State Street Global Advisors SWFL 12.31.17...CAM‐1537 Dennis Dwyer, CFA Jack Serhant February 13, 2018 STATE STREET GLOBAL ADVISORS This material is solely for the private use of
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CAM‐1537
Dennis Dwyer, CFA
Jack Serhant
February 13, 2018
STATE STREET GLOBAL ADVISORS
This material is solely for the private use of The Episcopal Church Foundation and is not intended for public dissemination.
What We Will Cover
1. SSGA Overview
2. Investment Solutions Group
3. Investment Philosophy
4. Strategic Asset Allocation
5. Tactical Asset Allocation
6. 4Q Report
Appendices
Appendix A: Important DisclosuresAppendix B: Biography
The information contained in this document is current as of the date presented unless otherwise noted.
CAM‐1537 2
SSGA• A global leader in asset management relied on by sophisticated institutions worldwide for their investment needs
• The investment management arm of State Street Corporation, one of the world’s leading providers of financial services to institutional investors, with a heritage dating back over two centuries
• Entrusted with over $2.67 trillion* in assets worldwide
• Clients include governmental entities, corporations, endowments and foundations, third party asset gatherers, multi employer plans, pension funds and sovereign wealth funds
• ETF industry pioneer and a leader since 1993 with over $550 billion* in global AUM
State StreetGlobal MarketsA global leader
in research and trading
State StreetGlobal ServicesA global leader in asset servicing
Organizational Overview
3CAM‐1567
As of September 30, 2017* AUM reflects approx. $36 billion (as of September 30, 2017) with respect to which State Street Global Advisors Funds Distributors, LLC (SSGA FD) serves as marketing agent; SSGA FD and State Street Global Advisors are affiliated.
A global leader in asset management
State StreetGlobal ExchangeA global leader in
data utilization and management
CHARITABLE ASSET MANAGEMENT• An industry leader since 1984 — Presently managing $3 billion in planned gift and endowment assets• Delivering customized options based on our client’s requirements and your donors’ objectives, tax concerns, and risk tolerance
• Team experts provide tax‐efficient charitable strategies
Investment Solutions Group
As of January 24, 2018.
4MACS‐1513
EconomistsBostonChristopher Probyn, PhD Paul Lyons, CFA FRMSimona Mocuta
Investment Strategy & ResearchAdvisory work and bespoke client research; enhancements to existing strategies, new capability research, and portfolio analytics
Daniel Farley, CFAChief Investment Officer
Multi‐Asset Class Portfolio ManagementManagement of multi‐asset class and custom hedging portfolios
BostonMike MartelDelizia BouafiDennis Dwyer, CFATim Furbush, CMT CFARob GuilianoJohn Gulino, CFATyhesha HarringtonJerry Holly, CFALorne Johnson, PhD
LondonFrederic Dodard, CFA FRMMehvish Ayub, CFAGordon KearneyDavid LeeRaluca Petrescu, CFA, CAIAMarie Senou, CFAKonrad Swiecicki, CFAAndrew Wickham, CFAPaul RamsayXimin WangLing Luo, CFAJames Morgan, CFA, CAIAJulien Triverio, CFAVictor Bozza, CFA
BostonDavid Kobuszewski, CFADane SmithLisa Khatri, CFAHong KongYichan Shu, CFA FRMTokyoJunichi Takahashi, CFA CMASydneyRafiq Choudhury
BostonUmair DandiaShawn McKay, CFADaniel DesmaraisAndy Ashworth, AFAJack Moore, CPA CFAJie Qin, CFA
San FranciscoDennis Santos
CharlestonJamie Bartolome
Ric Thomas, CFA —Global Head of Strategy and ResearchBostonKeith Snell, CFAMontrealLouis Basque, CFALondonShiv Nathwani
Portfolio StrategyProduct‐related analysis and client engagement
Robert Spencer, CFA —Head of Portfolio Strategy
Alpha ResearchBostonPavel Bandarchuk, PhD CFA FRMXuesong Hu, PhD CFAJerry Sun, PhDPierre‐Oliver Ruether, Ph.D.Ved Rajkumar
Geoff Kelley, CFA —Global Head of ISG ResearchStrategic ResearchBostonRobert Shapiro, CFA CAIAGracie Yu, CFATokyoHiroyuki Ito, CMA CIIA FRMBangaloreLokesh Mrig, CFA FRMDilip JayanandaParichita KapoorChhavi SinghalRajnish Kumar, Ph.D.
Tamara BentonSenior Executive Assistant
Dawn AmaralSenior Executive Assistant
Quang LaLeo Law, CFA FRMPhilip LeeChuck McGinnMike NarkiewiczJohn SerhantSeamus Quinn, CFA, CAIATamsa Sabat
SydneyMark WillsBenjamin RegnatPeter Carey, CFA
TokyoTakaaki IdoKensuke Niihara, CMA
London
Altaf Kassam, CFAJeremy de Pessemier, CFAHelene Veltman, PhDDaoyu ChenMatteo BaliccoDublinDesmond Lawrence
StamfordJane HackneyWerner FrohnKeith MalcherLois WalkerJeff PalmaBostonThomas KennellyBrent Bell, CFA FRMYimin Huang, CFA CAIABob Fanelli, CFATheresa Roy, ASA EAMarc Touchette, CFA
Dave Wiederecht —Global Head of Outsourced CIO
Karen HemseySenior Executive Assistant
Outsourced CIOManagement of OCIO portfolios and diligence on external managers and internal strategies
Investment Strategy Investment Research
Vita PikeKatia KachaliyAneta LupinskaGeoffrey Preston
Martha DonovanMatt Kelley
Investment Philosophy
Decision making…
CAM‐1537
* Brinson, Hood, and Beebower, Determinants of Portfolio Performance, Financial Analysts Journal, July – August 1986, p.39–44.Diversification does not ensure a profit or guarantee against loss.
Asset Allocation
1
Diversification
2
Low Cost Approach
3
Implementation
4
Drives returns
Reduces volatility
Cost savings
Passive versus Active
5
Client Focused Approach in Developing Strategic Asset Allocations
4 Step Strategic Asset allocation process
6MACS‐1357
• Collaborate with clients seeks to understand unique circumstances– Level of risk aversion– Return expectations– Liquidity needs– Unique circumstances
• Define appropriate asset class universe
• Validate that strategic allocation expectations meet identified client needs and incorporate client specific constraints
• Portfolio management review of asset allocation mix for reasonability
• Continuous review of strategic allocation and benefits of potential implementation of new asset classes
4. Fundamental Review
• Inputs begin with previously identified asset class universe and ISG forecasts
• Run unconstrained optimization• Incorporate client specific
constraints into optimization process (e.g., limit exposure to specified asset class)
• Optimized output generates efficient, asset allocation portfolios– Maximize return for level
of risk
3. Portfolio Optimization1. ISG Client Collaboration
• Quarterly ISG asset class risk/return expectations– Includes over 60
asset classes• Foundation for developing forward
looking, diversified strategic asset allocations
• Analysis of long windows of historic data overlayed with forward looking analytics
• Expected return forecasts include:– Top down macro variables– Bottom up valuation
2. Asset Class Forecasts
Periodic Review of Existing
Strategic Asset Allocation
IdentifyRisk
Regime
Tactical Asset Allocation Investment Process Overview
Our global TAA strategy, driven by a dynamic regime dependent approach, employs a quantitative process, enhanced with a fundamental review
MACS‐1571
Proprietary risk sentiment indicator
1
Policy and Politics team meeting
Evaluate Opportunities
2
ConstructPortfolio
3
PortfolioImplementation
4
Qua
ntita
tive
Fund
amen
tal
Proprietary risk sentiment indicator
Policy and Politicsteam meeting
Asset class experts leveraging 10+ independent research houses
Systematic rankingacross 100+ opportunities
Optimization
Trade Team Review
Alpha meeting finalization
7
Episcopal Church Foundation
Diocese of Southwest FloridaParrish, FLPerformance Report 4Q17Endowment & Income Funds
This material is solely for the private use of the Episcopal Church Foundation per their request and is not intended for public dissemination.All the information contained in this presentation is as of date Indicated unless otherwise noted.
Diocese of Southwest Florida
Source: First Rate and SSGA, Inception date: 6/1/2011.Past performance is not a guarantee of future results. Performance returns for periods of less than one year are not annualized. Allocations, characteristics, and weightings are as of the date indicated,are subject to change, and should not be relied upon as current thereafter. The “Custom Benchmark” is created by SSGA and may be different for different accounts. For additional information regarding these benchmarks please contact your Investment Officer. Index returns reflect capital gains and losses, income, and the reinvestment of dividends.* Performance is net of common trust fund, mutual fund and ETF fees but gross of relationship fees. The Custom Benchmark is comprised of:2% BCAP-HY, 4% BCLC, 6% RU-2000, 4% BC Cred 1-3, 5% TB-30, 11% SP-400M, 5% BCAP Global Treas ex US Capped, 18% MSCI ACWI ex US IMI, 25% SP-500, 20% BCAP-AGGBenchmark returns do not represent those of a singular index but were achieved by mathematically combining the actual performance data of the indexes listed above at the specified weights. The performance assumes no transaction and rebalancing costs, so actual results will differ. The performance includes the reinvestment of dividends and other corporate earnings and is calculated in US dollars.
Total Portfolio Performance* December 31, 2017
Current Asset AllocationAs of December 31, 2017MarketValue
Equities $10,281,860
Fixed Income 4,007,594
Cash Equivalents 544,731
Total $14,834,185
4.07
14.67 14.67
6.847.89 7.20
3.86
14.21 14.21
6.367.38
6.71
3.67
13.67 13.67
6.40 7.17 6.51
0
2
4
6
8
10
12
14
16
Quarter YTD One Year Three Year Five Year Since Inception
Portfolio Net of Fees Benchmark
S&P 500 Screened CTF29%
S&P Mid Cap 400 CTF13%
Small Cap Idx Plus CTF6%
Credit 1‐3 YR CTF7%
Passive Bond Mkt CTF16%
Cash4%High Yield CTF
2%
9
International Alpha Select CTF2%
MSCI ACWI ex US IMI Screened CTF18%
Long US Credit CTF2%
Daily Active EM1%
Current Portfolio Positioning
CAM‐1537
Weights are as of December 31, 2017, are subject to change, and should not be relied upon as current thereafter.
Benchmark Asset Class Benchmark weight (%)
Large Cap Equities 25.0
US Mid Cap Equities 11.0
US Small Cap Equities 6.0
Intl Devel Equities 14.0
Intl EM Equities 4.0
Aggregate Bond 20.0
US Long Credit 4.0
US 1‐3 yr Credit 4.0
Intl Investment Grade FI 5.0
US High Yield 2.0
Cash 5.0
10
3
1
2
1
‐4
‐2
4
‐5
Large Cap Equities
US Mid Cap Equities
US Small Cap Equities
Intl Devel Equities
Intl EM Equities
Aggregate Bond
US Long Credit
US 1‐3 yr Credit
Intl Investment Grade FI
US High Yield
Cash
Overweight / Underweight
Overweight / Underweight
Diocese of Southwest Florida – Income Fund
Source: First Rate and SSGA, Inception date: 6/30/2011.Past performance is not a guarantee of future results. Performance returns for periods of less than one year are not annualized. Allocations, characteristics, and weightings are as of the date indicated,are subject to change, and should not be relied upon as current thereafter. The “Custom Benchmark” is created by SSGA and may be different for different accounts. For additional information regarding these benchmarks please contact your Investment Officer. Index returns reflect capital gains and losses, income, and the reinvestment of dividends.* Performance is net of common trust fund, mutual fund and ETF fees but gross of relationship fees. The Custom Benchmark is comprised of:06/30/2011 – 01/01/2014 5% TIPS, 5% TB-30, 90% BCAP-IGC01/01/2014 – Present 5% TIPS, 5% TB-30, 45% BCAP Intm Gov, 20% BCAP Cred Bonds, 25% BCAP US Agg Cred 1-3 YrBenchmark returns do not represent those of a singular index but were achieved by mathematically combining the actual performance data of the indexes listed above at the specified weights. The performance assumes no transaction and rebalancing costs, so actual results will differ. The performance includes the reinvestment of dividends and other corporate earnings and is calculated in US dollars.
Current Asset AllocationMarketValue
Fixed Income $1,546,433
Cash Equivalents 77,791
Total $1,624,225
.09
2.372.37
1.73 1.51
2.57
‐.10
1.941.94 1.27
1.02
2.09
.05
2.30 2.301.74 1.39
2.12
‐2
0
2
4
6
Quarter YTD One Year Three Year Five Year Since Inception06/01/11
Portfolio Net of Fees Benchmark
Passive Socially Resp Corp CTF
18%
Intermediate US Gov CTF
43%
1‐3 Yr Credit CTF27%
Cash5%
TIPS5%
11
High Yield CTF2%
As of December 31, 2017
Total Portfolio Performance* December 31, 2017
Current Portfolio Positioning
CAM‐1537
Weights are as of December 31, 2017, are subject to change, and should not be relied upon as current thereafter.
Benchmark Asset Class Benchmark weight (%)
Intm US Gov 45.0
US 1‐3 yr Credit 25.0
Socially Responsible Corp 20.0
TIPS 5.0
Cash 5.0
12
‐2
3
‐2
1
Intm US Gov
US 1‐3 yr Credit
Socially Responsible Corp
TIPS
Cash
Overweight / Underweight
Overweight / Underweight
Portfolio Performance – Underlying Holdings
Source: SSGAThe above CTFs are not mutual funds but are unregistered investment vehicles. Past performance is not a guarantee of future results. Performance returns for periods of less than one year are not annualized.Index returns reflect capital gains and losses, income, and the reinvestment of dividends.The performance figures contained herein are provided on a gross of fees basis and do not reflect the deduction of advisory or other fees which could reduce the return. Performance figures are calculated in US dollars.
Quarter YTD 1 Year 3 Years 5 Years 10 Years Since Inception Date of Inception
Large Cap Equity
S&P 500 (R) Screened Indx NL CTF (CMQ2NON) 6.87 22.64 22.64 11.42 15.84 8.69 7.09 06/30/01
S&P 500(R) 6.64 21.83 21.83 11.41 15.79 8.50 6.97
Mid / Small Cap Equity
S&P Midcap (R) Indx NL CTF (CMJ7NON) 6.25 16.20 16.20 11.13 15.01 9.98 10.52 08/31/99
S&P MidCap 400(R) 6.25 16.24 16.24 11.14 15.01 9.96 10.47
Small Cap Indx Plus SL QP CTF (CMY9) 1.98 10.36 10.36 9.23 14.40 9.42 9.75 05/31/02
Russell 2000(R) Index 3.34 14.65 14.65 9.95 14.12 8.71 9.09
International Equity
SSgA MSCI ACWI Ex USA IMI Screened NL CTF (ZVY4) 5.59 28.08 28.08 8.78 8.74 2.53 2.55 07/31/07
Custom MSCI International Index 5.23 27.81 27.81 8.38 8.44 2.20 2.31
Active Emerging Markets NL QP CTF (ZV96NON) 5.35 35.53 35.53 9.32 4.10 0.69 11.30 08/31/01
MSCI Emerging Markets Index 7.44 37.28 37.28 9.10 4.35 1.68 11.40
Intl Alpha Select NL QP CTF (ZVAL) 2.10 22.94 22.94 7.80 8.91 1.88 6.63 06/30/04
MSCI EAFE(R) Index 4.23 25.03 25.03 7.79 7.90 1.94 6.09
13
Gross Annualized Returns as of December 31, 2017
Portfolio Performance – Underlying Holdings
Source: SSGAThe above CTFs are not mutual funds but are unregistered investment vehicles. Past performance is not a guarantee of future results. Performance returns for periods of less than one year are not annualized.Index returns reflect capital gains and losses, income, and the reinvestment of dividends.The performance figures contained herein are provided on a gross of fees basis and do not reflect the deduction of advisory or other fees which could reduce the return. Performance figures are calculated in US dollars.
Quarter YTD 1 Year 3 Years 5 Years 10 Years Since Inception Date of Inception
Fixed Income
U.S. Aggregate Bond Indx NL QP CTF (CMX7) 0.38 3.53 3.53 2.23 2.08 4.01 4.44 11/30/01
Barclays U.S. Aggregate Bond Index 0.39 3.54 3.54 2.24 2.10 4.01 4.45
U.S. TIPS Indx NL QP CTF (CMY5) 1.26 3.01 3.01 2.04 0.12 3.50 4.97 04/30/02
BC ‐ U.S. Treasury Inflation Protected Securities Index 1.26 3.01 3.01 2.05 0.13 3.53 4.98
Intermed U.S. Govt Bond Indx NL QP CTF (CM1R) ‐0.41 1.12 1.12 1.11 0.90 2.66 3.55 03/31/01
Barclays U.S. Intermediate Government Bond Index ‐0.40 1.14 1.14 1.12 0.92 2.70 3.59
Socially Responsible U.S. Credit Indx NL CTF (CM4A) 1.11 6.25 6.25 3.61 3.25 5.40 5.04 11/30/04
Barclays U.S. Credit Bond Index 1.05 6.18 6.18 3.63 3.24 5.42 5.11
1‐3 Year U.S. Credit Indx NL QP CTF (CM2WNON) ‐0.10 1.62 1.62 1.53 1.40 2.78 3.02 11/30/03
Barclays U.S. 1‐3 Year Credit Bond Index ‐0.07 1.66 1.66 1.54 1.44 2.82 3.07
Long U.S. Credit Indx NL QP CTF (CMQANON) 3.26 12.40 12.40 5.84 5.23 7.84 7.84 10/31/00
Barclays U.S. Long Credit Bond Index 3.18 12.21 12.21 5.68 5.11 7.72 7.87
U.S. High Yield Bond NL QIB CTF (CMN1) 0.49 7.34 7.34 5.99 5.80 8.62 8.05 03/31/01
Barclays U.S. Corporate High Yield 2% Issuer Cap Index 0.47 7.50 7.50 6.36 5.78 8.09 7.70
14
Gross Annualized Returns as of December 31, 2017
Portfolio Performance – Underlying Holdings
Source: MorningstarThe gross expense ratio is the fund's total annual operating expense ratio. It is gross of any fee waivers or expense reimbursements. It can be found in the fund's most recent prospectus.Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. All results are historical and assume the reinvestment of dividends and capital gains. Visit respective fund's website for most recent month‐end performance. Shares of the SSGA funds are not insured by the FDIC or by another governmental agency: they are not obligations of the FDIC nor are they deposits or obligations of or guaranteedby State Street Bank and Trust Company. The SSGA funds pay State Street Bank and Trust Company for its services as custodian, transfer agent and shareholder servicing agent and pays SSGA Funds Management, Inc., an affiliate of State Street Bank and Trust Company, for investment advisory services. State Street Global Funds Distributors, LLC, Member FINRA, SIPC, is Distributor for all SSGA Funds. Third‐party registered products are distributed by third‐party broker‐dealers. Performance returns for periods of less than one year are not annualized.Index returns reflect capital gains and losses, income, and the reinvestment of dividends. The performance is calculated in US dollars.
Expense Ratio Quarter YTD 1 Year 3 Years 5 Years 10 Years Since
InceptionDate of Inception
Fixed Income
SPDR Barclays International Treasury Bd (MKT) 0.50 1.50 9.84 9.84 1.04 ‐0.62 1.98 2.44 10/01/07
BC‐ Global Trsy Ex US Capped TR USD 1.60 10.82 10.82 1.75 ‐0.01 2.76 3.10
15
Gross Annualized Returns as of December 31, 2017
Q1 2018 Market Themes
161993730.1.1.GBL.INST
* SSGA and J.P. MorganSource: SSGAThe above forecast is an estimate based on certain assumptions and analysis made by the SSGA Economics Team. There is no guarantee that the estimates will be achieved.
Key Macroeconomic Observations
• Global economic growth is anticipated to further accelerate in 2018, building on momentum from improved growth in 2017, with signs of improvement in both advanced and developing nations
• With the global economic outlook improving, monetary policy will continue to be less accommodating in 2018 with the Fed, the Bank of Canada and the Bank of England (BOE) expected to be raising interest rates and the European Central Bank (ECB) and Bank of Japan (BOJ) likely winding down its bond buying program
• Global inflation rose slightly in 2017 Q4, but remains below central bank targets which could limit the pace at which policy accommodation is withdrawn
• US tax reform is anticipated to add 0.3% to US GDP in 2018 and 0.2% in 2019*
Near‐term Capital Market Insights
• Solid global corporate earnings, a stabilization in global growth, and some fiscal expansion should continue to support equity markets in the near term
• Shorter term global government interest rates are likely to further rise as improving growth and inflation trends support less monetary accommodation looking forward
• Strengthening fundamentals and strong compliance by OPEC to rebalance the market are expected to continue to support oil prices in 2018
Appendix A: Important Disclosures
CAM‐1537 17
Trademark Attribution Language and Disclaimers
Standard & Poor’s (S&P) S&P 500 Index is a registered trademark of Standard & Poor’s Financial Services LLC.
Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell 2000 Index ® is a trademarkof Russell Investment Group.
“The MSCI EAFE Index and MSCI EMF Index are a trademark of MSCI Inc.”
“Source: Barclays POINT/Global Family of Indices. © 2017 Barclays Inc. Used with permission.”
Standard & Poor’s, S&P and SPDR are registered trademarks of Standard & Poor’s Financial Services LLC (S&P); Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones); and these trademarks have been licensed for use by S&P Dow Jones Indices LLC (SPDJI) and sublicensed for certain purposesby State Street Corporation. State Street Corporation’s financial products are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates and third party licensors and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability in relation thereto, including for any errors, omissions, or interruptions of any index.
This material is solely for the private use of the Episcopal Church Foundation per their request and is not intended for public dissemination.
Bloomberg® is the service marks of Bloomberg Finance L.P. and its affiliates (collectively, “Bloomberg”) and have been licensed for use for certain purposes by SSGA. Neither Bloomberg nor UBS Securities LLC and its affiliates (collectively, “UBS”) are affiliated with SSGA, and Bloomberg and UBS do not approve, endorse, review, or recommend their product. Neither Bloomberg nor UBS guarantees the timeliness, accurateness, or completeness of any data or information relating to the product.
The "Dow Jones Industrial Average" is a product of S&P Dow Jones Indices LLC (“SPDJI”), and has been licensed for use by SSGA. Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); DJIA®, The Dow®, Dow Jones® and Dow Jones Industrial Average are trademarks of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by SSGA. SSGA's product is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the Dow Jones Industrial Average.
The trademarks and service marks referenced herein are the property of their respective owners. Third party data providers make no warranties or representations of any kind relating to the accuracy, completeness or timeliness of the data and have no liability for damages of any kind relating to the use of such data.
18CAM‐1236
Important Disclosures
Investing involves risk including the risk of loss of principal. Past performance is no guarantee of future results.
The whole or any part of this work may not be reproduced, copied or transmitted or any of its contents disclosed to third parties without SSGA’s expresswritten consent.
The information provided does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offerto sell a security. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. You should consult yourtax and financial advisor.
This document may contain certain statements deemed to be forward‐looking statements. All statements, other than historical facts, contained within this document that address activities, events or developments that SSGA expects, believes or anticipates will or may occur in the future are forward‐looking statements. These statements are based on certain assumptions and analyses made by SSGA in light of its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances, many of which are detailed herein. Such statements are subjectto a number of assumptions, risks, uncertainties, many of which are beyond SSGA’s control. Please note that any such statements are not guarantees of any future performance and that actual results or developments may differ materially from those projected in the forward‐looking statements.
All material has been obtained from sources believed to be reliable. There is no representation or warranty as to the accuracy of the information and State Streetshall have no liability for decisions based on such information.
United States: State Street Global Advisors, One Lincoln Street, Boston, MA 02111‐2900.
Web: www.ssga.com
© 2017 State Street Corporation — All Rights Reserved.
Tracking Code: CAM‐1537
Expiration Date: March 31, 2018
CAM‐1537 19
Appendix B: Biography
CAM‐1537 20
Biography
John R. Serhant Jr.
Jack is a Principal of State Street Global Advisors and a Portfolio Manager in the firm’s Investment Solutions Group dedicated to Charitable Asset Management. He is responsible for assisting clients in the development of asset allocation and investment strategies for their planned giving portfolios.
Jack is also responsible for the rebalancing process, performance reporting,client presentations, and portfolio analytics.
Jack joined SSGA in 2010. Jack graduated from Austin College in Sherman, TX with a BA in Business Administration.
21CAM‐1537
Dennis is a Vice President of State Street Global Advisors and a Senior Portfolio Manager in the firm's Investment Solutions Group dedicated to Charitable Asset Management. He is responsible for assisting clients in the development of asset allocation and investment strategies for their planned giving portfolios. Prior to joining SSGA in 2000, Dennis worked in State Street’s Mutual Fund Division as a Fund Accountant.
Dennis received a BS degree in Marketing/Management from the University of Connecticut. He holds the Chartered Financial Analyst designation and is a member of the Boston Security Analysts Society, as well as the CFA Institute.
Dennis Dwyer, CFA
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