Fund Size: (12/31/2012): $107 Million
To provide capital appreciation, principal preservation and current income that are consistent with its asset allocation at a particular time. A TAD Fund with a relatively long time horizon (defined as the time before a Fund’s target date) will have more emphasis on seeking capital appreciation, whereas a TAD Fund with a relatively short time horizon will have more emphasis on income and principal preservation.
Invests in shares of the Pension Boards’ Equity, Bond and Stable Value Funds in accordance with a moderate asset allocation strategy that becomes more conservative as the Fund’s target date approaches. These underlying funds invest their assets directly in equity, fixed income and other securities in accordance with their own investment objectives and policies.
Brown Investment Advisory & Trust Company (Large Cap Growth)
Fiduciary Management, Inc. of Milwaukee (Large Cap Equity)
INTECH Investment Management, LLC (Large Cap Enhanced Equity)
State Street Global Advisors (U. S. Core Equity)
Sasco Capital (Mid-Cap Value)
Dimensional Fund Advisors (Small Cap Value and Emerging Markets Value)
Pinnacle Associates Ltd. (Small-Mid Cap)
William Blair & Company, LLC (SMID Growth)
Dodge & Cox (Non-U.S. Value Equity)
GlobeFlex Capital, LP (Non-U.S. All Cap Equity)
Mondrian Investment Partners Limited (Emerging Markets)
Walter Scott & Partners, Ltd. (Non-U.S. Growth Equity)
Absolute Return Capital (BAIN) (Equity Alternative)
Brevan Howard Fund Limited (Alternative Investments)
Elliott International Ltd. (Equity Alternative)
Oaktree Capital Management, L.P. (Equity Alternative)
Passport Offshore, Ltd. (Equity Alternative)
Pershing Square Capital Management, L.P. (Equity Alternative)
Third Point LLC (Equity Alternative)
Winton Capital Management Limited (Equity Alternative)
Contrarian DRE Management, L.L.C (Bond Alternative)
Pension Boards Fixed Income Group (Bond Fund)
Pension Boards Fixed Income Group with sub-advisory agreement with BNY Mellon Stable Value (Stable Value Fund)
Neuberger Berman (High Yield)
Stone Harbor Investment Partners LP (Emerging Markets Debt)
Western Asset Management Company (Bank Loan)
Expenses (or expense ratios) are reported as the percentage of total expenses for the management and administration of the Pension Boards’ Target Annuitization Date (TAD) Funds and will vary annually. There are no sales commissions, 12b-1 fees, or load charges. Fees as a percent of assets in 2012 for the TAD 2015, 2020, 2025 and 2030 Funds were 0.46%, 0.54%, 0.57% and 0.59%, respectively.
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Stable Value Fund