Beruflich Dokumente
Kultur Dokumente
Presented by:
Scott B. Harsh Stephen M. Hodson, CFA, CAIA
President & CEO Senior Vice President
Douglas M. Harrell
Vice President
University of South Carolina Foundations
Table of Contents
Description Page
Market Summary 1
Total Composite 2-12
Large Cap Equity Composite 13-24
SMID Cap Composite 25-27
Small Cap Equity Composite 28-33
International Equity Composite 34-48
Fixed Income Composite 49-57
Hedge Fund Composite 58-62
Fund Evaluation Group, LLC | 201 East Fifth Street, Suite 1600 | Cincinnati, Ohio 45202 | 513.977.4400 | information@feg.com | www.feg.com
Dallas | Detroit | Indianapolis
First Quarter 2018 – Market Returns
Global Equity Global Fixed Income Real Assets Diversifying Strategies
20%
16.4%
15% 14.0%
13.3%
9.7%
10%
6.7%
5.9% 5.7% 6.1% 5.9%
5.0%
4.2%
5% 3.8% 3.7% 3.4%
1.8%
1.2%
0.6% 0.1% 0.6%
0%
-0.8% -0.9% -0.4%
-1.3% -1.5% -1.1%
-5%
-5.8%
-6.7%
-8.3%
-10%
-11.1%
-15%
-20%
-20.1%
-25%
Blmbrg FTSE
HFRI Equity Blmbrg Blmbrg HFRI Fund HFRI Fund
S&P 500 MSCI ACWI Barclays NAREIT All Alerian MLP
Hedge Barclays HY Cmdty Wtd Comp. of Fund
Index ex-U.S. U.S. Agg Equity Index
Index Index Index Index Index
Index Index
Quarter -0.8% -1.3% 0.6% -1.5% -0.9% -6.7% -11.1% -0.4% 0.1% 0.6%
1 Yr 14.0% 16.4% 9.7% 1.2% 3.8% -1.1% -20.1% 3.7% 6.1% 5.9%
5 Yrs Annualized 13.3% 5.9% 5.7% 1.8% 5.0% 6.7% -5.8% -8.3% 4.2% 3.4%
8%
15% 13.8% 14.6%
13.0%
6%
10.2% 9.6%
3.6% 10% 8.8%
4%
6.5%
1.8% 5.5%
2% 1.2% 1.2% 5% 5.0%
2.7% 3.0%
0% 1.3%
0%
-0.8%
-2% -1.5% -0.6%
-1.7%
-4% -5%
Qtr 1 Yr 3 Yr 5 Yr 10 Yr Qtr 1 Yr 3 Yr 5 Yr 10 Yr
Data Sources: Standard & Poor’s and Barclays Data Sources: MSCI Barra and Russell
Russell 3000 Index Quarterly Returns Russell 3000 Style Indices Returns
TECHNOLOGY 4.1% Growth Value
MSCI EAFE Regional Quarterly Returns MSCI Emerging Markets Regional Quarterly Returns
-3.2%
Europe (ex-UK) 6.0%
-1.2% Latin America
8.0%
-7.3%
United Kingdom
-3.9%
0.6%
Asia
0.6%
-4.8%
Japan
0.1%
-2.9%
-2.8% Europe, Middle East, and Africa
Pacific (ex-Japan) -0.9%
-3.7%
11%
10%
10% 10%
8%
extension of the robust fundraising environment witnessed over the past
8% 8%
several years. In contrast, venture fundraising weakened during the first
6%
quarter relative to the last three years.
5% 4%
• Initial public offering (IPO) exit activity declined from the fourth quarter.
2% 1% When compared to the same period last year, the number of venture
0%
capital-backed IPOs decreased by 28% and that of private equity-backed
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 IPOs fell by 4%. However, aggregate capital raised across all IPOs during
Vintage Year the first quarter remained in line with recent levels.
Data Source: Thomson One
Global Private Equity / Venture Capital & Buyout Fundraising Activity Global Private Equity / VC-backed & PE-backed IPO Exit Activity
As of March 31, 2018 As of March 31, 2018
Venture Capital Buyout Venture Capital-backed Private Equity-backed
$350 350
324
321
Number of IPOs
226
215 214 207
195 195 196
$200 200 184
176
150 154 162
145 144
$150 150 136 131 143
118 117
103
$100 92 100 82
78
65 64 63
54 52 57 51 50
46 49
$50 38 38 50
23
32 26 33
11
$0 -
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
YTD YTD
Data Source: Pitchbook Vintage Year Data Source: Pitchbook
Exit Year
3% 10%
8%
1% 2.2% 1.8%
2% 1.2% 1.2% 1.4%
0%
0% -0.9%
-2% -1.5%
1 Mth 5 Yr 10 Yr 30 Yr -2.0%
-4%
Qtr 1 Yr 3 Yr 5 Yr
Data Source: Bloomberg LP
Data Sources: Barclays and JP Morgan
Self-Storage -2.4%
Lodging/Resorts -5.0%
Index -6.7%
Diversified -15.8%
0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5%
-18% -16% -14% -12% -10% -8% -6% -4% -2% 0% 2% 4%
Data Source: NAREIT Data Source: NCREIF
2% 0.9%
0.3% 0.6% 1.0%
0.1%
0%
-0.8%
-2% -1.3%
QTD 1 Yr 3 Yr 5 Yr
Annualized
Since
Qtr FYTD 1Yr 3Yr 5Yr 7Yr 10Yr 5/01
Total Composite 0.1% 9.0% 12.1% 7.0% 9.2% 8.6% 6.9% 6.6%
Broad Policy Index1 -1.0 7.3 10.7 7.0 8.9 8.4 7.0 6.1
Target Weighted Index2 -0.3 7.5 11.0 7.1 9.2 8.9 7.5 6.3
CPI + 5.5%3 3.2 10.3 13.3 9.7 8.3 8.1 7.8 7.9
Footnotes:
1 Broad Policy Index is currently comprised of: 51.2% Russell 3000 Index, 20.2% MSCI AC World Index ex-U.S., and 28.6% Bloomberg Barclays US Aggregate Index. Please see Appendix for benchmark history.
2 Target Weighted Index is currently comprised of: 36.0% Russell 1000 Index, 10.2% Russell 2000 Index, 15.2% MSCI EAFE Index, 5.0% MSCI Emerging Markets Index, 13.6% Bloomberg Barclays US Aggregate Index,
5.0% CPI + 3% Index, and 15.0% DJ/CS HFI Multi-Strategy. Please see Appendix for benchmark history.
3 CPI + 5.5% is currently comprised of: 100.0% CPI + 5.5% Index, + 5.5%. Please see Appendix for benchmark history.
$572.66
Dollars (in Millions)
$462.20
$351.74
$241.29
$130.83
5/01
3/02
3/03
3/04
3/05
3/06
3/07
3/08
3/09
3/10
3/11
3/12
3/13
3/14
3/15
3/16
3/17
3/18
Ending Value
Total Composite $576.24
Broad Policy Index $535.55
Target Weighted Index $555.75
CPI + 5.5% $683.12
© 2018 Fund Evaluation Group, LLC 2 Confidential - For Client Use Only
University of South Carolina Foundations
Summary of Investment Performance
Report for Periods Ending March 31, 2018
Annualized
Since
Qtr FYTD 1Yr 3Yr 5Yr 7Yr 10Yr Inception Date Market Value
Total Composite 0.1% 9.0% 12.1% 7.0% 9.2% 8.6% 6.9% 6.6% 5/01 $576,241,044
Broad Policy Index 1 -1.0 7.3 10.7 7.0 8.9 8.4 7.0 6.1
Target Weighted Index 2 -0.3 7.5 11.0 7.1 9.2 8.9 7.5 6.3
CPI + 5.5% 3 3.2 10.3 13.3 9.7 8.3 8.1 7.8 7.9
Large Cap Equity Composite -0.6 11.1 14.1 9.9 13.3 12.2 8.6 6.5 5/01 251,591,197
S&P 500 Index -0.8 10.6 14.0 10.8 13.3 12.7 9.5 6.6
iShares S&P 500 Index -0.8 10.6 14.0 10.7 13.3 12.6 - 14.6 12/08 104,667,043
S&P 500 Index -0.8 10.6 14.0 10.8 13.3 12.7 - 14.7
Harbor Capital Appreciation 4.3 21.5 28.8 14.0 17.2 - - 17.8 12/12 53,096,625
Russell 1000 Growth Index 1.4 15.8 21.3 12.9 15.5 - - 16.7
S&P 500 Index -0.8 10.6 14.0 10.8 13.3 - - 14.8
Becker Capital Management -1.7 7.6 8.6 7.5 11.4 11.1 - 15.7 2/09 47,601,151
Russell 1000 Value Index -2.8 5.5 6.9 7.9 10.8 11.0 - 16.4
S&P 500 Index -0.8 10.6 14.0 10.8 13.3 12.7 - 17.6
WEDGE Capital Management -4.2 5.5 6.6 9.0 14.4 12.9 - 17.0 2/09 46,226,378
Russell 1000 Value Index -2.8 5.5 6.9 7.9 10.8 11.0 - 16.4
S&P 500 Index -0.8 10.6 14.0 10.8 13.3 12.7 - 17.6
SMID Cap Composite 1.4 8.9 6.7 4.2 - - - 6.0 10/14 16,054,728
Russell 2500 Index -0.2 10.0 12.3 8.2 - - - 9.4
NewSouth SMID Value 1.4 8.9 6.7 4.2 - - - 6.0 10/14 16,054,728
Russell 2500 Value Index -2.7 5.4 5.7 7.3 - - - 7.8
Russell 2500 Index -0.2 10.0 12.3 8.2 - - - 9.4
Small Cap Equity Composite 2.7 10.6 12.7 6.4 10.4 9.4 8.6 7.2 5/01 55,689,866
Russell 2000 Index -0.1 9.1 11.8 8.4 11.5 10.4 9.8 8.4
Westfield Capital Management 3.9 15.6 19.7 7.7 12.3 10.6 10.5 8.3 5/01 22,284,732
Russell 2000 Growth Index 2.3 13.6 18.6 8.8 12.9 11.3 11.0 7.6
Russell 2000 Index -0.1 9.1 11.8 8.4 11.5 10.4 9.8 8.4
Vulcan Small Cap Value 2.3 6.1 10.1 - - - - 7.3 4/15 17,350,406
Russell 2000 Value Index -2.6 4.4 5.1 - - - - 8.9
Russell 2000 Index -0.1 9.1 11.8 - - - - 9.6
© 2018 Fund Evaluation Group, LLC 3 Confidential - For Client Use Only
University of South Carolina Foundations
Summary of Investment Performance
Report for Periods Ending March 31, 2018
Annualized
Since
Qtr FYTD 1Yr 3Yr 5Yr 7Yr 10Yr Inception Date Market Value
International Equity Composite 0.6% 11.6% 18.7% 6.6% 7.1% 5.7% 3.8% 6.2% 5/01 $135,950,952
MSCI AC World Index ex-U.S. -1.3 10.0 16.4 6.1 5.9 4.2 2.7 5.9
Artisan International 0.4 10.4 21.0 3.4 6.2 7.1 4.1 6.1 5/01 32,410,239
MSCI EAFE Growth Index -1.3 9.0 17.2 6.6 7.1 6.1 3.4 5.2
MSCI EAFE Index -1.7 8.0 14.6 5.5 6.5 5.3 2.7 5.2
EuroPacific Growth 0.9 13.2 21.8 7.9 8.6 6.4 4.6 7.1 5/01 30,810,391
MSCI AC World Index ex-US -1.3 10.0 16.4 6.1 5.9 4.2 2.7 5.9
MSCI EAFE Index -1.7 8.0 14.6 5.5 6.5 5.3 2.7 5.2
Dodge & Cox International -2.1 5.9 10.9 3.8 7.3 5.5 4.1 2.9 7/07 33,756,060
MSCI EAFE Value Index -2.1 7.0 12.1 4.3 5.7 4.4 2.0 0.8
MSCI EAFE Index -1.7 8.0 14.6 5.5 6.5 5.3 2.7 1.8
DFA Emerging Markets Value 2.2 16.5 19.8 10.1 4.3 - - 1.2 5/11 19,677,625
MSCI Emerging Markets Value Index 1.6 14.4 18.1 6.6 2.6 - - 0.4
Harding Loevner Emerging Markets 3.6 17.5 25.5 10.7 7.2 - - 6.7 12/12 19,296,637
MSCI Emerging Markets Index 1.3 17.4 24.8 8.8 5.0 - - 4.4
Fixed Income Composite -0.7 0.9 2.6 2.4 3.0 4.4 5.7 7.4 5/01 66,527,421
Bloomberg Barclays US Aggregate Index -1.5 -0.2 1.2 1.2 1.8 2.9 3.6 4.5
Loomis Sayles -0.5 1.9 4.5 3.9 4.0 5.4 6.7 8.5 5/01 18,910,950
Bloomberg Barclays US Aggregate Index -1.5 -0.2 1.2 1.2 1.8 2.9 3.6 4.5
DoubleLine Total Return Bond -0.5 0.8 2.2 2.0 - - - 2.6 6/14 28,251,830
Bloomberg Barclays US Aggregate Index -1.5 -0.2 1.2 1.2 - - - 1.9
JPMorgan Core Bond -1.3 -0.1 1.5 1.3 - - - 1.9 6/14 19,364,641
Bloomberg Barclays US Aggregate Index -1.5 -0.2 1.2 1.2 - - - 1.9
© 2018 Fund Evaluation Group, LLC 4 Confidential - For Client Use Only
University of South Carolina Foundations
Summary of Investment Performance
Report for Periods Ending March 31, 2018
Annualized
Since
Qtr FYTD 1Yr 3Yr 5Yr 7Yr 10Yr Inception Date Market Value
Hedge Fund Composite 0.8% 3.3% 3.1% 1.0% 3.6% 4.2% 3.5% 4.8% 6/04 $57,398,463
Bloomberg Barclays US Aggregate Index -1.5 -0.2 1.2 1.2 1.8 2.9 3.6 4.1
HFRI Fund of Funds 0.3 4.7 5.6 1.9 3.4 2.6 1.6 3.2
HBK Fund, L.P. 0.8 3.5 3.7 3.2 3.9 4.4 4.3 3.7 6/07 14,803,141
HFRI Relative Value Index 0.2 2.6 3.1 3.6 4.1 4.5 5.2 4.7
Bloomberg Barclays US Aggregate Index -1.5 -0.2 1.2 1.2 1.8 2.9 3.6 4.1
Och Ziff Master Fund, Ltd. 1.9 4.4 7.6 3.9 6.0 6.0 6.5 6.0 6/07 17,397,542
DJ/CS HFI Multi-Strategy 1.7 3.3 5.7 4.6 6.1 6.1 5.4 5.0
Bloomberg Barclays US Aggregate Index -1.5 -0.2 1.2 1.2 1.8 2.9 3.6 4.1
Fir Tree International Value Fund, L.P. -1.1 0.4 0.8 -3.1 - - - -1.8 1/14 8,768,334
HFRI Fund Weighted Composite Index 0.0 4.9 5.9 3.5 - - - 3.9
Bloomberg Barclays US Aggregate Index -1.5 -0.2 1.2 1.2 - - - 2.3
MKP Opportunity Offshore 1.0 1.3 -0.5 -0.8 - - - 1.1 1/14 7,243,703
HFRI Macro Index -1.4 1.5 0.8 -0.9 - - - 1.6
Bloomberg Barclays US Aggregate Index -1.5 -0.2 1.2 1.2 - - - 2.3
Graham Capital Proprietary Matrix 0.3 6.2 -1.0 -1.1 - - - 5.4 1/14 9,160,842
HFRI Global Macro Index -1.4 1.5 0.8 -0.9 - - - 1.6
Bloomberg Barclays US Aggregate Index -1.5 -0.2 1.2 1.2 - - - 2.3
Claren Road Credit Master Fund - liquidating - - - - - - - - 1/14 24,901
Footnotes:
* Performance returns are net of investment management fees.
* Calculated returns may differ from the manager's due to differences in security pricing and/or cash flows.
* Manager and index data represent the most current available at the time of report publication.
* Hedge fund and private capital manager market values and rates of return may be based on estimates and may be revised until completion of an annual audit by the manager.
* For managers and indices that report returns on a lag, 0.0% is utilized for the most recent time period until the actual return data are reported.
* The fiscal year ends in June.
1 Broad Policy Index is currently comprised of: 51.2% Russell 3000 Index, 20.2% MSCI AC World Index ex-U.S., and 28.6% Bloomberg Barclays US Aggregate Index. Please see Appendix for
benchmark history.
2 Target Weighted Index is currently comprised of: 36.0% Russell 1000 Index, 10.2% Russell 2000 Index, 15.2% MSCI EAFE Index, 5.0% MSCI Emerging Markets Index, 13.6% Bloomberg
Barclays US Aggregate Index, 5.0% CPI + 3% Index, and 15.0% DJ/CS HFI Multi-Strategy. Please see Appendix for benchmark history.
3 CPI + 5.5% is currently comprised of: 100.0% CPI + 5.5% Index, + 5.5%. Please see Appendix for benchmark history.
© 2018 Fund Evaluation Group, LLC 5 Confidential - For Client Use Only
University of South Carolina Foundations
Schedule of Asset and Style Allocation
© 2018 Fund Evaluation Group, LLC 6 Confidential - For Client Use Only
University of South Carolina Foundations
Schedule of Asset and Style Allocation
Large Cap Equity - Broad iShares S&P 500 Index 100.0% 0.0% $104,667,043 18.2%
Large Cap Equity - Growth Harbor Capital Appreciation 100.0% 0.0% $53,096,625 9.2%
Large Cap Equity - Value Becker Capital Management 95.5% 4.5% $47,601,151 8.3%
Large Cap Equity - Value WEDGE Capital Management 96.9% 3.1% $46,226,378 8.0%
Small Cap Equity - Growth Westfield Capital Management 96.3% 3.7% $22,284,732 3.9%
Small Cap Equity - Value NewSouth SMID Value 94.5% 5.5% $16,054,728 2.8%
Small Cap Equity - Value Vulcan Small Cap Value 100.0% 0.0% $17,350,406 3.0%
International Equity - Growth Artisan International 100.0% 0.0% $32,410,239 5.6%
International Equity - Value Dodge & Cox International 100.0% 0.0% $33,756,060 5.9%
International Equity - Value EuroPacific Growth 100.0% 0.0% $30,810,391 5.3%
Emerging Markets - Core Harding Loevner Emerging Markets 100.0% 0.0% $19,296,637 3.3%
Emerging Markets - Value DFA Emerging Markets Value 100.0% 0.0% $19,677,625 3.4%
Fixed Income - Core JPMorgan Core Bond 100.0% 0.0% $19,364,641 3.4%
Fixed Income - Core Plus DoubleLine Total Return Bond 100.0% 0.0% $28,251,830 4.9%
Fixed Income - Core Plus Loomis Sayles 100.0% 0.0% $18,910,950 3.3%
Hedge Fund - Absolute Return Fir Tree International Value Fund, L.P. 100.0% 0.0% $8,768,334 1.5%
Hedge Fund - Diversified Claren Road Credit Master Fund - liquidating 100.0% 0.0% $24,901 0.0%
Hedge Fund - Managed Futures Graham Capital Proprietary Matrix 100.0% 0.0% $9,160,842 1.6%
Hedge Fund - Managed Futures MKP Opportunity Offshore 100.0% 0.0% $7,243,703 1.3%
Hedge Fund - Multi-Strategy Och Ziff Master Fund, Ltd. 100.0% 0.0% $17,397,542 3.0%
Hedge Fund - Relative Value HBK Fund, L.P. 100.0% 0.0% $14,803,141 2.6%
Private Natural Resources - Energy Kayne Anderson Energy Fund VI 100.0% 0.0% $1,508,156 0.3%
Private Natural Resources - Energy Natural Gas Partners XI, L.P. 100.0% 0.0% $3,750,915 0.7%
Private Natural Resources - Energy VIA Energy III 100.0% 0.0% $1,930,374 0.3%
FOF - Private Equity - Distressed Siguler Guff Distressed Opport. III 100.0% 0.0% $1,893,700 0.3%
© 2018 Fund Evaluation Group, LLC 7 Confidential - For Client Use Only
University of South Carolina Foundations
Summary of Illiquid Investments
Report for Periods Ending March 31, 2018
Private Equity $10,000,001 $9,624,495 96% $12,289,803 $1,893,700 1.5 0.3% 0.0%
Private Natural Resources 12,000,000 9,003,363 75 4,342,482 7,189,445 1.3 1.2 0.0
Total Illiquid Investments $22,000,001 $18,627,858 85% $16,632,285 $9,083,145 1.4 1.6% 0.0%
* Fair Market Value estimate based on the most recent valuation, adjusted for capital calls and distributions after the valuation date.
© 2018 Fund Evaluation Group, LLC 8 Confidential - For Client Use Only
University of South Carolina Foundations
Summary of Private Equity
Report for Periods Ending March 31, 2018
* Fair Market Value estimate based on the most recent valuation, adjusted for capital calls and distributions after the valuation date.
* Investment IRR is calculated through previous quarter-end and will not be calculated for the first two years.
© 2018 Fund Evaluation Group, LLC 9 Confidential - For Client Use Only
University of South Carolina Foundations
Summary of Private Natural Resources
Report for Periods Ending March 31, 2018
Private Natural Resources $12,000,000 $9,003,363 75% $4,342,482 $7,189,445 1.3 14.7%
* Fair Market Value estimate based on the most recent valuation, adjusted for capital calls and distributions after the valuation date.
* Investment IRR is calculated through previous quarter-end and will not be calculated for the first two years.
© 2018 Fund Evaluation Group, LLC 10 Confidential - For Client Use Only
University of South Carolina Foundations
Investment Metrics
Report for Periods Ending March 31, 2018
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University of South Carolina Foundations
Total Composite
Blended Universe
For Report Periods Ending March 31, 2018
25%
- Total Composite
- Broad Policy Index
20% - Target Weighted Index
- CPI + 5.5%
15% Since
Qtr FYTD 1Yr 3Yr 5Yr 7Yr 10Yr 5/01
% Return
0%
0.1% 9.0% 12.1% 7.0% 9.2% 8.6% 6.9% 6.6%
-1.0 7.3 10.7 7.0 8.9 8.4 7.0 6.1
-5%
-0.3 7.5 11.0 7.1 9.2 8.9 7.5 6.3
Qtr FYTD 1Yr 3Yr 5Yr 7Yr 10Yr Since 5/01 3.2 10.3 13.3 9.7 8.3 8.1 7.8 7.9
Report From March 31, 2002 to March 31, 2018 Blended Universe
5 Year Rolling Periods 46.0% Broad Large Cap
24%
10.2% Broad Small Cap
15.2% International Equity
19%
28.6% Core Fixed Income
14%
% Return
9%
4%
-1%
-6%
3/07 3/08 3/09 3/10 3/11 3/12 3/13 3/14 3/15 3/16 3/17 3/18
© 2018 Fund Evaluation Group, LLC 12 Confidential - For Client Use Only
University of South Carolina Foundations
iShares S&P 500 Index
Summary of Performance and Statistics
Report For Periods Ending March 31, 2018
Since Inception
Performance Results Qtr FYTD 1Yr 3Yr 5Yr 7Yr Inception Date
iShares S&P 500 Index -0.8% 10.6% 14.0 % 10.7% 13.3% 12.6% 14.6 % 12/08
S&P 500 Index -0.8 10.6 14.0 10.8 13.3 12.7 14.7
iShares S&P 500 Index 1.02 -0.3% 1.00 11.1% 0.0 % -2.5
S&P 500 Index 1.00 0.0 1.00 11.1 0.0 --
© 2018 Fund Evaluation Group, LLC 13 Confidential - For Client Use Only
University of South Carolina Foundations
iShares S&P 500 Index
Equity Sector
Report For Periods Ending March 31, 2018
Sector Allocation
Real Estate
Materials 3 3 -5.5 10.5
Energy 6 6 -5.9 -0.2
Materials
Consumer Staples 8 8 -7.1 -0.9
Energy
Telecommunication Services 2 2 -7.5 -4.9
© 2018 Fund Evaluation Group, LLC 14 Confidential - For Client Use Only
University of South Carolina Foundations
iShares S&P 500 Index
Broad Large Cap Universe
For Report Periods Ending March 31, 2018
31%
- iShares S&P 500 Index
25% - S&P 500 Index
19% Since
Qtr FYTD 1Yr 3Yr 5Yr 7Yr 12/08
% Return
1%
-0.8% 10.6% 14.0% 10.7% 13.3% 12.6% 14.6%
-0.8 10.6 14.0 10.8 13.3 12.7 14.7
-5%
Qtr FYTD 1Yr 3Yr 5Yr 7Yr Since 12/08
21%
18%
% Return
15%
12%
9%
6%
3/14 9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18
© 2018 Fund Evaluation Group, LLC 15 Confidential - For Client Use Only
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Harbor Capital Appreciation
Summary of Performance and Statistics
Report For Periods Ending March 31, 2018
Since Inception
Performance Results Qtr FYTD 1Yr 3Yr 5Yr Inception Date
Harbor Capital Appreciation 4.3% 21.5% 28.8 % 14.0% 17.2% 17.8% 12/12
Russell 1000 Growth Index 1.4 15.8 21.3 12.9 15.5 16.7
S&P 500 Index -0.8 10.6 14.0 10.8 13.3 14.8
© 2018 Fund Evaluation Group, LLC 16 Confidential - For Client Use Only
University of South Carolina Foundations
Harbor Capital Appreciation
Equity Sector
Report For Periods Ending March 31, 2018
Sector Allocation
Real Estate
Consumer Staples 5 6 -4.8 3.2
Materials 1 3 -5.6 10.2
Consumer Staples
Energy 1 1 -5.8 -3.2
Materials
Telecommunication Services 0 1 -8.1 2.1
Energy Other 0 0 - -
Number of Holdings: 52
© 2018 Fund Evaluation Group, LLC 17 Confidential - For Client Use Only
University of South Carolina Foundations
Harbor Capital Appreciation
Large Cap Growth Universe
For Report Periods Ending March 31, 2018
34%
- Harbor Capital Appreciation
28% - Russell 1000 Growth Index
- S&P 500 Index
22%
% Return
Since
Qtr FYTD 1Yr 3Yr 5Yr 12/12
16%
5th 6.4% 21.3% 30.4% 15.1% 18.2% 18.9%
25th 4.4 17.9 25.6 13.0 15.8 16.8
10% 50th 2.8 15.6 21.7 11.7 14.8 15.8
75th 1.3 13.2 19.2 10.5 13.7 14.9
95th -0.7 9.8 15.1 8.3 11.9 12.9
4%
21%
19%
% Return
17%
15%
13%
11%
12/17 3/18
© 2018 Fund Evaluation Group, LLC 18 Confidential - For Client Use Only
University of South Carolina Foundations
Becker Capital Management
Summary of Performance and Statistics
Report For Periods Ending March 31, 2018
Since Inception
Performance Results Qtr FYTD 1Yr 3Yr 5Yr 7Yr Inception Date
Becker Capital Management -1.7% 7.6% 8.6 % 7.5% 11.4% 11.1% 15.7 % 2/09
Russell 1000 Value Index -2.8 5.5 6.9 7.9 10.8 11.0 16.4
S&P 500 Index -0.8 10.6 14.0 10.8 13.3 12.7 17.6
© 2018 Fund Evaluation Group, LLC 19 Confidential - For Client Use Only
University of South Carolina Foundations
Becker Capital Management
Equity Sector
Report For Periods Ending March 31, 2018
Sector Allocation
Materials
Energy 11 11 -5.8 -0.3
Telecommunication Services 4 3 -7.1 -7.5
Energy
Real Estate 3 5 -7.2 -4.1
Telecommunication Services
Consumer Staples 9 8 -8.4 -4.0
Number of Holdings: 57
© 2018 Fund Evaluation Group, LLC 20 Confidential - For Client Use Only
University of South Carolina Foundations
Becker Capital Management
Large Cap Value Universe
For Report Periods Ending March 31, 2018
19%
- Becker Capital Management
15% - Russell 1000 Value Index
- S&P 500 Index
11%
% Return
Since
Qtr FYTD 1Yr 3Yr 5Yr 7Yr 2/09
7%
5th -0.6% 11.3% 14.6% 10.3% 12.7% 12.1% 18.1%
25th -2.1 9.1 11.5 8.8 11.6 11.3 16.5
3% 50th -2.5 6.8 8.9 7.9 10.7 10.7 15.5
75th -3.1 5.3 7.3 6.8 9.9 9.4 14.7
95th -3.9 3.2 4.1 5.3 8.6 7.8 13.3
-1%
25%
21%
% Return
17%
13%
9%
5%
3/14 9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18
© 2018 Fund Evaluation Group, LLC 21 Confidential - For Client Use Only
University of South Carolina Foundations
WEDGE Capital Management
Summary of Performance and Statistics
Report For Periods Ending March 31, 2018
Since Inception
Performance Results Qtr FYTD 1Yr 3Yr 5Yr 7Yr Inception Date
WEDGE Capital Management -4.2% 5.5% 6.6 % 9.0% 14.4% 12.9% 17.0 % 2/09
Russell 1000 Value Index -2.8 5.5 6.9 7.9 10.8 11.0 16.4
S&P 500 Index -0.8 10.6 14.0 10.8 13.3 12.7 17.6
© 2018 Fund Evaluation Group, LLC 22 Confidential - For Client Use Only
University of South Carolina Foundations
WEDGE Capital Management
Equity Sector
Report For Periods Ending March 31, 2018
Sector Allocation
Materials
Energy 13 11 -5.8 -0.3
Telecommunication Services 0 3 -7.1 -7.5
Energy
Real Estate 3 5 -7.2 -4.1
Telecommunication Services
Consumer Staples 7 8 -8.4 -4.0
Number of Holdings: 31
© 2018 Fund Evaluation Group, LLC 23 Confidential - For Client Use Only
University of South Carolina Foundations
WEDGE Capital Management
Large Cap Value Universe
For Report Periods Ending March 31, 2018
24%
- WEDGE Capital Management
19% - Russell 1000 Value Index
- S&P 500 Index
14%
% Return
Since
Qtr FYTD 1Yr 3Yr 5Yr 7Yr 2/09
9%
5th -0.6% 11.3% 14.6% 10.3% 12.7% 12.1% 18.1%
25th -2.1 9.1 11.5 8.8 11.6 11.3 16.5
4% 50th -2.5 6.8 8.9 7.9 10.7 10.7 15.5
75th -3.1 5.3 7.3 6.8 9.9 9.4 14.7
95th -3.9 3.2 4.1 5.3 8.6 7.8 13.3
-1%
25%
21%
% Return
17%
13%
9%
5%
3/14 9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18
© 2018 Fund Evaluation Group, LLC 24 Confidential - For Client Use Only
University of South Carolina Foundations
NewSouth SMID Value
Summary of Performance and Statistics
Report For Periods Ending March 31, 2018
Since Inception
Performance Results Qtr FYTD 1Yr 3Yr Inception Date
© 2018 Fund Evaluation Group, LLC 25 Confidential - For Client Use Only
University of South Carolina Foundations
NewSouth SMID Value
Equity Sector
Report For Periods Ending March 31, 2018
Sector Allocation
Consumer Staples
Materials 0 6 -6.2 9.0
Telecommunication Services 0 0 -6.5 -24.3
Materials
Real Estate 6 14 -7.9 -4.5
Telecommunication Services
Energy 0 7 -8.0 -14.5
Number of Holdings: 23
© 2018 Fund Evaluation Group, LLC 26 Confidential - For Client Use Only
University of South Carolina Foundations
NewSouth SMID Value
Small-Mid Cap Value Universe
For Report Periods Ending March 31, 2018
18%
- NewSouth SMID Value
14% - Russell 2500 Value Index
- Russell 2500 Index
10%
% Return
Since
Qtr FYTD 1Yr 3Yr 10/14
6%
5th 0.9% 10.3% 13.0% 9.9% 10.3%
25th -1.3 7.9 9.1 8.4 8.9
2% 50th -2.4 6.2 7.2 7.0 7.8
75th -3.2 4.5 5.2 5.6 6.5
95th -5.0 0.6 0.9 2.3 2.3
-2%
12%
10%
% Return
8%
6%
4%
2%
12/17 3/18
© 2018 Fund Evaluation Group, LLC 27 Confidential - For Client Use Only
University of South Carolina Foundations
Westfield Capital Management
Summary of Performance and Statistics
Report For Periods Ending March 31, 2018
Since Inception
Performance Results Qtr FYTD 1Yr 3Yr 5Yr 7Yr 10Yr Inception Date
Westfield Capital Management 3.9% 15.6% 19.7% 7.7 % 12.3% 10.6% 10.5 % 8.3 % 5/01
Russell 2000 Growth Index 2.3 13.6 18.6 8.8 12.9 11.3 11.0 7.6
Russell 2000 Index -0.1 9.1 11.8 8.4 11.5 10.4 9.8 8.4
© 2018 Fund Evaluation Group, LLC 28 Confidential - For Client Use Only
University of South Carolina Foundations
Westfield Capital Management
Equity Sector
Report For Periods Ending March 31, 2018
Sector Allocation
Industrials
Consumer Staples 0 2 -4.3 4.2
Real Estate 2 3 -7.3 2.5
Consumer Staples
Utilities 0 1 -10.0 3.4
Real Estate
Energy 3 1 -15.5 -24.0
Utilities Other 4 0 - -
Number of Holdings: 76
© 2018 Fund Evaluation Group, LLC 29 Confidential - For Client Use Only
University of South Carolina Foundations
Westfield Capital Management
Small Cap Growth Universe
For Report Periods Ending March 31, 2018
33%
- Westfield Capital Management
27% - Russell 2000 Growth Index
- Russell 2000 Index
21%
% Return
Since
Qtr FYTD 1Yr 3Yr 5Yr 7Yr 10Yr 5/01
15%
5th 7.4% 22.0% 29.2% 14.1% 16.0% 13.5% 13.0% 10.5%
25th 4.6 17.1 23.9 10.1 13.3 12.0 11.7 9.1
9% 50th 3.4 14.5 19.8 9.0 12.4 10.9 10.7 8.2
75th 1.8 11.3 15.4 7.4 11.0 9.8 9.2 7.1
95th -1.4 7.2 10.8 4.1 8.5 7.5 7.8 4.7
3%
23%
16%
% Return
9%
2%
-5%
-12%
3/07 3/08 3/09 3/10 3/11 3/12 3/13 3/14 3/15 3/16 3/17 3/18
© 2018 Fund Evaluation Group, LLC 30 Confidential - For Client Use Only
University of South Carolina Foundations
Vulcan Small Cap Value
Summary of Performance and Statistics
Report For Periods Ending March 31, 2018
Since Inception
Performance Results Qtr FYTD 1Yr Inception Date
Vulcan Small Cap Value 0.75 0.5% 0.75 12.8% 7.1 % -0.2
Russell 2000 Value Index 1.00 0.0 1.00 15.6 0.0 --
Russell 2000 Index 0.98 0.9 0.94 15.4 6.7 -0.3
© 2018 Fund Evaluation Group, LLC 31 Confidential - For Client Use Only
University of South Carolina Foundations
Vulcan Small Cap Value
Equity Sector
Report For Periods Ending March 31, 2018
Sector Allocation
Utilities
Consumer Staples 4 2 -6.8 -5.3
Real Estate 14 10 -8.4 -6.2
Consumer Staples
Telecommunication Services 0 0 -10.5 -27.5
Real Estate
Energy 0 6 -10.6 -18.3
Number of Holdings: 34
© 2018 Fund Evaluation Group, LLC 32 Confidential - For Client Use Only
University of South Carolina Foundations
Vulcan Small Cap Value
Small Cap Value Universe
For Report Periods Ending March 31, 2018
17%
- Vulcan Small Cap Value
13% - Russell 2000 Value Index
- Russell 2000 Index
9%
% Return
Since
Qtr FYTD 1Yr 4/15
5%
5th 1.2% 11.1% 13.2% 10.7%
25th -1.4 8.0 9.1 9.7
1% 50th -2.5 5.9 7.1 8.3
75th -3.7 4.4 4.9 6.7
95th -5.1 0.9 0.2 1.9
-3%
29%
20%
% Return
11%
2%
-7%
-16%
6/16 9/16 12/16 3/17 6/17 9/17 12/17 3/18
© 2018 Fund Evaluation Group, LLC 33 Confidential - For Client Use Only
University of South Carolina Foundations
Artisan International
Summary of Performance and Statistics
Report For Periods Ending March 31, 2018
Since Inception
Performance Results Qtr FYTD 1Yr 3Yr 5Yr 7Yr 10Yr Inception Date
Artisan International 0.4% 10.4% 21.0% 3.4 % 6.2% 7.1% 4.1 % 6.1 % 5/01
MSCI EAFE Growth Index -1.3 9.0 17.2 6.6 7.1 6.1 3.4 5.2
MSCI EAFE Index -1.7 8.0 14.6 5.5 6.5 5.3 2.7 5.2
* Risk Statistics are based on monthly data. MSCI does not compute the Weighted Average Market Capitalization - the average market capitalization is used as the best available representation.
* Manager data represents the most current available at the time of report publication.
© 2018 Fund Evaluation Group, LLC 34 Confidential - For Client Use Only
University of South Carolina Foundations
Artisan International
International Sector
Report For Periods Ending March 31, 2018
Region Allocation
Em Mkts - Other
Top Five Countries Weighting
Germany 27.2%
Number of Holdings: 70
© 2018 Fund Evaluation Group, LLC 35 Confidential - For Client Use Only
University of South Carolina Foundations
Artisan International
International Growth Universe
For Report Periods Ending March 31, 2018
32%
- Artisan International
26% - MSCI EAFE Growth Index
- MSCI EAFE Index
20%
% Return
Since
Qtr FYTD 1Yr 3Yr 5Yr 7Yr 10Yr 5/01
14%
5th 2.8% 18.0% 27.2% 10.7% 9.9% 9.3% 6.4% 7.7%
25th 0.9 12.3 20.9 7.8 7.9 6.6 4.4 6.8
8% 50th -0.2 10.1 18.2 6.7 7.0 5.8 3.5 5.8
75th -1.1 8.5 15.7 5.4 5.9 4.6 2.6 5.0
95th -2.7 4.9 12.0 3.3 3.7 1.3 1.1 4.2
2%
22%
16%
% Return
10%
4%
-2%
-8%
3/07 3/08 3/09 3/10 3/11 3/12 3/13 3/14 3/15 3/16 3/17 3/18
© 2018 Fund Evaluation Group, LLC 36 Confidential - For Client Use Only
University of South Carolina Foundations
EuroPacific Growth
Summary of Performance and Statistics
Report For Periods Ending March 31, 2018
Since Inception
Performance Results Qtr FYTD 1Yr 3Yr 5Yr 7Yr 10Yr Inception Date
EuroPacific Growth 0.9% 13.2% 21.8% 7.9 % 8.6% 6.4% 4.6 % 7.1 % 5/01
MSCI AC World Index ex-US -1.3 10.0 16.4 6.1 5.9 4.2 2.7 5.9
MSCI EAFE Index -1.7 8.0 14.6 5.5 6.5 5.3 2.7 5.2
* Risk Statistics are based on monthly data. MSCI does not compute the Weighted Average Market Capitalization - the average market capitalization is used as the best available representation.
* Manager data represents the most current available at the time of report publication.
© 2018 Fund Evaluation Group, LLC 37 Confidential - For Client Use Only
University of South Carolina Foundations
EuroPacific Growth
International Sector
Report For Periods Ending March 31, 2018
Region Allocation
United Kingdom
Top Five Countries Weighting
Japan 13.5%
© 2018 Fund Evaluation Group, LLC 38 Confidential - For Client Use Only
University of South Carolina Foundations
EuroPacific Growth
International Equity Universe
For Report Periods Ending March 31, 2018
26%
- EuroPacific Growth
21% - MSCI AC World Index ex-US
- MSCI EAFE Index
16%
% Return
Since
Qtr FYTD 1Yr 3Yr 5Yr 7Yr 10Yr 5/01
11%
5th 2.0% 15.0% 24.0% 10.0% 9.8% 8.4% 6.1% 8.1%
25th 0.0 10.9 18.3 7.2 7.7 6.3 4.0 6.5
6% 50th -0.7 9.4 16.6 6.2 6.7 5.4 3.0 5.6
75th -1.3 7.9 14.3 5.1 5.9 4.5 2.3 4.8
95th -2.9 4.1 8.8 3.1 4.0 2.9 0.9 3.5
1%
23%
17%
% Return
11%
5%
-1%
-7%
3/07 3/08 3/09 3/10 3/11 3/12 3/13 3/14 3/15 3/16 3/17 3/18
© 2018 Fund Evaluation Group, LLC 39 Confidential - For Client Use Only
University of South Carolina Foundations
Dodge & Cox International
Summary of Performance and Statistics
Report For Periods Ending March 31, 2018
Since Inception
Performance Results Qtr FYTD 1Yr 3Yr 5Yr 7Yr 10Yr Inception Date
Dodge & Cox International -2.1% 5.9% 10.9% 3.8 % 7.3% 5.5% 4.1 % 2.9 % 7/07
MSCI EAFE Value Index -2.1 7.0 12.1 4.3 5.7 4.4 2.0 0.8
MSCI EAFE Index -1.7 8.0 14.6 5.5 6.5 5.3 2.7 1.8
Dodge & Cox International 1.01 1.4% 0.86 14.8% 5.2 % 0.3
MSCI EAFE Value Index 1.00 0.0 1.00 13.6 0.0 --
MSCI EAFE Index 0.93 1.1 0.97 12.7 5.4 0.1
* Risk Statistics are based on monthly data. MSCI does not compute the Weighted Average Market Capitalization - the average market capitalization is used as the best available representation.
* Manager data represents the most current available at the time of report publication.
© 2018 Fund Evaluation Group, LLC 40 Confidential - For Client Use Only
University of South Carolina Foundations
Dodge & Cox International
International Sector
Report For Periods Ending March 31, 2018
Region Allocation
Em Mkts - Latin Am
Top Five Countries Weighting
United Kingdom 15.2%
Number of Holdings: 69
© 2018 Fund Evaluation Group, LLC 41 Confidential - For Client Use Only
University of South Carolina Foundations
Dodge & Cox International
International Value Universe
For Report Periods Ending March 31, 2018
20%
- Dodge & Cox International
16% - MSCI EAFE Value Index
- MSCI EAFE Index
12%
% Return
Since
Qtr FYTD 1Yr 3Yr 5Yr 7Yr 10Yr 7/07
8%
5th 1.3% 12.7% 18.4% 8.5% 8.3% 6.5% 4.4% 3.3%
25th -0.6 10.7 17.0 6.6 7.3 5.2 3.0 1.7
4% 50th -1.3 8.7 14.4 5.6 6.4 4.6 2.5 1.5
75th -1.7 6.8 12.1 4.3 5.8 4.1 1.9 0.8
95th -2.9 2.4 5.7 3.3 5.0 3.5 1.1 -0.1
0%
20%
14%
% Return
8%
2%
-4%
-10%
9/12 3/13 9/13 3/14 9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18
© 2018 Fund Evaluation Group, LLC 42 Confidential - For Client Use Only
University of South Carolina Foundations
DFA Emerging Markets Value
Summary of Performance and Statistics
Report For Periods Ending March 31, 2018
Since Inception
Performance Results Qtr FYTD 1Yr 3Yr 5Yr Inception Date
DFA Emerging Markets Value 2.2% 16.5% 19.8 % 10.1% 4.3% 1.2% 5/11
MSCI Emerging Markets Value Index 1.6 14.4 18.1 6.6 2.6 0.4
DFA Emerging Markets Value 1.05 1.6% 0.98 17.6% 2.3 % 0.7
MSCI Emerging Markets Value Index 1.00 0.0 1.00 16.7 0.0 --
* Risk Statistics are based on monthly data. MSCI does not compute the Weighted Average Market Capitalization - the average market capitalization is used as the best available representation.
* Manager data represents the most current available at the time of report publication.
© 2018 Fund Evaluation Group, LLC 43 Confidential - For Client Use Only
University of South Carolina Foundations
DFA Emerging Markets Value
Emerging Markets Sector
Report For Periods Ending March 31, 2018
Region Allocation
Japan
Top Five Countries Weighting
China 17.4%
© 2018 Fund Evaluation Group, LLC 44 Confidential - For Client Use Only
University of South Carolina Foundations
DFA Emerging Markets Value
Emerging Markets Universe
For Report Periods Ending March 31, 2018
38%
- DFA Emerging Markets Value
31% - MSCI Emerging Markets Value Index
24% Since
Qtr FYTD 1Yr 3Yr 5Yr 5/11
% Return
3%
2.2% 16.5% 19.8% 10.1% 4.3% 1.2%
1.6 14.4 18.1 6.6 2.6 0.4
-4%
Qtr FYTD 1Yr 3Yr 5Yr Since 5/11
10%
6%
% Return
2%
-2%
-6%
-10%
6/16 9/16 12/16 3/17 6/17 9/17 12/17 3/18
© 2018 Fund Evaluation Group, LLC 45 Confidential - For Client Use Only
University of South Carolina Foundations
Harding Loevner Emerging Markets
Summary of Performance and Statistics
Report For Periods Ending March 31, 2018
Since Inception
Performance Results Qtr FYTD 1Yr 3Yr 5Yr Inception Date
Harding Loevner Emerging Markets 3.6% 17.5% 25.5 % 10.7% 7.2% 6.7% 12/12
MSCI Emerging Markets Index 1.3 17.4 24.8 8.8 5.0 4.4
Harding Loevner Emerging Markets 0.90 2.7% 0.93 14.9% 3.9 % 0.6
MSCI Emerging Markets Index 1.00 0.0 1.00 15.9 0.0 --
* Risk Statistics are based on monthly data. MSCI does not compute the Weighted Average Market Capitalization - the average market capitalization is used as the best available representation.
* Manager data represents the most current available at the time of report publication.
© 2018 Fund Evaluation Group, LLC 46 Confidential - For Client Use Only
University of South Carolina Foundations
Harding Loevner Emerging Markets
Emerging Markets Sector
Report For Periods Ending March 31, 2018
Region Allocation
United Kingdom
Top Five Countries Weighting
China 27.5%
Number of Holdings: 80
© 2018 Fund Evaluation Group, LLC 47 Confidential - For Client Use Only
University of South Carolina Foundations
Harding Loevner Emerging Markets
Emerging Markets Universe
For Report Periods Ending March 31, 2018
34%
- Harding Loevner Emerging Markets
28% - MSCI Emerging Markets Index
22% Since
Qtr FYTD 1Yr 3Yr 5Yr 12/12
% Return
4%
3.6% 17.5% 25.5% 10.7% 7.2% 6.7%
1.3 17.4 24.8 8.8 5.0 4.4
-2%
Qtr FYTD 1Yr 3Yr 5Yr Since 12/12
9%
7%
% Return
5%
3%
1%
-1%
12/17 3/18
© 2018 Fund Evaluation Group, LLC 48 Confidential - For Client Use Only
University of South Carolina Foundations
Loomis Sayles
Summary of Performance and Statistics
Report For Periods Ending March 31, 2018
Since Inception
Performance Results Qtr FYTD 1Yr 3Yr 5Yr 7Yr 10Yr Inception Date
Loomis Sayles -0.5% 1.9% 4.5% 3.9 % 4.0% 5.4% 6.7 % 8.5 % 5/01
Bloomberg Barclays US Aggregate Index -1.5 -0.2 1.2 1.2 1.8 2.9 3.6 4.5
© 2018 Fund Evaluation Group, LLC 49 Confidential - For Client Use Only
University of South Carolina Foundations
Loomis Sayles
Fixed Income Sector
Report For Periods Ending March 31, 2018
Sector Allocation
© 2018 Fund Evaluation Group, LLC 50 Confidential - For Client Use Only
University of South Carolina Foundations
Loomis Sayles
Core Fixed Income Universe
For Report Periods Ending March 31, 2018
14%
- Loomis Sayles
11% - Bloomberg Barclays US Aggregate Index
8% Since
Qtr FYTD 1Yr 3Yr 5Yr 7Yr 10Yr 5/01
% Return
-1%
-0.5% 1.9% 4.5% 3.9% 4.0% 5.4% 6.7% 8.5%
-1.5 -0.2 1.2 1.2 1.8 2.9 3.6 4.5
-4%
Qtr FYTD 1Yr 3Yr 5Yr 7Yr 10Yr Since 5/01
13%
10%
% Return
7%
4%
1%
-2%
3/07 3/08 3/09 3/10 3/11 3/12 3/13 3/14 3/15 3/16 3/17 3/18
© 2018 Fund Evaluation Group, LLC 51 Confidential - For Client Use Only
University of South Carolina Foundations
DoubleLine Total Return Bond
Summary of Performance and Statistics
Report For Periods Ending March 31, 2018
Since Inception
Performance Results Qtr FYTD 1Yr 3Yr Inception Date
DoubleLine Total Return Bond -0.5% 0.8% 2.2 % 2.0% 2.6% 6/14
Bloomberg Barclays US Aggregate Index -1.5 -0.2 1.2 1.2 1.9
DoubleLine Total Return Bond 0.67 1.2% 0.89 2.0% 1.2 % 0.6
Bloomberg Barclays US Aggregate Index 1.00 0.0 1.00 2.9 0.0 --
DoubleLine Total Return Bond 4.1 yrs 5.7 yrs A 3.4% 22.0%
Bloomberg Barclays US Aggregate Index 6.1 8.4 AA 3.1 --
© 2018 Fund Evaluation Group, LLC 52 Confidential - For Client Use Only
University of South Carolina Foundations
DoubleLine Total Return Bond
Fixed Income Sector
Report For Periods Ending March 31, 2018
Sector Allocation
© 2018 Fund Evaluation Group, LLC 53 Confidential - For Client Use Only
University of South Carolina Foundations
DoubleLine Total Return Bond
Core Fixed Income Universe
For Report Periods Ending March 31, 2018
8%
- DoubleLine Total Return Bond
6% - Bloomberg Barclays US Aggregate Index
4% Since
Qtr FYTD 1Yr 3Yr 6/14
% Return
-2%
-0.5% 0.8% 2.2% 2.0% 2.6%
-1.5 -0.2 1.2 1.2 1.9
-4%
Qtr FYTD 1Yr 3Yr Since 6/14
5%
4%
% Return
3%
2%
1%
0%
6/17 9/17 12/17 3/18
© 2018 Fund Evaluation Group, LLC 54 Confidential - For Client Use Only
University of South Carolina Foundations
JPMorgan Core Bond
Summary of Performance and Statistics
Report For Periods Ending March 31, 2018
Since Inception
Performance Results Qtr FYTD 1Yr 3Yr Inception Date
© 2018 Fund Evaluation Group, LLC 55 Confidential - For Client Use Only
University of South Carolina Foundations
JPMorgan Core Bond
Fixed Income Sector
Report For Periods Ending March 31, 2018
Sector Allocation
© 2018 Fund Evaluation Group, LLC 56 Confidential - For Client Use Only
University of South Carolina Foundations
JPMorgan Core Bond
Core Fixed Income Universe
For Report Periods Ending March 31, 2018
8%
- JPMorgan Core Bond
6% - Bloomberg Barclays US Aggregate Index
4% Since
Qtr FYTD 1Yr 3Yr 6/14
% Return
-2%
-1.3% -0.1% 1.5% 1.3% 1.9%
-1.5 -0.2 1.2 1.2 1.9
-4%
Qtr FYTD 1Yr 3Yr Since 6/14
5%
4%
% Return
3%
2%
1%
0%
6/17 9/17 12/17 3/18
© 2018 Fund Evaluation Group, LLC 57 Confidential - For Client Use Only
University of South Carolina Foundations
HBK Fund, L.P.
Summary of Performance and Statistics
Report For Periods Ending March 31, 2018
Since Inception
Performance Results Qtr FYTD 1Yr 3Yr 5Yr 7Yr 10Yr Inception Date
HBK Fund, L.P. 0.8% 3.5% 3.7% 3.2% 3.9% 4.4% 4.3% 3.7% 6/07
HFRI Relative Value Index 0.2 2.6 3.1 3.6 4.1 4.5 5.2 4.7
Bloomberg Barclays US Aggregate Index -1.5 -0.2 1.2 1.2 1.8 2.9 3.6 4.1
16%
3.5 23%
3
6%
2.5
Other/Special Investment
2 Emerging Markets
Fixed Income/Credit
1.5
Merger Arbitrage
0 2 4 6 8 10 12 Event Driven 24%
Annualized Standard Deviation 31%
© 2018 Fund Evaluation Group, LLC 58 Confidential - For Client Use Only
University of South Carolina Foundations
Och Ziff Master Fund, Ltd.
Summary of Performance and Statistics
Report For Periods Ending March 31, 2018
Since Inception
Performance Results Qtr FYTD 1Yr 3Yr 5Yr 7Yr 10Yr Inception Date
Och Ziff Master Fund, Ltd. 1.9% 4.4% 7.6% 3.9% 6.0% 6.0% 6.5% 6.0% 6/07
DJ/CS HFI Multi-Strategy 1.7 3.3 5.7 4.6 6.1 6.1 5.4 5.0
Bloomberg Barclays US Aggregate Index -1.5 -0.2 1.2 1.2 1.8 2.9 3.6 4.1
7 Strategy Allocation
6
1%
Annualized Return
5 18%
3
Other/Special Investment 46%
2 17%
Long/Short Equity
Fixed Income/Credit
1
Merger Arbitrage
2 3 4 5 6 7 8 Convertible Arbitrage
Annualized Standard Deviation
Och Ziff Master Fund, Ltd. DJ/CS HFI Multi-Strategy 18%
Bloomberg Barclays US Aggregate Index
© 2018 Fund Evaluation Group, LLC 59 Confidential - For Client Use Only
University of South Carolina Foundations
Fir Tree International Value Fund, L.P.
Summary of Performance and Statistics
Report For Periods Ending March 31, 2018
Since Inception
Performance Results Qtr FYTD 1Yr 3Yr Inception Date
Fir Tree International Value Fund, L.P. -1.1% 0.4 % 0.8% -3.1% -1.8% 1/14
HFRI Fund Weighted Composite Index 0.0 4.9 5.9 3.5 3.9
Bloomberg Barclays US Aggregate Index -1.5 -0.2 1.2 1.2 2.3
4 Strategy Allocation
3
5%
Annualized Return
2
20%
1
0
48%
-1 Global Macro
Long/Short Equity
-2
Fixed Income/Credit
2 3 4 5 6 7 8 9 Event Driven
Annualized Standard Deviation 27%
Fir Tree International Value Fund, L.P. HFRI Fund Weighted Composite Index
Bloomberg Barclays US Aggregate Index
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University of South Carolina Foundations
MKP Opportunity Offshore
Summary of Performance and Statistics
Report For Periods Ending March 31, 2018
Since Inception
Performance Results Qtr FYTD 1Yr 3Yr Inception Date
MKP Opportunity Offshore 1.0% 1.3 % -0.5% -0.8% 1.1% 1/14
HFRI Macro Index -1.4 1.5 0.8 -0.9 1.6
Bloomberg Barclays US Aggregate Index -1.5 -0.2 1.2 1.2 2.3
3 Strategy Allocation
2.5
Annualized Return
1.5
0.5
0
2 2.5 3 3.5 4 4.5 5 Global Macro
Annualized Standard Deviation
MKP Opportunity Offshore HFRI Macro Index
100%
Bloomberg Barclays US Aggregate Index
© 2018 Fund Evaluation Group, LLC 61 Confidential - For Client Use Only
University of South Carolina Foundations
Graham Capital Proprietary Matrix
Summary of Performance and Statistics
Report For Periods Ending March 31, 2018
Since Inception
Performance Results Qtr FYTD 1Yr 3Yr Inception Date
Graham Capital Proprietary Matrix 0.3% 6.2 % -1.0% -1.1% 5.4% 1/14
HFRI Global Macro Index -1.4 1.5 0.8 -0.9 1.6
Bloomberg Barclays US Aggregate Index -1.5 -0.2 1.2 1.2 2.3
6 Strategy Allocation
5
Annualized Return
0
0 2 4 6 8 10 12 Global Macro
Annualized Standard Deviation
Graham Capital Proprietary Matrix HFRI Global Macro Index
100%
Bloomberg Barclays US Aggregate Index
© 2018 Fund Evaluation Group, LLC 62 Confidential - For Client Use Only
University of South Carolina Foundations
Siguler Guff Distressed Opport. III
Summary of Manager Performance
Report for Periods Ending March 31, 2018
$11.80 $12.79
Dollars (in Millions)
$12.29 $14.18
$5.90 $10.00 $6.40
$9.62
$2.95 $3.20
$0.00 $0.00
5/08
9/08
3/09
9/09
3/10
9/10
3/11
9/11
3/12
9/12
3/13
9/13
3/14
9/14
3/15
9/15
3/16
9/16
3/17
9/17
3/18
5/08
9/08
3/09
9/09
3/10
9/10
3/11
9/11
3/12
9/12
3/13
9/13
3/14
9/14
3/15
9/15
3/16
9/16
3/17
9/17
3/18
Committed Capital Distributed Capital Siguler Guff Distressed Opportunities III
Called Capital Total Value ICE BofAML High Yield Bond Index
* The fund retains the option to recall return of capital per the limited partnership agreement. Recalled capital may cause "percent called" to be greater than 100%.
* Funds with less than two years of history are not included in the IRR calculation.
© 2018 Fund Evaluation Group, LLC 63 Confidential - For Client Use Only
University of South Carolina Foundations
Kayne Anderson Energy Fund VI
Summary of Manager Performance
Report for Periods Ending March 31, 2018
$4.72 $4.72
Dollars (in Millions)
$4.00 $3.51
$2.36 $3.62 $2.36
$3.61
$1.18 $1.18
$0.00 $0.00
1/13
3/13
6/13
9/13
12/13
3/14
6/14
9/14
12/14
3/15
6/15
9/15
12/15
3/16
6/16
9/16
12/16
3/17
6/17
9/17
12/17
3/18
1/13
3/13
6/13
9/13
12/13
3/14
6/14
9/14
12/14
3/15
6/15
9/15
12/15
3/16
6/16
9/16
12/16
3/17
6/17
9/17
12/17
3/18
Committed Capital Distributed Capital Kayne Anderson Energy Fund VI, L.P.
Called Capital Total Value S&P 500 Energy Sector Index
* The fund retains the option to recall return of capital per the limited partnership agreement. Recalled capital may cause "percent called" to be greater than 100%.
* If distributed capital from investment surpass the remaining value of the benchmark, the benchmark is considered terminated.
The IRR is then calculated up to that date, and the total value will remain unchanged for the remaining life of the investment.
* Funds with less than two years of history are not included in the IRR calculation.
© 2018 Fund Evaluation Group, LLC 64 Confidential - For Client Use Only
University of South Carolina Foundations
VIA Energy III
Summary of Manager Performance
Report for Periods Ending March 31, 2018
$3.20 $1.87
Dollars (in Millions)
$2.34 $2.03
$1.60 $2.04 $0.94
$0.41
$0.80 $0.47
$0.00 $0.00
12/14
1/15
3/15
5/15
7/15
9/15
11/15
1/16
3/16
5/16
7/16
9/16
11/16
1/17
3/17
5/17
7/17
9/17
11/17
1/18
3/18
12/14
1/15
3/15
5/15
7/15
9/15
11/15
1/16
3/16
5/16
7/16
9/16
11/16
1/17
3/17
5/17
7/17
9/17
11/17
1/18
3/18
Committed Capital Distributed Capital Venture Investment Associates Energy III, LP
Called Capital Total Value S&P 500 Energy Sector Index
* The fund retains the option to recall return of capital per the limited partnership agreement. Recalled capital may cause "percent called" to be greater than 100%.
* Funds with less than two years of history are not included in the IRR calculation.
© 2018 Fund Evaluation Group, LLC 65 Confidential - For Client Use Only
University of South Carolina Foundations
Natural Gas Partners XI, L.P.
Summary of Manager Performance
Report for Periods Ending March 31, 2018
$3.26 $3.26
Dollars (in Millions)
$4.00 $3.42
$1.63 $3.34 $1.63
$0.33
$0.82 $0.82
$0.00 $0.00
2/15
3/15
5/15
7/15
9/15
11/15
1/16
3/16
5/16
7/16
9/16
11/16
1/17
3/17
5/17
7/17
9/17
11/17
1/18
3/18
2/15
3/15
5/15
7/15
9/15
11/15
1/16
3/16
5/16
7/16
9/16
11/16
1/17
3/17
5/17
7/17
9/17
11/17
1/18
3/18
Committed Capital Distributed Capital Natural Gas Partners XI, L.P.
Called Capital Total Value S&P 500 Energy Sector Index
* The fund retains the option to recall return of capital per the limited partnership agreement. Recalled capital may cause "percent called" to be greater than 100%.
* Funds with less than two years of history are not included in the IRR calculation.
© 2018 Fund Evaluation Group, LLC 66 Confidential - For Client Use Only
Index Summary Sheet for Periods Ending March 31, 2018
Annualized
Global Equity Qtr YTD 1 Yr 3 Yr 5 Yr 10 Yr
MSCI AC World Index -1.0% -1.0% 14.8% 8.1% 9.2% 5.6%
MSCI World Index -1.3 -1.3 13.5 7.9 9.7 5.9
S&P 500 Index -0.8 -0.8 14.0 10.8 13.3 9.5
Russell 3000 Index -0.6 -0.6 13.8 10.2 13.0 9.6
Russell 1000 Index -0.7 -0.7 14.0 10.4 13.2 9.6
Russell 1000 Growth Index 1.4 1.4 21.3 12.9 15.5 11.3
Russell 1000 Value Index -2.8 -2.8 6.9 7.9 10.8 7.8
Russell Midcap Index -0.5 -0.5 12.2 8.0 12.1 10.2
Russell Midcap Growth Index 2.2 2.2 19.7 9.2 13.3 10.6
Russell Midcap Value Index -2.5 -2.5 6.5 7.2 11.1 9.8
Russell 2000 Index -0.1 -0.1 11.8 8.4 11.5 9.8
Russell 2000 Growth Index 2.3 2.3 18.6 8.8 12.9 11.0
Russell 2000 Value Index -2.6 -2.6 5.1 7.9 10.0 8.6
Russell Microcap Index 0.7 0.7 13.5 8.0 11.8 9.2
MSCI AC World Index ex-U.S. -1.3 -1.3 16.4 6.1 5.9 2.7
MSCI EAFE Index -1.7 -1.7 14.6 5.5 6.5 2.7
MSCI EAFE Growth Index -1.3 -1.3 17.2 6.6 7.1 3.4
MSCI EAFE Value Index -2.1 -2.1 12.1 4.3 5.7 2.0
MSCI Small Cap EAFE Index 0.0 0.0 23.2 12.2 11.0 6.5
MSCI Emerging Markets Index 1.3 1.3 24.8 8.8 5.0 3.0
MSCI Emerging Markets Small Cap Index 0.0 0.0 18.4 7.2 4.6 4.3
MSCI Frontier Markets Index 5.0 5.0 27.1 7.9 8.6 -0.7
HFRI Equity Hedge Index 0.4 0.4 9.5 5.2 5.7 3.9
HFRI Emerging Markets 1.1 1.1 13.4 7.4 4.6 2.6
HFRI FOF: Strategic Index 0.4 0.4 7.5 2.6 4.0 1.7
Thomson One All Private Capital Index 0.0 0.0 8.2 8.8 10.9 7.3
Thomson One Buyout Index 0.0 0.0 11.4 11.9 12.6 8.5
Thomson One Fund of Funds Index 0.0 0.0 6.8 7.3 10.3 6.9
Thomson One Venture Capital Index 0.0 0.0 10.5 8.3 15.7 10.1
Global Fixed Income
Bloomberg Barclays US Aggregate Index -1.5 -1.5 1.2 1.2 1.8 3.6
Bloomberg Barclays U.S. TIPS Index -0.8 -0.8 0.9 1.3 0.0 2.9
Bloomberg Barclays Government Bond Index -1.1 -1.1 0.4 0.5 1.1 2.7
Bloomberg Barclays Municipals Index -1.1 -1.1 2.7 2.3 2.7 4.4
Bloomberg Barclays Asset Backed Index -0.4 -0.4 0.6 1.2 1.2 3.1
© 2018 Fund Evaluation Group, LLC 67 Confidential - For Client Use Only
Index Summary Sheet for Periods Ending March 31, 2018
Annualized
Global Fixed Income (continued) Qtr YTD 1 Yr 3 Yr 5 Yr 10 Yr
Bloomberg Barclays US MBS Index -1.2% -1.2% 0.8% 1.1% 1.8% 3.5%
Bloomberg Barclays IG CMBS Index -1.2 -1.2 1.3 1.6 2.2 5.0
Bloomberg Barclays U.S. Credit Index -2.1 -2.1 2.6 2.2 2.8 5.1
Bloomberg Barclays US Corporate HY Index -0.9 -0.9 3.8 5.2 5.0 8.3
Bloomberg Barclays Interm. US G/C Index -1.0 -1.0 0.4 0.9 1.2 2.9
ICE BofAML 1-3 Yr. Govt. Bond Index -0.1 -0.1 0.0 0.4 0.5 1.1
U.S. 91-Day Treasury Bills 0.4 0.4 1.2 0.6 0.3 0.3
CS Leveraged Loan Index 1.6 1.6 4.6 4.3 4.2 5.4
JPMorgan Non-U.S. GBI Hedged Index 0.4 0.4 2.8 2.4 3.9 4.2
JPMorgan Non-U.S. GBI Index 4.5 4.5 12.6 5.1 1.4 2.0
JPMorgan EMBI Plus Index -2.0 -2.0 2.2 5.1 3.6 6.5
JPMorgan EMBI Global Index -1.8 -1.8 3.3 5.5 3.9 6.8
HFRI RV: Fixed Income - Corporate Index 0.7 0.7 5.2 5.0 4.2 5.2
HFRI ED: Distressed/Restructuring Index 0.5 0.5 4.1 3.9 4.0 4.4
Thomson One Distressed Index 0.0 0.0 9.0 8.4 9.2 8.6
Real Assets
FTSE NAREIT All Equity Index -6.7 -6.7 -1.1 2.9 6.7 6.9
S&P Developed BMI Property Index -4.7 -4.7 4.1 2.2 4.6 3.9
S&P Developed ex-U.S. Property Index -1.2 -1.2 15.2 5.6 5.5 4.0
NCREIF Property Index 0.0 0.0 5.3 8.1 9.6 5.9
Bloomberg Commodity Index -0.4 -0.4 3.7 -3.2 -8.3 -7.7
Alerian MLP Index -11.1 -11.1 -20.1 -11.2 -5.8 5.6
NCREIF Timberland Index 0.0 0.0 2.8 3.1 5.9 4.0
Thomson One Private Real Estate Index 0.0 0.0 7.0 8.6 10.6 1.7
Diversifying Strategies
HFRI Fund of Funds Index 0.3 0.3 5.6 1.9 3.4 1.6
HFRI Fund Weighted Composite Index 0.0 0.0 5.9 3.5 4.2 3.6
HFRI FOF: Conservative Index 0.6 0.6 3.5 1.7 3.0 1.3
HFRI Event Driven 0.2 0.2 5.3 4.1 4.8 4.6
HFRI Relative Value Total Index 0.2 0.2 3.1 3.6 4.1 5.2
HFRI Macro Index -1.4 -1.4 0.8 -0.9 0.9 1.4
Other
Consumer Price Index - U.S. 0.6 0.6 2.3 1.9 1.5 1.6
U.S. Dollar Index -1.9 -1.9 -10.2 -2.9 1.7 2.3
* For indices that report returns on a lag, 0.0% is utilized for the most recent time period until the actual return data are reported.
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University of South Carolina Foundations
Benchmark Composition Summary
© 2018 Fund Evaluation Group, LLC Appendix - 1 Confidential - For Client Use Only
Disclosures
This one on one report was prepared by FEG (also known as Fund Evaluation Group, LLC), a federally registered investment adviser under the Investment Advisers Act of 1940, as
amended, providing non-discretionary and discretionary investment advice to its clients on an individual basis. Registration as an investment adviser does not imply a certain
level of skill or training. The oral and written communications of an adviser provide you with information about which you determine to hire or retain an adviser. Fund
Evaluation Group, LLC, Form ADV can be obtained by written request directed to: Fund Evaluation Group, LLC, 201 East Fifth Street, Suite 1600, Cincinnati, OH 45202 Attention:
Compliance Department.
The information herein was obtained from various sources. FEG does not guarantee the accuracy or completeness of such information provided by third parties. The
information in this report is given as of the date indicated and believed to be reliable. FEG assumes no obligation to update this information, or to advise on further
developments relating to it. FEG, its affiliates, directors, officers, employees, employee benefit programs and client accounts may have a long position in any securities of issuers
discussed in this report.
Market Values and return statistics for time periods pre-dating FEG’s relationship with clients may include data provided by the clients and/or a previous consultant is assumed
to be accurate. However, this information is not independently verified by FEG.
Performance results are calculated using information provided by the custodian and/ or independent pricing sources. It is the responsibility of the trustee, custodian and /or
manager to ensure the accuracy of market value and transactional data. Performance analysis is calculated using monthly and/or quarterly market values. Performance analysis
and asset valuations may or may not include accrued interest and dividend income and are net of management fees. FEG/Consulting fees may or may not be deducted, based
on client preference.
FEG’s universes are updated monthly and the traditional asset classes are constructed from Lipper data feeds encompassing over 19,000 mutual funds. Lipper classifies
approximately 50 asset classes according to the funds’ investment objectives and portfolio attributes. FEG screens the Lipper universes to include only institutional and no-load
funds. However, because the Lipper data may treat multiple share classes of the same fund as separate funds for the purposes of constructing their universes, FEG further
screens the universes to eliminate multiple share classes within the institutional and no-load funds (examples include retirement-share classes and 529-share classes) in an effort
to present pure-institutional universes.
Monitoring of managers includes fundamental research for all investment managers, as well as enhanced coverage for managers that have been approved for FEG’s
recommended list. A Quarterly Compliance Questionnaire is the basis of fundamental coverage and requests qualitative (e.g., personnel, organizational changes) and
quantitative information (performance, cash flows) on all investment strategies for ongoing monitoring and adherence to investment policy. Clients may have exposure to both
fundamental and recommended managers in their portfolio depending on their unique needs. FEG conducts conference calls directly with the active managers that receive
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Mutual funds are bound by their prospectus, limiting potential deviation from the stated investment strategy.
Clients are encouraged to contact their Investment Advisers immediately if there are changes to their financial situation or investment objectives, or if they wish to impose or
modify restrictions on the management of their account(s). Please notify your adviser immediately if you believe that any information on file is incorrect, or have had changes
that have not been previously discussed.
Index performance results do not represent any managed portfolio returns. An investor cannot invest directly in a presented index, as an investment vehicle replicating an index
would be required. An index does not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the performance shown.
This report is prepared for informational purposes only. Past Performance is not indicative of future results.