los angeles capital management - Water and Power Employees

Transcription

LOS ANGELES DEPARTMENT OF WATER & POWER
EMPLOYEES’ RETIREMENT PLAN AND RETIREE HEALTH BENEFITS FUND
JUNE 2014
LACM EMERGING MARKETS FUND L.P.
This page has been intentionally left blank
TABLE OF CONTENTS
I.
Firm Overview
II.
Investment Philosophy and Process
III.
Market Overview
IV.
Performance Review and Attribution
V.
Portfolio Characteristics
VI.
Appendix

Holdings

Biographies
2
2013-13658
INTRODUCTION
LOS ANGELES CAPITAL MANAGEMENT
THOMAS D. STEVENS, CFA
Chairman and Principal
BBA University of Wisconsin, 1974
MBA University of Wisconsin, 1976
1986 – 2002 Wilshire Asset Management
1980 – 1986 Wilshire Associates
1976 – 1980 National Bank of Detroit
LARA L. CLARKE
Managing Director and Principal
BS Pennsylvania State University, 1999
MBA UCLA Anderson School of Management, 2012
2006 – 2008 StarMine Corporation
2005 – 2006 Tiburon Research Group
1999 – 2004 Thomson Financial
LAINA CEDDIA DRAEGER, CFA
Portfolio Manager and Principal
BA Boston College, 2005
MBA University of San Francisco, 2007
2006 – 2007 First Republic Investment Management
4
2013-13658
FIRM OVERVIEW
Employee-owned institutional equity boutique
 DYNAMIC – Adaptive, forward looking investment process
 CONSISTENT – Superior performance across market cycles
 STABLE – Investment team built over twenty-seven years
 FOCUSED – Meeting client risk and return objectives
5
2013-13658
FIRM OVERVIEW
$16.9 BILLION IN ASSETS UNDER MANAGEMENT
$4.6 BILLION IN EMERGING MARKETS STRATEGY
LACM Emerging Markets Fund L.P Fund: $1.7b
DWP Retirement Plan: $219m, 12.76%
DWP Health Benefits Fund: $37m, 2.18%
Emerging
Markets
27%
Long/Short &
Active Ext**
8%
Small/Mid
Cap
6%
Large Cap
26%
CLIENT BASE
CUSTOMIZED MANDATES
 55 Portfolios – 37 Clients
 Average mandate > $250 mm
Global
26%
All Cap
7%
DIVERSIFIED BUSINESS
 65% Fund sponsors
 35% Fin’l Inst.– Sub advisory
LA Fire & Police
Christian Brothers
OPERS
State of Michigan
State of North Dakota
Wilshire
Vanguard
DIVERSIFIED CLIENTS
 56% U.S.
 44% Non-U.S.
MANDATES
*As of 3/31/2014 **Includes U.S., Global & EAFE
2013-13658
6
|FIRM OVERVIEW|
INVESTMENT TEAM
7
2013-13658
FIRM OVERVIEW
INVESTMENT COMMITTEE
Stable and Experienced Research Organization
 55 employees
 Senior Portfolio Managers average 19 years of experience
NAME
INVESTMENT COMMITTEE
Thomas D. Stevens, CFA
Hal W. Reynolds, CFA
David R. Borger, CFA
Stuart K. Matsuda
Daniel E. Allen, CFA
Christine M. Kugler
Dan M. Dement, CFA, CAIA
Edward Rackham, Ph.D.
Bradford J. Rowe, CFA
Charles Fann, CFA
Fanesca Young, Ph.D., CFA
*As of 4/15/2014
2013-13658
TITLE/RESPONSIBILITY
Chairman
Principal
Chief Investment Officer
Principal
Director of Research
Principal
Director of Trading
Principal
Director of Global Equities
Principal
Director of Implementation
Principal
Director
Principal
Director of Risk Management
Principal
Director
Principal
Director
Principal
Director
Principal
All Investment Committee members are principals of the firm
100% employee owned by 27 employees
YRS EXP EDUCATION
38
32
37
27
31
21
17
9
13
11
9
MBA Finance University of Wisconsin, 1976
BA University of Virginia, 1980
MBA University of Pittsburgh, 1982
BA Wittenberg University, 1970
MA, MBA University of Michigan, 1975, 1977
BBA University of Hawaii, 1986
MBA California State University, 1990
BBA Pacific Lutheran University, 1982
MBA University of Chicago, 1991
BA University of California at SB, 1993
BBA Texas State University, 1996
MBA USC, 2001
MChem Oxford University, 2000
Ph.D. (Chem) Oxford University, 2004
BS NYU, 1999
BS UCLA, 2002
M. Phil. (Stat.) Columbia University, 2005
Ph.D. (Stat.) Columbia University, 2005
PROFESSIONAL EXPERIENCE
Wilshire Associates 1980-2002
Nat'l Bank of Detroit 1976-1980
Mellon Bank 1982-1989
Nat'l Bank of Detroit 1977-1986
Wilshire Associates 1986 - 2002
Wilshire Associates 1993-2009, 1983-1989
Asset Strategy Consulting 1991-1993
First Quadrant 1999 - 2005
401(k) Investment Srvcs 1998-1999
Site Analytics 1999-2005
S1 Corporation 2002-2004
Amgen 2005-2007
8
FIRM OVERVIEW
THE FIRM
NAME
Laina Ceddia Dreager, CFA
Aaron Miller, CFA
Portfolio
Principal
Portfolio
Principal
Portfolio
Principal
Portfolio
YRS EXP EDUCATION
Manager
7
Manager
9
BA Harvard University, 2005
Manager
8
BA USC, 2006
City National Bank 2006-2007
Management Associate
8
Matthew Stevens
Portfolio Management Associate
10
BA Wake Forest University, 2002
BA University of Wisconsin, 2004
UBS New York 2011
JMI Capital 2007 - 2010
Steven Chew
Portfolio Management Analyst
4
BS UCLA, 2010
Soulmaz Zarea
Portfolio Management Analyst
<1
BS USC, 2013
Dinah Chowayou
15
Cien Shang
Research Associate
3
Susana Salazar
Research Analyst
2
BS University of The Philippines, 1999
MS Cornell, 2005
BS USC, 2002
BS USC, 2003
MSFE Claremont Graduate Univ, 2009
MA (Econ), Indiana Univ-Purdue, 2007
MS University of Wisconsin, 2009
BS Peking University, 2010
MS University of California, Los Angeles 2012
BS Tsinghua University, 2003
Ph.D. Columbia University, 2010
BS, UCLA 2012
Deloitte Tax LLP 2005-2006
IFC Advisory 2004-2008
Bank of the West 2003-2004
Tuco Trading 2007-2008
JB Ceglar Capital 2004-2007
Yao Shi
Associate Director
Principal
Associate Director
Principal
Associate Director
Principal
Associate Director
Principal
Research Associate
Steve Oetomo
26
BA Cal State University, 1988
34
BS West Coast University, 1978
16
13
BS Korea University, 1995
MS Texas A&M, 1998
BS UCLA, 2001
Alan "Shlomo" Abraham
Director of Information Technology
Principal
Systems Architect
Principal
Senior Applications Developer
Principal
Principal
7
BS University of California, Irvine 2005
Alexandre Bujard
Software Test Engineer
3
BS School of Business & Engineering Vaud, 2010
Contract consulting 1979-2001
Nuveen Investments 2007-2008
Long Beach Container Terminal
2002-2008
Cornerstone OnDemand 2010 – 2012
Time Warner Cable 2008 – 2010
Diagnoplex 2013
School of Business & Engineering Vaud 2010-2013
David Guo
Applications Developer
2
BS University of California Irvine, 2012
Vincent Setiono
IT Analyst
12
BS Cal Poly University, Pomona, 2008
Kristin Ceglar, CFA
Daniel Arche, CFA
Anthony Arefian, CFA
Justin Ceglar, CAIA
Yuan Ding
Michael J. Paschal
Sora Kim
Gene Wang
11
10
5
2
Worldquant, LLC 2012 – 2013
KITP, UCSB 2010 - 2013
Valueclick Media 2012 – 2013
NxSystems DBA NXTV 2008 – 2010
CalJava International Inc. 2002 – 2008
*As of 4/15/2014
2013-13658
9
FIRM OVERVIEW
THE FIRM
NAME
EDUCATION
James Pak
System and Network Administrator
17
AS AnYang Technical College, 1984
TUI University 2009 – 2012
Phillips 2003 – 2009
Tinna Chang
Applications Developer
<1
BS UCLA, 2013
Shaun McCarty
QA Analyst
10
BS Cal State University, Northridge 2005
Richard Dixon
Director of Global Trading Strategy
31
BA UCLA, 1980
Bradley P. Barker, CFA
Global Trading Associate
Principal
Trading Analyst
9
BA UCLA, 2003
6
BA San Diego State University, 2008
32
Patricia Go
Managing Director - Client Relationships
Principal
Managing Director - Client Relationships
Principal
Associate
5
MA London School of Economics, 1979
MBA UCLA Anderson School of Mgmt, 2012
BA UCLA, 2009
Joanna Saadeh
Marketing Analyst
<1
BA University of California Santa Cruz, 2012
Carin Madden
17
BS Pepperdine University, 1996
Janice Duenas
Director of Operations
Principal
Operations Manager
27
BBA University of Oklahoma, 1986
Tanvi Kacheria
Operations Analyst
3
BA USC, 2010
Lauren Eyfer
Operations Analyst
2
BA University of California Santa Cruz, 2011
Eric Oh
Operations Analyst
<1
Mitchell Smith
Operations Analyst
<1
BA Cal State University, Fullerton, 2012
Chudacoff Simon Cherin & Friedman LLP 2008 - 2014
Jennifer Reynolds, IACCP®
Controller and CCO
14
Wilshire Associates 2001 – 2002
Jennifer Badour
Principal
Compliance Analyst
3
BS Cal State University, Northridge 1998
32
Mindy Borghi, SPHR-CA
General Counsel
Managing Director
Human Resources Manager
BS University of Southern California, 1977
JD Loyola Law School, 1982
MBA University of Southern California, 1985
BS University of California at SB, 1978
City National Bank 2000 – 2001
EJM Development Co. 1999-2014
Jeffer, Mangels, Butler and Marmaro 1991-1999
Trust Company of the West, 2000 – 2013
Heller Ehrman LLP, 1990 – 2000
Cirque du Soleil 2011 – 2013
Syndero, Inc. 2011
Bradley Drea
Compliance Analyst
3
BS University of Arizona, 2011
The Vanguard Group 2011 – 2012
Charlotte Perry
Office Manager
26
Cerritos City College, 1985
Wells Fargo Dealer Services 2009 – 2011
Linebarger Goggan Blair & Sampson LLP 2006 – 2009
Joseph Garcia
Charles Morris, CFA
Lara L. Clarke
Linda D. Barker
*As of 4/15/2014
2013-13658
YRS EXP
15
18
U-Blox 2013
Covidien 2012 - 2013
Bloomberg 2011 - 2014
Investment Technology Group, Inc. 2006 - 2010
Citigroup Global Quant 1999 – 2007
IBES 1988 – 1999
StarMine 2006 – 2008
Thomson Baseline 1999 – 2005
Palisades Investment Partners 2009 – 2012
Wilshire Associates 1999 – 2002
Coast Asset Mgmt 1998 – 1999
Analytic Investors 2006 – 2013
Provident Investment Council 1999 – 2006
10
FIRM OVERVIEW
KEY CONTACTS
LAINA CEDDIA DRAEGER, CFA
MATTHEW STEVENS
LARA L. CLARKE
Portfolio Management Associate
Phone: (310) 914-3147
Email: [email protected]
Phone: (310) 479-9967
Phone: (310) 477-4986
THOMAS STEVENS, CFA
Chairman & President and Principal
(310) 479-9901
[email protected]
HAL REYNOLDS, CFA
CIO and Principal
(310) 479-9847
[email protected]
DANIEL ALLEN, CFA
Director of Global Equities and Principal
(310) 914-5178
[email protected]
For Cash Flow Activities Please Contact
[email protected]
[email protected]
11
2013-13658
INVESTMENT PHILOSOPHY
INVESTOR PREFERENCE THEORY®
“We believe a stock’s expected return is a function of its risk characteristics and their
expected returns in the current market environment.”
Modern Portfolio Theory
One Portfolio Maximizes Return
For any Given Level of Risk
1950
1975
Capital Asset Pricing Model
Expected Returns Equal
Required Returns
Arbitrage Pricing Theory
Security Prices React to
Unanticipated Events
Behavioral Finance
Explains Failure of Theory
1990
Fama French Model
2000
Beta, Size, and Style
2010
Adaptive Markets
Hypothesis
Investor Preference
Theory®
“In contrast to peers,
we believe that expected returns are shaped by current conditions, not past performance.”
12
2013-13658
INVESTMENT PROCESS
INVESTMENT PROCESS OVERVIEW
1
2
3
4
5
1
FACTOR
INPUTS
2
PRICE
RISK
3
DEVELOP
ALPHAS
4
CONSTRUCT
PORTFOLIO
5
EXECUTE
TRADES
LOS ANGELES CAPITAL’S DYNAMIC ALPHA STOCK SELECTION MODEL®
FACTOR
INPUTS
PRICE
RISK
DEVELOP
ALPHAS
Identify valuation, earnings and financial factors that drive equity returns
Incorporate information from multiple high quality data sources
Apply performance attribution techniques to identify recent factor prices
Advanced statistical techniques to estimate expected factor return based on their level and stability
Estimate stock level alphas by the summing the product of each stock’s risk exposures and their expected returns
Develop 6000 alphas weekly, globally
DYNAMIC PORTFOLIO MANAGEMENT
CONSTRUCT
PORTFOLIO
EXECUTE
TRADES
Develop investment risk estimates, alpha uncertainties, and trading cost assumptions
Optimize the portfolio to maximize returns subject to penalties for risks and trading costs
Compare optimal portfolio to current portfolio to identify trade candidates
Use proprietary trading process to minimize implementation shortfall
13
2013-13658
INVESTMENT PROCESS
FACTOR INPUTS
Los Angeles Capital’s Dynamic Alpha Stock Selection Model®
FACTOR RESEARCH
 Include factors that market participants value
 Add factors when incremental results verified
1
FACTOR
INPUTS
2
PRICE
RISK
3
DEVELOP
ALPHAS
4
CONSTRUCT
PORTFOLIO
5
EXECUTE
TRADES
QUALITY DATA
 Extensive list of premier data providers
 Proprietary data analysis and quality control
Company Fundamentals
Valuation
P/B
Yield
EBIT/EV
Earnings
Profit Margin
Analyst Revisions
Market
Size
Momentum
Volatility
ADR
Financial
Earnings Quality
Leverage
Distress
Market Sectors (# of Companies)
Basic Materials (104)
Consumer Discretionary (89)
Consumer Staples (81)
Energy (52)
Technology (67)
Telecom (43)
Utilities (52)
Finance (196)
Health Care (27)
Industrials (112)
Regions/Countries (# of Companies)*
China (138)
South Korea (105)
Taiwan (107)
*As of 12/31/2013
2013-13658
India (71)
Brazil (75)
Mexico (29)
Asia: Indonesia, Malaysia, Philippines, Thailand
Eastern Europe: Czech Republic, Hungary, Poland
Russia (22)
South Africa (50)
Eastern Europe (28)
Latin America (39)
Asia (120)
Middle East/Africa (39)
Latin America: Chile, Colombia, Peru
Middle East & Africa: Egypt , Greece, Turkey
14
INVESTMENT PROCESS
INVESTOR PREFERENCES
Fundamental Factor – Market Cap Example
1
FACTOR
INPUTS
2
PRICE
RISK
3
DEVELOP
ALPHAS
4
CONSTRUCT
PORTFOLIO
5
EXECUTE
TRADES
Market Cap (large Model) as of Apr 25, 2014
1.025
Current forecast -0.0037
1.02
Investor Preferences vary by:
 Time
1.015
1.01
 Market Segment
1.005
 Region
Driven by inflows into emerging
markets, larger market cap stocks
have outperformed smaller cap
stocks.
1
0.995
m12c
0.99
Nov 99
Mar 01
Jun 02
Oct 03
Feb 05
May 06
Sep 07
Jan 09
Apr 10
Aug 11
Nov 12
Mar 14
15
2013-13658
INVESTMENT PROCESS
INVESTOR PREFERENCES
Fundamental Factor - Volatility
1
FACTOR
INPUTS
2
PRICE
RISK
3
DEVELOP
ALPHAS
4
CONSTRUCT
PORTFOLIO
5
EXECUTE
TRADES
Volatility (large Model) as of Apr 25, 2014
1.01
Current forecast 0.0071
1
0.99
0.98
Lower volatility stocks have continually
been in favor in the emerging markets
0.97
0.96
m12c
0.95
Nov 99
Mar 01
Jun 02
Oct 03
Feb 05
May 06
Sep 07
Jan 09
Apr 10
Aug 11
Nov 12
Mar 14
16
2013-13658
INVESTMENT PROCESS
FORECAST ALPHA
Los Angeles Capital’s Dynamic Alpha Stock Selection Model®
1
FACTOR
INPUTS
2
PRICE
RISK
3
DEVELOP
ALPHAS
4
CONSTRUCT
PORTFOLIO
5
EXECUTE
TRADES
ALPHA EXAMPLE
Selected Factors
TAIWAN SEMICONDUCTOR
Analyst Sentiment
Earnings Quality
Profit Margin
Volatility
Distress
Sector
Technology
Staples
Country
Taiwan
Russia
Factor
Forecast
0.71
0.41
0.28
0.59
-0.20
Factor
Exposure
1.67
0.26
2.16
-0.73
-0.97
Alpha
Component
1.19
0.11
0.61
-0.43
0.19
0.97
-0.10
Technology
0.97
0.24
Taiwan
Factor
Exposure
-1.03
-0.02
-0.51
0.42
-1.37
Alpha
Component
-0.73
-0.01
-0.14
0.25
0.27
Staples
-0.10
Russia
-0.53
+
…
2.20
Impact
Taiwan
Semi
+
+
+
+
0.24
…
Alpha Forecast
MAGNIT
-1.39
Taiwan Semiconductor is engaged in manufacturing, selling, packaging, testing, and computer-aided
designing integrated circuits and other semiconductor devices. Magnit is engaged in the retail and
distribution of consumer goods under the ‘Magnit’ name. The company’s retail operations are operated
through convenience stores, cosmetic stores, hypermarkets, and others in the Russian Federation.
2013-13658
Data as of 3/31/14. 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.
17
INVESTMENT PROCESS
PORTFOLIO CONSTRUCTION
CLIENT INPUTS
1
FACTOR
INPUTS
2
PRICE
RISK
3
DEVELOP
ALPHAS
4
CONSTRUCT
PORTFOLIO
5
EXECUTE
TRADES
LOS ANGELES CAPITAL INPUTS
Objectives
 Benchmark
 Alpha Target
 Risk Budget
 Unique Stock Restrictions
Robust Portfolio
Optimization
Dynamic
Risk
Management
Security Expectations
 Alpha forecasts
 Risk exposures
 Risk forecasts
 Correlations
 Constraints:

Sector, Security, Beta
Dynamic
Alpha
Portfolio
Level of active risk should be proportional to expected return
INVESTMENT GUIDELINES FOR WPERP
Performance Objective: 3%
Risk Budget: 5%
Country: +/-3% versus benchmark
Sector: +/-3% versus benchmark
Security: +/-1% versus benchmark
Region: +/-2% versus benchmark
Approx. 350 names
No ex-benchmark
Approx. 60% annual turnover
18
2013-13658
MARKET OVERVIEW
EMERGING MARKETS OVERVIEW
*As of April, 2014
* Returns as of 4/30/2013
2013-13658
*As of April, 2014
20
MARKET OVERVIEW
EMERGING MARKETS OVERVIEW
MSCI Index Returns (Net, USD) Jan-Feb
As of April 30th, 2014
2014
Mar-Apr
2014
2013
5 Yr
10 Yr
Growth
-2.11%
2.13%
-0.75%
11.81%
10.32%
Value
-4.71%
4.77%
-3.00%
10.30%
11.82%
Consumer Staples (large Model) as of May 23, 2014
Basic Materials (large Model) as of May 23, 2014
1.06
1.035
Current forecast -0.0133
1.03
MATERIALS
1.05
Investors continue to favor
consumer oriented non-cyclical
sectors such as Staples over cyclical
sectors such as Materials or Energy.
1.025
1.02
1.015
1.01
STAPLES
1.04
1.03
1.02
1.005
1.01
1
1
0.995
m12d
0.99
Nov 99
Mar 01
Jun 02
Oct 03
Feb 05
May 06
Sep 07
Jan 09
Apr 10
Aug 11
Nov 12
m12d
0.99
Mar 14
Nov 99
Mar 01
Jun 02
Oct 03
Feb 05
May 06
Sep 07
Apr 10
Aug 11
Nov 12
Mar 14
B/P Ratio (large Model) as of May 23, 2014
Yield (large Model) as of May 23, 2014
1.09
1.035
1.03
Jan 09
YIELD
Investors have shifted
preferences from growth to value
characteristics, as exhibited by
positive forecasts for factors such
as Yield and Book-to-Price.
1.025
1.02
1.08
BOOK/PRICE
1.07
1.06
1.05
1.04
1.015
1.03
1.01
1.02
1.005
1.01
1
1
m12d
m12d
0.995
0.99
Nov 99
Mar 01
Jun 02
Oct 03
Feb 05
May 06
Sep 07
Jan 09
Apr 10
Aug 11
Nov 12
Mar 14
Nov 99
Mar 01
Jun 02
Oct 03
Feb 05
May 06
Sep 07
Jan 09
Apr 10
Aug 11
Nov 12
Mar 14
21
2013-13658
MARKET OBSERVATIONS
EMERGING MARKET OBSERVATIONS
April 30th, 2014
Yield (large Model) as of Apr 25, 2014

1.035
Emerging Markets Equity Review:

1.03
1.025

1.02
1.015

1.01
1.005

1

Nov 99
Mar 01
Jun 02
Oct 03
Feb 05
May 06
Sep 07
Jan 09
Apr 10
Aug 11
Nov 12
Mar 14

Volatility (large Model) as of Apr 25, 2014

1.01

1
The preference for value persists among emerging market investors with value oriented stocks
outpacing growth oriented stocks, a theme similarly displayed by investors across the
developed world.
April was a strong month for Latin America led by robust returns in Peru and Brazil. The
Middle East/Africa region as well as Asia finished slightly positive, while Eastern Europe
continued its downward slide and finished the period with a -4.5% (USD) loss, dragged down
by the Ukrainian crisis.
Emerging Markets Equity Outlook:
m12c
0.995
Emerging markets advanced modestly for the third consecutive month, recouping losses in
January and bringing year to date performance back to nearly a flat level. However, emerging
market equities trailed developed market equities in April and trail thus far in 2014.
Similar to developed markets, investors are exhibiting a preference for value over growth.
Investors continue to favor quality factors such as profit margin, earnings quality and analyst
insight, while unwinding their preference for risk attributes such as distress and volatility.
Within sectors, Technology and Utilities are favored while Materials and Telecom are
penalized.
Regional preferences remain mixed as Taiwan, South Africa and Latin America offer higher
expected returns, while China, Eastern Europe, Russia, Brazil and Mexico are less attractive.
Fundamental Factor Preferences
0.99
0.98
0.97
Positive
Negative
Yield
Market Cap
Analyst Insight
Distress
Earnings Quality
1 Year Momentum
Sector Preferences*
0.96
Technology
Basic Materials
Utilities
Consumer Discretionary
m12c
0.95
Nov 99
Mar 01
Jun 02
Oct 03
Feb 05
May 06
Sep 07
Jan 09
Apr 10
Aug 11
Nov 12
Mar 14
* Based on weighted average alpha forecasts for sectors
2013-13658
22
PERFORMANCE REVIEW
EMERGING MARKETS PORTFOLIO

Portfolio is in compliance with the investment guidelines

Dynamic Alpha Model forecasts alpha for all MSCI EM stocks

Performance Objective: 3% & Risk Budget: 5%

Transaction cost advantage versus larger funds

Fee schedule: 65 bps

Low turnover (60% per year)

Investment in all 21 EM countries (+-3% versus benchmark)

Low correlation versus other managers

Broadly diversified by sector (+-3%) and security (+-1%)

Primary driver of alpha is stock selection through
fundamental factors
Initial Contribution (9/10/2012)
Reitrement Plan
$93,767,089.65
Health Benefits
$32,626,860.00
Contribution - (10/1/2012)
Contribution - (09/30/2013)
Total Contributions
$102,342,121.47
$13,621,790.54
$115,963,912.01
$2,498,971.00
$2,498,971.00
Withdrawals
Total Withdrawals
Change in Market Value
Market Value (4/30/2014):
$
$
-
$
$
-
$9,491,745.66
$2,378,413.66
$219,222,747.32
$37,504,244.66
24
2013-13658
PERFORMANCE REVIEW
EMERGING MARKETS PERFORMANCE
April 30, 2014
4.00%
Portfolio Gross
Portfolio Net
2.22%
MSCI EM Index
2.00%
1.84%
1.72%
0.00%
-2.00%
-1.06% -1.18%
-0.10%
-0.43%
-1.12%
-1.28%
-1.84%
-4.00%
-4.57%
-6.00%
1Q 2014
YTD
-4.97%
One Year
Since Inception (9/30/12)
EM Fund
(Gross)
EM Fund
(Net)
Composite
(Net)
MSCI EM Index
(Net)
1Q14
-1.06
-1.18
-1.16
-0.43
Year To Date
1.86
1.75
-1.24
-0.88
One Year
-4.57
-4.97
-5.26
-1.84
Since Inception *
2.22
1.84
1.47
1.72
12/2009
*Inception is 9/30/2012
2013-13658
Composite returns are presented both gross and net of fees. Gross returns are net of non-reclaimable withholding taxes and trading expenses. Net returns are reduced by the highest applicable management fee for this
product. The standard fee schedule for this product is 0.90%. All returns reflect the reinvestment of dividends and other earnings. Returns are impacted by economic conditions which may or may not persist into the future
and the potential for profit is accompanied by the possibility of loss. All valuations are computed and performance is reported in USD. Please see the “LA Capital Emerging Markets Equity Composite” as provided at the end
of this book for further disclosures.
25
PERFORMANCE REVIEW
PEER PERFORMANCE
Created by eVestment Analytics System on 5/5/2014
2013-13658
26
|YTD PERFORMANCE|
Performance Attribution from 12/31/2013 to 04/30/2014
Fundamental Factors:
Portfolio
Benchmark
Net
Factor
Valuation
Book To Price
Yield
Earnings Yield
Exposure
Exposure
Exposure
Return
Mgmt
0.20
0.26
(0.05)
(1.23)
0.03
0.35
0.25
0.10
1.21
0.01
0.47
0.31
0.16
(0.01)
(0.02)
0.02
Market
Volatility
Market Cap
ADR
1 Year Momentum
(0.07)
0.03
(0.10)
1.07
(0.11)
0.09
0.06
0.02
(4.12)
(0.13)
0.33
0.50
(0.17)
1.41
(0.25)
0.47
0.14
0.32
(1.40)
(0.55)
(1.04)
Earnings
Analyst Insight
Earnings Quality
0.13
(0.03)
0.16
0.87
0.13
0.15
(0.04)
0.19
0.41
0.05
0.18
Financial
Leverage
Profit Margin
Distress
0.05
0.10
(0.05)
(1.93)
(0.00)
0.31
0.18
0.13
0.35
(0.06)
(0.06)
0.07
(0.13)
0.45
(0.11)
(0.17)
Total
(1.02)
27
2013-13658
|YTD PERFORMANCE|
Sector Factors:
Information Technology
Consumer Staples
Materials
Health Care
Telecom Services
Utilities
Industrials
Financials
Energy
Total
Portfolio
Benchmark
Net
Factor
(%)
(%)
(%)
Return
Mgmt
19.71
16.77
2.94
6.71
0.20
5.48
8.46
(2.98)
(5.57)
0.16
7.05
9.53
(2.48)
(4.60)
0.12
4.62
1.73
2.89
1.47
0.03
5.94
7.12
(1.17)
(2.93)
0.01
3.58
3.45
0.14
3.29
0.01
9.48
6.53
2.95
(0.05)
0.00
11.99
9.11
2.88
0.31
0.00
24.14
26.45
(2.31)
0.86
(0.01)
8.01
10.85
(2.85)
0.49
(0.02)
0.52
28
2013-13658
|YTD PERFORMANCE|
Country Factors:
South Africa
Mexico
India
Taiwan
Philippines
Czech Republic
Turkey
Cayman Islands
Hungary
Ukraine
Hong Kong
South Korea
Malaysia
Poland
China
Egypt
Russia
Thailand
Peru
Brazil
Colombia
Chile
Greece
Indonesia
Total
Portfolio
Benchmark
Net
Factor
(%)
(%)
(%)
Return
Mgmt
8.23
7.54
0.69
5.25
0.03
4.48
5.22
(0.74)
(3.89)
0.03
7.52
6.53
0.99
2.51
0.02
12.84
11.92
0.92
0.48
0.01
1.19
0.95
0.24
8.99
0.01
0.38
0.26
0.12
8.52
0.01
1.57
1.51
0.06
4.73
0.01
0.00
0.05
(0.05)
(14.00)
0.01
0.13
0.24
(0.12)
(6.65)
0.01
0.00
0.02
(0.02)
(25.97)
0.00
0.23
0.21
0.02
0.00
0.00
15.84
15.99
(0.15)
(1.29)
(0.00)
3.79
3.90
(0.12)
2.48
(0.01)
1.81
1.75
0.06
3.87
(0.01)
19.46
19.17
0.29
(4.17)
(0.02)
0.12
0.22
(0.10)
21.59
(0.02)
5.87
5.52
0.34
(7.41)
(0.02)
2.10
2.26
(0.16)
7.67
(0.02)
0.04
0.44
(0.40)
8.90
(0.03)
11.53
10.56
0.97
(3.76)
(0.03)
0.17
1.05
(0.87)
4.93
(0.04)
0.59
1.56
(0.97)
4.91
(0.05)
0.27
0.56
(0.29)
2.69
(0.06)
1.87
2.57
(0.70)
11.40
(0.09)
(0.25)
29
2013-13658
|YTD PERFORMANCE|
Currency Factors:
Portfolio
Benchmark
Net
Factor
Chile
Brazil
India
Turkey
Mexico
Malaysia
Hungary
Poland
Philippines
Egypt
Czech Republic
Hong Kong
United States
Euro
South Korea
Thailand
Colombia
Taiwan
South Africa
Indonesia
Russia
Total
(%)
(%)
(%)
Return
Mgmt
0.59
1.56
(0.97)
(6.90)
0.07
11.53
10.56
0.97
5.56
0.05
7.52
6.53
0.99
2.55
0.02
1.57
1.51
0.06
1.47
0.01
4.48
5.22
(0.74)
0.06
0.00
3.79
3.90
(0.12)
0.31
0.00
0.13
0.24
(0.12)
(2.73)
0.00
1.81
1.77
0.04
(0.33)
0.00
1.19
0.95
0.24
(0.44)
0.00
0.12
0.22
(0.10)
(0.84)
0.00
0.38
0.26
0.12
0.28
0.00
19.64
19.34
0.30
0.01
0.00
0.92
1.56
(0.64)
0.00
0.00
0.27
0.56
(0.29)
0.62
(0.00)
15.84
15.99
(0.15)
2.13
(0.00)
2.10
2.26
(0.16)
1.55
(0.00)
0.17
1.05
(0.87)
(0.01)
(0.00)
12.84
11.97
0.87
(1.31)
(0.01)
8.23
7.54
0.69
(0.55)
(0.03)
1.87
2.57
(0.70)
5.26
(0.05)
5.03
4.45
0.58
(7.79)
(0.11)
(0.04)
30
2013-13658
|YTD PERFORMANCE|
EM Portfolio (Total Return)
MSCI EM (Emerg Mkts) Daily (Total Return)
10 Groups of GICS Sector
12/31/2013 - 04/30/2014
MSCI
Company Name
COUNTRY
Top 10
BRAZL
Cielo Sa
CHINA
China Life Insurance Co
INDON Kalbe Farma
INDIA
Hcl Technologies
Kroton Educacional Sa
BRAZL
Ping An Insurance(Group
CHINA
INDON Bank Rakyat Indonesia
Alliance Global Group
PHILI
INDIA
Sun Pharmaceuticals Ind
KOREA Hyundai Heavy Industrie
Bottom 10
CHINA
Great Wall Motor Compan
CHINA
Bank Of Communications
RUSSI
Rosneft Ojsc
BRAZL
Metalurgica Gerdau
RUSSI
Lukoil Oao
BRAZL
Banco Do Brasil Sa
CHINA
China Communications Co
KOREA Hanwha Corporation
INDIA
Housing Development Fin
China Construction Bank
CHINA
SEDOL
Average
Price
12/31/2013 Weight
Average
EM Portfolio
MSCI EM Index
Return Contrib Average Return Contrib Weight
(%)
Diff.
(%)
Weight
B614LY
671897
B7311V
629489
283694
B01FLR
670909
614710
658248
644662
27.83
3.13
0.10
20.41
16.64
8.96
0.60
0.58
9.17
243.52
0.92
29.36
0.25
0.51
0.87
0.34
30.11
14.74
30.04
0.13
0.11
0.11
0.47
0.42
0.66
47.52
20.20
14.36
0.15
0.08
0.09
671825
B0B8Z2
B59SS1
264886
B59SNS
232859
B1JKTQ
649675
617190
B0LMTQ
5.52
0.71
7.66
9.92
62.07
10.34
0.81
37.14
12.85
0.75
0.74
0.89
0.53
0.35
1.09
0.56
0.47
0.40
(17.98)
(11.87)
(18.37)
(26.77)
(15.01)
3.60
(18.87)
(21.71)
(0.15)
(0.11)
(0.13)
(0.11)
(0.22)
(0.07)
(0.10)
(0.09)
1.92
(8.54)
(0.20)
Net
Contrib
0.28
0.57
0.08
0.14
0.09
0.42
0.23
0.04
0.17
0.24
29.36
(17.60)
30.11
14.74
28.70
(17.41)
47.52
20.20
14.36
(23.10)
0.08
(0.11)
0.02
0.02
0.02
(0.08)
0.08
0.01
0.02
(0.06)
0.63
(0.57)
0.43
0.73
0.24
(0.42)
0.24
0.39
0.50
(0.24)
0.17
0.11
0.11
0.10
0.09
0.08
0.07
0.07
0.07
0.06
0.13
0.15
0.22
0.06
0.77
0.18
0.09
0.04
0.55
1.36
(17.98)
(11.87)
(18.42)
(26.77)
(15.01)
3.60
(18.87)
(21.71)
15.89
(8.54)
(0.03)
(0.02)
(0.04)
(0.02)
(0.13)
0.02
(0.02)
(0.01)
0.08
(0.12)
0.61
0.74
0.31
0.29
0.32
0.37
0.38
0.36
(0.55)
0.56
(0.13)
(0.10)
(0.09)
(0.09)
(0.09)
(0.09)
(0.09)
(0.09)
(0.08)
(0.08)
31
2013-13658
|SINCE INCEPTION PERFORMANCE|
Performance Attribution from 09/28/2012 to 04/30/2014 (Annualized)
Portfolio Benchmark
Factor
Fundamental Factors:
Net
Exposure
Exposure
Return
Exposure
Valuation
Book To Price
0.14
0.24
(0.20)
(0.10)
Earnings Yield
0.39
0.28
0.12
(0.25)
Yield
0.27
0.20
0.07
0.25
Mgmt
(0.04)
(0.07)
(0.13)
(0.24)
Market
1 Year Momentum
Market Cap
ADR
Volatility
0.45
0.02
0.30
0.00
0.03
0.09
0.52
(0.00)
0.42
(0.06)
(0.22)
0.00
1.15
(5.96)
0.54
(1.51)
0.50
0.38
(0.15)
(0.26)
0.47
Earnings
Analyst Insight
Earnings Quality
0.19
0.15
(0.02)
(0.08)
0.21
0.23
8.14
4.53
1.72
1.15
2.87
Financial
Profit Margin
Leverage
Distress
0.31
0.08
(0.11)
0.22
0.12
0.06
0.08
(0.04)
(0.17)
1.07
0.33
6.97
0.07
(0.07)
(1.42)
(1.42)
Total
1.68
32
2013-13658
Sector Factors:
Portfolio Benchmark
Net
Factor
(%)
(%)
Return
(%)
17.49
14.93
2.55
17.24
Health Care
4.22
1.48
2.74
9.56
Energy
9.24
11.83
(2.59)
(7.34)
Materials
8.24
10.31
(2.07)
(8.92)
Consumer Staples
6.99
8.81
(1.82)
(0.84)
9.28
8.38
0.89
5.42
(0.48)
(6.90)
Utilities
2.94
3.41
Financials
27.20
26.91
0.29
(4.87)
Industrials
6.96
6.41
0.55
0.36
Telecom Services
7.45
7.52
(0.07)
(2.65)
Mgmt
0.45
0.23
0.15
0.08
0.08
0.07
0.04
0.02
(0.06)
(0.12)
Total
0.94
33
2013-13658
Country Factors:
Portfolio Benchmark
Net
Factor
(%)
(%)
(%)
Return
South Africa
8.32
7.35
0.96
12.44
Colombia
0.43
1.17
(0.74)
(3.93)
Chile
0.81
1.76
(0.95)
(3.62)
Thailand
2.97
2.49
0.48
1.02
Taiwan
11.75
11.31
0.44
(4.42)
Hungary
0.05
0.24
(0.18)
(11.92)
Ukraine
0.00
0.02
(0.02)
(44.17)
India
7.26
6.52
0.74
5.34
Czech Republic
0.24
0.26
(0.02)
2.18
Cayman Islands
0.00
0.01
(0.01)
(9.07)
Morocco
0.04
0.06
(0.02)
(3.04)
Hong Kong
0.05
0.06
(0.02)
0.00
South Korea
14.88
15.34
(0.46)
(1.56)
Turkey
2.23
1.82
0.41
(4.45)
Russia
5.41
5.89
(0.49)
(4.48)
Poland
1.81
1.61
0.20
9.24
Peru
0.03
0.50
(0.47)
4.96
Egypt
0.25
0.25
0.00
13.54
Brazil
12.28
11.70
0.58
(3.97)
Malaysia
3.43
3.74
(0.31)
3.22
Philippines
0.87
0.97
(0.10)
4.94
Greece
0.06
0.14
(0.09)
0.63
Mexico
5.37
5.29
0.08
(3.95)
China
18.90
18.80
0.10
1.68
Indonesia
2.58
2.70
(0.12)
(4.57)
Mgmt
0.13
0.04
0.03
0.02
0.01
0.01
0.01
0.01
0.01
0.00
0.00
0.00
(0.00)
(0.00)
(0.00)
(0.01)
(0.02)
(0.02)
(0.02)
(0.03)
(0.03)
(0.03)
(0.03)
(0.05)
(0.12)
Total
(0.09)
34
2013-13658
Currency Factors:
Portfolio Benchmark
Net
Factor
(%)
(%)
(%)
Return
Chile
0.81
1.76
(0.95)
(10.35)
Colombia
0.43
1.17
(0.74)
(4.34)
Mexico
5.37
5.29
0.08
(1.12)
South Korea
14.88
15.34
(0.46)
4.70
Poland
1.81
1.63
0.18
3.63
Czech Republic
0.24
0.26
(0.02)
(0.71)
Malaysia
3.43
3.74
(0.31)
(4.08)
Philippines
0.87
0.97
(0.10)
(4.10)
Hungary
0.05
0.24
(0.18)
(0.02)
Taiwan
11.75
11.32
0.43
(1.86)
United States
0.51
1.69
(1.18)
0.00
China
0.00
0.00
(0.00)
0.59
Peru
0.00
0.01
(0.01)
0.37
Hong Kong
18.88
18.79
0.09
0.00
Morocco
0.04
0.06
(0.02)
2.65
Egypt
0.24
0.24
0.00
(8.40)
Euro
0.06
0.14
(0.09)
1.41
Thailand
2.97
2.49
0.48
(3.11)
India
7.26
6.52
0.74
(8.11)
Turkey
2.23
1.82
0.41
(9.87)
Indonesia
2.58
2.70
(0.12)
(11.23)
Russia
5.00
4.78
0.22
(8.04)
Brazil
12.28
11.70
0.58
(5.92)
South Africa
8.32
7.35
0.96
(14.26)
Mgmt
0.10
0.03
0.02
0.01
0.01
0.00
0.00
0.00
0.00
0.00
0.00
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.01)
(0.02)
(0.05)
(0.05)
(0.09)
(0.09)
(0.13)
(0.22)
Total
(0.48)
35
2013-13658
EM Portfolio (Total Return)
MSCI EM (Emerg Mkts) Daily (Total Return)
10 Groups of GICS Sector
9/28/2012 - 04/30/2014
MSCI
Company Name
COUNTRY
Top 10
POLND Powszechny Zaklad Ubezp
INDIA
Hcl Technologies
CHINA
China Minsheng Banking
BRAZL
Cielo Sa
BRAZL
Petroleo Brasileiro Sa
SAFR
Naspers
SAFR
Aspen Pharmacare Hldgs
CHINA
Lenovo Group Limited
CHINA
Great Wall Motor Compan
CHINA
Huaneng Power Internati
Bottom 10
BRAZL
Banco Bradesco Sa
BRAZL
Banco Do Brasil Sa
BRAZL
Br Malls Participacoes
TAIWN Innolux Corporation
BRAZL
Brf Sa
SAFR
Sasol
BRAZL
Metalurgica Gerdau
TAIWN Taiwan Semiconductor Ma
BRAZL
Pdg Realty Sa Empreendi
RUSSI
Rosneft Ojsc
SEDOL
Average
EM Portfolio
MSCI EM Index
Price
Average Return Contrib Average Return Contrib Weight
09/28/2012 Weight
(%)
Weight
(%)
Diff.
Net
Contrib
B63DG2
629489
B57JY2
B614LY
268236
662269
B09C0Z
621808
671825
609967
112.38
10.95
0.79
24.94
11.49
62.41
17.33
0.83
2.64
0.76
1.15
0.42
0.80
0.68
0.26
1.17
0.72
0.71
0.68
0.69
40.48
87.01
33.27
80.39
(9.47)
48.03
56.02
50.31
75.08
33.12
0.43
0.39
0.35
0.47
(0.03)
0.62
0.32
0.30
0.28
0.22
0.21
0.09
0.16
0.25
0.64
0.87
0.19
0.17
0.12
0.08
40.48
118.73
33.27
80.39
(36.02)
51.55
56.02
41.97
75.08
33.12
0.07
0.07
0.04
0.16
(0.34)
0.35
0.08
0.06
0.06
0.02
0.94
0.33
0.64
0.43
(0.38)
0.30
0.53
0.54
0.55
0.61
0.36
0.32
0.31
0.31
0.31
0.27
0.24
0.24
0.23
0.20
B00FM5
232859
B1RYG5
B0CC0M
203699
677745
264886
688910
B1N9YL
B59SS1
16.05
12.22
13.88
0.36
17.26
45.12
12.04
3.06
1.88
6.76
0.96
0.32
0.26
0.30
0.41
0.07
0.42
2.08
0.14
0.27
(6.13)
(12.62)
(39.31)
(36.30)
(6.66)
29.30
(38.54)
31.69
(41.01)
(12.83)
(0.25)
(0.25)
(0.26)
(0.21)
(0.08)
0.05
(0.20)
0.49
(0.18)
(0.15)
0.80
0.18
0.11
0.08
0.38
0.69
0.07
2.31
0.02
0.24
7.81
(1.44)
(36.86)
(5.21)
33.97
35.46
(38.54)
31.69
(42.47)
(4.19)
0.06
0.01
(0.06)
(0.01)
0.10
0.23
(0.04)
0.65
(0.03)
(0.01)
0.16
0.14
0.15
0.22
0.03
(0.62)
0.35
(0.23)
0.12
0.03
(0.31)
(0.25)
(0.20)
(0.20)
(0.19)
(0.18)
(0.16)
(0.16)
(0.15)
(0.15)
36
2013-13658
PORTFOLIO CHARACTERISTICS
REGION WEIGHTS
April 30, 2014
70.0%
Portfolio
MSCI EM Index
60.0%
50.0%
40.0%
30.0%
20.0%
10.0%
Middle
East/Africa
Asia
Eastern Europe
Latin America
0.0%
38
2013-13658
COUNTRY WEIGHTS
April 30, 2014
20.0%
LA Capital Emerging Markets Equity
18.0%
16.0%
14.0%
12.0%
10.0%
8.0%
6.0%
4.0%
2.0%
Taiwan
Korea
South Africa
Russia
Mexico
India
China
Brazil
Middle East / Africa
Latin America
Eastern Europe
Asia
0.0%
Asia: Indonesia, Malaysia, Philippines, Thailand
Eastern Europe: Czech Republic, Hungary, Poland
Latin America: Chile, Colombia, Peru
Middle East & Africa: Egypt, Turkey, Greece
39
2013-13658
SECTOR WEIGHTS
April 30, 2014
30.0%
Portfolio
25.0%
MSCI EM Index
20.0%
15.0%
10.0%
5.0%
Portfolio
MSCI EM
P/E
11.91
12.84
P/B
1.61
1.54
Utilities
Telecom Services
Materials
Information
Technology
Industrials
Health Care
Financials
Energy
Consumer Staples
Consumer
Discretionary
0.0%
As of January 31, 2014
Yield%
2.56
2.33
Beta
0.95
1
5 YR. EPS
Growth%
18.37
12.88
Wtd Avg
Mkt Cap
(millions)
$36,105
$34,100
Volatility
48.87
55.34
1 yr.
Momentum
16.96
10.24
Leverage
43.72
48.94
Number
of Names
303
822
40
2013-13658
RISK CHARACTERISTICS AND SECURITY WEIGHTS*
April 30, 2014
3.0%
2.5%
2.0%
1.5%
1.19%
0.87%
1.0%
0.55%
0.50%
Fundamental Risk
Industry Risk
0.5%
0.33%
0.21%
Country
Region
0.0%
Tracking Error
Stock Risk
Country
Sector
Port Wt
BM Wt
1 Samsung Electronics Co Common
KOREA
3.64
3.79
2 Taiwan Semiconductor Ma
TAIWN
2.29
2.55
3 China Construction Bank
CHINA
Financials
1.82
1.31
4 Bank Of China Ltd
CHINA
Financials
1.79
0.87
5 Tencent Hldgs Limited
CHINA
1.64
1.68
6 Gazprom
RUSSI
Energy
1.61
1.13
7 Hyundai Motor Co
KOREA
1.48
0.91
8 Samsung Electronics Co Preferred
KOREA
1.32
0.54
9 Industrial & Commercial
CHINA
Financials
1.31
1.16
10 Powszechny Zaklad Ubezp
POLND
Financials
1.15
0.21
Company Name
41
2013-13658
APPENDIX
42
2013-13658
43
2013-13658
44
2013-13658
45
2013-13658
46
2013-13658
47
2013-13658
48
2013-13658
49
2013-13658
50
2013-13658
51
2013-13658
52
2013-13658
BIO
THOMAS D. STEVENS, CFA
Chairman and Principal
1976 – 1980 National Bank of Detroit
As Los Angeles Capital’s Chairman and President, Mr. Stevens is responsible for setting the firm’s strategic
goals and developing the firm’s research, portfolio management, trading, administrative, and client service
resources. Mr. Stevens is a senior member of the Portfolio Management team and a member of the firm’s
Investment Committee. Mr. Stevens also plays a lead role in developing and maintaining client
relationships. Prior to co-founding Los Angeles Capital, Mr. Stevens was a senior managing director and
principal at Wilshire Associates. He joined Wilshire in 1980 and for six years directed its Equity division,
overseeing the delivery of the Equity and Index Fund Management Service and working on a retainer basis
with over 120 investment organizations. In 1986, he assumed responsibility for Wilshire Asset Management
and for the next 16 years headed that division.
Prior to joining Wilshire, Mr. Stevens worked for the National Bank of Detroit as a portfolio manager and
was primarily responsible for major pension fund client relationships.
Mr. Stevens serves on the Board of Directors for the Los Angeles Capital Global Funds plc and is also on the
Board for Special Olympics.
53
2013-13658
BIO
HAL W. REYNOLDS, CFA
Chief Investment Officer and Principal
BA University of Virginia, 1980
MBA University of Pittsburgh, 1982
1982 – 1989 Mellon Bank
As Chief Investment Officer and Chairman of Los Angeles Capital’s Investment Committee, Mr. Reynolds
oversees the firm’s investment process. He works closely with the Director of Research to enhance all
elements of the stock selection, portfolio construction, and trading processes. Prior to co-founding Los
Angeles Capital, Mr. Reynolds was a managing director and principal at Wilshire Associates. Mr. Reynolds
joined the consulting division of Wilshire Associates in 1989 where he served as a senior consultant to large
ERISA plans. He also designed Wilshire Compass, Wilshire’s asset allocation and manager optimization
technology for plan sponsors. In 1996, Mr. Reynolds began consulting for Wilshire Asset Management
where he helped develop the Dynamic Alpha Model , which developed into Los Angeles Capital’s Dynamic
Alpha Stock Selection Model℠, and other quantitative long/short applications for Wilshire Asset
Management. In 1998, he joined Wilshire Asset Management as Chief Investment Officer.
Prior to joining Wilshire, Mr. Reynolds was a vice president at Mellon Bank where he was responsible for the
design and management of Mellon’s portfolio analysis product for plan sponsors.
54
2013-13658
BIO
DANIEL E. ALLEN, CFA
Director of Global Equities and Principal
BBA Pacific Lutheran University, 1982
MBA University of Chicago Booth School of Business, 1991
1991 – 1993 Asset Strategy Consulting
As Director of Global Equities, Mr. Allen is responsible for developing global equity applications for clients
and is a senior member of the Portfolio Management team and a member of the firm’s Investment
Committee. Mr. Allen works with clients on managing their portfolios and assisting in setting the strategic
direction for the firm. He also serves on the Board of Directors of Los Angeles Capital Global Funds plc.
Prior to joining Los Angeles Capital, Mr. Allen was a senior managing director and board member of Wilshire
Associates. For more than twenty years, Mr. Allen held senior positions at Wilshire. Mr. Allen began in the
Equity Management division and worked with several members of the Los Angeles Capital team. Mr. Allen
assisted 100+ institutional money managers in applying risk models, performance attribution, and portfolio
optimization techniques to their equity portfolios. Mr. Allen returned to Wilshire’s Consulting division to
advise international investors and to head the firm’s international manager research. In 1998, Mr. Allen
moved to Europe and spent the next decade leading Wilshire’s Private Markets group’s asset management
activities in the region. In this capacity, he was responsible for sourcing and evaluating private equity
opportunities while serving on the Global Investment Committee. Mr. Allen returned to Los Angeles in 2008
as a Management Committee member of the Private Markets group. Mr. Allen joined Los Angeles Capital in
2009.
55
2013-13658
BIO
LARA L. CLARKE
2006 – 2008 StarMine Corporation
2005 – 2006 Tiburon Research Group
1999 – 2004 Thomson Financial
Ms. Clarke is a director of marketing and business development responsible for relationship management in
the Western, Southern, and Midwest regions of the United States. She is responsible for business
development with institutional investors including public and corporate pension plans, foundations, and
endowments, as well as investment consultants.
Prior to joining Los Angeles Capital, Ms. Clarke was in sales and account management for StarMine
Corporation, a quantitative equity analytics company. She was responsible for developing and growing the
business to the investment management community on the West Coast. While at Thomson Financial
(Baseline), Ms. Clarke was an account executive focusing on equity analytics and portfolio analysis for clients
in NYC, Boston, and Europe.
56
2013-13658
BIO
LAINA CEDDIA DRAEGER
2006 – 2007 First Republic Investment Management
As Portfolio Manager, Ms. Ceddia is responsible for managing a set of accounts in accordance with Los
Angeles Capital’s investment process and ensures that portfolios reflect factor/alpha forecasts and comply
with all guidelines. She recommends changes in process or portfolio parameters that will enhance return or
better control risk. Ms. Ceddia is a co-chair of the Portfolio Review Committee, which meets monthly to
review portfolio performance and compliance with guidelines. She also has direct client contact with
assigned portfolio relationships.
After interning during the summer of 2006 and the completion of her MBA, Ms. Ceddia joined the firm as a
full time member of the Portfolio Management team. Prior to joining Los Angeles Capital, Ms. Ceddia
worked as a Research Assistant in the Investment Management Division of First Republic Bank.
57
2013-13658

los angeles capital management - Water and Power Employees

Transcription

Similar documents

Credit Card Payment Form

Portfolio Sites We Love

After Party Flyer

Retail Space for Lease 1911 Wilshire Boulevard Santa Monica, CA

Press Release

TEFL final pdf

Creative Office/Medical Space For Lease

INVESTMENT focuS - Castanea Partners

Changes to the Momentum MoM SuperNation Cash Portfolio

Friday, May 6, 2016 At Luminarias Restaurant