High Quality Growth At Sensible Prices

Transcription

Emerging Markets Equity
Annual Portfolio Review for the Accounts of:
Los Angeles Water & Power Employees’
Retirement Plan
Presented by:
Peter Newell, Managing Director
Senior Portfolio Adviser
Thomas Wittwer, Managing Director
Head of Marketing & Sales
John Hauswirth, Director
Institutional Clients North America
June 11, 2014
High Quality Growth At Sensible Prices
Vontobel Asset Management, Inc.
1540 Broadway, 38th floor
New York, NY 10036
(212) 415-7000 | www.vusa.com
Page 2
Los Angeles Water & Power Employees’ Retirement Plan
Part I:
Company Overview
Part II:
Investment Process and Discipline
Part III:
Market Overview
Part IV:
Performance Review
Part V:
Portfolio Review and Characteristics
Part VI:
Appendix
Fee Schedule
Glossary of Investment Terms
Disclaimer
FOR INSTITUTIONAL INVESTOR USE ONLY / NOT FOR PUBLIC VIEWING OR DISTRIBUTION
Page 3
Representing Vontobel Asset Management, Inc.
Vontobel Asset Management, Inc. continues to be an industry leader in large part due to our consistent Senior Leadership Team. Mr. Newell
and Mr. Wittwer, who have been working together at the firm since 1990, have been an integral part of this team. Their key decision making
abilities have seen the firm grow from US$ 260m to US$ 44b*. Mr. Wittwer is currently a member of the Investment Review Committee1
(“IRC”) and the Investment Policy Committee 2(“IPC”). Please see below for Mr. Newell and Mr. Wittwer biographies for further information.
Mr. Thomas Wittwer, Managing Director, Head of Marketing & Sales
Mr. Wittwer joined Vontobel Asset Management, Inc. in July 1988. Mr. Wittwer began his financial career in 1978
at Swiss Bank Corporation (now UBS) as a management trainee in the New York, Zurich, and Geneva offices until
1984. In 1987 he was a portfolio manager at Vontobel AG until 1988. Mr. Wittwer earned a B.Sc. degree from the
University of Applied Sciences for Business and Administration in Zurich, Switzerland.
Mr. Peter Newell, Managing Director, Senior Portfolio Adviser
Mr. Newell joined Vontobel Asset Management, Inc. in February 1990. Mr. Newell began his financial career in
1984. From 1984 – 1990, he held positions at Sanford C. Bernstein and Citigroup. Mr. Newell is a frequent
contributor to thestreet.com and CNBC’s Power Lunch, Fox Business News “After the Bell”, Bloomberg Radio and
Barron’s Magazine. Mr. Newell earned a B.A. in history from the University of San Francisco.
*As of April 30, 2014.
1.) The Investment Review Committee (“IRC”) is a supervisory committee established to ascertain that the firm’s investment operations comply with client investment objectives and the firm’s established policies and
procedures. As such, the IRC is responsible for the supervision of all aspects of the firm’s investment operations.
2.) The primary purpose of the IPC is to oversee and guide the process by which VAMUS monitors, evaluates and communicates its investment strategy’s performance. In addition, the IPC monitors the management of each
portfolio for compliance with the investment policies and guidelines and for meeting performance objectives over time.
Page 4
Representing Vontobel Asset Management, Inc.
Mr. John Hauswirth, Director, Institutional Clients North America
Mr. Hauswirth joined Vontobel Asset Management, Inc. in 2005 and holds the position of Director, Institutional
Client Services, North America. His focus at the firm is both product specialist and institutional sales. Before
joining Vontobel, Mr. Hauswirth held sales and management positions at Robertson Stephens, McKinley and First
American. Mr. Hauswirth earned a BS degree in Aeronautics and Business from San Jose State University. He
holds the following NASD Licenses: Series 6, 7, 22, 39, 63 and 65
Page 5
Organizational Overview
About Vontobel
Vontobel Asset Management, Inc., New York
 Established in 1984 as subsidiary of Vontobel Holding AG
 SEC-registered investment adviser
 Dedicated to institutional and intermediary clients around the world
 Long-only global equity portfolios
Vontobel Holding AG, Zurich, Switzerland
 Established in 1924
 Swiss exchange-listed since 1986
 Strong, financially stable organization
 Dedicated to private banking, investment banking and asset management
 1,500 employees worldwide with 21 international locations
Page 6
Assets Under Management: Data as of March 31, 2014
US$ Billions
Total Assets Under Management = US$41.7 Billion
Business and Organizational Highlights
$50
As previously communicated:
$40
Effective July 1, 2014, Heinrich Schlegel will become Chairman of the
Board of Directors and will be succeeded by Rajiv Jain and Dr. Philipp
Hensler, who will serve as Co-Chief Executive Officers. Rajiv Jain will
maintain his responsibilities as Chief Investment Officer.
$30
$20
The Virtus Emerging Markets Opportunities Fund was reopened to all
U.S. investors on February 3, 2014.
$10
$0
'00
'02
'04
'06
'08
'10
'12
'14
Investment Strategies (US$ Millions)
$25,529 Emerging Market Equity
$7,679 International Equity
$4,412 Global Equity
$1,588 U.S. Equity
$1,794 European Equity
$704 Far East Equity
Total exposure to emerging market stocks across all strategies: $22,313
For further information, please contact a Vontobel representative. Source: Vontobel Asset Management, Inc.
Market and Portfolio Update
On March 14, 2014, we hosted our semi annual Market and Portfolio
Update. If you were unable to join us for the live webcast, a recording
is available for viewing at your convenience.
Page 7
Investment Organization
RAJIV JAIN
CHIEF INVESTMENT OFFICER
SR. PORTFOLIO ADVISERS
RESEARCH ANALYSTS
TRADERS
Peter Newell
Rajiv Jain
Portfolio Manager
Matthew Benkendorf
Portfolio Manager
Edwin Walczak
Portfolio Manager
Brian Bandsma
Portfolio Manager
Daniel Kranson
Portfolio Manager
Igor Krutov
Sudhir Roc-Sennett
Jin Zhang
David Souccar
Ramiz Chelat
David Anderson
Graeme Griffiths
Caroline Mezzetta
Chul Chang
Mara Der Hovanesian
Douglas Bennett
Robert Berner
Elliot Newell
Peter Choi
Investment Team Facts:
 5 portfolio managers/analysts
 9 analysts
 4 senior portfolio advisers
 4 traders
 Investment universe of ~500 companies
 ~170 invested companies across all portfolios
 30-50 companies per analyst
Gary Thompson
Head of Trading
Zhen Li
RESEARCH SUPPORT
Marci Richburg
Research Librarian
Sector
Responsibility
 Consumer
Discretionary
 Consumer Staples
 Energy
 Financials
 Health Care
 Information Tech
 Industrials
 Materials
 Telecom Services
 Utilities
Functional
Responsibility
 Generalist
 Risk
 Quantitative
Page 8
Client Service Team
Relationship Manager
Client Reporting
John Hauswirth
Director, Institutional Clients North America
Direct Line: (775) 800-1448
Fax: (707) 589-4420
[email protected]
Melissa Demcsik
Executive Director, Marketing & Client Services
Direct Line: (212) 415-7033
[email protected]
Lisa Gamboa
Associate Director, Client Services Specialist
Direct Line: (212) 415-7021
[email protected]
Trang Calhoun
Associate Director, Client Services Specialist
Direct Line: (212) 415-7008
[email protected]
Sean Hester
Authorized Officer, Client Services Specialist
Direct Line: (212) 415-7032
[email protected]
1540 Broadway, 38th Floor
New York, NY 10036
Main Tel. (212) 415-7000
www.vusa.com
General E-mail: [email protected]
Group Support Number: (212) 415-7029
Group Fax: Number: (646) 847-5899
Page 9
Part I:
Company Overview
Part II:
Part III:
Market Overview
Part IV:
Performance Review
Part V:
Part VI:
Appendix
Fee Schedule
Disclaimer
Page 10
Investment Approach
Investment Philosophy
We believe
Consistent and sustainable earnings growth drives consistent returns and leads to outperformance
Industry Groups
Annual Rates of Growth*
13.8%
11.9%
12.0%
11.6%
11.7%
11.7%
11.3%
Stock Price
9.2%
8.1%
8.6%
7.4%
7.1%
Earnings
7.8%
6.0%
5.8%
5.3%
5.4%
5.0%
6.1%
5.5%
4.6%
3.7%
2.1%
0.0%
Source: Securities Research Company, chart by Vontobel
* 1985 - 2010
Page 11
Investment Approach
Advantages of Style
EPS Growth Rate
 Aim to generate investment results as consistent and predictable as the earnings of the
underlying companies
Vontobel Seeks Consistent Earnings Growth
Consistent Earnings Growth Compounds Faster
Emerging Markets EPS Growth vs Benchmark*
Emerging Markets Cumulative EPS Growth**
50%
$1,000
40%
$800
30%
$600
20%
$400
10%
$200
0%
$0
-10%
2003
2004
2005
2006
2007
Vontobel EME
2008
2009
2010
2011
2012
MSCI EM
2003
2004
2005
2006
2007
Vontobel EME
2008
2009
2010
2011
2012
MSCI EM
Source: FactSet
Past performance is not indicative of future results. For full disclosure and for further information regarding comparison to an index, see last page.
Please refer to the end of this presentation for a table of the gross and net returns for this composite.
* Emerging Markets Equity Representative Account versus MSCI Emerging Markets Index. The growth rates are calculated as a weighted average of the full year’s EPS progression for the companies
held in the portfolio and benchmark as of calendar year end excluding outliers. These figures are calculated in local currency and ex-cash.
** The graph represents the cumulative growth of $100 based on earnings growth.
Page 12
Investment Approach
Investment Objectives
Objectives
 To outperform the benchmark index over a full market cycle with lower-thanmarket volatility
 Target return: At least 200 basis points above annual benchmark rate of return
over a full market cycle
 To generate investment results as consistent and predictable as the earnings of
the underlying companies
Page 13
Investment Approach
Key Principles
Principles
 Concentrate on business analysis (bottom-up approach)
 High quality growth at sensible prices
 High-conviction portfolio
 Benchmark unconstrained
 Long-term focus
Page 14
Investment Approach
Emerging Markets Equity Investment Process Overview
Screen & Idea Generation
Analyze past
results
~15,000 securities
Passing high hurdle rates
Analyze future
opportunities
Price
~300 (investment universe)
Understanding the business
and quality of earnings
 Defensible franchise
 Ability to sustain growth
 Low-to-moderate
leverage (high interest
coverage)
 Consistent and durable
business
 Ability to maintain high
ROE with…
 Pricing power
 …low-to-moderate
leverage
 High ROE/ ROA
 Free Cash flow
 Low-to-moderate need
for capital
 Stable earnings and
operating margins
 Coherent business
strategy
~50-90 positions
Replicate and exceed past
success
 Net profits > $50 million
 Ability to earn high ROE
on a growing equity base
Portfolio Construction
Sensible Price
 We develop and maintain
five-year profit forecasts
for each actual and
prospective investment
that we monitor
 We seek to buy and hold
shares selling below our
appraisal of their
fundamental business
value
Benchmark unconstrained
 Avoid the artificial and
backward-looking constraints
of index weightings
 Common sense risk
diversification/dependability
of income stream
 Initial position size depends
on degree of conviction and
price
 Transparent accounting
Profitable & stable
Predictable, sustainable growth at a sensible price
High conviction
The approximate number of companies is provided as of the date of this presentation and is not necessarily indicative of the approximate number of companies on any other date.
Page 15
Investment Approach
Analyze Past Results: Quality of Earnings, Consistency and Predictability
XYZ*
High Quality Growth = Ability to earn high ROE on a growing equity base with low-to-moderate leverage
Growth Rates
CFO
CAPEX
Operating Income
Per Share
10 yrs
17
-2
5 yrs
23
1
3 yrs
18
2013
2012
9%
Tax Rate
EPS
DPS
19
18
24
23
25
32
20
24
25
33
-9%
56.22
47.24
Debt / Equity
OPM
ROE
41.98
35.54
2011
21,374
-3,073
39.70
22.0%
30.24
14.00
6%
33.8%
47.4%
2010
19,687
-3,376
32.01
22.6%
24.81
10.00
3%
30.5%
41.6%
2009
15,396
-2,632
25.24
23.0%
17.97
7.50
4%
29.6%
33.6%
2008
2007
13,033
11,457
-1,772
-2,308
20.67
16.11
24.0%
22.3%
15.66
13.49
6.00
4.50
7%
4%
27.9%
24.3%
30.7%
28.7%
2006
7,738
-2,898
14.23
29.6%
10.05
3.50
5%
23.6%
23.8%
2005
8,712
-3,899
12.13
28.8%
8.95
3.00
10%
23.6%
23.1%
2004
7,589
-3,139
10.58
32.8%
7.45
2.40
6%
24.9%
20.1%
2003
2002
6,159
4,881
-2,504
-3,957
7.99
7.28
34.2%
35.0%
7.12
5.91
2.20
1.80
7%
6%
20.5%
20.0%
21.5%
20.3%
2001
4,320
-3,943
6.85
35.9%
5.59
1.68
8%
19.9%
24.6%
2000
5,258
-2,366
6.14
36.2%
4.42
1.33
11%
20.4%
17.1%
1999
3,623
-1,928
5.09
39.0%
3.37
0.98
26%
17.4%
13.9%
1998
1997
3,476
3,022
-2,139
-2,544
2.79
3.13
35.7%
30.0%
3.25
2.95
0.78
0.58
15%
17%
11.5%
13.9%
13.6%
13.8%
0.38
14%
13.3%
1996
12/2011
1,918
137,643
1,847
2.65
28.8%
-40,631
Average
24.6%
2.40
27.6%
32.7%
* XYZ may or may not represent a position in our portfolio. Illustration only to showcase methodology employed in the intrinsic value calculation process. This is not a recommendation to purchase or
sell, but merely an illustrated example.
Page 16
Investment Approach
Valuation: Price is what you pay…Value is what you get
Assumptions
EPS growth
estimate 8% p.a.
(vs. 12% p.a. for
past 5 years)
Terminal multiple 15x
(10.5x-18.6x
historical range;
15.1x currently)
Vontobel EPS estimate
Discount rate 6%
Terminal multiple on
year 5 earnings estimate
Vontobel
Current Price
Price
Vontobel Fundamental
Current
Intrinsic
Value
Business Value
(PV+PV Div)
44.08
3250
Legend:
FV = Future Value
PV = Present Value
Div= Dividends
R$ = Brazilian Real
A = Actual
Undervalued/Margin
Discount of Safety
171.1
2.94
2340
32.9
19.0
15
xx
82.5
2.0
Discount ~30%
8.6
81
68.8
1.8
20090(a) Year
Year
20101
Year
2014
5
FV
For illustrative purposes, to demonstrate the process
Legend: FV = Future Value / PV = Present Value / Div = Dividends
For illustrative purposes to demonstrate the process
PV
PV Div
2421
42
1929
29
Page 17
Investment Approach
Sell Discipline
Sell Discipline
 Price target met
 Deterioration in fundamentals
 Major merger/acquisition-related activity
 Portfolio considerations
 Better alternative identified
Page 18
Investment Approach
Emerging Markets Equity Portfolio Construction
Cash Fully invested
Position Size Maximum 7%
Number of Stocks ~ 50 – 90
Sector At least five sectors at all times
Country Maximum 20% absolute overweight relative to MSCI Emerging Markets Index
with no minimum
Volatility No tracking error restrictions
Page 19
Investment Approach
Risk Management
We believe the main sources of risk are stock specific, i.e.,
 Did we get the company fundamentals right?
 Did we buy at the right price?
How do we manage risk?
 Diversification/dependability of income stream
Northfield multi-factor risk model to monitor unintended factor bias
Risk characteristics over last five years ending March 31, 2014*
Alpha 8.1% p.a.
Beta 0.7%
Standard Deviation 17.6% p.a. versus 21.6% p.a. Index*
Source: FactSet
* Based on gross performance of the Emerging Markets Equity Composite versus the MSCI Emerging Markets Index (Total Return Gross Dividends).
Past performance is not indicative of future results. For full disclosure and for further information regarding comparison to an index, see last page.
Please refer to the end of this presentation for a table of the gross and net returns for this composite.
Page 20
Investment Guidelines
Objective
On an annual basis, Vontobel is expected to outperform the MSCI EM IMI ND Index, net of fees, to be measured over a market
cycle of three-to-five years. In addition, a second objective is that, over a five year market cycle, realized tracking error
should not exceed 10.00% versus the MSCI EM IMI ND Index.
Benchmark
Morgan Stanley Capital International Emerging Markets Investable Market Index ND (“MSCI EM IMI ND”).
Guidelines
Portfolio shall be comprised of securities of non-U.S. domiciled companies doing business in emerging markets with minimum
market capitalizations of $100 million. Up to 25% of the portfolio may be comprised of non-Index countries. No more than
7% of the lesser of cost or market value of the portfolio shall be invested in any one issue. No issue shall be purchased in the
portfolio if more than 10% of the outstanding shares of that company are held by Vontobel in the total of all accounts. Cash
and equivalents shall not exceed 10% of the portfolio.
Permitted Investments
Currency hedging up to a maximum of 25% of the portfolio value (notional) is permitted for defensive purposes. Currency
hedging shall be effected through the use of forward currency contracts and put and call options. Equity instruments wih
registration rights are fully permissible. Those instruments without registration rights must not exceed 10% of the lesser of
cost or market value of any single international equity portfolio.
Restrictions
Turnover in the portfolio shall not exceed 100% in any twelve month period. Turnover shall be defined as the total dollar
value of the lesser of purchases or sales divided by the market vale of the portfolio at the beginning of the period.
Page 21
Part I:
Company Overview
Part II:
Part III:
Market Overview
Part IV:
Performance Review
Part V:
Part VI:
Appendix
Fee Schedule
Disclaimer
Page 22
Emerging Markets Equity Strategy
Market Update

Companies we follow across the EM continued to report decent growth, although at a slower rate as a number of economic cycles take a breather.

Ukraine crisis dominated news flow and intensified as Russia annexed Crimea.

Market optimism on potential government change in upcoming elections has supported performance from Indonesia (+21% in USD) and India
(+8% in USD).

India’s CAD has fallen, the market has risen and the rupee strengthened back almost to 60 to the dollar, despite inflation remaining stubbornly
high at 8.1% for the 12 months to January 2014.

Growth for many Latin American companies slowed markedly over the past year, but valuations have also come down considerably, particularly in
Brazil.

China is still generating enormous growth both in relative and absolute terms (maybe 9% nominal on an $8.3 trillion GDP), and has announced
important steps to reshape its economy while maintaining growth:


Widening of the currency trading range; promise to deregulate the currently low interest rates paid to bank savers; and goal to increase
the proportion of people living in urban areas from 53% at year-end 2012 to 60% by 2020
We re-initiated a number of holdings sold previously on falling long-term predictability concerns, including names in the Health Care and
Internet sectors.
Page 23
Emerging Markets Equity Strategy
Market Outlook

We have minimal direct or indirect exposure to Eastern Europe so do not believe the Ukraine situation provides substantial added earnings risk
across our holdings.

We feel the outlook for Brazil will be tough in 2014 and tougher in 2015 as the country goes through a cyclical slowdown and faces a potential
shortage of electricity, but we do not see a serious lasting problem as long as the Dilma government continues Brazil’s open approach to
business.

We remain concerned about Turkey and how politics and religion are spilling negatively into the economy and adding risk to well-managed
companies.

Stocks across the developing world are trading at a significant discount relative to their history and their DM peers. We feel current valuations
for long-term investors are compelling.
Page 24
Part I:
Company Overview
Part II:
Part III:
Market Overview
Part IV:
Performance Review
Part V:
Part VI:
Appendix
Fee Schedule
Disclaimer
Page 25
Page 26
LA Water And Power Emp. Retirement, Disability And Death Benefit Plan
0.40
2.00
0.53
0.38
0.34
0.04
0.47
0.39
4.00
2.34
2.89
2.52
3.03
2.74
Trailing Performance (%) for Periods Ending April 30, 2014 – USD
-1.75
-2.00
-1.70
-2.14
-1.36
-0.78
-1.47
-2.54
0.00
-4.00
-8.00
-10.00
-5.98
-6.98
-8.01
-7.16
-7.73
-6.00
MTD
YTD
1 Year
Since
Inception*
Gross Performance*
0.53
3.03
-7.16
-1.70
Net Performance*
0.38
2.74
-7.73
-2.14
MSCI EM IMI (ND)
0.34
0.40
-1.75
-1.36
Excess Returns**
0.04
2.34
-5.98
-0.78
Emerging Markets Equity Composite - Gross Performance
0.47
2.89
-6.98
-1.47
Emerging Markets Equity Composite - Net Performance
0.39
2.52
-8.01
-2.54
MSCI Emerging Markets (GD)
0.37
0.01
-1.49
-1.70
*Inception Date: January 1, 2013
**Excess returns are the difference between the portfolio’s net performance and the benchmark (MSCI EM IMI (ND)).
Returns above are Transaction based.
The composite‘s gross rates of return are presented before the deduction of investment management fees, other investment-related fees, and after the deduction of foreign withholding taxes, brokerage commissions and
transaction costs. An investor’s actual return will be reduced by investment advisory fees. The composite‘s net rates of return are presented after the deduction of investment management fees, brokerage commissions,
transaction costs, other investment-related fees and foreign withholding taxes.
Past performance is not indicative of future results. For full disclosure and for further information regarding comparison to an index, see appendix. Please refer to the end of this presentation for a table of the gross and net
returns for this composite.
Source: Northern Trust.
Page 27
LA Water And Power Emp. Retiree Health Benefits Fund
0.40
2.00
0.53
0.39
0.34
0.05
0.47
0.39
4.00
2.33
2.89
2.52
3.02
2.73
Trailing Performance (%) for Periods Ending April 30, 2014 – USD
-1.75
-2.00
-1.70
-2.14
-1.36
-0.78
-1.47
-2.54
0.00
-4.00
-8.00
-10.00
-6.00
-6.98
-8.01
-7.19
-7.75
-6.00
MTD
YTD
1 Year
Since Inception*
Gross Performance*
0.53
3.02
-7.19
-1.70
Net Performance*
0.39
2.73
-7.75
-2.14
MSCI Emerging Markets IMI (ND)
0.34
0.40
-1.75
-1.36
Excess Returns**
0.05
2.33
-6.00
-0.78
Emerging Markets Equity Composite - Gross Performance
0.47
2.89
-6.98
-1.47
Emerging Markets Equity Composite - Net Performance
0.39
2.52
-8.01
-2.54
MSCI Emerging Markets (GD)
0.37
0.01
-1.49
-1.70
*Inception Date: January 1, 2013
**Excess returns are the difference between the portfolio’s net performance and the benchmark (MSCI EM IMI (ND)).
Returns above are Transaction based.
The composite‘s gross rates of return are presented before the deduction of investment management fees, other investment-related fees, and after the deduction of foreign withholding taxes, brokerage commissions and
transaction costs. An investor’s actual return will be reduced by investment advisory fees. The composite‘s net rates of return are presented after the deduction of investment management fees, brokerage commissions,
transaction costs, other investment-related fees and foreign withholding taxes.
Past performance is not indicative of future results. For full disclosure and for further information regarding comparison to an index, see appendix. Please refer to the end of this presentation for a table of the gross and net
returns for this composite.
Source: Northern Trust.
Page 28
Vontobel Emerging Markets Equity Composite*
Quartile Performance – Periods Ending March 31, 2014 USD
* Vontobel Global Emerging Markets Equity Composite’s Inception Date: 10/31/92
Performance is based on a monthly valuation calculation methodology. Returns greater than one year are annualized. Performance is not indicative of future results. Source: eVestment
Page 29
Allocation Review
12/31/13
Allocation by Region
04/30/14
Market Cap Range Breakdown as of 4/30/13
($Mil)*
Portfolio**
MSCI EM IMI**
Large Cap: > 14,231.4
65.4
48.8
Mid Cap: 4,283.4 – 14,231.4
29.2
27.3
Small Cap: < 4,283.4
3.8
1
0.0
Cash
1.6
-
1.5
0.0
Total
100%
100%
0.0
0.0
0.0
100%
100%
100%
100%
01/31/14
02/28/14
03/31/14
04/30/14
% Equity
96.4
97.9
98.4
98.5
% Cash & Cash Equivalents
3.6
2.1
1.6
1.5
% Foreign Exchange
0.0
0.0
0.0
0.0
100%
100%
100%
100%
Portfolio
MSCI EM IMI ND
Portfolio
MSCI EM IMI ND
% Europe
16.9
0.0
12.5
0.0
% Asia / Pacific
9.6
0.0
9.4
0.0
% North America
0.0
0.0
0.0
0.0
% Emerging Markets
71.4
100.0
76.6
100.0
% Middle East
0.0
0.0
0.0
% Cash & Cash Equivalents
2.2
0.0
% Foreign Exchange
0.0
TOTAL
Allocation by Asset Type
TOTAL
Portfolio: LA Water And Power Emp. Retirement, Disability And Death Benefit Plan
For allocation information on this page, any India positions held through participating shares in the Vontobel India Fund are treated as if they are held directly.
Source: Northern Trust/Factset
*Source of Market Cap size breakpoints: Lipper International Universe.
**Source: FactSet
Page 30
Sector Allocation as of April 30, 2014
Sector Allocation
as of 04/30/2014
Consumer Discretionary
Consumer Staples
Energy
Portfolio
Weight
Benchmark
Weight
Difference*
9.10
10.21
-1.12
37.85
8.39
29.46
0.36
9.70
-9.34
27.34
25.73
1.61
Health Care
2.85
2.28
0.57
Industrials
1.33
7.57
-6.24
Information Technology
9.95
16.82
-6.87
Materials
4.02
9.55
-5.53
Telecommunication Services
2.81
6.31
-3.50
Utilities
2.94
3.44
-0.50
Cash & Cash Equivalents
1.46
0.00
1.46
Foreign Exchange
0.00
0.00
0.00
100.00
100.00
Financials
Total
PORTFOLIO - Top 5 Sector Weights as of 04/30/2014
Consumer
Staples
37.8
Financials
27.3
Information
Technology
9.9
Consumer
Discretionary
9.1
Materials
4.0
0.0
10.0
20.0
25.7
Information
Technology
16.8
Consumer
Discretionary
40.0
BENCHMARK - Top 5 Sector Weights as of 04/30/2014
Financials
The holdings are based on the actual portfolio.
*Allocation differences between the LA Water And Power Emp. Retirement, Disability And Death Benefit Plan portfolio
vs. the MSCI Emerging Markets IMI. For information on this page, any India positions held through participating shares
in the India Fund are treated as if they are held directly.
Past performance is not indicative of future results.
Source: Northern Trust
30.0
10.2
Energy
9.7
Materials
9.5
0.0
10.0
20.0
30.0
40.0
Page 31
LA Water And Power Emp. Retirement, Disability And Death Benefit Plan
Country Allocation as of April 30, 2014
Country Allocation
as of 04/30/2014
Brazil
Chile
China
Colombia
Czech Republic
Egypt
Greece
Hong Kong
Hungary
India
Indonesia
Malaysia
Mexico
Morocco
Peru
Philippines
Poland
Republic of Korea
Russian Federation
Singapore
South Africa
Taiwan
Thailand
Turkey
United Kingdom
Foreign Exchange
Total
Portfolio
Weight
13.99
0.00
4.91
0.00
0.00
0.00
0.00
8.43
0.00
24.15
3.55
4.62
10.22
0.00
0.00
0.01
0.00
2.39
1.72
0.97
3.81
1.39
5.62
0.27
12.49
1.46
0.00
100.00
Benchmark
Weight
10.54
1.54
18.41
1.01
0.25
0.33
0.67
0.00
0.22
6.52
2.81
4.04
4.74
0.00
0.43
1.02
1.76
16.19
4.38
0.00
7.79
13.07
2.57
1.72
0.00
0.00
0.00
100.00
Difference*
3.45
-1.54
-13.50
-1.01
-0.25
-0.33
-0.67
8.43
-0.22
17.62
0.74
0.58
5.48
0.00
-0.43
-1.01
-1.76
-13.80
-2.66
0.97
-3.98
-11.68
3.05
-1.45
12.49
1.46
0.00
The holdings are based on the actual portfolio.
*Allocation differences between the LA Water And Power Emp. Retirement, Disability And Death Benefit Plan portfolio vs.
the MSCI Emerging Markets IMI. For information on this page, any India positions held through participating shares in
the India Fund are treated as if they are held directly.
PORTFOLIO - Top 5 Country Weights as of 04/30/2014
India
24.1
Brazil
14.0
United
Kingdom
12.5
Mexico
10.2
Hong Kong
8.4
0.0
5.0
10.0
15.0
20.0
25.0
30.0
25.0
30.0
BENCHMARK - Top 5 Country Weights as of 04/30/2014
China
18.4
Republic of
Korea
16.2
Taiwan
13.1
Brazil
10.5
South Africa
7.8
0.0
5.0
10.0
15.0
20.0
Page 32
Sector Attribution for 1 Year Ending April 30, 2014 - USD
Geometric Performance Attribution
1 Year Ending 4/30/14
3.0
2.5
2.0
Financials
Stock Selection
1.5
1.0
Telecommunication
Services
Consumer Staples
0.5
Health Care
0.0
Energy
Industrials
-0.5
Utilities
-1.0
Materials
-1.5
-2.0
-3.0
-2.5
-2.0
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
Asset Allocation
Benchmark: MSCI Emerging Markets IMI (ND)
Based on gross returns. For information on this page, any India positions held through participating shares in the Vontobel India Fund are treated as if they are held directly. Please note that attribution is calculated
externally by Northern Trust based on daily transactions. Past performance is not indicative of future results. The size of a sphere represents the average sector weight in the portfolio over the period. Asset Allocation and
Stock Selection are defined, among other terms in the Appendix.
Contribution includes cash holdings. Source: Northern Trust / Vontobel
Page 33
Sector Attribution Analysis for 1 Year Ending April 30, 2014 - USD
Sector Attribution Analysis
(1 Year) Gross US$
Acct.
Average
Weight
Index
Average
Weight
Acct.
Base
Returns
Total
Equity
100.00
97.43
7.55
100.00
100.00
9.88
-7.41
-7.18
15.27
-1.75
-1.75
7.03
-7.41
-7.23
0.81
0.06
0.06
0.37
Consumer Staples
Index
Acct.
Index
Base Contribution Contribution
Returns to Return
to Return
Relative
Asset
Allocation
Relative
Stock
Selection
Total
Mgmt.
Effect
-4.25
-3.85
-0.23
-1.48
-1.48
0.31
-5.76
-5.28
0.08
39.33
8.64
-9.18
-8.82
-4.05
-0.11
-2.25
-0.19
-2.44
0.63
10.33
-14.15
-8.32
-0.17
-0.46
0.67
-0.12
0.55
29.78
26.00
-3.11
-7.66
-1.85
0.01
-0.34
1.14
0.80
Health Care
2.80
2.15
7.00
5.88
0.07
0.05
0.03
-0.01
0.02
Industrials
1.60
7.47
-6.19
0.85
-0.13
0.04
-0.16
-0.11
-0.27
5.33
15.64
7.63
15.94
-0.04
0.71
-1.77
-1.11
-2.86
Materials
5.11
9.94
-23.74
-8.11
-1.54
-0.28
0.33
-1.06
-0.73
1.91
6.64
--
-2.81
-0.04
-0.35
-0.11
-0.03
-0.14
Utilities
3.37
3.32
-7.97
-1.89
-0.29
0.08
-0.04
-0.23
-0.27
2.57
0.00
-7.22
--
-0.07
0.00
-0.35
0.00
-0.35
Foreign Exchange
0.00
0.00
--
--
-0.07
0.00
-0.07
0.00
-0.07
-0.10
0.00
Energy
Financials
Residual
-0.10
For information on this page, any India positions held through participating shares in the Vontobel India Fund are treated as if they are held directly.
Performance returns provided are based on cumulative gross returns. Past performance is not indicative of future results. Total Management Effect is defined, among other terms, on a Disclaimer page in the Appendix.
Page 34
Country Attribution Analysis for 1 Year Ending April 30, 2014 - USD
Country Attribution Analysis
(1 Year) Gross US$
Total
Equity
Brazil
Chile
China
Colombia
Czech Republic
Egypt
Greece
Hong Kong
Hungary
India
Indonesia
Malaysia
Mexico
Morocco
Peru
Philippines
Poland
Republic of Korea
Russian Federation
Singapore
South Africa
Taiwan
Thailand
Turkey
United Kingdom
Foreign Exchange
Residual
Acct.
Average
Weight
100.00
97.43
10.54
0.24
1.88
0.56
0.00
0.00
0.00
7.79
0.00
24.43
3.28
5.26
11.85
0.00
0.35
0.77
0.00
3.01
1.25
1.36
2.81
0.52
5.05
0.51
15.96
2.57
0.00
Acct.
Index
Relative Relative
Index Average Acct. Base Index Base Contribution Contribution
Asset
Stock
Weight
Returns
Returns
to Return
to Return Allocation Selection
100.00
100.00
10.54
1.66
19.14
0.99
0.24
0.29
0.24
0.00
0.21
6.25
2.81
4.04
4.88
0.05
0.42
1.00
1.69
15.71
5.22
0.00
7.40
12.74
2.68
1.80
0.00
0.00
0.00
-7.41
-7.18
-10.55
-7.46
----2.34
--2.69
-14.42
4.95
-17.09
---28.47
--15.75
-2.43
-8.99
--15.54
-27.46
6.85
-7.22
--
-1.75
-1.75
-12.64
-24.93
-0.45
-5.18
13.34
52.88
---12.83
2.00
-20.74
4.97
-8.51
--10.24
-12.66
20.37
9.09
-15.16
-7.07
8.70
-17.57
-25.31
----
-7.41
-7.24
-0.58
-0.06
-0.36
-0.19
0.00
0.00
0.00
0.21
0.00
-1.10
-0.48
0.16
-2.37
0.00
-0.36
-0.29
0.00
-0.60
-0.46
-0.01
-0.14
0.07
-0.69
-0.24
0.26
-0.07
-0.07
-0.05
0.06
0.06
0.26
-0.04
-1.08
0.05
0.02
0.04
0.10
0.00
-0.02
0.53
0.54
0.00
-0.24
0.00
0.01
0.09
0.06
-0.21
-0.84
0.00
0.34
0.18
0.20
0.07
0.00
0.00
0.00
0.00
-2.11
-1.70
0.49
0.39
-0.54
-0.08
-0.03
-0.13
-0.04
0.25
0.02
0.44
-0.01
0.17
-0.52
0.00
-0.10
-0.01
-0.33
-1.30
0.20
0.05
-0.36
-1.23
-0.29
0.34
0.98
-0.35
-0.07
-3.68
-3.68
0.31
0.00
-0.24
-0.05
0.00
0.00
0.00
0.00
0.00
-1.08
0.18
-0.01
-1.22
0.00
-0.16
-0.12
0.00
-0.81
-0.14
0.00
-0.49
0.02
0.09
-0.03
0.00
0.00
0.00
Total
Mgmt.
Effect
-5.76
-5.32
0.79
0.38
-0.78
-0.14
-0.03
-0.13
-0.04
0.25
0.02
-0.64
0.17
0.16
-1.73
0.00
-0.26
-0.13
-0.33
-2.09
0.06
0.05
-0.85
-1.21
-0.20
0.31
0.98
-0.35
-0.07
-0.05
For information on this page, any India positions held through participating shares in the Vontobel India Fund are treated as if they are held directly.
Performance returns provided are based on cumulative gross returns. Past performance is not indicative of future results. Total Management Effect is defined, among other terms, on a Disclaimer page in the Appendix.
Page 35
Currency Impact for 1 Year Ending April 30, 2014 – USD
LA Water And Power Emp. Retirement,
Disability And Death Benefit Plan
LA Water And Power Emp. Retiree Health
Benefits Fund
Acct. Local Returns
Acct. Base Returns
Difference Returns
-1.45
-7.16
-5.71
Acct. Local Returns
Acct. Base Returns
Difference Returns
-1.48
-7.19
-5.71
Performance returns provided are based on cumulative gross returns. Past performance is not indicative of future results.
Page 36
Top/Bottom 10 Contributors for 1 Year Ending April 30, 2014 – USD
Top Contributors (%)
Company Name
Portfolio
Average
Weight
Benchmark
Portfolio
Average
Contribution
Weight
to Return
Sands China Ltd.
2.62
0.00
0.92
Cielo S.A.
1.81
0.23
Grupo Televisa SAB de CV
1.53
0.35
British American Tobacco p.l.c.
6.19
Itau Unibanco Holding S.A.
Bottom Contributors (%)
Company Name
Portfolio
Average
Weight
Benchmark Portfolio
Average Contribution
Weight
to Return
2.21
0.23
-0.69
0.68
BM&FBOVESPA S.A. Bolsa de Valores,
Mercadorias e Futuros
Industrias Penoles SAB de CV
1.58
0.09
-0.64
0.39
Souza Cruz S.A.
1.48
0.10
-0.63
0.00
0.32
Wal-Mart de Mexico SAB de CV
3.13
0.32
-0.53
0.47
0.82
0.28
3.94
0.47
-0.44
Sun Pharmaceutical Industries Limited
1.65
0.14
0.22
Housing Development Finance Corporation
Limited
Hindustan Unilever Limited
3.05
0.16
-0.39
Public Bank Bhd.
1.57
0.14
0.22
Fomento Economico Mexicano SAB de CV
2.39
0.44
-0.35
Tata Consultancy Services Limited
0.86
0.36
0.21
LG Household & Health Care Ltd
1.16
0.11
-0.33
Investimentos Itau SA
0.28
0.26
0.18
Grupo Financiero Santander Mexico SAB de CV
1.92
0.12
-0.32
SABMiller plc
4.58
0.00
0.16
Compania de Minas Buenaventura SAA
0.31
0.06
-0.32
Contribution summary results are calculated based on the period in which a specific security was held in the LA Water And Power Emp. Retirement, Disability And Death Benefit Plan‘s portfolio. For information on this page,
any India positions held through participating shares in the India Fund are treated as if they are held directly. For information about how contribution was calculated, or to obtain a list showing the contribution of each
holding to the fund’s overall performance, please contact a Vontobel representative. The holdings do not represent all of the securities purchased, sold, or recommended for advisory clients. Provided are the top and bottom
10 contributors for the given period. Past performance is not indicative of future results. Performance returns provided are based on gross returns.
Source: FastSet
Page 37
Recent Purchases for Year-to-Date Ending April 30, 2014
Recent Purchases*
Country
Sector
ADR BAIDU INC
SPONSORED ADR
China
TENCENT HOLDINGS LTD
China
MAIL RU GROUP LTD
SPONSORED GDR REG S
Russian Federation
NASPERS 'N' ZAR0.02
South Africa
Rationale
Baidu is the leading search engine in China. Internet penetration is still low in China though growing rapidly.
Spending on advertising is also growing at a rapid pace, especially foreign brands that are vying for a share
of the consumer wallet. Due to the better position in China of internet usage versus traditional media,
advertising is migrating more rapidly to online formats.
Tencent Holdings is a major Internet platform in China with a strong presence in online gaming, instant
messaging, and is one of the country’s largest web portals. The company has been successful in providing
popular services to attract new users and creating a network effect to maintain existing users. Online gaming
is a large contributor to revenue, but Tencent also generates sales through fee-based social networks,
advertising and e-commerce. This has translated into strong sales, as well as earnings growth.
Mail.Ru, a leading internet company in Russia, operates the largest online portal with millions of visitors, as
well as email and instant messaging services and social networks. By providing its users with value-added
products and services, the company is able to monetize on advertising and non-advertising related revenue.
Supported by a strong technology platform, Mail.Ru has been adept at expanding into key verticals. The
company also benefits from positive trends as online penetration grows and the advertising market continues
to expand.
Naspers is a South Africa-based multinational media group with principal operations in internet platforms,
pay-television and the provision of related technologies and print media. The company's primary operations
are located in Sub-Saharan Africa. Naspers has meaningful stakes in other listed and unlisted internet
companies across emerging markets, including China, Latin America, Central and Eastern Europe, Russia and
India. The company has seen strong growth in sales, which has translated into consistent dividend growth.
Naspers continues on its course of growth and innovation while supported by diversification in region and
business type.
*Purchases are the new purchases with positions greater than 50 basis point in the LA Water And Power Emp. Retirement, Disability And Death Benefit Plan portfolio for the period. The holdings do not represent all of the
securities purchased, sold, or recommended for advisory clients.
Source: Northern Trust/Vontobel
Page 38
Recent Sales for Year-to-Date Ending April 30, 2014
Recent Sales
Country
Sector
Rationale
ADR CPFL ENERGIA S A
Brazil
Utilities
We reallocated capital to better near-term opportunities.
ADR SOCIEDAD QUIMICA Y
MINERA DE CHILE SA
ADR ECOPETROL S A
SPONSORED ADS
SAMSONITE INTL SA
Chile
Materials
Colombia
Energy
Hong Kong
ADR COMPANIA DE MINAS
BUENAVENTURA SA
BIM BIRLESIK MAGAZ TRY1
Peru
Materials
Turkey
Consumer Staples
HSBC HOLDINGS PLC ORD
USD0.50(HONGKONG REG)
United Kingdom
Financials
STANDARD CHARTERED ORD
and STANDARD CHARTERED
PLC SHS
United Kingdom
Financials
We sold HSBC Holdings as we believe the valuation is fully reflecting a solid franchise in a gradual recovery.
Its brand and conservative culture are still very valuable, although continued regulatory costs and weak
demand in key markets are causing slow and uneven recovery of earnings. Together with significantly higher
valuation, we decided to exit the position and pursue opportunities elsewhere.
We sold our position in Standard Chartered primarily due to issues with its Korean business and credit
exposures. While we still have a favorable view on the strength of the banking franchise, particularly in Asia,
we feel it is prudent to pare back on a combination of negative earnings revisions and management changes.
Sales are the complete sales in the LA Water And Power Emp. Retirement, Disability And Death Benefit Plan portfolio for the period. The holdings do not represent all of the securities purchased, sold, or recommended for
advisory clients.
Source: Northern Trust/Vontobel
Page 39
Part I:
Company Overview
Part II:
Part III:
Market Overview
Part IV:
Performance Review
Part V:
Part VI:
Appendix
Fee Schedule
Disclaimer
Page 40
Portfolio Snapshot as of April 30, 2014
Top Ten Holdings*
% of Portfolio
Country
1.
British American Tobacco p.l.c.
6.1
United Kingdom
2.
SABMiller plc
4.8
United Kingdom
3.
ITC Limited
4.5
India
4.
Housing Development Finance Corporation Limited
4.2
India
5.
HDFC Bank Limited
4.0
India
6.
Sands China Ltd.
2.9
Hong Kong
7.
Wal-Mart de Mexico SAB de CV
2.9
Mexico
8.
Power Assets Holdings Limited
2.8
Hong Kong
9.
Ambev SA
2.6
Brazil
10. Hindustan Unilever Limited
2.6
India
Total
37.4
1 Year Ending 4/30/14 Top Changes
Weight Change (%)
1
Itau Unibanco Holding S.A.**
1.60
2
Baidu, Inc.**
1.55
3
President Chain Store Corporation**
1.40
1 Year Ending 4/30/14 Bottom Changes
Weight Change (%)
1
HSBC Holdings plc**
-3.98
2
Grupo Financiero Santander Mexico SAB de CV
-1.96
3
Hindustan Unilever Limited
-1.37
*The Top Ten Holdings are based on the actual portfolio. The securities identified and described do not represent all of the securities purchased, sold or recommended for client accounts. The reader should not assume that
an investment in the securities identified was or will be profitable. There can be no assurances that any investments identified will remain in the portfolio at the time this presentation is received. The Top 10 Holdings are
inclusive of cash.
** New or closed position.
Weight Change Percentages are estimates and exclude cash. Indian positions held through participating shares in the Vontobel India Fund are treated as if they are held directly.
Source: FactSet
Page 41
Period Ending April 30, 2014
Country Exposure Holdings Report
Base Currency: USD
Country
Accruals
Market Value
Cost
% of
Cost
Unrealized
Gain/Loss
Market
w/Accruals
% of
Total
Brazil
65,312.30
31,701,283.90
33,105,507.75
14.53%
-1,404,223.85
31,766,596.20
13.99%
China
Hong Kong
India
Indonesia
Korea, Republic Of
Malaysia
Mexico
0.00
11,159,683.25
11,871,578.29
5.21%
-711,895.04
11,159,683.25
4.91%
16,065.23
19,137,442.53
17,602,335.90
7.73%
1,535,106.63
19,153,507.76
8.43%
0.00
56,754,708.51
53,594,372.87
23.53%
3,160,335.64
56,754,708.51
24.99%
132,007.91
7,930,560.92
8,334,048.49
3.66%
-403,487.57
8,062,568.83
3.55%
0.00
5,438,358.66
6,532,455.60
2.87%
-1,094,096.94
5,438,358.66
2.39%
102,046.82
10,387,551.67
9,644,737.42
4.23%
742,814.25
10,489,598.49
4.62%
14,777.24
23,195,691.72
28,119,519.96
12.34%
-4,923,828.24
23,210,468.96
10.22%
Philippines
0.00
24,313.03
26,035.52
0.01%
-1,722.49
24,313.03
0.01%
Russian Federation
0.00
3,910,863.50
5,021,937.54
2.20%
-1,111,074.04
3,910,863.50
1.72%
Singapore
0.00
2,201,316.13
2,023,194.99
0.89%
178,121.14
2,201,316.13
0.97%
South Africa
0.00
8,645,188.76
8,791,201.14
3.86%
-146,012.38
8,645,188.76
3.81%
Taiwan
Thailand
Turkey
United Kingdom
Total
0.00
3,147,646.42
2,972,669.45
1.30%
174,976.97
3,147,646.42
1.39%
157,822.45
12,601,839.54
13,424,793.30
5.89%
-822,953.76
12,759,661.99
5.62%
0.00
610,056.15
709,509.13
0.31%
-99,452.98
610,056.15
0.27%
417,874.40
27,950,472.25
24,624,440.91
10.81%
3,326,031.34
28,368,346.65
12.49%
0.00
1,412,781.86
1,412,756.42
0.62%
25.44
1,412,781.86
0.62%
905,906.35
226,209,758.80
227,811,094.68
100.00%
-1,601,335.88
227,115,665.15
100.00%
Reflects the holdings of the LA Water And Power Emp. Retirement, Disability And Death Benefit Plan
Page 42
Detailed Holdings by Country (continued)
Base Currency: USD
Description / Asset ID
Mkt Price
Shares
Accruals
Market Value
Cost
% of
Cost
Unrealized
Gain/Loss
Market
w/Accruals
% of
Total
30.43
93,754.000
0.00
1,276,509.19
1,374,888.52
0.60%
-98,379.33
1,276,509.19
0.56%
26.13
156,015.000
0.00
1,824,055.10
1,584,945.13
0.70%
239,109.97
1,824,055.10
0.80%
11.40
961,569.000
0.00
4,904,756.97
6,358,009.99
2.79%
-1,453,253.02
4,904,756.97
2.16%
17.45
156,700.000
4,001.89
1,223,479.27
1,244,119.64
0.55%
-20,640.37
1,227,481.16
0.54%
20.35
375,374.000
2,739.37
3,417,911.32
4,994,834.82
2.19%
-1,576,923.50
3,420,650.69
1.51%
39.50
298,244.000
0.00
5,271,096.89
3,795,025.85
1.67%
1,476,071.04
5,271,096.89
2.32%
Brazil
BANCO BTG PACTUAL SA COM
SEDOL: B7MBV73
BB SEGURIDADE PART COM NPV
BM&FBOVESPA SA COM NPV
CCR SA COM NPV
SEDOL: B2RHNV9
SEDOL: 2840970
CIA SOUZA CRUZ COM NPV
CIELO SA COM NPV
SEDOL: B9N3SQ0
SEDOL: 2832148
SEDOL: B614LY3
CPFL ENERGIA SA COM NPV
SEDOL: B031NN3
18.91
37,049.000
9,781.52
313,473.05
288,608.68
0.13%
24,864.37
323,254.57
0.14%
ITAUSA INV ITAU SA PRF NPV
SEDOL: 2458771
9.80
544,452.000
0.00
2,387,359.72
2,049,076.31
0.90%
338,283.41
2,387,359.72
1.05%
36.41
43,905.000
0.00
715,264.79
871,097.82
0.38%
-155,833.03
715,264.79
0.31%
55.98
32,695.000
0.00
818,929.33
767,070.66
0.34%
51,858.67
818,929.33
0.36%
0.00
16,758.18
16,726.93
0.01%
31.25
16,758.18
0.01%
TOTVS SA COM NPV
SEDOL: B10LQP6
ULTRAPAR PARTICIPA COM NPV
SEDOL: B0FHTN1
BRL - Brazilian real
ADR AMBEV SA SPONSORED ADR
SEDOL: BG804F6
ADR ITAU UNIBANCO HLDG SA SPONSORED ADR REPSTG 500 PFD
PFD ADR
SEDOL: 2849739
7.25
819,047.000
47,490.80
5,938,090.75
6,680,027.87
2.93%
-741,937.12
5,985,581.55
2.64%
16.36
220,682.000
1,298.72
3,610,357.52
3,097,802.46
1.36%
512,555.06
3,611,656.24
1.59%
65,312.30
31,718,042.08
33,122,234.68
14.54%
-1,404,192.60
31,783,354.38
13.99%
Total Brazil
China
SEDOL: B01CT30
TSINGTAO BREWERY 'H'CNY1
SEDOL: 6905808
ADR BAIDU INC SPONSORED ADR
SEDOL: B0FXT17
483.20
49,903.000
0.00
3,110,227.80
3,529,140.12
1.55%
-418,912.32
3,110,227.80
1.37%
56.45
242,614.000
0.00
1,766,519.45
1,491,287.98
0.65%
275,231.47
1,766,519.45
0.78%
153.85
22,609.000
0.00
3,478,394.65
3,658,527.86
1.61%
-180,133.21
3,478,394.65
1.53%
Page 43
Mkt Price
Shares
Accruals
Market Value
Cost
% of
Cost
Unrealized
Gain/Loss
Market
w/Accruals
% of
Total
35.83
17,360.000
0.00
622,008.80
615,114.41
0.27%
6,894.39
622,008.80
0.27%
11.77
83,615.000
0.00
984,148.55
1,387,688.26
0.61%
-403,539.71
984,148.55
0.43%
68.09
17,600.000
0.00
1,198,384.00
1,189,819.66
0.52%
8,564.34
1,198,384.00
0.53%
0.00
11,159,683.25
11,871,578.29
5.21%
-711,895.04
11,159,683.25
4.91%
China
ADR BITAUTO HLDGS LTD SPONSORED ADS ADR
B531ND8
ADR SOUFUN HLDGS LTD ADR
NETEASE INC
SEDOL:
SEDOL: B3NLGR9
SEDOL: 2606440
Total China
Hong Kong
GALAXY ENTERTAINME NPV
LINK R/EST INVEST NPV
SEDOL: 6465874
60.85
329,473.000
0.00
2,585,943.50
2,977,454.41
1.31%
-391,510.91
2,585,943.50
1.14%
38.55
534,883.000
0.00
2,659,633.51
2,725,243.86
1.20%
-65,610.35
2,659,633.51
1.17%
SEDOL: 6435327
67.00
736,212.000
0.00
6,362,331.79
6,269,005.61
2.75%
93,326.18
6,362,331.79
2.80%
SEDOL: B5B23W2
56.60
895,199.000
0.00
6,535,437.08
4,581,711.60
2.01%
1,953,725.48
6,535,437.08
2.88%
0.00
0.00
7.07
0.00%
-7.07
0.00
0.00%
16,065.23
994,096.65
1,048,920.42
0.46%
-54,823.77
1,010,161.88
0.44%
16,065.23
19,137,442.53
17,602,342.97
7.73%
1,535,099.56
19,153,507.76
8.43%
0.00
56,754,708.51
53,594,372.87
23.53%
3,160,335.64
56,754,708.51
24.99%
0.00
56,754,708.51
53,594,372.87
23.53%
3,160,335.64
56,754,708.51
24.99%
SEDOL: B0PB4M7
POWER ASSETS HLDGS NPV
SANDS CHINA LTD USD0.01
HKD - Hong Kong dollar
DAIRY FARM INTERNATIONAL HOLDINGS LTD
SEDOL: 6180274
10.21
97,365.000
Total Hong Kong
India
VONTOBEL INDIA FUND
SEDOL: B7D6LT9
118.41
479,309.147
Total India
Indonesia
BK CENTRAL ASIA IDR62.50
SEDOL: B01C1P6
SEMEN INDONESIA PERSERO TBK PT
TELEKOMUNIKASI SER'B'IDR50
UNILEVER INDONESIA IDR10
SEDOL: 6795236
SEDOL: BD4T6W7
SEDOL: 6687184
11,000.00
2,124,687.000
11,026.36
2,021,498.68
2,125,487.02
0.93%
-103,988.34
2,032,525.04
0.89%
14,850.00
1,029,232.000
29,015.59
1,321,982.03
1,650,648.92
0.72%
-328,666.89
1,350,997.62
0.59%
2,265.00
12,979,175.000
91,965.96
2,542,735.06
2,723,523.76
1.20%
-180,788.70
2,634,701.02
1.16%
29,250.00
808,058.000
0.00
2,044,345.15
1,834,388.79
0.81%
209,956.36
2,044,345.15
0.90%
Page 44
Mkt Price
Shares
Accruals
Market Value
Cost
% of
Cost
Unrealized
Gain/Loss
Market
w/Accruals
% of
Total
Indonesia
IDR - Indonesian rupiah
Total Indonesia
0.00
0.00
0.00
0.00%
0.00
0.00
0.00%
132,007.91
7,930,560.92
8,334,048.49
3.66%
-403,487.57
8,062,568.83
3.55%
Korea, Republic Of
KANGWON LAND INC KRW500
SEDOL: 6683449
LG HSEHLD & HLTCRE COMMON STOCK
ORION CORP KRW5000
SEDOL: 6344456
SEDOL: 6896849
29,850.00
54,320.000
0.00
1,569,197.72
1,494,748.44
0.66%
74,449.28
1,569,197.72
0.69%
472,000.00
4,719.000
0.00
2,155,586.95
2,802,327.08
1.23%
-646,740.13
2,155,586.95
0.95%
788,000.00
2,247.000
0.00
1,713,573.99
2,235,380.08
0.98%
-521,806.09
1,713,573.99
0.75%
KRW - South Korean won
0.00
21,002.43
20,995.70
0.01%
6.73
21,002.43
0.01%
Total Korea, Republic Of
0.00
5,459,361.09
6,553,451.30
2.88%
-1,094,090.21
5,459,361.09
2.40%
Malaysia
BRIT AMER TOBA(MY) ORD MYR0.50
GENTING MALAYSIA B MYR0.10
MALAYAN BKG BERHAD MYR1
PUBLIC BK BHD MYR1
SEDOL: 6752349
SEDOL: B1VXKN7
SEDOL: 6556325
SEDOL: B012W42
61.20
63,014.000
0.00
1,180,969.77
1,232,489.17
0.54%
-51,519.40
1,180,969.77
0.52%
4.22
1,979,900.000
0.00
2,558,621.34
2,312,909.03
1.02%
245,712.31
2,558,621.34
1.13%
9.90
1,074,948.000
102,046.82
3,258,914.47
3,183,801.00
1.40%
75,113.47
3,360,961.29
1.48%
20.14
549,500.000
0.00
3,389,046.09
2,915,538.22
1.28%
473,507.87
3,389,046.09
1.49%
0.00
1.34
1.34
0.00%
0.00
1.34
0.00%
102,046.82
10,387,553.01
9,644,738.76
4.23%
742,814.25
10,489,599.83
4.62%
MYR - Malaysian ringgit
Total Malaysia
Mexico
GRUPO FINANCIERIO BANORTE S.A.B DE C.A
INDUSTRIAS PENOLES NPV
SEDOL: 2421041
SEDOL: 2448200
PROMOTORA Y OPERADORA DE INFRACOM NPV
2393388
WAL-MART DE MEXICO SER'V'NPV
SEDOL:
SEDOL: B02YZ04
MXN - Mexican peso
86.73
98,050.000
0.00
649,696.42
599,737.13
0.26%
49,959.29
649,696.42
0.29%
304.53
124,907.000
0.00
2,906,098.92
5,652,108.04
2.48%
-2,746,009.12
2,906,098.92
1.28%
182.86
27,019.000
0.00
377,469.20
245,495.50
0.11%
131,973.70
377,469.20
0.17%
33.08
2,550,740.000
0.00
6,446,518.39
7,815,657.38
3.43%
-1,369,138.99
6,446,518.39
2.84%
0.00
-77,950.65
-77,950.65
-0.03%
0.00
-77,950.65
-0.03%
Page 45
Mkt Price
Shares
Accruals
Market Value
Cost
% of
Cost
Unrealized
Gain/Loss
Market
w/Accruals
111.96
13,325.000
14,777.24
1,491,867.00
1,941,585.75
0.85%
-449,718.75
1,506,644.24
0.66%
90.77
53,881.000
0.00
4,890,778.37
5,302,387.49
2.33%
-411,609.12
4,890,778.37
2.15%
ADR GRUPO FINANCIERO SANTANDER MEX S A BDE C V
SPONSORED ADR REPSTG SHS SER B
SEDOL: B84CZX5
11.90
218,543.000
0.00
2,600,661.70
3,442,275.37
1.51%
-841,613.67
2,600,661.70
1.15%
ADR GRUPO TELEVISA SA DE CV SPONSORED ADR REPSTG ORD
PARTN SPONS ADR
SEDOL: 2399450
32.81
116,812.000
0.00
3,832,601.72
3,120,273.30
1.37%
712,328.42
3,832,601.72
1.69%
14,777.24
23,117,741.07
28,041,569.31
12.31%
-4,923,828.24
23,132,518.31
10.19%
0.00
24,313.03
26,035.52
0.01%
-1,722.49
24,313.03
0.01%
PHP - Philippine peso
0.00
26,587.37
26,610.89
0.01%
-23.52
26,587.37
0.01%
Total Philippines
0.00
50,900.40
52,646.41
0.02%
-1,746.01
50,900.40
0.02%
% of
Total
Mexico
ADR COCA-COLA FEMSA S.A.B DE C.V.
SEDOL: 2193317
ADR FOMENTO ECONOMICO MEXICANA SAB DE CV
2246039
SEDOL:
Total Mexico
Philippines
SM INVEST CORP PHP10
SEDOL: B068DB9
725.00
1,495.000
Russian Federation
MAIL RU GROUP LTD SPONSORED GDR REG S
B53NQB3
YANDEX N.V. COM USD0.01 CL 'A
SEDOL:
SEDOL: B5BSZB3
27.17
48,600.000
0.00
1,320,462.00
1,886,557.59
0.83%
-566,095.59
1,320,462.00
0.58%
26.50
97,751.000
0.00
2,590,401.50
3,135,379.95
1.38%
-544,978.45
2,590,401.50
1.14%
0.00
3,910,863.50
5,021,937.54
2.20%
-1,111,074.04
3,910,863.50
1.72%
0.00
2,201,316.13
2,023,194.99
0.89%
178,121.14
2,201,316.13
0.97%
0.00
2,201,316.13
2,023,194.99
0.89%
178,121.14
2,201,316.13
0.97%
Total Russian Federation
Singapore
DBS GROUP HLDGS NPV
SEDOL: 6175203
16.94
163,130.000
Total Singapore
South Africa
MTN GROUP LTD ZAR0.0001
NASPERS 'N' ZAR0.02
REMGRO ZAR0.01
SEDOL: 6563206
SEDOL: 6622691
SEDOL: 6290689
Total South Africa
210.81
111,215.000
0.00
2,226,274.83
2,112,567.01
0.93%
113,707.82
2,226,274.83
0.98%
992.00
28,943.000
0.00
2,726,336.25
3,257,036.96
1.43%
-530,700.71
2,726,336.25
1.20%
211.65
183,733.000
0.00
3,692,577.68
3,421,597.17
1.50%
270,980.51
3,692,577.68
1.63%
0.00
8,645,188.76
8,791,201.14
3.86%
-146,012.38
8,645,188.76
3.81%
Page 46
Mkt Price
Shares
Accruals
Market Value
Cost
% of
Cost
Unrealized
Gain/Loss
Market
w/Accruals
% of
Total
224.50
423,397.000
0.00
3,147,646.42
2,972,669.45
1.30%
174,976.97
3,147,646.42
1.39%
0.00
3,147,646.42
2,972,669.45
1.30%
174,976.97
3,147,646.42
1.39%
Taiwan
PRESIDENT CHAIN ST TWD10
SEDOL: 6704986
Total Taiwan
Thailand
THAI BEVERAGE PLC THB1
SEDOL: B15F664
ADVANCED INFO SERV THB1(ALIEN MKT)
BANGKOK BANK THB10(ALIEN MKT)
SEDOL: 6077019
BANGKOK DUSIT MEDI THB1(ALIEN MKT)
BANGKOK DUSIT MEDICAL SERVICES
SEDOL: BLZGSM7
CP ALL PCL THB1(ALIEN MKT)
SEDOL: 6412591
SEDOL: B013SQ9
THB0.1(ALIEN MARKET)
SEDOL: B08YDF9
KASIKORNBANK PLC THB10 (ALIEN MKT)
SEDOL: 6888794
0.59
5,129,300.000
42,797.00
2,410,711.75
2,469,475.15
1.08%
-58,763.40
2,453,508.75
1.08%
242.00
203,000.000
0.00
1,518,108.78
1,710,484.42
0.75%
-192,375.64
1,518,108.78
0.67%
189.00
428,900.000
53,678.77
2,505,009.27
2,888,140.61
1.27%
-383,131.34
2,558,688.04
1.13%
14.80
0.000
5,097.24
0.00
0.00
0.00%
0.00
5,097.24
0.00%
14.80
916,370.000
0.00
419,106.18
400,697.52
0.18%
18,408.66
419,106.18
0.18%
42.00
2,247,200.000
56,249.44
2,916,637.82
3,044,537.97
1.34%
-127,900.15
2,972,887.26
1.31%
196.50
466,423.000
0.00
2,832,265.74
2,911,457.63
1.28%
-79,191.89
2,832,265.74
1.25%
0.00
0.00
-18.05
0.00%
18.05
0.00
0.00%
157,822.45
12,601,839.54
13,424,775.25
5.89%
-822,935.71
12,759,661.99
5.62%
0.00
610,056.15
709,509.13
0.31%
-99,452.98
610,056.15
0.27%
0.00
610,056.15
709,509.13
0.31%
-99,452.98
610,056.15
0.27%
THB - Thai baht
Total Thailand
Turkey
COCA COLA ICECEK TRY1
SEDOL: B058ZV4
49.45
26,122.000
Total Turkey
United Kingdom
RANDGOLD RESOURCES ORD USD0.05
BRIT AMERN TOB PLC CONSTK
SABMILLER PLC ORD USD0.10
SEDOL: B01C3S3
SEDOL: B3DCKS1
SEDOL: 6145240
47.80
20,975.000
10,487.50
1,692,948.67
1,625,323.55
0.71%
67,625.12
1,703,436.17
0.75%
605.68
240,285.000
397,724.90
13,819,556.15
12,230,890.50
5.37%
1,588,665.65
14,217,281.05
6.26%
571.60
200,650.000
0.00
10,890,694.75
9,253,938.59
4.06%
1,636,756.16
10,890,694.75
4.80%
Page 47
Mkt Price
Shares
Accruals
Market Value
Cost
% of
Cost
Unrealized
Gain/Loss
80.07
19,324.000
9,662.00
1,547,272.68
1,514,288.27
0.66%
32,984.41
1,556,934.68
0.69%
417,874.40
27,950,472.25
24,624,440.91
10.81%
3,326,031.34
28,368,346.65
12.49%
USD - United States dollar
0.00
1,426,383.19
1,426,383.19
0.63%
0.00
1,426,383.19
0.63%
Total United States
0.00
1,426,383.19
1,426,383.19
0.63%
0.00
1,426,383.19
0.63%
905,906.35
226,209,758.80
227,811,094.68 100.00%
-1,601,335.88
Market
w/Accruals
% of
Total
United Kingdom
ADR RANDGOLD RES LTD ADR
SEDOL: 2976842
Total United Kingdom
United States
Total
227,115,665.15 100.00%
Page 48
Sector Exposure Holdings Report
Base Currency: USD
Sector
Description
Accruals
Market Value
Cost
% of
Cost
Unrealized
Gain/Loss
Market
w/Accruals
% of
Total
0.00
56,754,708.51
53,594,372.87
23.53%
3,160,335.64
56,754,708.51
24.99%
0.00
19,808,137.61
17,744,133.74
7.79%
2,064,003.87
19,808,137.61
8.72%
577,843.98
65,835,560.83
68,060,307.62
29.88%
-2,224,746.79
66,413,404.81
29.24%
Equities
Miscellaneous/UnClassified
Consumer Staples
Energy
Financials
0.00
818,929.33
767,070.66
0.34%
51,858.67
818,929.33
0.36%
168,050.67
39,813,658.19
40,701,195.41
17.87%
-887,537.22
39,981,708.86
17.60%
Health Care
5,097.24
419,106.18
400,697.52
0.18%
18,408.66
424,203.42
0.19%
Industrials
4,001.89
1,625,261.50
1,515,650.66
0.67%
109,610.84
1,629,263.39
0.72%
0.00
19,290,388.98
20,068,351.52
8.81%
-777,962.54
19,290,388.98
8.49%
Materials
49,165.09
7,468,302.30
10,442,368.78
4.58%
-2,974,066.48
7,517,467.39
3.31%
91,965.96
6,287,118.67
6,546,575.19
2.87%
-259,456.52
6,379,084.63
2.81%
Utilities
9,781.52
6,675,804.84
6,557,614.29
2.88%
118,190.55
6,685,586.36
2.94%
905,906.35
224,796,976.94
226,398,338.26
99.38%
-1,601,361.32
225,702,883.29
99.38%
0.00
1,412,781.86
1,412,756.42
0.62%
25.44
1,412,781.86
0.62%
Total Non-Equities
0.00
1,412,781.86
1,412,756.42
0.62%
25.44
1,412,781.86
0.62%
905,906.35
226,209,758.80
227,811,094.68
100.00%
-1,601,335.88
227,115,665.15
100.00%
Total Equities
Non-Equities
Total
Page 49
Detailed Holdings by Sector (continued)
Base Currency: USD
Sector
Shares
Accruals
Market Value
Cost
% of
Cost
Unrealized
Gain/Loss
Market
w/Accruals
% of
Total
Mexico
32.81 116,812.000
0.00
3,832,601.72
3,120,273.30
1.37%
712,328.42
3,832,601.72
1.69%
Hong Kong
60.85 329,473.000
0.00
2,585,943.50
2,977,454.41
1.31%
-391,510.91
2,585,943.50
1.14%
Malaysia
4.22 1,979,900.00
0.00
2,558,621.34
2,312,909.03
1.02%
245,712.31
2,558,621.34
1.13%
Country
Mkt
Price
Equities
ADR GRUPO TELEVISA SA DE CV SPONSORED ADR REPSTG
ORD PARTN SPONS ADR
SEDOL: 2399450
SEDOL: 6465874
NASPERS 'N' ZAR0.02
SEDOL: B1VXKN7
SEDOL: 6683449
SEDOL: 6622691
SEDOL: B5B23W2
Korea, Republic
29,850.0
54,320.000
0.00
1,569,197.72
1,494,748.44
0.66%
74,449.28
1,569,197.72
0.69%
South Africa
992.00
28,943.000
0.00
2,726,336.25
3,257,036.96
1.43%
-530,700.71
2,726,336.25
1.20%
56.60 895,199.000
0.00
6,535,437.08
4,581,711.60
2.01%
1,953,725.48
6,535,437.08
2.88%
0.00
19,808,137.61
17,744,133.74
7.79%
2,064,003.87
19,808,137.61
8.72%
47,490.80
5,938,090.75
6,680,027.87
2.93%
-741,937.12
5,985,581.55
2.64%
Hong Kong
Total Consumer Discretionary
Consumer Staples
SEDOL: BG804F6
Brazil
SEDOL: 2193317
SEDOL: 2246039
SEDOL: 6752349
SEDOL: B3DCKS1
SEDOL: 2832148
SEDOL: B058ZV4
6180274
Mexico
111.96
13,325.000
14,777.24
1,491,867.00
1,941,585.75
0.85%
-449,718.75
1,506,644.24
0.66%
Mexico
90.77
53,881.000
0.00
4,890,778.37
5,302,387.49
2.33%
-411,609.12
4,890,778.37
2.15%
Malaysia
61.20
63,014.000
0.00
1,180,969.77
1,232,489.17
0.54%
-51,519.40
1,180,969.77
0.52%
United Kingdom
605.68 240,285.000
397,724.90
13,819,556.15
12,230,890.50
5.37%
1,588,665.65
14,217,281.05
6.26%
Brazil
20.35 375,374.000
2,739.37
3,417,911.32
4,994,834.82
2.19%
-1,576,923.50
3,420,650.69
1.51%
26,122.000
0.00
610,056.15
709,509.13
0.31%
-99,452.98
610,056.15
0.27%
42.00 2,247,200.00
56,249.44
2,916,637.82
3,044,537.97
1.34%
-127,900.15
2,972,887.26
1.31%
Hong Kong
10.21
97,365.000
16,065.23
994,096.65
1,048,920.42
0.46%
-54,823.77
1,010,161.88
0.44%
Korea, Republic
472,000.
4,719.000
0.00
2,155,586.95
2,802,327.08
1.23%
-646,740.13
2,155,586.95
0.95%
Turkey
SEDOL: B08YDF9
Thailand
SEDOL:
SEDOL: 6344456
7.25 819,047.000
49.45
Page 50
Base Currency: USD
Sector
Country
Mkt
Price
Shares
Accruals
Market Value
Cost
% of
Cost
Unrealized
Gain/Loss
Market
w/Accruals
% of
Total
Korea, Republic
788,000.
2,247.000
0.00
1,713,573.99
2,235,380.08
0.98%
-521,806.09
1,713,573.99
0.75%
Equities
Consumer Staples
ORION CORP KRW5000
SEDOL: 6896849
SEDOL: 6704986
Taiwan
224.50 423,397.000
0.00
3,147,646.42
2,972,669.45
1.30%
174,976.97
3,147,646.42
1.39%
SEDOL: 6145240
United Kingdom
571.60 200,650.000
0.00
10,890,694.75
9,253,938.59
4.06%
1,636,756.16
10,890,694.75
4.80%
Thailand
0.59 5,129,300.00
42,797.00
2,410,711.75
2,469,475.15
1.08%
-58,763.40
2,453,508.75
1.08%
China
56.45 242,614.000
0.00
1,766,519.45
1,491,287.98
0.65%
275,231.47
1,766,519.45
0.78%
Indonesia
29,250.0 808,058.000
0.00
2,044,345.15
1,834,388.79
0.81%
209,956.36
2,044,345.15
0.90%
Mexico
33.08 2,550,740.00
0.00
6,446,518.39
7,815,657.38
3.43%
-1,369,138.99
6,446,518.39
2.84%
577,843.98
65,835,560.83
68,060,307.62
29.88%
-2,224,746.79
66,413,404.81
29.24%
0.00
818,929.33
767,070.66
0.34%
51,858.67
818,929.33
0.36%
0.00
818,929.33
767,070.66
0.34%
51,858.67
818,929.33
0.36%
SEDOL: B15F664
SEDOL: 6905808
SEDOL: 6687184
SEDOL: B02YZ04
Total Consumer Staples
Energy
SEDOL: B0FHTN1
Brazil
55.98
32,695.000
Total Energy
Financials
SEDOL: B84CZX5
Mexico
11.90 218,543.000
0.00
2,600,661.70
3,442,275.37
1.51%
-841,613.67
2,600,661.70
1.15%
ADR ITAU UNIBANCO HLDG SA SPONSORED ADR REPSTG 500
PFD PFD ADR
SEDOL: 2849739
Brazil
16.36 220,682.000
1,298.72
3,610,357.52
3,097,802.46
1.36%
512,555.06
3,611,656.24
1.59%
Brazil
30.43
93,754.000
0.00
1,276,509.19
1,374,888.52
0.60%
-98,379.33
1,276,509.19
0.56%
Thailand
189.00 428,900.000
53,678.77
2,505,009.27
2,888,140.61
1.27%
-383,131.34
2,558,688.04
1.13%
Brazil
26.13 156,015.000
0.00
1,824,055.10
1,584,945.13
0.70%
239,109.97
1,824,055.10
0.80%
Indonesia
11,000.0 2,124,687.00
11,026.36
2,021,498.68
2,125,487.02
0.93%
-103,988.34
2,032,525.04
0.89%
SEDOL: B7MBV73
SEDOL: 6077019
SEDOL: B9N3SQ0
SEDOL: B01C1P6
Page 51
Base Currency: USD
Sector
Shares
Accruals
Market Value
Cost
% of
Cost
Unrealized
Gain/Loss
Market
w/Accruals
% of
Total
Brazil
11.40 961,569.000
0.00
4,904,756.97
6,358,009.99
2.79%
-1,453,253.02
4,904,756.97
2.16%
Singapore
16.94 163,130.000
0.00
2,201,316.13
2,023,194.99
0.89%
178,121.14
2,201,316.13
0.97%
86.73
98,050.000
0.00
649,696.42
599,737.13
0.26%
49,959.29
649,696.42
0.29%
Brazil
9.80 544,452.000
0.00
2,387,359.72
2,049,076.31
0.90%
338,283.41
2,387,359.72
1.05%
Thailand
196.50 466,423.000
0.00
2,832,265.74
2,911,457.63
1.28%
-79,191.89
2,832,265.74
1.25%
Hong Kong
38.55 534,883.000
0.00
2,659,633.51
2,725,243.86
1.20%
-65,610.35
2,659,633.51
1.17%
Malaysia
9.90 1,074,948.00
102,046.82
3,258,914.47
3,183,801.00
1.40%
75,113.47
3,360,961.29
1.48%
Malaysia
20.14 549,500.000
0.00
3,389,046.09
2,915,538.22
1.28%
473,507.87
3,389,046.09
1.49%
South Africa
211.65 183,733.000
0.00
3,692,577.68
3,421,597.17
1.50%
270,980.51
3,692,577.68
1.63%
168,050.67
39,813,658.19
40,701,195.41
17.87%
-887,537.22
39,981,708.86
17.60%
Country
Mkt
Price
Equities
Financials
DBS GROUP HLDGS NPV
SEDOL: B2RHNV9
SEDOL: 6175203
2421041
REMGRO ZAR0.01
SEDOL: 6888794
SEDOL: B0PB4M7
PUBLIC BK BHD MYR1
Mexico
SEDOL: 2458771
SEDOL:
SEDOL: 6556325
SEDOL: B012W42
SEDOL: 6290689
Total Financials
Health Care
MARKET)
SEDOL: BLZGSM7
SEDOL: B013SQ9
THB0.1(ALIEN
Thailand
14.80
0.000
5,097.24
00.00
0.00
0.00%
0.00
5,097.24
0.00%
Thailand
14.80 916,370.000
0.00
419,106.18
400,697.52
0.18%
18,408.66
419,106.18
0.18%
5,097.24
419,106.18
400,697.52
0.18%
18,408.66
424,203.42
0.19%
4,001.89
1,223,479.27
1,244,119.64
0.55%
-20,640.37
1,227,481.16
0.54%
Total Health Care
Industrials
CCR SA COM NPV
SEDOL: 2840970
2393388
Brazil
SEDOL:
SEDOL: B068DB9
Total Industrials
17.45 156,700.000
Mexico
182.86
27,019.000
0.00
377,469.20
245,495.50
0.11%
131,973.70
377,469.20
0.17%
Philippines
725.00
1,495.000
0.00
24,313.03
26,035.52
0.01%
-1,722.49
24,313.03
0.01%
4,001.89
1,625,261.50
1,515,650.66
0.67%
109,610.84
1,629,263.39
0.72%
Page 52
Base Currency: USD
Sector
Country
Mkt
Price
Shares
Accruals
Market Value
Cost
% of
Cost
Unrealized
Gain/Loss
Market
w/Accruals
% of
Total
China
153.85
22,609.000
0.00
3,478,394.65
3,658,527.86
1.61%
-180,133.21
3,478,394.65
1.53%
China
35.83
17,360.000
0.00
622,008.80
615,114.41
0.27%
6,894.39
622,008.80
0.27%
China
11.77
83,615.000
0.00
984,148.55
1,387,688.26
0.61%
-403,539.71
984,148.55
0.43%
Brazil
39.50 298,244.000
0.00
5,271,096.89
3,795,025.85
1.67%
1,476,071.04
5,271,096.89
2.32%
Russian
27.17
48,600.000
0.00
1,320,462.00
1,886,557.59
0.83%
-566,095.59
1,320,462.00
0.58%
China
68.09
17,600.000
0.00
1,198,384.00
1,189,819.66
0.52%
8,564.34
1,198,384.00
0.53%
China
483.20
49,903.000
0.00
3,110,227.80
3,529,140.12
1.55%
-418,912.32
3,110,227.80
1.37%
Brazil
36.41
43,905.000
0.00
715,264.79
871,097.82
0.38%
-155,833.03
715,264.79
0.31%
Russian
26.50
97,751.000
0.00
2,590,401.50
3,135,379.95
1.38%
-544,978.45
2,590,401.50
1.14%
0.00
19,290,388.98
20,068,351.52
8.81%
-777,962.54
19,290,388.98
8.49%
19,324.000
9,662.00
1,547,272.68
1,514,288.27
0.66%
32,984.41
1,556,934.68
0.69%
304.53 124,907.000
0.00
2,906,098.92
5,652,108.04
2.48%
-2,746,009.12
2,906,098.92
1.28%
20,975.000
10,487.50
1,692,948.67
1,625,323.55
0.71%
67,625.12
1,703,436.17
0.75%
14,850.0 1,029,232.00
29,015.59
1,321,982.03
1,650,648.92
0.72%
-328,666.89
1,350,997.62
0.59%
49,165.09
7,468,302.30
10,442,368.78
4.58%
-2,974,066.48
7,517,467.39
3.31%
0.00
56,754,708.51
53,594,372.87
23.53%
3,160,335.64
56,754,708.51
24.99%
0.00
56,754,708.51
53,594,372.87
23.53%
3,160,335.64
56,754,708.51
24.99%
Equities
SEDOL: B0FXT17
B531ND8
CIELO SA COM NPV
SEDOL: B3NLGR9
SEDOL: B614LY3
B53NQB3
NETEASE INC
SEDOL:
SEDOL:
SEDOL: 2606440
TOTVS SA COM NPV
SEDOL: B01CT30
SEDOL: B10LQP6
SEDOL: B5BSZB3
Total Information Technology
Materials
SEDOL: 2976842
United Kingdom
SEDOL: 2448200
Mexico
SEDOL: B01C3S3
SEDOL: 6795236
United Kingdom
Indonesia
80.07
47.80
Total Materials
Miscellaneous/Unclassified
VONTOBEL INDIA FUND
SEDOL: B7D6LT9
Total
India
118.41 479,309.147
Page 53
Base Currency: USD
Shares
Accruals
Market Value
Cost
% of
Cost
Unrealized
Gain/Loss
Market
w/Accruals
% of
Total
Thailand
242.00 203,000.000
0.00
1,518,108.78
1,710,484.42
0.75%
-192,375.64
1,518,108.78
0.67%
South Africa
210.81 111,215.000
0.00
2,226,274.83
2,112,567.01
0.93%
113,707.82
2,226,274.83
0.98%
Indonesia
2,265.00 12,979,175.0
91,965.96
2,542,735.06
2,723,523.76
1.20%
-180,788.70
2,634,701.02
1.16%
91,965.96
6,287,118.67
6,546,575.19
2.87%
-259,456.52
6,379,084.63
2.81%
37,049.000
9,781.52
313,473.05
288,608.68
0.13%
24,864.37
323,254.57
0.14%
67.00 736,212.000
0.00
6,362,331.79
6,269,005.61
2.75%
93,326.18
6,362,331.79
2.80%
Total Utilities
9,781.52
6,675,804.84
6,557,614.29
2.88%
118,190.55
6,685,586.36
2.94%
Total Equities
905,906.35
224,796,976.94
226,398,338.26
99.38%
-1,601,361.32
225,702,883.29
99.38%
% of
Cost
Unrealized
Gain/Loss
Market
w/Accruals
Sector
Country
Mkt
Price
Equities
SEDOL: 6412591
SEDOL: 6563206
SEDOL: BD4T6W7
Total Telecommunication Services
Utilities
SEDOL: B031NN3
Brazil
SEDOL: 6435327
Hong Kong
18.91
Non-Equities
Sector
Country
Exchange Rate
Accruals
Market Value
Cost
% of
Total
Cash
Brazilian real
Brazil
2.23
0.00
16,758.18
16,726.93
0.01%
31.25
16,758.18
0.01%
Hong Kong
7.75
0.00
0.00
7.07
0.00%
-7.07
0.00
0.00%
Indonesian rupiah
Indonesia
11,561.50
0.00
0.00
0.00
0.00%
0.00
0.00
0.00%
South Korean won
Korea, Republic
1,033.30
0.00
21,002.43
20,995.70
0.01%
6.73
21,002.43
0.01%
Malaysia
3.27
0.00
1.34
1.34
0.00%
0.00
1.34
0.00%
Hong Kong dollar
Malaysian ringgit
Mexican peso
Philippine peso
Thai baht
Mexico
13.09
0.00
-77,950.65
-77,950.65
-0.03%
0.00
-77,950.65
-0.03%
Philippines
44.58
0.00
26,587.37
26,610.89
0.01%
-23.52
26,587.37
0.01%
Thailand
32.36
0.00
0.00
-18.05
0.00%
18.05
0.00
0.00%
Page 54
Base Currency: USD
Cash
United States dollar
0.00
1,426,383.19
1,426,383.19
0.63%
0.00
1,426,383.19
0.63%
Total Cash
0.00
1,412,781.86
1,412,756.42
0.62%
25.44
1,412,781.86
0.62%
Total Non-Equities
0.00
1,412,781.86
1,412,756.42
0.62%
25.44
1,412,781.86
0.62%
905,906.35
226,209,758.80
227,811,094.68
100.00%
-1,601,335.88
Total
United States
1.00
227,115,665.15 100.00%
Page 55
Country Exposure Holdings Report
Base Currency: USD
Country
Accruals
Market Value
Cost
% of
Cost
Unrealized
Gain/Loss
Market
w/Accruals
% of
Total
Brazil
11,178.36
5,434,366.14
5,671,878.14
14.55%
-237,512.00
5,445,544.50
14.01%
China
Hong Kong
India
Indonesia
Korea, Republic Of
Malaysia
Mexico
0.00
1,907,154.51
2,028,086.95
5.20%
-120,932.44
1,907,154.51
4.91%
2,669.87
3,266,897.49
3,004,048.22
7.71%
262,849.27
3,269,567.36
8.41%
0.00
9,714,524.81
9,169,884.31
23.52%
544,640.50
9,714,524.81
24.99%
22,588.33
1,359,224.47
1,427,594.31
3.66%
-68,369.84
1,381,812.80
3.55%
0.00
930,127.75
1,116,699.30
2.86%
-186,571.55
930,127.75
2.39%
17,464.14
1,778,712.57
1,651,591.28
4.24%
127,121.29
1,796,176.71
4.62%
2,534.03
3,954,605.10
4,795,166.31
12.30%
-840,561.21
3,957,139.13
10.18%
Philippines
0.00
4,147.04
4,435.12
0.01%
-288.08
4,147.04
0.01%
Russian Federation
0.00
668,803.00
860,269.12
2.21%
-191,466.12
668,803.00
1.72%
Singapore
0.00
379,120.80
350,193.26
0.90%
28,927.54
379,120.80
0.98%
South Africa
0.00
1,481,932.40
1,506,571.81
3.86%
-24,639.41
1,481,932.40
3.81%
Taiwan
Thailand
Turkey
United Kingdom
Total
0.00
538,746.47
508,797.85
1.31%
29,948.62
538,746.47
1.39%
27,007.29
2,155,403.68
2,297,008.24
5.89%
-141,604.56
2,182,410.97
5.61%
0.00
104,883.32
122,051.63
0.31%
-17,168.31
104,883.32
0.27%
71,451.83
4,782,031.23
4,212,812.41
10.81%
569,218.82
4,853,483.06
12.49%
0.00
254,911.52
254,907.23
0.65%
4.29
254,911.52
0.66%
154,893.85
38,715,592.30
38,981,995.49
100.00%
-266,403.19
38,870,486.15
100.00%
Reflects the Holdings of the LA Water And Power Emp. Retiree Health Benefits Fund
Page 56
Base Currency: USD
Mkt Price
Shares
Accruals
Market Value
Cost
% of
Cost
Unrealized
Gain/Loss
Market
w/Accruals
% of
Total
30.43
16,109.000
0.00
219,332.37
236,090.00
0.61%
-16,757.63
219,332.37
0.56%
26.13
26,700.000
0.00
312,164.03
271,130.66
0.70%
41,033.37
312,164.03
0.80%
11.40
166,254.000
0.00
848,025.95
1,096,067.00
2.81%
-248,041.05
848,025.95
2.18%
17.45
26,900.000
686.99
210,029.31
213,566.10
0.55%
-3,536.79
210,716.30
0.54%
20.35
64,129.000
467.99
583,916.93
852,508.96
2.19%
-268,592.03
584,384.92
1.50%
39.50
51,048.000
0.00
902,210.79
649,855.83
1.67%
252,354.96
902,210.79
2.32%
Brazil
SEDOL: B7MBV73
CCR SA COM NPV
SEDOL: B2RHNV9
SEDOL: 2840970
CIELO SA COM NPV
SEDOL: B9N3SQ0
SEDOL: 2832148
SEDOL: B614LY3
SEDOL: B031NN3
18.91
6,341.000
1,674.12
53,651.45
49,395.81
0.13%
4,255.64
55,325.57
0.14%
SEDOL: 2458771
9.80
93,147.000
0.00
408,438.94
350,593.90
0.90%
57,845.04
408,438.94
1.05%
36.41
7,577.000
0.00
123,438.36
150,331.58
0.39%
-26,893.22
123,438.36
0.32%
55.98
5,564.000
0.00
139,364.51
130,494.08
0.33%
8,870.43
139,364.51
0.36%
0.00
2,870.47
2,865.09
0.01%
5.38
2,870.47
0.01%
TOTVS SA COM NPV
SEDOL: B10LQP6
SEDOL: B0FHTN1
BRL - Brazilian real
SEDOL: BG804F6
ADR ITAU UNIBANCO HLDG SA SPONSORED ADR REPSTG 500 PFD
PFD ADR
SEDOL: 2849739
7.25
140,166.000
8,127.25
1,016,203.50
1,141,820.45
2.93%
-125,616.95
1,024,330.75
2.64%
16.36
37,750.000
222.01
617,590.00
530,023.77
1.36%
87,566.23
617,812.01
1.59%
11,178.36
5,437,236.61
5,674,743.23
14.56%
-237,506.62
5,448,414.97
14.02%
Total Brazil
China
SEDOL: B01CT30
SEDOL: 6905808
SEDOL: B0FXT17
483.20
8,504.000
0.00
530,015.77
601,298.22
1.54%
-71,282.45
530,015.77
1.36%
56.45
41,498.000
0.00
302,154.96
255,298.76
0.65%
46,856.20
302,154.96
0.78%
153.85
3,869.000
0.00
595,245.65
626,253.05
1.61%
-31,007.40
595,245.65
1.53%
Page 57
Mkt Price
Shares
Accruals
Market Value
Cost
% of
Cost
Unrealized
Gain/Loss
Market
w/Accruals
% of
Total
35.83
2,971.000
0.00
106,450.93
105,469.87
0.27%
981.06
106,450.93
0.27%
11.77
14,360.000
0.00
169,017.20
237,023.04
0.61%
-68,005.84
169,017.20
0.43%
68.09
3,000.000
0.00
204,270.00
202,744.01
0.52%
1,525.99
204,270.00
0.53%
0.00
1,907,154.51
2,028,086.95
5.20%
-120,932.44
1,907,154.51
4.91%
China
B531ND8
NETEASE INC
SEDOL:
SEDOL: B3NLGR9
SEDOL: 2606440
Total China
Hong Kong
SEDOL: 6465874
60.85
56,381.000
0.00
442,519.05
509,508.64
1.31%
-66,989.59
442,519.05
1.14%
38.55
91,634.000
0.00
455,637.69
466,775.68
1.20%
-11,137.99
455,637.69
1.17%
SEDOL: 6435327
67.00
125,638.000
0.00
1,085,761.49
1,069,829.93
2.74%
15,931.56
1,085,761.49
2.79%
SEDOL: B5B23W2
56.60
153,108.000
0.00
1,117,771.25
783,366.95
2.01%
334,404.30
1,117,771.25
2.88%
0.00
0.00
1.22
0.00%
-1.22
0.00
0.00%
2,669.87
165,208.01
174,567.02
0.45%
-9,359.01
167,877.88
0.43%
2,669.87
3,266,897.49
3,004,049.44
7.71%
262,848.05
3,269,567.36
8.41%
0.00
9,714,524.81
9,169,884.31
23.52%
544,640.50
9,714,524.81
24.99%
0.00
9,714,524.81
9,169,884.31
23.52%
544,640.50
9,714,524.81
24.99%
SEDOL: B0PB4M7
HKD - Hong Kong dollar
SEDOL: 6180274
10.21
16,181.000
Total Hong Kong
India
VONTOBEL INDIA FUND
SEDOL: B7D6LT9
118.41
82,041.838
Total India
Indonesia
SEDOL: B01C1P6
SEDOL: 6795236
SEDOL: BD4T6W7
SEDOL: 6687184
11,000.00
363,465.000
1,886.25
345,812.83
363,420.45
0.93%
-17,607.62
347,699.08
0.89%
14,850.00
176,099.000
4,964.49
226,187.79
282,214.80
0.72%
-56,027.01
231,152.28
0.59%
2,265.00
2,221,050.000
15,737.59
435,123.32
465,969.68
1.20%
-30,846.36
450,860.91
1.16%
29,250.00
139,173.000
0.00
352,100.53
315,989.38
0.81%
36,111.15
352,100.53
0.91%
Page 58
Mkt Price
Shares
Accruals
Market Value
Cost
% of
Cost
Unrealized
Gain/Loss
Market
w/Accruals
% of
Total
Indonesia
IDR - Indonesian rupiah
Total Indonesia
0.00
0.00
0.00
0.00%
0.00
0.00
0.00%
22,588.33
1,359,224.47
1,427,594.31
3.66%
-68,369.84
1,381,812.80
3.55%
Korea, Republic Of
SEDOL: 6683449
ORION CORP KRW5000
SEDOL: 6344456
SEDOL: 6896849
29,850.00
9,300.000
0.00
268,658.67
255,790.08
0.66%
12,868.59
268,658.67
0.69%
472,000.00
807.000
0.00
368,628.67
479,165.96
1.23%
-110,537.29
368,628.67
0.95%
788,000.00
384.000
0.00
292,840.41
381,743.26
0.98%
-88,902.85
292,840.41
0.75%
KRW - South Korean won
0.00
3,652.60
3,651.47
0.01%
1.13
3,652.60
0.01%
Total Korea, Republic Of
0.00
933,780.35
1,120,350.77
2.87%
-186,570.42
933,780.35
2.40%
Malaysia
PUBLIC BK BHD MYR1
SEDOL: 6752349
SEDOL: B1VXKN7
SEDOL: 6556325
SEDOL: B012W42
61.20
10,862.000
0.00
203,568.95
212,329.45
0.54%
-8,760.50
203,568.95
0.52%
4.22
338,200.000
0.00
437,055.27
395,196.86
1.01%
41,858.41
437,055.27
1.12%
9.90
183,965.000
17,464.14
557,725.77
544,904.83
1.40%
12,820.94
575,189.91
1.48%
20.14
94,100.000
0.00
580,362.58
499,160.14
1.28%
81,202.44
580,362.58
1.49%
0.00
1.78
1.78
0.00%
0.00
1.78
0.00%
17,464.14
1,778,714.35
1,651,593.06
4.24%
127,121.29
1,796,178.49
4.62%
MYR - Malaysian ringgit
Total Malaysia
Mexico
SEDOL: 2421041
SEDOL: 2448200
2393388
SEDOL:
SEDOL: B02YZ04
MXN - Mexican peso
86.73
16,770.000
0.00
111,120.95
102,583.17
0.26%
8,537.78
111,120.95
0.29%
304.53
21,232.000
0.00
493,985.86
962,225.46
2.47%
-468,239.60
493,985.86
1.27%
182.86
4,609.000
0.00
64,390.08
41,877.52
0.11%
22,512.56
64,390.08
0.17%
33.08
436,529.000
0.00
1,103,245.42
1,337,715.18
3.43%
-234,469.76
1,103,245.42
2.84%
0.00
-13,340.33
-13,340.33
-0.03%
0.00
-13,340.33
-0.03%
Page 59
Mkt Price
Shares
Accruals
Market Value
Cost
% of
Cost
Unrealized
Gain/Loss
111.96
2,285.000
2,534.03
255,828.60
332,947.35
0.85%
-77,118.75
258,362.63
0.66%
90.77
9,097.000
0.00
825,734.69
895,566.76
2.30%
-69,832.07
825,734.69
2.12%
SEDOL: B84CZX5
11.90
37,402.000
0.00
445,083.80
589,313.21
1.51%
-144,229.41
445,083.80
1.15%
ADR GRUPO TELEVISA SA DE CV SPONSORED ADR REPSTG ORD
PARTN SPONS ADR
SEDOL: 2399450
32.81
19,970.000
0.00
655,215.70
532,937.66
1.37%
122,278.04
655,215.70
1.69%
2,534.03
3,941,264.77
4,781,825.98
12.27%
-840,561.21
3,943,798.80
10.15%
0.00
4,147.04
4,435.12
0.01%
-288.08
4,147.04
0.01%
PHP - Philippine peso
0.00
4,511.65
4,515.74
0.01%
-4.09
4,511.65
0.01%
Total Philippines
0.00
8,658.69
8,950.86
0.02%
-292.17
8,658.69
0.02%
Market
w/Accruals
% of
Total
Mexico
SEDOL: 2193317
2246039
SEDOL:
Total Mexico
Philippines
SEDOL: B068DB9
725.00
255.000
Russian Federation
B53NQB3
SEDOL:
SEDOL: B5BSZB3
27.17
8,300.000
0.00
225,511.00
323,466.51
0.83%
-97,955.51
225,511.00
0.58%
26.50
16,728.000
0.00
443,292.00
536,802.61
1.38%
-93,510.61
443,292.00
1.14%
0.00
668,803.00
860,269.12
2.21%
-191,466.12
668,803.00
1.72%
0.00
379,120.80
350,193.26
0.90%
28,927.54
379,120.80
0.98%
0.00
379,120.80
350,193.26
0.90%
28,927.54
379,120.80
0.98%
Total Russian Federation
Singapore
DBS GROUP HLDGS NPV
SEDOL: 6175203
16.94
28,095.000
Total Singapore
South Africa
NASPERS 'N' ZAR0.02
REMGRO ZAR0.01
SEDOL: 6563206
SEDOL: 6622691
SEDOL: 6290689
Total South Africa
210.81
19,036.000
0.00
381,058.02
361,612.30
0.93%
19,445.72
381,058.02
0.98%
992.00
4,953.000
0.00
466,556.45
557,366.21
1.43%
-90,809.76
466,556.45
1.20%
211.65
31,562.000
0.00
634,317.93
587,593.30
1.51%
46,724.63
634,317.93
1.63%
0.00
1,481,932.40
1,506,571.81
3.86%
-24,639.41
1,481,932.40
3.81%
Page 60
Mkt Price
Shares
Accruals
Market Value
Cost
% of
Cost
Unrealized
Gain/Loss
Market
w/Accruals
% of
Total
224.50
72,468.000
0.00
538,746.47
508,797.85
1.31%
29,948.62
538,746.47
1.39%
0.00
538,746.47
508,797.85
1.31%
29,948.62
538,746.47
1.39%
Taiwan
SEDOL: 6704986
Total Taiwan
Thailand
SEDOL: B15F664
SEDOL: 6077019
SEDOL: BLZGSM7
SEDOL: 6412591
SEDOL: B013SQ9
THB0.1(ALIEN MARKET)
SEDOL: B08YDF9
SEDOL: 6888794
0.59
876,400.000
7,312.36
411,897.88
423,716.16
1.09%
-11,818.28
419,210.24
1.08%
242.00
34,600.000
0.00
258,751.55
291,518.61
0.75%
-32,767.06
258,751.55
0.67%
189.00
73,400.000
9,186.34
428,695.92
493,992.92
1.27%
-65,297.00
437,882.26
1.13%
14.80
0.000
879.20
0.00
0.00
0.00%
0.00
879.20
0.00%
14.80
158,060.000
0.00
72,289.49
69,408.22
0.18%
2,881.27
72,289.49
0.19%
42.00
384,700.000
9,629.39
499,301.61
520,874.38
1.34%
-21,572.77
508,931.00
1.31%
196.50
79,783.000
0.00
484,467.23
497,497.95
1.28%
-13,030.72
484,467.23
1.25%
0.00
0.00
-3.09
0.00%
3.09
0.00
0.00%
27,007.29
2,155,403.68
2,297,005.15
5.89%
-141,601.47
2,182,410.97
5.61%
0.00
104,883.32
122,051.63
0.31%
-17,168.31
104,883.32
0.27%
0.00
104,883.32
122,051.63
0.31%
-17,168.31
104,883.32
0.27%
THB - Thai baht
Total Thailand
Turkey
SEDOL: B058ZV4
49.45
4,491.000
Total Turkey
United Kingdom
SEDOL: B01C3S3
SEDOL: B3DCKS1
SEDOL: 6145240
47.80
3,589.000
1,794.50
289,677.84
278,052.76
0.71%
11,625.08
291,472.34
0.75%
605.68
41,095.000
68,021.33
2,363,504.42
2,091,989.84
5.37%
271,514.58
2,431,525.75
6.26%
571.60
34,395.000
0.00
1,866,859.93
1,586,764.78
4.07%
280,095.15
1,866,859.93
4.80%
Page 61
Mkt Price
Shares
Accruals
Market Value
Cost
% of
Cost
Unrealized
Gain/Loss
80.07
3,272.000
1,636.00
261,989.04
256,005.03
0.66%
5,984.01
263,625.04
0.68%
71,451.83
4,782,031.23
4,212,812.41
10.81%
569,218.82
4,853,483.06
12.49%
USD - United States dollar
0.00
257,215.35
257,215.35
0.66%
0.00
257,215.35
0.66%
Total United States
0.00
257,215.35
257,215.35
0.66%
0.00
257,215.35
0.66%
154,893.85
38,715,592.30
38,981,995.49 100.00%
-266,403.19
Market
w/Accruals
% of
Total
United Kingdom
SEDOL: 2976842
Total United Kingdom
United States
Total
38,870,486.15 100.00%
Page 62
Sector Exposure Holdings Report
Base Currency: USD
Sector
Description
Accruals
Market Value
Cost
% of
Cost
Unrealized
Gain/Loss
Market
w/Accruals
% of
Total
0.00
9,714,524.81
9,169,884.31
23.52%
544,640.50
9,714,524.81
24.99%
Equities
Miscellaneous/UnClassified
Consumer Staples
Energy
Financials
0.00
3,387,776.39
3,034,166.40
7.78%
353,609.99
3,387,776.39
8.72%
98,762.22
11,254,624.30
11,633,847.17
29.84%
-379,222.87
11,353,386.52
29.21%
0.00
139,364.51
130,494.08
0.33%
8,870.43
139,364.51
0.36%
28,758.74
6,827,896.79
6,979,340.24
17.90%
-151,443.45
6,856,655.53
17.64%
Health Care
879.20
72,289.49
69,408.22
0.18%
2,881.27
73,168.69
0.19%
Industrials
686.99
278,566.43
259,878.74
0.67%
18,687.69
279,253.42
0.72%
Materials
Utilities
0.00
3,299,451.70
3,433,244.72
8.81%
-133,793.02
3,299,451.70
8.49%
8,394.99
1,271,840.53
1,778,498.05
4.56%
-506,657.52
1,280,235.52
3.29%
15,737.59
1,074,932.89
1,119,100.59
2.87%
-44,167.70
1,090,670.48
2.81%
1,674.12
1,139,412.94
1,119,225.74
2.87%
20,187.20
1,141,087.06
2.94%
154,893.85
38,460,680.78
38,727,088.26
99.35%
-266,407.48
38,615,574.63
99.34%
0.00
254,911.52
254,907.23
0.65%
4.29
254,911.52
0.66%
Total Non-Equities
0.00
254,911.52
254,907.23
0.65%
4.29
254,911.52
0.66%
154,893.85
38,715,592.30
38,981,995.49
100.00%
-266,403.19
38,870,486.15
100.00%
Total Equities
Non-Equities
Total
Page 63
Base Currency: USD
Sector
Country
Mkt
Price
Shares
Accruals
Market Value
Cost
% of
Cost
Unrealized
Gain/Loss
Market
w/Accruals
% of
Total
Mexico
32.81
19,970.000
0.00
655,215.70
532,937.66
1.37%
122,278.04
655,215.70
1.69%
Hong Kong
60.85
56,381.000
0.00
442,519.05
509,508.64
1.31%
-66,989.59
442,519.05
1.14%
4.22 338,200.000
0.00
437,055.27
395,196.86
1.01%
41,858.41
437,055.27
1.12%
Equities
ADR GRUPO TELEVISA SA DE CV SPONSORED ADR REPSTG
ORD PARTN SPONS ADR
SEDOL: 2399450
SEDOL: 6465874
NASPERS 'N' ZAR0.02
SEDOL: B1VXKN7
SEDOL: 6683449
SEDOL: 6622691
SEDOL: B5B23W2
Malaysia
Korea, Republic
29,850.0
9,300.000
0.00
268,658.67
255,790.08
0.66%
12,868.59
268,658.67
0.69%
South Africa
992.00
4,953.000
0.00
466,556.45
557,366.21
1.43%
-90,809.76
466,556.45
1.20%
56.60 153,108.000
0.00
1,117,771.25
783,366.95
2.01%
334,404.30
1,117,771.25
2.88%
0.00
3,387,776.39
3,034,166.40
7.78%
353,609.99
3,387,776.39
8.72%
8,127.25
1,016,203.50
1,141,820.45
2.93%
-125,616.95
1,024,330.75
2.64%
Hong Kong
Total Consumer Discretionary
Consumer Staples
SEDOL: BG804F6
SEDOL: 2193317
SEDOL: 2246039
SEDOL: 6752349
SEDOL: B3DCKS1
SEDOL: 2832148
SEDOL: B058ZV4
SEDOL: B08YDF9
6180274
SEDOL:
SEDOL: 6344456
Brazil
7.25 140,166.000
Mexico
111.96
2,285.000
2,534.03
255,828.60
332,947.35
0.85%
-77,118.75
258,362.63
0.66%
Mexico
90.77
9,097.000
0.00
825,734.69
895,566.76
2.30%
-69,832.07
825,734.69
2.12%
Malaysia
61.20
10,862.000
0.00
203,568.95
212,329.45
0.54%
-8,760.50
203,568.95
0.52%
United Kingdom
605.68
41,095.000
68,021.33
2,363,504.42
2,091,989.84
5.37%
271,514.58
2,431,525.75
6.26%
Brazil
20.35
64,129.000
467.99
583,916.93
852,508.96
2.19%
-268,592.03
584,384.92
1.50%
Turkey
49.45
4,491.000
0.00
104,883.32
122,051.63
0.31%
-17,168.31
104,883.32
0.27%
42.00 384,700.000
9,629.39
499,301.61
520,874.38
1.34%
-21,572.77
508,931.00
1.31%
Hong Kong
10.21
16,181.000
2,669.87
165,208.01
174,567.02
0.45%
-9,359.01
167,877.88
0.43%
Korea, Republic
472,000.
807.000
0.00
368,628.67
479,165.96
1.23%
-110,537.29
368,628.67
0.95%
Thailand
Page 64
Base Currency: USD
Sector
Country
Mkt
Price
Shares
Accruals
Market Value
Cost
% of
Cost
Unrealized
Gain/Loss
Market
w/Accruals
% of
Total
Korea, Republic
788,000.
384.000
0.00
292,840.41
381,743.26
0.98%
-88,902.85
292,840.41
0.75%
Equities
Consumer Staples
ORION CORP KRW5000
SEDOL: 6896849
SEDOL: 6704986
Taiwan
224.50
72,468.000
0.00
538,746.47
508,797.85
1.31%
29,948.62
538,746.47
1.39%
SEDOL: 6145240
United Kingdom
571.60
34,395.000
0.00
1,866,859.93
1,586,764.78
4.07%
280,095.15
1,866,859.93
4.80%
0.59 876,400.000
7,312.36
411,897.88
423,716.16
1.09%
-11,818.28
419,210.24
1.08%
41,498.000
0.00
302,154.96
255,298.76
0.65%
46,856.20
302,154.96
0.78%
Indonesia
29,250.0 139,173.000
0.00
352,100.53
315,989.38
0.81%
36,111.15
352,100.53
0.91%
Mexico
33.08 436,529.000
0.00
1,103,245.42
1,337,715.18
3.43%
-234,469.76
1,103,245.42
2.84%
98,762.22
11,254,624.30
11,633,847.17
29.84%
-379,222.87
11,353,386.52
29.21%
0.00
139,364.51
130,494.08
0.33%
8,870.43
139,364.51
0.36%
0.00
139,364.51
130,494.08
0.33%
8,870.43
139,364.51
0.36%
SEDOL: B15F664
SEDOL: 6905808
SEDOL: 6687184
SEDOL: B02YZ04
Thailand
China
56.45
Total Consumer Staples
Energy
SEDOL: B0FHTN1
Brazil
55.98
5,564.000
Total Energy
Financials
SEDOL: B84CZX5
Mexico
11.90
37,402.000
0.00
445,083.80
589,313.21
1.51%
-144,229.41
445,083.80
1.15%
ADR ITAU UNIBANCO HLDG SA SPONSORED ADR REPSTG 500
PFD PFD ADR
SEDOL: 2849739
Brazil
16.36
37,750.000
222.01
617,590.00
530,023.77
1.36%
87,566.23
617,812.01
1.59%
Brazil
30.43
16,109.000
0.00
219,332.37
236,090.00
0.61%
-16,757.63
219,332.37
0.56%
Thailand
189.00
73,400.000
9,186.34
428,695.92
493,992.92
1.27%
-65,297.00
437,882.26
1.13%
Brazil
26.13
26,700.000
0.00
312,164.03
271,130.66
0.70%
41,033.37
312,164.03
0.80%
11,000.0 363,465.000
1,886.25
345,812.83
363,420.45
0.93%
-17,607.62
347,699.08
0.89%
SEDOL: B7MBV73
SEDOL: 6077019
SEDOL: B9N3SQ0
SEDOL: B01C1P6
Indonesia
Page 65
Base Currency: USD
Sector
Shares
Accruals
Market Value
Cost
% of
Cost
Unrealized
Gain/Loss
Market
w/Accruals
% of
Total
11.40 166,254.000
0.00
848,025.95
1,096,067.00
2.81%
-248,041.05
848,025.95
2.18%
Singapore
16.94
28,095.000
0.00
379,120.80
350,193.26
0.90%
28,927.54
379,120.80
0.98%
Mexico
86.73
16,770.000
0.00
111,120.95
102,583.17
0.26%
8,537.78
111,120.95
0.29%
Brazil
9.80
93,147.000
0.00
408,438.94
350,593.90
0.90%
57,845.04
408,438.94
1.05%
Thailand
196.50
79,783.000
0.00
484,467.23
497,497.95
1.28%
-13,030.72
484,467.23
1.25%
Hong Kong
38.55
91,634.000
0.00
455,637.69
466,775.68
1.20%
-11,137.99
455,637.69
1.17%
9.90 183,965.000
17,464.14
557,725.77
544,904.83
1.40%
12,820.94
575,189.91
1.48%
Country
Mkt
Price
Equities
Financials
DBS GROUP HLDGS NPV
SEDOL: B2RHNV9
SEDOL: 6175203
2421041
REMGRO ZAR0.01
SEDOL: 6888794
SEDOL: B0PB4M7
PUBLIC BK BHD MYR1
SEDOL:
SEDOL: 2458771
Brazil
SEDOL: 6556325
Malaysia
SEDOL: B012W42
SEDOL: 6290689
Malaysia
20.14
94,100.000
0.00
580,362.58
499,160.14
1.28%
81,202.44
580,362.58
1.49%
South Africa
211.65
31,562.000
0.00
634,317.93
587,593.30
1.51%
46,724.63
634,317.93
1.63%
28,758.74
6,827,896.79
6,979,340.24
17.90%
-151,443.45
6,856,655.53
17.64%
Total Financials
Health Care
MARKET)
SEDOL: BLZGSM7
SEDOL: B013SQ9
THB0.1(ALIEN
Thailand
14.80
0.000
879.20
00.00
0.00
0.00%
0.00
879.20
0.00%
Thailand
14.80 158,060.000
0.00
72,289.49
69,408.22
0.18%
2,881.27
72,289.49
0.19%
879.20
72,289.49
69,408.22
0.18%
2,881.27
73,168.69
0.19%
Total Health Care
Industrials
CCR SA COM NPV
SEDOL: 2840970
2393388
SEDOL:
SEDOL: B068DB9
Total Industrials
Brazil
17.45
26,900.000
686.99
210,029.31
213,566.10
0.55%
-3,536.79
210,716.30
0.54%
Mexico
182.86
4,609.000
0.00
64,390.08
41,877.52
0.11%
22,512.56
64,390.08
0.17%
Philippines
725.00
255.000
0.00
4,147.04
4,435.12
0.01%
-288.08
4,147.04
0.01%
686.99
278,566.43
259,878.74
0.67%
18,687.69
279,253.42
0.72%
Page 66
Base Currency: USD
Sector
Country
Mkt
Price
Shares
Accruals
Market Value
Cost
% of
Cost
Unrealized
Gain/Loss
Market
w/Accruals
% of
Total
China
153.85
3,869.000
0.00
595,245.65
626,253.05
1.61%
-31,007.40
595,245.65
1.53%
China
35.83
2,971.000
0.00
106,450.93
105,469.87
0.27%
981.06
106,450.93
0.27%
China
11.77
14,360.000
0.00
169,017.20
237,023.04
0.61%
-68,005.84
169,017.20
0.43%
Brazil
39.50
51,048.000
0.00
902,210.79
649,855.83
1.67%
252,354.96
902,210.79
2.32%
Russian
27.17
8,300.000
0.00
225,511.00
323,466.51
0.83%
-97,955.51
225,511.00
0.58%
China
68.09
3,000.000
0.00
204,270.00
202,744.01
0.52%
1,525.99
204,270.00
0.53%
China
483.20
8,504.000
0.00
530,015.77
601,298.22
1.54%
-71,282.45
530,015.77
1.36%
Brazil
36.41
7,577.000
0.00
123,438.36
150,331.58
0.39%
-26,893.22
123,438.36
0.32%
Russian
26.50
16,728.000
0.00
443,292.00
536,802.61
1.38%
-93,510.61
443,292.00
1.14%
0.00
3,299,451.70
3,433,244.72
8.81%
-133,793.02
3,299,451.70
8.49%
Equities
SEDOL: B0FXT17
B531ND8
CIELO SA COM NPV
SEDOL: B3NLGR9
SEDOL: B614LY3
B53NQB3
NETEASE INC
SEDOL:
SEDOL:
SEDOL: 2606440
TOTVS SA COM NPV
SEDOL: B01CT30
SEDOL: B10LQP6
SEDOL: B5BSZB3
Total Information Technology
Materials
SEDOL: 2976842
SEDOL: 2448200
SEDOL: B01C3S3
SEDOL: 6795236
United Kingdom
80.07
3,272.000
1,636.00
261,989.04
256,005.03
0.66%
5,984.01
263,625.04
0.68%
Mexico
304.53
21,232.000
0.00
493,985.86
962,225.46
2.47%
-468,239.60
493,985.86
1.27%
United Kingdom
47.80
3,589.000
1,794.50
289,677.84
278,052.76
0.71%
11,625.08
291,472.34
0.75%
14,850.0 176,099.000
4,964.49
226,187.79
282,214.80
0.72%
-56,027.01
231,152.28
0.59%
8,394.99
1,271,840.53
1,778,498.05
4.56%
-506,657.52
1,280,235.52
3.29%
0.00
9,714,524.81
9,169,884.31
23.52%
544,640.50
9,714,524.81
24.99%
0.00
9,714,524.81
9,169,884.31
23.52%
544,640.50
9,714,524.81
24.99%
Indonesia
Total Materials
Miscellaneous/Unclassified
VONTOBEL INDIA FUND
SEDOL: B7D6LT9
Total
India
118.41
82,041.838
Page 67
Base Currency: USD
Country
Mkt
Price
Shares
Accruals
Market Value
Cost
% of
Cost
Unrealized
Gain/Loss
Market
w/Accruals
% of
Total
Thailand
242.00
34,600.000
0.00
258,751.55
291,518.61
0.75%
-32,767.06
258,751.55
0.67%
South Africa
210.81
19,036.000
0.00
381,058.02
361,612.30
0.93%
19,445.72
381,058.02
0.98%
2,265.00 2,221,050.00
15,737.59
435,123.32
465,969.68
1.20%
-30,846.36
450,860.91
1.16%
15,737.59
1,074,932.89
1,119,100.59
2.87%
-44,167.70
1,090,670.48
2.81%
6,341.000
1,674.12
53,651.45
49,395.81
0.13%
4,255.64
55,325.57
0.14%
67.00 125,638.000
0.00
1,085,761.49
1,069,829.93
2.74%
15,931.56
1,085,761.49
2.79%
Total Utilities
1,674.12
1,139,412.94
1,119,225.74
2.87%
20,187.20
1,141,087.06
2.94%
Total Equities
154,893.85
38,460,680.78
38,727,088.26
99.35%
-266,407.48
38,615,574.63
99.34%
Accruals
Market Value
Cost
% of
Cost
Unrealized
Gain/Loss
Market
w/Accruals
Sector
Equities
SEDOL: 6412591
SEDOL: 6563206
SEDOL: BD4T6W7
Indonesia
Total Telecommunication Services
Utilities
SEDOL: B031NN3
Brazil
SEDOL: 6435327
Hong Kong
18.91
Non-Equities
Sector
Country
Exchange Rate
% of
Total
Cash
Brazilian real
Brazil
2.23
0.00
2,870.47
2,865.09
0.01%
5.38
2,870.47
0.01%
Hong Kong
7.75
0.00
0.00
1.22
0.00%
-1.22
0.00
0.00%
Indonesian rupiah
Indonesia
11,561.50
0.00
0.00
0.00
0.00%
0.00
0.00
0.00%
South Korean won
Korea, Republic
1,033.30
0.00
3,652.60
3,651.47
0.01%
1.13
3,652.60
0.01%
Malaysia
3.27
0.00
1.78
1.78
0.00%
0.00
1.78
0.00%
Hong Kong dollar
Malaysian ringgit
Mexican peso
Philippine peso
Thai baht
Mexico
13.09
0.00
-13,340.33
-13,340.33
-0.03%
0.00
-13,340.33
-0.03%
Philippines
44.58
0.00
4,511.65
4,515.74
0.01%
-4.09
4,511.65
0.01%
Thailand
32.36
0.00
0.00
-3.09
0.00%
3.09
0.00
0.00%
Page 68
Base Currency: USD
Cash
United States dollar
0.00
257,215.35
257,215.35
0.66%
0.00
257,215.35
0.66%
Total Cash
0.00
254,911.52
254,907.23
0.65%
4.29
254,911.52
0.66%
Total Non-Equities
0.00
254,911.52
254,907.23
0.65%
4.29
254,911.52
0.66%
154,893.85
38,715,592.30
38,981,995.49
100.00%
-266,403.19
Total
United States
1.00
38,870,486.15 100.00%
Page 69
Portfolio Review – USD
Account: LA Water And Power Emp. Retirement, Disability And Death Benefit Plan
Account: LA Water And Power Emp. Retiree Health Benefits Fund
Initial Contribution:
(12/27/2012)
Initial Contribution:
(12/27/2012)
Performance Inception:
$204,526,073
January 1, 2013
Performance Inception:
$34,886,167
January 1, 2013
Contributions:
Total Contributions
$0
$204,526,073
Contributions:
Total Contributions
$0
$34,886,167
Withdrawals:
Incoming Stripping:
Total Withdrawals:
$0
$0
$0
Withdrawals:
Incoming Stripping:
Total Withdrawals:
$0
$0
$0
Net Contribution:
$204,526,073
Net Contribution:
$34,886,167
Portfolio Return:
$22,589,592
Portfolio Return:
$3,984,319
Market Value:
(4/30/2014)
Benchmark:
$227,115,665
Market Value:
(4/30/2013)
Morgan Stanley Capital International Emerging Markets Investable Market
Index (ND) (“MSCI EM IMI ND”).
$38,870,486
Page 70
Portfolio Characteristics as of April 30, 2013
Portfolio Valuation
Portfolio
MSCI EM IMI
Statistics (Since Inception)
Portfolio
MSCI EM IMI
Capitalization ($ bn), weighted average
35.1
36.9
Annualized Relative Returns
-0.34
N/A
Capitalization ($ bn), weighted median
21.7
13.7
Alpha (Annualized)
0.15
N/A
P/E - Forecast 12-month, weighted harmonic average
17.7
10.4
Beta
1.12
1.00
P/E - Trailing 12-month, weighted harmonic average
18.0
11.0
Sharpe Ratio
-0.12
-0.12
P/B, weighted harmonic average
3.8
1.4
Annualized Standard Deviation
14.78
11.82
Price/Sales, weighted harmonic average
3.0
1.0
Tracking Error
6.68
N/A
Price/Cash Flow, weighted harmonic average
15.7
6.1
R-squared
80.51
N/A
Dividend Yield (%)
2.2
2.6
Correlation
0.90
N/A
5 Yr Historical EPS Growth
19.8
15.3
Information Ratio
-0.05
N/A
Return on Equity, weighted average
28.4
16.3
Jensen's Alpha
0.15
N/A
79
2,621
Treynor Ratio
-1.55
-1.41
VaR 95%
-7.93
-6.67
Turnover %*
23.13
N/A
Number of Securities
Inception Date: 1/1/13
Statistics are based on gross performance of the LA Water And Power Emp. Retirement, Disability And Death Benefit Plan’s portfolio.
*Turnover is for the period 4/1/13 – 4/30/14.
The number of securities provided includes the 18 securities held in the Vontobel India Fund (VIF) as of 4/30/14.
Benchmark: MSCI Emerging Markets Investable Market Index (ND)
Source: FactSet/Northern Trust
Page 71
Reporting
01 MAY 13 - 30 APR 14
u
Page 1 of 2
Broker Commission by Broker Summary - VTB
Base Currency: USD
Commission Information
Base
Apex Fund Services
Auerbach Grayson Co Inc
Banco Bradesco
Total Shares
Net Base Amount
Commission
Per
Share
% Cost
of Trade
91,723.64
9,405,105.82
0.00
0.00
0.000%
619,783.00
2,489,095.22
4,846.59
0.01
0.195%
19,453.00
109,366.86
109.23
0.01
0.100%
BANCO SANTANDER
330,035.00
3,576,662.60
1,855.58
0.01
0.052%
Barclays
339,506.00
2,554,767.76
2,574.65
0.01
0.101%
Bloomberg Tradebook LLC
BTG Pactual US Capital Corp
Cantor Fitzgerald Securities
28,533.00
803,773.18
855.99
0.03
0.106%
146,222.00
1,737,679.03
1,735.42
0.01
0.100%
1,001,318.00
6,813,178.08
6,879.21
0.01
0.101%
CIMB Securities International PTE LTD
441,862.00
819,213.36
1,382.65
0.00
0.169%
CITIGROUP GLOBAL MARKETS
373,191.00
4,376,629.49
6,891.61
0.02
0.157%
CITIGROUP GLOBAL MKTS INC
129,881.00
738,639.77
1,073.24
0.01
0.145%
Credit Lyonnais Securities (Asia)
2,652,589.00
9,549,481.28
6,596.29
0.00
0.069%
Credit Suisse First Boston
1,206,591.00
4,257,790.95
5,223.18
0.00
0.123%
Deutsche Bank Securities Inc.
3,918,400.00
10,296,284.10
14,827.02
0.00
0.144%
DNB Markets, Inc.
5,698.00
115,910.32
116.03
0.02
0.100%
Exane Inc.
3,640.00
74,073.05
74.15
0.02
0.100%
28,941.00
410,951.33
636.10
0.02
0.155%
2,696,761.00
10,574,928.70
10,703.49
0.00
0.101%
39,737.00
285,415.58
405.64
0.01
0.142%
Instinet
7,455.00
111,001.22
223.65
0.03
0.201%
Investec Securities US LLC
1,482.00
30,055.84
30.09
0.02
0.100%
150,900.00
355,861.22
263.39
0.00
0.074%
Itau Securities Inc.
60,637.00
425,529.01
424.97
0.01
0.100%
Jefferies
93,534.00
3,774,178.47
4,061.97
0.04
0.108%
JP Morgan Securities LLC
799,190.00
8,911,996.77
5,686.79
0.01
0.064%
JP Morgan-NY
570,275.00
3,385,530.53
6,976.40
0.01
0.206%
Global Direct Equities LLC
Goldman Sachs & Co.
HSBC Securities
Investment Technology Group Inc.
*Generated by Northern Trust data on 28 May 14 C4548
Page 72
Reporting
01 MAY 13 - 30 APR 14
u
Page 2 of 2
Base Currency: USD
Base
Liberum
Macquarie Capital Inc.
MainFirst
Total Shares
Net Base Amount
Commission
Per
Share
% Cost
of Trade
23,516.00
626,235.78
626.46
0.03
0.100%
324,907.00
1,145,273.87
2,226.30
0.01
0.194%
1,647.00
125,205.59
125.07
0.08
0.100%
Merrill Lynch
380,975.00
5,872,132.50
6,985.16
0.02
0.119%
Morgan Stanley & Co. Inc.
245,785.00
4,176,853.52
6,206.27
0.03
0.149%
Pavilion Global Markets
2,773.00
77,591.59
83.19
0.03
0.107%
Redburn Securities
16,834.00
235,674.32
505.02
0.03
0.214%
Renaissance Capital Limited
70,281.00
1,668,657.08
2,918.10
0.04
0.175%
Samsung Securities America Inc.
14,729.00
637,786.38
1,281.98
0.09
0.201%
Sanford Bernstein
673,793.00
7,140,810.04
3,370.31
0.01
0.047%
SCOTIA CAPITAL
14,036.00
399,063.71
402.09
0.03
0.101%
Societe Generale
UBS SECURITIES LLC
Total for Account VT112 - LA WATER RETIREMENT FUND
497,370.00
5,054,157.25
1,732.65
0.00
0.034%
2,999,519.00
8,527,344.83
6,742.84
0.00
0.079%
21,023,502.64
121,669,886.00
117,658.77
0.01
0.097%
Although this report has been prepared using information believed to be reliable, it may contain information provided by third parties or derived from third party information, and/or information that may have been obtained from,
categorized or otherwise reported based upon client direction. The Northern Trust Company does not guarantee the accuracy, timeliness or completeness of any such information. The information included in this report is intended
to assist clients with their financial reporting needs, but you must consult with your accountants, auditors and/or legal counsel to ensure your accounting and financial reporting complies with applicable laws, regulations and
accounting guidance. The Northern Trust Company and its affiliates shall have no responsibility for the consequences of investment decisions made in reliance on information contained in this report.
IRS CIRCULAR 230 NOTICE: To the extent that this message or any attachment concerns tax matters, it is not intended to be used and cannot be used by a taxpayer for the purpose of avoiding penalties that may be imposed by
law. For more information about this notice, see http://www.northerntrust.com/circular230.
*Generated by Northern Trust data on 28 May 14 C4548
Page 73
Reporting
01 MAY 13 - 30 APR 14
u
Page 1 of 2
Base Currency: USD
Base
Apex Fund Services
Auerbach Grayson Co Inc
Banco Bradesco
Total Shares
Net Base Amount
Commission
Per
Share
% Cost
of Trade
15,931.75
1,632,133.33
0.00
0.00
0.000%
106,207.00
427,547.44
833.06
0.01
0.195%
3,364.00
18,998.58
18.97
0.01
0.100%
BANCO SANTANDER
63,508.00
625,029.58
347.04
0.01
0.056%
Barclays
59,214.00
439,998.91
443.29
0.01
0.101%
Bloomberg Tradebook LLC
4,645.00
121,884.41
139.35
0.03
0.114%
25,040.00
298,121.92
297.73
0.01
0.100%
Cantor Fitzgerald Securities
174,814.00
1,174,527.43
1,189.28
0.01
0.101%
CIMB Securities International PTE LTD
BTG Pactual US Capital Corp
128,521.00
164,090.58
267.89
0.00
0.163%
CITIGROUP GLOBAL MARKETS
63,797.00
748,828.19
1,179.17
0.02
0.157%
CITIGROUP GLOBAL MKTS INC
20,864.00
109,157.25
158.53
0.01
0.145%
Credit Lyonnais Securities (Asia)
411,518.00
1,683,311.53
1,163.82
0.00
0.069%
Credit Suisse First Boston
202,343.00
719,773.22
886.82
0.00
0.123%
Deutsche Bank Securities Inc.
668,321.00
1,750,658.88
2,526.07
0.00
0.144%
DNB Markets, Inc.
979.00
19,915.09
19.94
0.02
0.100%
Exane Inc.
625.00
12,718.87
12.74
0.02
0.100%
5,135.00
72,680.45
114.04
0.02
0.157%
460,971.00
1,810,660.86
1,828.64
0.00
0.101%
HSBC Securities
6,812.00
48,971.26
69.66
0.01
0.142%
Instinet
1,285.00
19,133.01
38.55
0.03
0.201%
254.00
5,151.55
5.16
0.02
0.100%
Investment Technology Group Inc.
25,600.00
60,882.51
45.24
0.00
0.074%
Itau Securities Inc.
10,390.00
73,014.27
72.94
0.01
0.100%
Jefferies
16,420.00
654,551.43
706.95
0.04
0.108%
132,549.00
1,493,829.34
960.58
0.01
0.064%
97,622.00
579,500.63
1,194.19
0.01
0.206%
Global Direct Equities LLC
Goldman Sachs & Co.
Investec Securities US LLC
JP Morgan Securities LLC
JP Morgan-NY
*Generated by Northern Trust data on 4 Jun 14 C4548
Page 74
Reporting
01 MAY 13 - 30 APR 14
u
Page 2 of 2
Base Currency: USD
Base
Liberum
Macquarie Capital Inc.
MainFirst
Total Shares
Net Base Amount
Commission
Per
Share
% Cost
of Trade
4,035.00
107,289.99
107.34
0.03
0.100%
55,351.00
195,214.41
378.17
0.01
0.194%
279.00
21,207.12
21.20
0.08
0.100%
Merrill Lynch
65,245.00
1,006,263.38
1,192.72
0.02
0.119%
Morgan Stanley & Co. Inc.
42,589.00
715,297.75
1,066.11
0.03
0.149%
Pavilion Global Markets
Redburn Securities
Renaissance Capital Limited
Samsung Securities America Inc.
478.00
13,374.97
14.34
0.03
0.107%
2,882.00
40,346.26
86.46
0.03
0.214%
11,993.00
284,879.39
498.39
0.04
0.175%
2,516.00
108,946.33
218.99
0.09
0.201%
Sanford Bernstein
118,129.00
1,230,370.15
587.71
0.00
0.048%
SCOTIA CAPITAL
2,388.00
67,830.19
68.43
0.03
0.101%
Societe Generale
UBS SECURITIES LLC
Total for Account VT113 - LA WATER RET HEALTH BEN FUND
86,523.00
876,799.74
300.45
0.00
0.034%
513,586.00
1,474,708.11
1,161.49
0.00
0.079%
3,612,723.75
20,907,598.31
20,221.45
0.01
0.097%
Although this report has been prepared using information believed to be reliable, it may contain information provided by third parties or derived from third party information, and/or information that may have been obtained from,
categorized or otherwise reported based upon client direction. The Northern Trust Company does not guarantee the accuracy, timeliness or completeness of any such information. The information included in this report is intended
to assist clients with their financial reporting needs, but you must consult with your accountants, auditors and/or legal counsel to ensure your accounting and financial reporting complies with applicable laws, regulations and
accounting guidance. The Northern Trust Company and its affiliates shall have no responsibility for the consequences of investment decisions made in reliance on information contained in this report.
IRS CIRCULAR 230 NOTICE: To the extent that this message or any attachment concerns tax matters, it is not intended to be used and cannot be used by a taxpayer for the purpose of avoiding penalties that may be imposed by
law. For more information about this notice, see http://www.northerntrust.com/circular230.
*Generated by Northern Trust data on 4 Jun 14 C4548
Page 75
Part I:
Company Overview
Part II:
Part III:
Market Overview
Part IV:
Performance Review
Part V:
Part VI:
Appendix
Fee Schedule
Disclaimer
Page 76
Fee Schedule
1.) The Board shall pay the Contractor an annual flat fee of 63 basis points calculated as follows:
The basis would be the aggregated average market value of the total managed assets on Emerging Market Equity as valued by
the Custodian and reconciled by the Contractor hereunder as of the last business day of each calendar month.
2.) The Contractor warrants that the annual fee set forth above will not result in payment by the Board of fees exceeding those that
would be payable for management of assets equal in value to the Accounts by any of the Contractor’s other clients for whom it
provides the same or similar services. In the event that the Contractor enters into a future agreement with another client to provide
the same or similar services that would produce a lower fee for investing assets equal in value to the Accounts, said lower fee shall
automatically apply to this Contract and shall supersede the annual fee set forth above.
3.) The Contractor shall bill 1/4th of the fees above every quarter and in arrears.
4.) For the initial quarter of the service hereunder, the fee will be prorated beginning with the first day that funds are made
available for investment. In the event of termination, expiration, and/or resignation of this Contract, the fee shall be prorated to
the date of such termination, expiration, and/or resignation.
5.) The annual fees shall be the sole compensation paid to the Contractor by the Board for the services provided and expenses
incurred by the Contractor hereunder. No additional amounts shall be due the Contractor for overhead, out-of-pocket or other
expenses incurred in connection with this agreement.
Page 77
Emerging Markets Equity Composite
Emerging Markets Equity Composite Performance
As of March 31, 2014
Period
Gross of Fee
Composite
Total Return1
Net of Fee
Composite
MSCI EM GD
Composite Characteristics at End of Period
Internal
Market Value
% Firm
# Accts
(US$ million)
Assets
Dispersion2
External Standard Deviation3
Gross of Fee Net of Fee
MSCI EM GD
Composite
Composite
2014 YTD
2.40%
2.13%
-0.37%
31
N/A
23,438
56%
16.05%
16.05%
19.20%
2013
-4.71%
-5.75%
-2.27%
32
0.60%
23,493
54%
16.41%
16.41%
19.03%
2012
22.16%
20.91%
18.63%
26
0.48%
19,646
55%
17.06%
17.07%
21.49%
2011
-1.72%
-2.77%
-18.17%
17
0.46%
8,682
43%
19.05%
19.04%
25.76%
2010
31.11%
29.42%
19.20%
12
0.80%
4,877
42%
25.69%
25.70%
32.59%
2009
55.68%
53.36%
79.02%
8
2.19%
2,098
27%
26.42%
26.40%
32.35%
2008
-46.34%
-47.34%
-53.18%
6
0.64%
904
17%
25.58%
25.55%
28.68%
2007
38.05%
35.35%
39.78%
5
N/A
1,521
17%
16.61%
16.59%
18.11%
2006
37.66%
35.20%
32.59%
4
N/A
1,123
16%
14.50%
14.48%
17.32%
2005
25.68%
23.30%
34.54%
4
N/A
729
18%
14.39%
14.36%
16.42%
2004
37.59%
35.37%
25.95%
2
N/A
360
12%
16.12%
16.07%
17.59%
1
Total returns are expressed in USD.
2
The measure of internal dispersion presented is an asset-weighted standard deviation based on gross of fee returns, and is calculated if the composite contains greater than five portfolios for the full year.
3-year annualized standard deviation based on monthly returns.
3
Source: Vontobel
Page 78
Performance Disclosure

Vontobel Asset Management, Inc. (“VAMUS“) is an investment advisory firm registered with the Securities and Exchange Commission, under the Investment Advisers Act of 1940, as amended, and a
subsidiary of Vontobel Holding AG, Zurich, Switzerland. For GIPS purposes, the firm is defined as all institutional accounts at VAMUS, excluding wrap accounts and private client assets. The firm
maintains a complete list and description of composites, which is available upon request. Policies for valuing portfolios, calculating performance, and preparing compliant presentations are available
upon request.

Emerging Markets Equity Composite includes all discretionary accounts, excluding wrap accounts and private client assets, that invest mainly in equity securities of issuers located in emerging
market countries in Asia, Latin America, Africa, and Europe. Results of the composite are shown compared to the Morgan Stanley Capital International - Emerging Markets Index (the “MSCI Emerging
Markets Index”), an unmanaged index based on share prices of a select group of global emerging market stocks that are available to global investors. The benchmark is used for comparative purposes
only and generally reflects the risk or investment style of the investments in the composite. The index is a free float-adjusted market capitalization index of approximately 820 stocks that is designed
to measure equity market performance in 21 emerging markets countries. The index is calculated on a total return basis with gross dividends reinvested, but does not reflect fees, withholding taxes
or other investment expenses, and is expressed in U.S. Dollars. Investments made by VAMUS for the portfolios it manages according to respective strategies may differ significantly in terms of
security holdings, industry weightings, and asset allocation from those of the MSCI Emerging Markets Index. The minimum account size for this composite is $1 million.

VAMUS claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. VAMUS has been
independently verified for the periods between January 1, 2001 through December 31, 2012. Verification assesses whether (1) the firm has complied with all the composite construction
requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The
Emerging Markets Equity composite has been examined for the periods between January 1, 1994 through December 31, 2012. The verification and performance examination reports are available upon
request.

Results are based on fully discretionary institutional accounts under management, including those accounts no longer with the firm, and excluding wrap accounts and private client assets. Net
composite performance is presented after the deduction of foreign withholding taxes. Capital gains, dividends and interest income received may be subject to withholding taxes imposed by the
country of origin and such taxes may not be recoverable. Results portrayed reflect the reinvestment of dividends and other earnings. Past performance is not indicative of future results.

No portfolios contained in this composite were carved out from balanced portfolios or multi-manager portfolios currently or historically. Leverage and short positions are not used in the composition
of client portfolios. Derivatives in the form of forward foreign currency contracts were used in managing client portfolios for opportunistic currency hedging until October 2011.

The Vontobel Global Emerging Markets Fund, an unregistered private investment trust, pays a bundled fee, the components of which include: investment management fees; custodial fees; legal fees;
and, other administrative expenses. Bundled-fee portfolios as a percentage of composite assets at year-end are as follows: 3.5% in 2007, 3.1% in 2008, 3.9% in 2009, 2.1% in 2010, 3.8% in 2011,
7.8% in 2012, 9.6% in 2013. Prior to 2007 there were no bundled-fee portfolios in the composite.

The U.S. Dollar is the currency used to express performance. Returns include the effect of foreign currency exchange rates. Returns are presented gross and net of management fees and include the
reinvestment of all income. The gross rates of return are presented before the deduction of investment management fees, other investment-related fees, and after the deduction of foreign
withholding taxes, brokerage commissions and transaction costs. An investor’s actual return will be reduced by investment advisory fees. The net rates of return are presented after the deduction of
investment management fees, brokerage commissions, transaction costs, other investment-related fees and foreign withholding taxes and bundled fees. Such investment management fees are actual
fees, as distinguished from model fees. Starting in 2012, the net rates of return are also reflective of performance fees. Prior to 2012, the net rates of return did not contain any performance-based
fee components.

The standard annual management fees charged by VAMUS for the Composite are: 0.95% on the first $100 million, 0.85% over $100 million. Certain accounts may have higher management fees than
the standard fee schedule and performance-based fees may be charged. Investment advisory fees are further described in Part 2 of its Form ADV.

The Emerging Markets Equity Composite was created October 31, 1992. Compliance with GIPS has been verified firm-wide by Ashland Partners & Company LLP from January 1, 2005 through December
31, 2012. In addition, a performance examination was conducted on the Emerging Markets Equity Composite beginning January 1, 2005. For the period January 1, 2001 through December 31, 2004,
VAMUS was verified firm-wide by, and the performance results of the Emerging Markets Equity Composite were examined by, Ernst & Young LLP. Performance results from January 1, 1994 to
December 31, 2000 have been examined by PriceWaterhouseCoopers.

The Performance Disclosure was updated on August 8, 2013 to disclose of the fact that the net rates of return are reflective of performance fees starting in 2012.
Page 79
Disclaimer
The index comparisons in this presentation are provided for informational purposes only, should not be used as the basis for making an
investment decision, and may not be comparable. The results portrayed reflect the re-investment of dividends and other earnings. There are
significant differences between client accounts and the indices referenced, including, but not limited to, risk profile, liquidity, volatility, and
asset composition. Further, you cannot invest directly in an index.
Any opinions and projections contained in this presentation are based on a variety of estimates and assumptions. There can be no assurance
that the assumptions made in connection with the projections will prove accurate, and actual results may differ materially. The inclusion of
projections should not be regarded as an indication that Vontobel considers the opinions or projections to be reliable predictors of future events
and should not be relied upon as such.
This disclaimer applies to this presentation and the oral or written comments of any person presenting it.
The inclusion in the composite of the performance of wrap accounts and private client assets could result in a material difference in the
performance returns.
There can be no assurance that investment objectives will be achieved. Clients must be prepared to bear risk of a total loss of their investment.
As fees are deducted quarterly, the compounding effect will be to increase the impact of the fee by an amount directly related to the gross
account performance. For example, on an account with a 0.5% fee, and gross performance of 20% over one year, the compounding effect of the
fee will result in performance of approximately 19.4%. A $10,000 initial investment would grow to approximately $14,256 gross of fees, versus
$14,000 net of fees, over a two-year period.
The securities identified and described in this presentation do not represent all of the securities purchased, sold or recommended. The reader
should not assume that an investment in the securities identified was or will be profitable. There is no assurance that any investments
identified will remain in the portfolio at the time this presentation is received.
Returns and attributions are transaction based.
Page 80
Disclaimer
DEFINITIONS:
Asset Allocation: The relative return that comes from the manager's decision to overweight and underweight a sector relative to the
benchmark. Positive Asset Allocation effects come from under weighting an under performing sector or overweighting an over performing
sector, relative to an appropriate benchmark.
Performance Calculation: Effective 4/1/2010, VAMUS uses the Linked Daily Returns method for calculating daily total return for its client
accounts. Daily Returns are determined by calculating the increase or decline in value of an account from the beginning of the day to the end
of the day, including accounting for cash inflows and outflows. Daily returns are then geometrically linked to calculate cumulative returns (i.e.
Monthly, Quarterly, and Annual). VAMUS includes realized and unrealized gains and losses as well as all income in its total return calculation.
Stock Selection: The relative return that comes from the manager's security selection within a sector relative to the benchmark. Positive
Security Selection comes from assets within a sector out performing the assets in the same sector in the benchmark.
Total Management Effect: The geometric linking of the above to effects in order to come to a total.
Transaction based: Transaction based means that transactions throughout the day are taken into account when calculating returns.

High Quality Growth At Sensible Prices

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