Emerging Markets Equity Manager

Item No. 19:
Annual Presentation by Los Angeles Capital - Emerging Markets Equity
Manager (May 13, 2015, Regular Retirement Board Meeting)
INVESTMENT MANAGER SUMMARY
Firm Name
Manager Tenure with Fund
Investment StrategyNehicle
Contract Ex iration
_:.-:-
Los Angeles Capital
2.5 Years
Emerging Markets Equity
N/A
.
·--=-~ -~~- --~=-:-~=- ~~---- =--~ ;~
As of03/31/2015
Calendar
1-Year
Inception
Y-T-0
1.95%
1.82%
2.42%
-0.60%
LA Capital Emerging Markets (gross)
LA Capital Emerging Markets (est. net)
MSCI Emerging Markets IMI ND
Difference (net of fees)
19
3.29%
2.77%
0.53%
2.24%
2.76%
2.15%
1.51%
0.64%
LOS ANGELES DEPARTMENT OF WATER & POWER
EMPLOYEES’ RETIREMENT PLAN AND RETIREE HEALTH BENEFITS FUND
MAY 2015
LACM EMERGING MARKETS FUND L.P.
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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
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INTRODUCTION
LOS ANGELES CAPITAL MANAGEMENT
HAL W. REYNOLDS, CFA
Chief Investment Officer and Principal
BBA University of Virginia, 1980
MBA University of Pittsburgh, 1982
1989 – 2002 Wilshire Associates
1982 – 1989 Mellon Bank
LAINA DRAEGER, CFA
Portfolio Manager and Principal
BA Boston College, 2005
MBA University of San Francisco, 2007
2006 – 2007 First Republic Investment Management
4
FIRM OVERVIEW
LOS ANGELES CAPITAL MANAGEMENT
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
| FIRM OVERVIEW |
$19.2 BILLION IN ASSETS UNDER MANAGEMENT
$5.4 BILLION IN EMERGING MARKETS STRATEGY
March 31, 2015*
MANDATES
Global
26%
CLIENT BASE
All Cap
10% Small/Mid
Cap
4%
Large Cap
27%
Emerging
Markets
28%
Long/Short &
Active Ext*
7%
CUSTOMIZED MANDATES
 53 Portfolios – 35 Clients*
 Average mandate > $300 mm
DIVERSIFIED BUSINESS
 75% Plan Sponsors*
 25% Fin’l Inst.– Sub advisory
DIVERSIFIED CLIENTS
 60% U.S.
 40% Non-U.S.
LACM Emerging Markets Fund L.P Fund: $1.9b
DWP Retirement Plan: $227m, 12.0%
DWP Health Benefits Fund: $39m, 2.05%
*Preliminary; Active Extension includes U.S. & EAFE applications; Plan Sponsors include: Public Plans, Corporate, Commingled Funds, Religious, Foundations, Endowments,
and Taft Hartley; Clients of Los Angeles Capital or Los Angeles Capital sponsored funds
LA Fire & Police
Detroit Fire & Police
Christian Brothers
State of Michigan
State of Wisconsin
State of North Dakota
Wilshire
Principal
Vanguard
6
| FIRM OVERVIEW |
FIRM AND INVESTMENT COMMITTEE
Stable and Experienced Organization
100% employee owned by 28 employees
Long tenure at firm for senior professionals
 64 employees
 Portfolio Managers average 22 years of experience
NAME
TITLE/RESPONSIBILITY
YRS EXP
Thomas D. Stevens, CFA
President, CEO, Chairman
39
Portfolio Management
Hal W. Reynolds, CFA
Chief Investment Officer
33
Portfolio Management/Research
INVESTMENT COMMITTEE
Stuart K. Matsuda
Director of Trading
28
Trading
Daniel E. Allen, CFA
Director of Global Equities
Director of Implementation
PROFESSIONAL EXPERIENCE
BBA University of Wisconsin, 1974
Wilshire Associates 1980-2002
MBA Finance University of Wisconsin, 1976
Nat'l Bank of Detroit 1976-1980
BA University of Virginia, 1980
Wilshire Associates 1989-2002
MBA University of Pittsburgh, 1982
Mellon Bank 1982-1989
BBA University of Hawaii, 1986
Wilshire Associates 1987 - 2002
MBA California State University, 1990
32
BBA Pacific Lutheran University, 1982
Wilshire Associates 1993-2009, 1983-1989
MBA University of Chicago, 1991
Asset Strategy Consulting 1991-1993
22
BA University of California at SB, 1993
Wilshire Associates 1993 - 2002
18
BBA Texas State University, 1996
First Quadrant 1999 - 2005
MBA USC, 2001
401(k) Investment Srvcs 1998-1999
MChem Oxford University, 2000
Wilshire Associates 2005-2011
Portfolio Management
Christine M. Kugler
EDUCATION
Trading
Dan M. Dement, CFA, CAIA
Director
Research
Edward Rackham, Ph.D.
Director of Portfolio Risk
10
Research
Bradford J. Rowe, CFA
Director of Factor Research
Charles Fann, CFA
Research
Director
Fanesca Young, Ph.D., CFA
Laina Draeger, CFA *
Research
Director of Statistical Research
Research
Portfolio Manager
Ph.D. (Chem) Oxford University, 2004
14
BS NYU, 1999
Site Analytics 1999-2005
12
MBA University of Wisconsin, 2007
BS UCLA, 2002
S1 Corporation 2002-2004
10
8
Portfolio Management
Kristin Ceglar, CFA *
Portfolio Manager
M. Phil. (Stat.) Columbia University, 2005
Ph.D. (Stat.) Columbia University, 2005
BA Boston College, 2005
Amgen 2005-2007
MBA University of San Francisco, 2007
10
BA Harvard University, 2005
9
BA USC, 2006
Portfolio Management
Daniel Arche, CFA *
Portfolio Manager
City National Bank 2006-2007
Portfolio Management
7
All Investment Committee members listed above are principals of Los Angeles Capital
As of 4/10/2015
| FIRM OVERVIEW |
ORGANIZATIONAL CHART
April 2015
64 Employees
8
FIRM OVERVIEW
LOS ANGELES CAPITAL MANAGEMENT
KEY CONTACTS
LAINA DRAEGER, CFA
LARA L. CLARKE
MATTHEW STEVENS
Portfolio Manager and Principal
Managing Director and Principal
Portfolio Management Associate
Phone: (310) 914-3147
Email: [email protected]
Phone: (310) 479-9967
Email: [email protected]
Phone: (310) 477-4986
Email: [email protected]
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]
9
| INVESTMENT PHILOSOPHY AND PROCESS |
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
Investor Preference
Theory®
Explains Failure of Theory
1990
Fama French Model
2000
Beta, Size, and Style
2010
Adaptive Markets
Hypothesis
“In contrast to peers,
we believe that expected returns are shaped by current conditions, not past performance.”
10
| INVESTMENT PHILOSOPHY AND PROCESS |
INVESTMENT PROCESS OVERVIEW
DYNAMIC ALPHA STOCK SELECTION MODEL®
1
2
3
FACTOR
INPUTS
PRICE
RISK
DEVELOP
ALPHAS
Identify valuation, earnings, financial, and market 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 summing the product of each stock’s risk exposures and their expected returns
Develop 6000 alphas weekly, globally
DYNAMIC PORTFOLIO MANAGEMENT
4
5
CONSTRUCT
PORTFOLIO
EXECUTE
TRADES
Develop investment risk estimates, alpha uncertainties, and trading cost assumptions
Optimize the portfolio to maximize returns subject to client guidelines, penalties for risks and trading execution
considerations
Compare optimal portfolio to current portfolio to identify trade candidates
Use proprietary trading process to minimize implementation shortfall
11
| INVESTMENT PHILOSOPHY AND PROCESS |
FACTOR INPUTS
Los Angeles Capital’s Dynamic Alpha Stock Selection Model®
QUALITY DATA
FACTOR RESEARCH
 Include factors that market participants value
 Add factors when incremental results verified
 Extensive list of premier data providers
 Proprietary data analysis and quality control
Company Fundamentals
Valuation
P/B
Yield
Earnings Yield
Earnings
Analyst Insight
Earnings Quality
Market
Size
Momentum
3 Year Momentum
Volatility
Financial
Leverage
Distress
Profit Margin
ADR
Market Sectors (# of Companies)
Basic Materials (98)
Consumer Discretionary (89)
Consumer Staples (81)
Energy (51)
Technology (66)
Telecom (46)
Utilities (52)
Finance (211)
Health Care (30)
Industrials (112)
Regions/Countries (# of Companies)*
China (141)
South Korea (103)
Taiwan (101)
India (69)
Brazil (74)
Mexico (30)
Asia: Indonesia, Malaysia, Philippines, Thailand
Eastern Europe: Czech Republic, Hungary, Poland
As of 09/15/2014
Russia (22)
South Africa (50)
Eastern Europe (29)
Latin America (37)
Asia (122)
Middle East/Africa (58)
Latin America: Chile, Colombia, Peru
Middle East & Africa: Egypt , Greece, Turkey, UAE, Qatar
12
| INVESTMENT PHILOSOPHY AND PROCESS |
PORTFOLIO CONSTRUCTION
CLIENT INPUTS
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: +/-1.5% versus benchmark
Region: +/-2% versus benchmark
Max 350 names
No ex-benchmark
Approx. 60-85% annual turnover
13
| INVESTMENT PHILOSOPHY AND PROCESS |
TRADING
Los Angeles Capital’s
Dynamic Alpha Model®
Axioma Optimizations
Generates Portfolio Trade Lists
Proprietary Algorithms
Capture Market Opportunities
Pre-Trade TCA
Aggregate Analysis
Liquidity Adjustment
Parameter
and
Trade List
Verification
Charles River OMS
Order Management
Compliance Monitoring
ITG Triton
Wave Optimizer
Proprietary
Algorithm
ITG Global
Triton EMS
Live P&L
Analysis
Intraday
TCA
Trade List
Verification
Live Prices
FIX Connectivity
to Multiple
Trading
Destinations
Aggregated Block Orders
Post Trade Brokerage and Trade Strategy Review
• ITG TCA
• Portfolio Review Committee Internal Review
14
15
MARKET OVERVIEW – EMERGING MARKETS
EMERGING MARKETS OVERVIEW
%
Value has notably
underperformed Growth
over the past year with a
return difference of -6.6%
MSCI EM Value vs Growth Performance
2.00
1.50
1.00
0.50
0.00
(0.50)
(1.00)
(1.50)
(2.00)
(2.50)
(3.00)
%
%
16
* Returns as of 3/31/2015
| MARKET OVERVIEW – EMERGING MARKETS |
EMERGING MARKETS FACTOR ANALYSIS – ALPHA DRIVERS
Valuation
Financial
Market
Earnings
Correlation Between Factors and Expected Returns*
Change in Factor Exposures March 31, 2014 – March 31, 2015
Emerging Markets
Mar-15
Emerging Markets
Mar-14
Inc/Dec
Analyst Insight
0.58
0.61

Earnings Quality
Market Cap
1 Year Momentum
3 Year Momentum
Volatility
Distress
ADR
Leverage
Net Profit Margin
0.36
-0.11
0.33
0.25
-0.54
-0.42
-0.22
-0.07
0.02
0.37
-0.05
0.16



0.39
-0.26
-0.01
-0.11
0.33





Earnings Yield
0.15
0.20

B/P Ratio
Current Yield
-0.19
-0.07
-0.02
0.16


LEGEND
+
_
17
*Depicts a selection of Factors
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 (60-85% per year)

Investment in all 23 EM countries (+-3% versus benchmark)

Low correlation versus other managers

Broadly diversified by sector (+-3%) and security (+-1.5%)

Primary driver of alpha is stock selection through
fundamental factors
Retirement Plan
Health Benefits
Initial Contribution (9/10/2012)
$93,767,089.65
$32,626,860.00
Contribution - (10/1/2012)
$102,342,121.47
Contribution - (09/30/2013)
$13,621,790.54
$2,498,971.00
Total Contributions
$115,963,912.01
$2,498,971.00
Withdrawals
$
-
$
-
Total Withdrawals
$
-
$
-
Change in Market Value
$16,811,910.45
$3,630,734.63
Market Value (3/31/2015):
$226,542,912.11
$38,756,565.63
18
| PORTFOLIO AND PERFORMANCE – DWP: LACM EMERGING MARKETS FUND |
PERFORMANCE SUMMARY
March 31, 2015
Portfolio Gross
3.5%
DWP MSCI Emerging Markets Index (Net)
3.28%
2.76%
3.0%
2.74%
2.31%
2.5%
2.0%
Portfolio Net
2.24%
1.95%
1.82%
1.5%
1.12%
1.0%
0.43%
0.5%
0.33%
0.0%
-0.12%
-0.5%
-0.39%
-1.0%
1st Qtr. 2015
1 Year
2 Year
Since Inception (9/30/2012)*
EM Fund
(Gross)
EM Fund
(Net)
Composite
(Net)
MSCI EM Index
(Net)
EM Fund Excess
Return (Net)
1Q15
1.95
1.82
1.49
2.24
-0.42
One Year
3.28
2.76
1.89
0.43
2.33
Two Year
0.33
-0.12
-0.78
-0.39
0.27
Since Inception *
2.74
2.31
1.72
1.12
1.19
*Inception Date is 9/7/2012 for partial month; first full month inception date is 9/30/2012
19
| PORTFOLIO AND PERFORMANCE – DWP: LACM EMERGING MARKETS FUND |
FACTOR BASED ATTRIBUTION: FUNDAMENTALS
3/31/2014 - 3/31/2015 (ANNUALIZED)*
Portfolio
Exposure
Benchmark
Exposure
Net
Exposure
Factor
Return
Mgmt
Cont
1.02
0.21
0.46
0.51
0.15
0.22
0.50
0.06
0.24
0.58
2.42
0.47
0.59
0.25
(0.06)
0.77
0.39
(0.29)
1.51
0.36
0.13
(0.19)
1.43
0.16
0.26
(0.10)
0.08
0.21
5.05
(2.67)
1.16
(1.58)
1.27
0.51
0.12
(0.64)
1.26
Earnings
Analyst Insight
Earnings Quality
0.38
0.45
0.11
0.20
0.26
0.25
7.92
4.06
2.22
1.05
3.27
Financial
Leverage
Profitability
ADR
0.02
0.65
0.21
(0.05)
0.46
0.24
0.08
0.19
(0.03)
(0.52)
(0.53)
(4.66)
(0.14)
(0.15)
(0.51)
(0.80)
Fundamental Factors:
Valuation
Earnings Yield
Book To Price
Yield
Market
Three Year Momentum
Volatility
Market Cap
One Year Momentum
Total
4.51
20
* Attribution versus MSCI EM (Emerg Mkts) using m12eLGN. Linked monthly; USD
| PORTFOLIO AND PERFORMANCE – DWP: LACM EMERGING MARKETS FUND |
FACTOR BASED ATTRIBUTION: SECTORS
3/31/2014 - 3/31/2015 (ANNUALIZED)*
Sector Factors:
Health Care
Materials
Energy
Financials
Consumer Staples
Information Technology
Industrials
Utilities
Consumer Discretionary
Telecom Services
Portfolio
(%)
3.34
5.56
7.66
29.29
5.89
19.23
7.96
5.75
8.70
6.61
Total
Benchmark
(%)
2.02
8.25
9.70
27.83
8.30
17.32
6.59
3.48
9.14
7.37
Net
(%)
1.32
(2.69)
(2.04)
1.45
(2.41)
1.91
1.38
2.27
(0.44)
(0.76)
Factor
Return
21.12
(7.82)
(14.37)
1.74
(0.77)
3.17
(2.78)
(0.97)
(1.66)
3.70
Mgmt
Cont
0.25
0.19
0.12
0.09
0.06
0.01
(0.08)
(0.09)
(0.09)
(0.13)
0.35
21
* Attribution versus MSCI EM (Emerg Mkts) using m12eLGN. Linked monthly; USD
| PORTFOLIO AND PERFORMANCE – DWP: LACM EMERGING MARKETS FUND |
FACTOR BASED ATTRIBUTION: COUNTRIES
3/31/2014 - 3/31/2015 (ANNUALIZED)*
Country Factors:
Greece
Colombia
United Arab Emirates
China
Qatar
India
Turkey
Philippines
Thailand
Hungary
Russia
Malaysia
Egypt
Indonesia
South Korea
Czech Republic
Ukraine
Hong Kong
South Africa
Peru
Taiwan
Brazil
Poland
Chile
Mexico
Portfolio
(%)
0.28
0.30
0.04
20.75
0.01
7.48
1.97
1.67
2.23
0.07
4.64
3.54
0.11
2.76
14.36
0.32
0.00
0.00
8.04
0.21
13.13
10.81
2.10
0.45
4.75
Total
Benchmark
(%)
0.60
0.94
0.50
19.86
0.56
7.03
1.70
1.14
2.32
0.21
4.45
3.79
0.23
2.64
15.16
0.23
0.00
0.01
7.72
0.44
12.17
10.14
1.64
1.47
5.08
Net
(%)
(0.32)
(0.65)
(0.46)
0.89
(0.55)
0.45
0.27
0.53
(0.09)
(0.14)
0.19
(0.24)
(0.12)
0.12
(0.80)
0.09
0.00
(0.01)
0.32
(0.23)
0.96
0.66
0.46
(1.01)
(0.33)
Factor
Return
(52.42)
(24.56)
(25.73)
9.84
(11.32)
9.70
1.68
6.66
2.72
6.31
3.44
(7.97)
(4.22)
6.64
(5.20)
4.56
(8.71)
0.00
0.73
11.85
(1.17)
(7.06)
(5.40)
4.41
(2.07)
Mgmt
Cont
0.24
0.19
0.18
0.15
0.09
0.05
0.04
0.03
0.03
0.02
0.02
0.02
0.01
0.01
0.01
0.00
0.00
0.00
(0.01)
(0.02)
(0.03)
(0.04)
(0.04)
(0.05)
(0.09)
0.82
22
* Attribution versus MSCI EM (Emerg Mkts) using m12eLGN. Linked monthly; USD
| PORTFOLIO AND PERFORMANCE – DWP: LACM EMERGING MARKETS FUND |
FACTOR BASED ATTRIBUTION: CURRENCIES
3/31/2014 - 3/31/2015 (ANNUALIZED)*
Currency Factors:
Colombia
Chile
Euro
South Korea
Hungary
Egypt
Philippines
Thailand
Qatar
United States
United Arab Emirates
Hong Kong
India
Czech Republic
Indonesia
Taiwan
Mexico
Turkey
South Africa
Malaysia
Poland
Brazil
Russia
Portfolio
(%)
0.30
0.45
0.28
14.36
0.07
0.11
1.67
2.23
0.01
0.58
0.04
20.73
7.48
0.32
2.76
13.13
4.75
1.97
8.04
3.54
2.10
10.81
4.29
Total
Benchmark
(%)
0.94
1.47
0.60
15.16
0.21
0.23
1.14
2.32
0.56
1.44
0.43
19.83
7.03
0.23
2.64
12.17
5.08
1.70
7.72
3.79
1.64
10.14
3.56
Net
(%)
(0.65)
(1.01)
(0.32)
(0.80)
(0.14)
(0.12)
0.53
(0.09)
(0.55)
(0.86)
(0.39)
0.90
0.45
0.09
0.12
0.96
(0.33)
0.27
0.32
(0.24)
0.46
0.66
0.73
Factor
Return
(24.23)
(11.66)
(22.08)
(4.06)
(20.11)
(8.68)
0.32
(0.31)
(0.03)
0.00
0.00
0.05
(4.57)
(22.43)
(13.12)
(2.68)
(14.35)
(17.61)
(13.19)
(11.83)
(20.31)
(29.40)
(39.55)
Mgmt
Cont
0.15
0.13
0.08
0.05
0.04
0.01
0.01
0.00
0.00
0.00
0.00
0.00
(0.02)
(0.02)
(0.03)
(0.04)
(0.04)
(0.05)
(0.05)
(0.06)
(0.13)
(0.30)
(0.52)
(0.79)
23
* Attribution versus MSCI EM (Emerg Mkts) using m12eLGN. Linked monthly; USD
| PORTFOLIO AND PERFORMANCE – DWP: LACM EMERGING MARKETS FUND |
STOCK LEVEL CONTRIBUTION
3/31/2014 - 3/31/2015 (ANNUALIZED)*
MSCI
Company Name
COUNTRY
Top 10
TAIWN Pegatron Corporation
CHINA
China Railway Group Lim
CHINA
Bank Of China Ltd
BRAZL
Petroleo Brasileiro Sa
CHINA
China Merchants Bank
INDIA
Sun Pharmaceuticals Ind
CHINA
Bank Of Communications
RUSSI
Sberbank Of Russia
PHILI
Universal Robina Corp
CHINA
Guangdong Investment
CHINA
CHINA
RUSSI
BRAZL
CHINA
CHINA
SAFR
INDIA
CHINA
BRAZL
Bottom 10
China Mobile Ltd
Great Wall Motor Compan
Lukoil Oao
Cia Energetica Minas Ge
Ping An Insurance(Group
Hanergy Thin Film Power
Naspers
Housing Development Fin
China Life Insurance Co
Cia Brasileira Distr(Pa
SEDOL
Base Currency : Dollar($) - United States
EM Portfolio
MSCI EM Index
Average
Average
Return
Contrib Average Return Contrib Weight
Weight
(%)
Weight
(%)
Diff.
Net
Contrib
B4PLX1
B297KM
B15456
268453
B1DYPZ
658248
B0B8Z2
476798
691951
691316
0.82
0.41
1.92
0.49
1.00
0.75
0.70
0.30
0.52
0.71
90.37
124.34
39.54
(53.65)
41.82
70.32
37.96
(24.39)
61.87
40.95
0.54
0.41
0.68
(0.06)
0.40
0.42
0.30
(0.11)
0.26
0.24
0.09
0.06
0.99
0.68
0.23
0.23
0.17
0.48
0.09
0.08
90.37
124.34
39.54
(53.65)
41.82
70.32
39.40
(52.93)
61.87
40.95
0.06
0.06
0.34
(0.38)
0.09
0.13
0.06
(0.34)
0.04
0.03
0.74
0.35
0.94
(0.18)
0.77
0.52
0.53
(0.18)
0.43
0.63
0.49
0.35
0.34
0.32
0.31
0.30
0.24
0.23
0.22
0.21
607355
671825
B59SNS
B1YBRG
B01FLR
BRJ8XY
662269
617190
671897
B5VGS7
1.85
0.21
1.07
0.38
0.02
0.02
0.68
47.89
(7.73)
(11.75)
(24.78)
13.83
1.43
40.24
0.50
(0.13)
(0.28)
(0.24)
0.01
0.00
0.21
0.05
0.66
8.63
(36.43)
0.03
(0.43)
1.77
0.12
0.65
0.12
0.49
0.09
1.24
0.66
0.60
0.15
47.89
46.33
(11.75)
(24.78)
47.12
480.09
40.24
44.23
57.49
(31.59)
0.68
0.06
(0.09)
(0.02)
0.24
0.24
0.46
0.25
0.31
(0.05)
0.08
0.09
0.42
0.26
(0.48)
(0.07)
(0.57)
(0.66)
(0.55)
0.51
(0.18)
(0.19)
(0.19)
(0.21)
(0.23)
(0.24)
(0.24)
(0.25)
(0.28)
(0.38)
24
| PORTFOLIO AND PERFORMANCE – DWP: LACM EMERGING MARKETS FUND |
PORTFOLIO CHARACTERISTICS
March 31, 2015
Portfolio
MSCI EM Index
Utilities
Telecom
Services
Materials
Middle East & Africa
Information
Technology
Industrials
Asia
Health Care
Financials
East. Europe
Latin America
80.0%
70.0%
60.0%
50.0%
40.0%
30.0%
20.0%
10.0%
0.0%
Energy
Consumer
Staples
Consumer
Discretionary
36.0%
32.0%
28.0%
24.0%
20.0%
16.0%
12.0%
8.0%
4.0%
0.0%
P/E
P/B
Yield%
Beta
5yr. EPS
Growth%
Mkt Cap
(millions)
1 yr.
Momentum
Portfolio
12.14
1.56
2.74
0.99
19.69
$45,116
27.02
MSCI EM Index
13.81
1.53
2.40
1.00
15.05
$40,048
20.33
25
| PORTFOLIO AND PERFORMANCE - LACM EMERGING MARKETS FUND |
ACTIVE FACTOR EXPOSURES*
March 31, 2015
VALUATION
3/31/2015
12/31/2014
MARKET
0.8
0.6
0.4
0.2
0.0
-0.2
-0.4
-0.6
-0.8
Book To Price
Earnings Yield
Yield
Market Cap
EARNINGS
One Year
Momentum
Three Year
Momentum
Volatility
FINANCIAL
0.8
0.6
0.4
0.2
0.0
-0.2
-0.4
-0.6
-0.8
Analyst Insight
Earnings Quality
Leverage
Profitability
Distress
26
* Selected fundamental factors normalized, relative to MSCI EM (Emerg Mkts)
| PORTFOLIO AND PERFORMANCE – DWP: LACM EMERGING MARKETS FUND |
RISK CHARACTERISTICS AND SECURITY WEIGHTS
March 31, 2015
Realized Risk
Predicted Excess Risk*
2.0%
1.5%
1.0%
3.0%
1.36%
2.5%
1.02%
0.66%
0.54%
0.5%
2.06%
1.94%
Realized 1 Yr TE
Realized 3 Yr TE
2.0%
2.26%
2.24%
Realized 5 Yr TE
Realized SI TE
1.5%
0.25%
0.18%
1.0%
0.5%
0.0%
0.0%
Company Name
COUNTRY
SECTOR
Port Wt
BM Wt
1
Samsung Electronics Co
KOREA
Information Technology
4.28
3.68
2
Taiwan Semiconductor Ma
TAIWN
Information Technology
3.3
2.93
3
China Mobile Ltd
CHINA
Telecom
3.01
2.05
4
China Construction Bank
CHINA
Finance
2.45
1.53
5
Bank Of China Ltd
CHINA
Finance
2.26
1.18
6
Industrial & Commercial
CHINA
FInance
2.12
1.39
7
Tencent Holdings Limite
CHINA
Information Technology
1.94
2.51
8
Samsung Electronics Co
KOREA
Information Technology
1.45
0.52
9
America Movil Sab De Cv
MEXIC
Telecom
1.42
0.88
10
Sk Hynix Inc
KOREA
Information Technology
1.4
0.61
27
* Predicted Risk based on Wilshire GR6 risk model against MSCI EM (Emerg Mkts)
APPENDIX
28
Los Angeles Capital Management
PORTFOLIO APPRAISAL
LACM Emerging Markets Fund L.P.
31-Mar-15
Quantity
457,000
6,201,800
63,201
989,700
451,800
702,600
350,000
531,900
822,647
717,200
394,100
315,400
504,400
613,500
53,095
127,640
214,500
586,500
25,891,400
1,102,600
1,215,500
61,673
261,770
277,000
143,500
Security
Brf Sa
Alfa S.A.B. De C.V.
Banco De Credito E Inve
Vale S.A.
Fomento Economico Mexic
Vale S.A.
Centrais Eletr Bras Sa
Centrais Eletr Bras Sa
Aguas Andinas S.A.
Grupo Televisa Sab
Gruma Sab De Cv
Promotora Y Operadora D
Grupo Carso Sab De Cv
Cemex S.A.B. De C.V.
Industrias Penoles Sab
Gpo Aeroportuario Del S
Gerdau Sa
Metalurgica Gerdau
America Movil Sab De Cv
Petroleo Brasileiro Sa
Petroleo Brasileiro Sa
Sociedad Quimica Y Mine
S.A.C.I Falabella
Arca Continental Sab De
Cia Souza Cruz Ind E Co
Pct.
Assets
0.50
0.70
0.10
0.30
0.20
0.20
0.00
0.10
0.00
0.30
0.30
0.20
0.10
0.00
0.00
0.10
0.00
0.10
1.40
0.20
0.20
0.10
0.10
0.10
0.10
29
Quantity
948,900
110,200
7,853
22,631
46,646
243,675
283,305
4,650,000
1,963,000
1,061,440
248,000
1,882,000
1,117,750
4,329,500
82,890
208,811
6,645,800
6,506,000
836,046
306,657
46,166
790,000
193,138
1,235,106
12,560
155,380
548,000
4,337,500
1,794
12,348
130,903
Security
Kroton Educacional Sa
Weg Sa
Komercni Banka
Mol Hungarian Oil & Gas
Kghm Polska Miedz
Cez
Polski Koncern Naftowy
Jiangsu Expressway Co
Acer Inc
Asustek Computer Inc
Realtek Semiconductor C
Advanced Semiconductor
Aboitiz Equity Venture
China Mobile Ltd
Bank Of The Philippine
Barloworld
Digi.Com.Berhad
Huaneng Power Internati
Bharat Petroleum Corp
Bidvest Group Ltd
Jsw Steel Ltd
Vanguard International
First Gulf Bank
Steinhoff International
Nestle India
Sesa Sterlite Ltd
Hengan International
Alliance Global Group
Hyundai Motor Co
Samsung Fire & Marine
Dongbu Insurance
Pct.
Assets
0.20
0.10
0.10
0.10
0.10
0.30
0.20
0.30
0.10
0.60
0.00
0.10
0.10
3.00
0.00
0.10
0.60
0.40
0.60
0.40
0.00
0.10
0.00
0.40
0.10
0.00
0.30
0.10
0.00
0.20
0.30
30
Quantity
18,660
47,503
22,519
333,000
1,446,800
9,850,044
302,000
534,855
457,327
11,244,000
27,722
161,209
86,700
744,320
1,714,000
1,234,306
9,548
447,688
5,141,000
10,669,000
278,000
998,188
234,636
18,196
1,215,892
844,000
26,093
87,624
97,869
52,577
45,065
Security
Ooredoo
Coway Co Ltd
Kt&G Corporation
Catcher Technology
Chang Hwa Commercial Ba
China Steel Corp
China Motor Co
Infosys Ltd
Wipro
Lenovo Group Limited
Sk Telecom
Commercial Intl Bank(Eg
Rhb Capital Bhd
Daewoo Securities Co
Delta Electronic
Hindustan Unilever Ltd
Ncsoft Corpn
Gold Fields Ltd
Chunghwa Telecom
Au Optronics Corporatio
China Petroleum & Chemi
Hcl Technologies
Dabur India Ltd
Hero Motocorp Ltd
Berjaya Sports Toto Ber
Novatek Microelectronic
Lg Chemical
Shinhan Financial Group
Hyundai Merchant Marine
S-Oil Corp
Samsung Securities Co
Pct.
Assets
0.00
0.20
0.10
0.20
0.00
0.40
0.00
1.00
0.20
0.90
0.40
0.10
0.00
0.50
0.60
0.90
0.10
0.10
0.90
0.30
0.00
0.80
0.10
0.00
0.10
0.20
0.20
0.20
0.00
0.20
0.10
31
Quantity
67,907
10,656,080
1,437,000
132,900
6,384,725
4,637,456
1,583,500
89,500
6,460,160
352,214
11,492,000
9,592
21,682
638,554
36,113
2,747
43,647
4,642,000
1,378,400
80,620
170,441
205,260
219,810
9,159,600
512
260,058
218,650
1,305,900
548,242
1,036,901
18,689,713
Security
Dr Reddys Laboratories
Fubon Financial Hldg Co
Hua Nan Financial Holdi
Ptt Public Company
Yuanta Financial Holdin
Cathay Financial Hldg C
Ytl Corp
Hong Leong Financi
Hon Hai Precision Indus
Bharti Airtel Ltd
Mega Financial Holding
Hyundai Heavy Industrie
Hyundai Mobis
Sk Hynix Inc
Hyundai Engineering&Con
Hyundai Motor Co
Hyundai Motor Co
Shin Kong Financial Hld
Ijm Corp Berhad
International Container
Hyundai Steel Company
Jollibee Foods Corp
Kia Motors Corp
Krung Thai Bank Public
Korea Zinc
Korea Electric Power Co
Hanwha Corporation
Metropolitan Bank & Tru
Liberty Hldgs
Lite-On Technology Corp
Sinopac Financial Hldgs
Pct.
Assets
0.20
1.00
0.00
0.10
0.20
0.40
0.00
0.00
1.00
0.10
0.50
0.10
0.30
1.40
0.10
0.00
0.40
0.10
0.10
0.00
0.60
0.10
0.50
0.30
0.00
0.60
0.40
0.20
0.40
0.10
0.40
32
Quantity
14,303,290
263,500
889,700
6,664
506,722
405,056
7,663,867
988,028
148,750
3,149,494
81,042
61,393
8,013,800
7,292
260,208
3,490,160
209,555
274,400
665,000
2,388,000
14,562,000
1,678,000
8,336,000
11,561,200
910,700
404,000
394,700
72,907
61,753
27,304
250,286
Security
Ctbc Financial Holdings
Byd Co
Misc Berhad
Naver Corp
Mtn Group Ltd
Anglogold Ashanti Ltd
First Financial Holding
Sun Pharmaceuticals Ind
Merida Industry
Firstrand Limited
Naspers
Nedbank Group Limited
Bank Mandiri(Persero)
Industries Of Qatar
Kangwon Land Inc
Pou Chen
Aurobindo Pharma
Petronas Gas Berhad
President Chain Store C
Picc Property & Casualt
Bank Rakyat Indonesia
China Life Insurance Co
Zijin Mining Group Co.L
Pt Bank Negara Indonesi
Airports Of Thailand Pu
Weichai Power Co
British American Tobacc
Samsung C&T Corporation
Samsung Electronics Co
Samsung Electronics Co
Sasol
Pct.
Assets
0.50
0.10
0.10
0.20
0.50
0.20
0.20
0.90
0.10
0.80
0.70
0.10
0.40
0.00
0.40
0.30
0.20
0.10
0.30
0.20
0.80
0.40
0.10
0.30
0.40
0.10
0.40
0.20
4.20
1.40
0.50
33
Quantity
6,286,000
158,568
2,365,000
1,209,000
486,000
338,796
2,901,800
781,000
2,391,000
218,800
13,297,000
1,902,500
4,722,000
479,000
8,874,000
2,259,770
10,870
6,804,000
13,975
38,961
242,320
250,000
1,756,140
189,600
4,197,000
48,878
3,492,000
2,031,900
3,526,400
199,500
144,455
Security
Sinopec Shanghai Petroc
Shoprite Holdings
Foxconn Tech Co
Siliconware Precision I
Shanghai Industrial Hld
Mr.Price Group
Telekom Malaysia Berhad
Synnex Technology Inter
Taiwan Cement
Kasikornbank Public Com
Taiwan Semiconductor Ma
Siam Commercial Bank
Tenaga Nasional Berhad
U-Ming Marine Transport
Guangdong Investment
Universal Robina Corp
Yuhan Corp
Zhejiang Expressway Co
Bank Zachodni Wbk
Jumbo Sa
Otp Bank Plc
Mobile Telesystems O
Banco Bradesco Sa
Banco Bradesco Sa
Cnooc Limited
Halla Visteon Climate C
Sino Biophamaceutical
Public Bank Berhad
Bank Central Asia
Ping An Insurance(Group
Hyundai Marine & Fire I
Pct.
Assets
0.10
0.10
0.30
0.10
0.10
0.40
0.30
0.10
0.20
0.10
3.30
0.60
1.00
0.00
0.60
0.60
0.10
0.50
0.10
0.00
0.20
0.10
0.90
0.10
0.30
0.10
0.20
0.50
0.20
0.10
0.20
34
Quantity
185,862
132,260
612,000
11,919,000
937,996
112,873
1,612,451
38,369
743,518
5,359,558
186,596
2,310,747
154,400
799,600
264,000
210,057
156,595
890,887
173,581
661,500
689,137
15,614,000
152,300
151,945
604,525
3,657,400
55,248,000
409,000
405,007
15,642
13,932
Security
Tata Consultancy Servic
Lg Display Co Ltd
Beijing Enterprises Wat
Gome Electrical Applian
Standard Bank Group Lim
Ntpc Ltd
Itau Unibanco Holdings
Spar Group Limited
Enka Insaat
Eregli Demir Celik
Tofas(Turk Otomobil Fab
Turk Hava Yollari
Porto Seguro Sa
Zte Corporation
Fibria Celulose Sa
Sistema Jsfc
Sm Investments Corporat
Woolworths Hldgs
Imperial Holdings
China Shenhua Energy Co
Ambuja Cements Ltd
Innolux Corporation
Lojas Renner Sa
Tiger Brands
Itc
Sanlam
China Construction Bank
Shenzhou International
Mediclinic Internationa
Hana Financial Group In
Hyundai Glovis Co Ltd
Pct.
Assets
0.40
0.20
0.00
0.10
0.70
0.00
0.90
0.00
0.10
0.40
0.10
0.40
0.10
0.10
0.20
0.10
0.20
0.30
0.10
0.10
0.10
0.40
0.20
0.20
0.20
1.30
2.40
0.10
0.20
0.00
0.20
35
Quantity
240,600
59,967
73,429,000
509
419,200
797,866
614,300
9,010,500
53,950,000
972,054
58,733
362,500
2,272,000
224,000
202,807
1,065,100
14,756,000
951,492
133,300
1,175,000
3,194,500
5,078,000
2,848,949
3,443
3,926,000
1,514,800
12,853,000
2,349,400
1,243,000
136,990
21,722
Security
Gpo Aeroportuario Del P
Samsung Life Insurance
Bank Of China Ltd
Amorepacific Corp(New)
Embraer Sa
Investec Limited
Cesp-Companhia Energeti
China Merchants Bank
Industrial & Commercial
Cairn India
Kumba Iron Ore Ltd
Odontoprev Sa
China Communications Co
Zhuzhou Csr Times Elect
Tav Havalimanlari Holdi
Jbs Sa
China Citic Bank Corpor
Cia Energetica Minas Ge
Cia Saneamento Basico D
Anta Sports Products
Fosun International
Aboitiz Power Corporati
Ecopetrol Sa
Cj Cheiljedang
Soho China Limited
Jasa Marga(Indonesia Hi
China Railway Group Lim
Axiata Group Bhd
Csr Corp Limited
Turk Telekomunikasyon A
Grupa Azoty Sa
Pct.
Assets
0.10
0.30
2.20
0.10
0.20
0.30
0.20
1.20
2.10
0.20
0.00
0.10
0.20
0.10
0.10
0.30
0.60
0.20
0.00
0.10
0.30
0.30
0.10
0.10
0.10
0.00
0.70
0.20
0.10
0.00
0.00
36
Quantity
68,583
2,939,800
216,052
1,532,400
1,294,277
1,309,500
210,100
6,757,000
973,992
10,764,000
399,000
1,461,942
468,600
153,800
8,308,600
1,743,783
6,054,748
295,040
345,848
518,340
5,247
640,380
12,775,468
6,688,100
8,230,000
2,538,598
170,000
464,700
4,046,970
43,919,000
2,249,006
Security
Kb Financial Group Inc
Ohl Mexico Sab De Cv
Bnk Financial Group Inc
Sinopharm Group Co. Ltd
Life Healthcare Group H
Indofood Cbp Sukses Mak
Qualicorp Sa
Pegatron Corporation
Mmi Holdings Limited
Chongqing Rural Commerc
Banco Santander(Brazil)
Pge Polska Grupa Energe
Cetip Sa - Mercados Org
New China Life Insuranc
China Minsheng Banking
Tatneft
Gazprom
Uralkali Public Joint S
Lukoil Oao
Rosneft Ojsc
Jsc Mmc Norilsk Nickel
Severstal Public Joint
Surgutneftegaz
Surgutneftegaz
China Everbright Bank C
Tauron Polska Energia S
Tpk Holding Co Ltd
Cia Brasileira Distr(Pa
Bdo Unibank Inc
Agricultural Bank Of Ch
Tata Motors Limited
Pct.
Assets
0.10
0.30
0.20
0.30
0.20
0.10
0.10
1.00
0.10
0.40
0.10
0.40
0.20
0.00
0.50
0.50
0.80
0.00
0.90
0.10
0.00
0.40
0.40
0.30
0.20
0.20
0.10
0.70
0.60
1.10
1.00
37
Quantity
737,660
107,046
314,414
29,429
2,877,600
1,156,500
15,827,900
186,000
443,632
85,449
12,711,000
497,500
823,150
416,498
57,656,300
2,617,100
1,106,900
6,047,100
1,920,500
3,358,280
1,067,500
891,333
775,700
435,200
5,894,700
87,248
112,873
Security
Cielo Sa
Powszechny Zaklad Ubezp
Vodacom Group Limited
Ff Group
Alrosa Zao
Central Pattana Public
Kalbe Farma
Ihh Healthcare Bhd
Barclays Africa Gr
Megafon-Reg S GDR
People''s Insurance Co
Shanghai Fosun Pharmace
Moscow Exchange Micex-R
Asian Paints Ltd
Telekomunikasi Indonesi
Ambev Sa
Gentera Sab De Cv
Bangkok Dusit Medical S
Tencent Holdings Limite
Redefine Properties Ltd
China Cnr Corp Ltd
State Bank Of India
Icici Bank Limited
Thai Union Frozen Produ
Wal-Mart De Mexico Sab
Tech Mahindra
NTPC LTD Bond
Pct.
Assets
0.60
0.70
0.20
0.00
0.20
0.10
0.10
0.00
0.40
0.10
0.30
0.10
0.10
0.30
0.70
0.80
0.10
0.20
1.90
0.20
0.10
0.20
0.20
0.00
0.80
0.00
0.00
38
| BIO |
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
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.
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| BIO |
HAL W. REYNOLDS, CFA
Chief Investment Officer and Principal
BA University of Virginia, 1980
MBA University of Pittsburgh, 1982
1998 – 2002 Wilshire Asset Management
1989 – 1998 Wilshire Associates
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 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.
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| 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
1993 – 2009 Wilshire Associates
1991 – 1993 Asset Strategy Consulting
1983 – 1989 Wilshire Associates
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.
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BIO
LAINA DRAEGER
Portfolio Manager and Principal
BA Boston College, 2005
MBA University of San Francisco, 2007
2006 – 2007 First Republic Investment Management
As Portfolio Manager, Mrs. Draeger is a senior member of the Portfolio Management team and a member of
the firm’s Investment Committee. She 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 also recommends changes in process or portfolio parameters that will enhance
return or better control risk. Mrs. Draeger 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, Mrs. Draeger joined the firm as
a full time member of the Portfolio Management team. Prior to joining Los Angeles Capital, Mrs. Draeger
worked as a Research Assistant in the Investment Management Division of First Republic Bank.
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| BIO |
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
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.
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