

16.0

7.4

11.5

15.9

25

52

38

-

-

-

47

20.0

24.0

28.0

32.0

16.0

20.0

24.0

S&P SmallCap 600 Index
Ishares Core S&P Small Cap Rank

Portfolio Characteristics

Portfolio

S&P SmallCap 600 Index

Wtd. Avg. Mkt. Cap $M

$4,809

$4,826

Median Mkt. Cap $M

$2,885

$2,883

Price/Earnings ratio

19.9

20.0

Price/Book ratio

2.5

2.5

5 Yr. EPS Growth Rate (%)

10.6

10.6

Current Yield (%)

1.5

1.5

Risk vs. Return - 1 Year
150.0

Beta
Number of Stocks

-

1.0

606

602

Re tu rn

100.0
50.0

0.0
-50.0
4.0

8.0

12.0

16.0

Standard Deviation

Distribution of Market Capitalization (%)

Sector Weights (%)
Energy
Materials
Industrials
Consumer Discretionary
Consumer Staples
Health Care
Financials
Information Technology
Communication Services
Utilities
Real Estate
Cash

15 Bil - 25 Bil

2 Bil - 15 Bil

0 - 2 Bil

Cash
0.0

15.0

30.0

45.0

60.0

75.0

90.0

105.0

Portfolio

0.0

4.0

8.0

12.0

Benchmark

32

Non-US Equity Composite

Portfolio Characteristics
As of June 30, 2026
1 Mo
(%)

3 Mo
(%)

1 Yr
(%)

3 Yrs
(%)

5 Yrs
(%)

10 Yrs
(%)

SI
(%)

Inception
Date

4,738,764

-0.8

10.9

25.2

17.8

7.3

9.3

6.5

Mar 12

-0.5

15.3

27.7

18.7

8.6

9.8

7.4

74

83

49

55

74

61

100

MSCI EAFE + Emerging Markets Index (Net)
Non-US Equity Composite Rank

Portfolio Characteristics

Portfolio

MSCI EAFE + Emerging
Markets Index (Net)

Wtd. Avg. Mkt. Cap $M

$222,468

$290,673

Median Mkt. Cap $M

$1,922

$13,702

Price/Earnings ratio

16.3

18.5

Price/Book ratio

3.1

3.1

5 Yr. EPS Growth Rate (%)

18.2

19.9

Current Yield (%)

2.4

2.4

Beta (5 Years, Monthly)
Number of Stocks

0.9

1.0

8,917

1,851

Risk vs. Return - 5 Years
15
12

Re tu rn

Non-US Equity Composite

Market
Value $

9

6
3
10.4

11.2

12.0

12.8

13.6

14.4

15.2

16.0

16.8

17.6

18.4

24

30

Standard Deviation

Distribution of Market Capitalization (%)

Region (%)

>100 Bil

Sector Weights (%)

Canada
United States
Europe
Asia Pacific
Developed Markets
Americas
Europe
Asia Pacific
Emerging Markets
Cash
Other
Total

75 Bil - 100 Bil
25 Bil - 75 Bil
15 Bil - 25 Bil
2 Bil - 15 Bil
0 - 2 Bil
Cash
0

8

16

24

32

40

Portfolio
6.7
0.6
26.5
16.8
50.6
2.5
1.1
37.6
41.2
3.9
4.3
100.0

Benchmark
0.0
0.3
41.7
21.8
63.7
2.3
0.8
29.8
32.8
0.0
3.4
100.0

48

Energy
Materials
Industrials
Consumer Discretionary
Consumer Staples
Health Care
Financials
Information Technology
Communication Services
Utilities
Real Estate
Other
Cash
0

Portfolio

6

12

18

Benchmark

33

Non-US Equity Composite

Correlation Matrix
3 Years Ending June 30, 2026
B

A

A
1.00

B

0.99

1.00

C

0.98

0.96

1.00

D

0.91

0.86

0.85

A
B
C
D

=
=
=
=

C

D

1.00

Non-US Equity Composite
Vanguard Total International Stock
Vanguard FTSE All World ex-US Small-Cap Fund
Vanguard Emerging Markets

34

Vanguard Total International Stock

Portfolio Characteristics
As of June 30, 2026
1 Mo
(%)

3 Mo
(%)

1 Yr
(%)

3 Yrs
(%)

5 Yrs
(%)

10 Yrs
(%)

SI
(%)

Inception
Date

2,932,003

-0.2

12.0

27.4

18.7

8.8

9.9

8.4

Aug 12

-1.1

13.7

27.1

19.0

9.0

10.3

8.8

69

30

20

28

47

39

54

FTSE Global ex USA All Cap Index
Vanguard Total International Stock Rank

Portfolio Characteristics

Portfolio

FTSE Global ex USA All Cap
Index

Wtd. Avg. Mkt. Cap $M

$238,508

$232,869

Median Mkt. Cap $M

$1,962

$2,092

Price/Earnings ratio

16.5

18.3

Price/Book ratio

3.2

2.9

5 Yr. EPS Growth Rate (%)

18.5

18.7

Current Yield (%)

2.3

2.4

Beta (5 Years, Monthly)
Number of Stocks

1.0

1.0

8,747

8,580

Risk vs. Return - 5 Years
20
15

Re tu rn

Vanguard Total International Stock

Market
Value $

10

5
0
10.0

12.0

14.0

16.0

18.0

20.0

22.0

Standard Deviation

Distribution of Market Capitalization (%)

Region (%)

>100 Bil

Sector Weights (%)

Canada
United States
Europe
Asia Pacific
Developed Markets
Americas
Europe
Asia Pacific
Emerging Markets
Cash
Other
Total

75 Bil - 100 Bil
25 Bil - 75 Bil
15 Bil - 25 Bil
2 Bil - 15 Bil
0 - 2 Bil
Cash
0

8

16

24

32

40

Portfolio
8.0
0.6
34.6
20.5
63.6
1.7
0.8
28.0
30.4
2.8
3.1
100.0

Benchmark
7.8
0.2
35.7
21.9
65.6
1.9
0.9
28.1
30.9
0.0
3.5
100.0

48

Energy
Materials
Industrials
Consumer Discretionary
Consumer Staples
Health Care
Financials
Information Technology
Communication Services
Utilities
Real Estate
Other
Cash
0

Portfolio

5

10

15

20

25

Benchmark

35

Vanguard FTSE All World ex-US Small-Cap Fund

Portfolio Characteristics
As of June 30, 2026

Vanguard FTSE All World ex-US Small-Cap Fund

Market
Value $

1 Mo
(%)

3 Mo
(%)

1 Yr
(%)

3 Yrs
(%)

5 Yrs
(%)

10 Yrs
(%)

SI
(%)

Inception
Date

885,467

-3.7

6.7

18.6

15.4

5.6

-

7.0

Jul 17

-3.7

9.0

17.4

15.7

5.4

8.6

7.1

82

72

46

69

70

-

77

16.0

16.8

MSCI EAFE Small Cap (Net)
Vanguard FTSE All World ex-US Small-Cap Fund Rank

Portfolio Characteristics

Portfolio

MSCI EAFE Small Cap (Net)

Wtd. Avg. Mkt. Cap $M

$2,868

$4,358

Median Mkt. Cap $M

$1,094

$1,800

Price/Earnings ratio

17.4

16.3

Price/Book ratio

2.7

2.2

5 Yr. EPS Growth Rate (%)

17.1

13.7

Current Yield (%)

2.6

3.0

Risk vs. Return - 5 Years
12

Beta (5 Years, Monthly)
Number of Stocks

0.9

1.0

4,847

2,052

Re tu rn

9
6

3
0
11.2

12.0

12.8

13.6

14.4

15.2

17.6

18.4

Standard Deviation

Distribution of Market Capitalization (%)

Region (%)

Sector Weights (%)

Canada
United States
Europe
Asia Pacific
Developed Markets
Americas
Europe
Asia Pacific
Emerging Markets
Cash
Other
Total

25 Bil - 75 Bil
15 Bil - 25 Bil
2 Bil - 15 Bil
0 - 2 Bil
Cash
0

15

30

45

60

75

Portfolio
9.6
0.8
26.3
20.8
57.5
1.4
1.3
28.6
31.3
6.7
4.5
100.0

Benchmark
0.0
0.1
42.0
52.2
94.3
0.0
0.1
0.1
0.2
0.0
5.5
100.0

90

Energy
Materials
Industrials
Consumer Discretionary
Consumer Staples
Health Care
Financials
Information Technology
Communication Services
Utilities
Real Estate
Other
Cash
0

Portfolio

5

10

15

20

25

30

Benchmark

36

Vanguard Emerging Markets

Portfolio Characteristics
As of June 30, 2026

Vanguard Emerging Markets

Market
Value $

1 Mo
(%)

3 Mo
(%)

1 Yr
(%)

3 Yrs
(%)

5 Yrs
(%)

10 Yrs
(%)

SI
(%)

Inception
Date

921,295

-0.1

11.4

24.0

17.1

5.0

8.4

4.9

Mar 12

-1.8

12.1

22.9

17.8

5.4

9.1

5.4

50

84

83

80

75

76

77

FTSE Emerging Index
Vanguard Emerging Markets Rank

Portfolio Characteristics

Portfolio

FTSE Emerging Index

Wtd. Avg. Mkt. Cap $M

$376,878

$410,630

Median Mkt. Cap $M

$1,934

$4,693

Price/Earnings ratio

15.1

17.0

Risk vs. Return - 5 Years

Price/Book ratio

3.4

3.2

5 Yr. EPS Growth Rate (%)

18.1

17.8

Current Yield (%)

2.2

2.3

Beta (5 Years, Monthly)
Number of Stocks

0.9

1.0

4,996

2,290

Re tu rn

30

15

0

-15
9.0

12.0

15.0

18.0

21.0

24.0

27.0

30.0

33.0

36.0

Standard Deviation

Distribution of Market Capitalization (%)

Region (%)

>100 Bil

Sector Weights (%)

Canada
United States
Europe
Asia Pacific
Developed Markets
Americas
Europe
Asia Pacific
Emerging Markets
Cash
Other
Total

75 Bil - 100 Bil
25 Bil - 75 Bil
15 Bil - 25 Bil
2 Bil - 15 Bil
0 - 2 Bil
Cash
0

6

12

18

24

30

36

Portfolio
0.0
0.4
0.8
1.6
2.7
6.2
1.9
76.5
84.6
4.7
8.0
100.0

Benchmark
0.0
0.4
0.9
1.6
2.9
7.5
2.3
77.7
87.4
0.0
9.7
100.0

42

Energy
Materials
Industrials
Consumer Discretionary
Consumer Staples
Health Care
Financials
Information Technology
Communication Services
Utilities
Real Estate
Other
Cash
0

Portfolio

8

16

24

32

40

Benchmark

37

Principal U.S. Property Trust

Portfolio Characteristics

38

Partners Group Private Equity II TEI

Portfolio Characteristics

39

PREPARED BY MARQUETTE ASSOCIATES
180 North LaSalle St, Ste 3500, Chicago, Illinois 60601

PHONE 312-527-5500

CHICAGO BALTIMORE MILWAUKEE PHILADELPHIA ST. LOUIS

WEB MarquetteAssociates.com

CONFIDENTIALITY NOTICE: This communication, including attachments, is for the exclusive use of the addressee and contains proprietary, confidential and/or privileged
information; any use, copying, disclosure, dissemination or distribution is strictly prohibited. Marquette Associates, Inc. retains all proprietary rights they may have in the information.
Marquette Associates, Inc. (“Marquette”) has prepared this document for the exclusive use by the client or third party for which it was prepared. The information herein was
obtained from various sources, including but not limited to third party investment managers, the client's custodian(s) accounting statements, commercially available databases, and
other economic and financial market data sources.
The sources of information used in this document are believed to be reliable. Marquette has not independently verified all of the information in this document and its accuracy
cannot be guaranteed. Marquette accepts no liability for any direct or consequential losses arising from its use. The information provided herein is as of the date appearing in this
material only and is subject to change without prior notice. Thus, all such information is subject to independent verification, and we urge clients to compare the information set
forth in this statement with the statements received directly from the custodian in order to ensure accuracy of all account information. Past performance does not guarantee future
results and investing involves risk of loss. No graph, chart, or formula can, in and of itself, be used to determine which securities or investments to buy or sell.
Account and Composite characteristics data is derived from underlying holdings uploaded to the Investment Metrics Platform (“Platform”); the Platform then uses data for the
noted time period from Standard & Poor’s (equity holdings) and ICE (fixed income holdings) to populate the reporting templates. Some securities, including cash equivalents, may
not be accurately classified during this population process due to missing identifiers or unavailable data. As a result, characteristics in this report may differ from other data sources.
For example, Bloomberg indices may include additional rating information which may differ from the S&P rating used by the Platform.
Forward‐looking statements, including without limitation any statement or prediction about a future event contained in this presentation, are based on a variety of estimates and
assumptions by Marquette, including, but not limited to, estimates of future operating results, the value of assets and market conditions. These estimates and assumptions, including
the risk assessments and projections referenced, are inherently uncertain and are subject to numerous business, industry, market, regulatory, geopolitical, competitive, and financial
risks that are outside of Marquette's control. There can be no assurance that the assumptions made in connection with any forward‐looking statement will prove accurate, and
actual results may differ materially. Indices have been selected for comparison purposes only. Client account holdings may differ significantly from the securities in the indices and
the volatility (beta) of the account may be more or less than the benchmark. You cannot invest directly in an index.
The inclusion of any forward‐looking statement herein should not be regarded as an indication that Marquette considers forward‐looking statements to be a reliable prediction of
future events. The views contained herein are those of Marquette and should not be taken as financial advice or a recommendation to buy or sell any security. Any forecasts,
figures, opinions or investment techniques and strategies described are intended for informational purposes only. They are based on certain assumptions and current market
conditions, and although accurate at the time of writing, are subject to change without prior notice. Opinions, estimates, projections, and comments on financial market trends
constitute our judgment and are subject to change without notice. Marquette expressly disclaims all liability in respect to actions taken based on any or all of the information
included or referenced in this document. The information is being provided based on the understanding that each recipient has sufficient knowledge and experience to
evaluate the merits and risks of investing.
This presentation does not constitute an offer to sell, or a solicitation of an offer to buy, any interest in any investment vehicle, and should not be relied on as such. Targets, ranges
and expectations set forth in this presentation are approximations; actual results may differ materially. Artificial intelligence has been utilized during the preparation of this
document.
ABOUT MARQUETTE ASSOCIATES
Marquette was founded in 1986 with the sole objective of providing investment consulting at the highest caliber of service. Our expertise is grounded in our commitment to client
service — our team aims to be a trusted partner and as fiduciaries, our clients’ interests and objectives are at the center of everything we do. Our approach brings together the
real-world experience of our people and our dedication to creativity and critical thinking in order to empower our clients to work towards their goals.
Marquette is an independent investment adviser registered with the U.S. Securities and Exchange Commission under the Investment Advisers Act of 1940, as amended. Registration
does not imply a certain level of skill or training. More information about Marquette including our investment strategies, fees and objectives can be found in our ADV Part 2 and
Form CRS which are available upon request and on our website. For more information, please visit www.MarquetteAssociates.com.

40

EXHIBIT II

Asset Allocation Placeholder

Benefit Index Calculation
Place Holder