FOR INSTITUTIONAL INVESTOR USE ONLY / NOT FOR PUBLIC VIEWING OR DISTRIBUTION Bay County Employees’ Retirement System October 16, 2018 José Muñoz, CFA Portfolio Manager Matthew Pistorio, CFA Client Portfolio Manager This document is solely for the use of professionals and is not for general public distribution. The value of an investment and the income from it can fall as well as rise and you may not get back the amount originally invested.
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Bay County Employees’ · Annualized returns as of June 30, 2018 Source: Geneva Capital Management, 6/30/18 *Gross of fees. †Returns greater than 1 year are annualized. Note: This
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FOR INSTITUTIONAL INVESTOR USE ONLY / NOT FOR PUBLIC VIEWING OR DISTRIBUTION
Bay County Employees’
Retirement System
October 16, 2018
José Muñoz, CFA
Portfolio Manager
Matthew Pistorio, CFA
Client Portfolio Manager
This document is solely for the use of professionals and is not for general public distribution.
The value of an investment and the income from it can fall as well as rise and you may not get
back the amount originally invested.
1 FOR INSTITUTIONAL INVESTOR USE ONLY / NOT FOR PUBLIC VIEWING OR DISTRIBUTION
Who is Geneva Capital Management*
Institutional 93.0%
High Net Worth
7.0%
$5.6B as
of 6/30/18
Assets Under Management
Geneva Team
Source: Geneva Capital Management, 6/30/18
• A focus on US growth equities
• Fundamental, bottom-up investing
• Founded in 1987
• Long-term record of competitive performance
• Located in Milwaukee, WI
Team profile
Scott Priebe – Portfolio Manager 14 years’ industry experience José Muñoz, CFA – Portfolio Manager 7 years’ industry experience William Priebe, CFA – Portfolio Manager 50 years’ industry experience Amy Croen, CFA – Portfolio Manager 37 years’ industry experience Derek Pawlak – Portfolio Manager 30 years’ industry experience Ashley Ditmarsen – Senior Research Analyst 9 years’ industry experience Danny Muench, CFA – Research Analyst 3 years’ industry experience Sam Beres, CFA – Research Analyst 5 years’ industry experience Andy Irwin, CFA, CMT – Head Trader 16 years’ industry experience Matthew Pistorio, CFA – Client Portfolio Manager 12 years’ industry experience
*Geneva Capital Management LLC is a subsidiary of Janus Henderson Group plc and serves as investment
US Mid Cap Growth* 17.96 10.52 12.80 11.17 12.03 10.24
Russell Midcap® Growth 18.52 10.73 13.37 10.45 11.07 8.02
0
2
4
6
8
10
12
14
16
18
20 US Mid Cap Growth*
Russell Midcap® Growth
Annualized returns as of June 30, 2018
Source: Geneva Capital Management, 6/30/18
*Gross of fees. †Returns greater than 1 year are annualized.
Note: This information is shown as supplemental information to the US Mid Cap Growth composite Annual Disclosure
Presentation in the Appendix. Past performance is not a guarantee of future results. One cannot invest directly in an index.
FOR INSTITUTIONAL INVESTOR USE ONLY / NOT FOR PUBLIC VIEWING OR DISTRIBUTION
US Mid Cap Growth
3 FOR INSTITUTIONAL INVESTOR USE ONLY / NOT FOR PUBLIC VIEWING OR DISTRIBUTION
Account overview
Performance as of 9/30/18
16.0
23.6
14.8
11.9
13.5
15.4
22.8
14.0
11.1
12.8 13.4
21.1
16.7
13.0
15.0
0
5
10
15
20
25
YTD 9/30 1 Year 3 Year 5 Year Since Inception
% R
etu
rn
BCERS (Gross of Fees) BCERS (Net of Fees) Russell Midcap Growth
AUM as of September 30, 2018: $24,934,464
Account inception: January 23, 2013
4 FOR INSTITUTIONAL INVESTOR USE ONLY / NOT FOR PUBLIC VIEWING OR DISTRIBUTION
Investment Philosophy
Geneva engages in fundamental analysis to
identify high quality companies with impressive
management teams, low leverage and a
consistent, sustainable record of growth.
We believe investing in such proven,
high quality companies leads to competitive
returns with below average risk over
the market cycle.
Qualitative
Assessment
Quantitative
Analysis
Economic &
Investment
Outlook
5 FOR INSTITUTIONAL INVESTOR USE ONLY / NOT FOR PUBLIC VIEWING OR DISTRIBUTION
What we do – Investment process
• Leadership position in industry
or niche market
• Sustainable competitive
advantage
• Experienced management
• Successful record of growth
• Long term focus
• Healthy historical and projected
revenue and earnings growth
• Strong financials and low
leverage
• High ROE/ROA
• High margins/margin
expansion
• Supports bottom up process
• Macro lens
• Communication tool
6 FOR INSTITUTIONAL INVESTOR USE ONLY / NOT FOR PUBLIC VIEWING OR DISTRIBUTION
Top Ten Holdings & Sector Weightings
Top ten holdings Sector %
weight
Costar Group, Inc. Producer Durables 2.87
Fiserv, Inc. Financial Services 2.86
Intuit Technology 2.78
Broadridge Financial
Solutions, Inc. Financial Services 2.77
Abiomed, Inc. Health Care 2.74
Amphenol Corp. Technology 2.74
Tyler Technologies, Inc. Technology 2.51
East West Bancorp, Inc. Financial Services 2.35
Copart, Inc. Producer Durables 2.33
Raymond James
Financial, Inc. Financial Services 2.27
Source: Geneva Capital Management, 6/30/18, Based on Russell Global Sector classifications
Holdings may change and may not represent current portfolio
Note: This information is shown as supplemental information to the US Mid Cap Growth composite Annual Disclosure Presentation in the Appendix. Past performance is not a
guarantee of future results. One cannot invest directly in an index.
0% 10% 20% 30%
Energy
Utilities
Consumer Staples
Materials & Processing
Consumer Discretionary
Financial Services
Producer Durables
Health Care
Technology
US Mid Cap Growth
Russell Midcap® Growth
US Mid Cap Growth
As of June 30, 2018
7 FOR INSTITUTIONAL INVESTOR USE ONLY / NOT FOR PUBLIC VIEWING OR DISTRIBUTION
Buys and Sells
Buys
Name Ticker Buy Date
Cognex Corp. CGNX 5/2018
Teleflex, Inc. TFX 4/2018
Burlington Stores, Inc. BURL 3/2018
WABCO Holdings Inc. WBC 2/2018
Microchip Technologies, Inc. MCHP 10/2017
Ligand Pharmaceuticals, Inc. LGND 9/2017
RealPage Inc. RP 8/2017
Sells
Name Ticker Sell Date
Maximus, Inc. MMS 5/2018
Nuvasive, Inc. NUVA 5/2018
Acuity Brands Inc. AYI 4/2018
Tractor Supply Company TSCO 3/2018
JM Smuker Co. SJM 10/2017
Manhattan Associates, Inc. MANH 10/2017
C.R. Bard, Inc. BCR 9/2017
Williams Sonoma, Inc. WSM 8/2017
Wabtec Corp. WAB 8/2017
Panera Bread Co. (Class A) PNRA 7/2017
June 30, 2017 – June 30, 2018
Source: Geneva Capital Management, 6/30/18
The list above reflects all new stocks purchased and sold completely by Geneva in the US Mid Cap Growth strategy from June 30, 2017 to June 30, 2018. A full list of Mid Cap
representative holdings as of the most recent quarter end is included in the Appendix. Past performance is not indicative of future results. It should not be assumed that
recommendations made in the future will be profitable or will equal the performance of the securities in this list.
US Mid Cap Growth
Appendix
9 FOR INSTITUTIONAL INVESTOR USE ONLY / NOT FOR PUBLIC VIEWING OR DISTRIBUTION
Portfolio Characteristics
Characteristics US Mid Cap
Growth
Russell
Midcap®
Growth
Historical EPS Growth – 5 Yr. 14.9% 11.7%
Forecast EPS Growth – 5 Yr. 16.1% 17.4%
ROE 19.8% 19.8%
Debt to capital 38.1% 51.4%
Forecast P/E – TMF 23.4x 21.0x
PEG ratio – Forecast 5 Yr. 1.5x 1.2x
Turnover – 1 Yr. 15.7% n/a
Number of issues 55 415
Wtd. average market cap ($B) $14.90 $15.51
Risk Analysis* US Mid Cap
Growth
Standard Deviation 10.77
Alpha 0.53
Beta 0.92
Sharpe Ratio 1.15
Tracking Error 4.04
Information Ratio -0.14
R-Squared 0.87
As of June 30, 2018
Source: Geneva Capital Management, 6/30/18, *eVestment Alliance, 6/30/18. Based on 5 year monthly gross of fee returns.
Note: The portfolio characteristics are shown as supplemental information to the US Mid Cap Growth composite Annual Disclosure Presentation in the Appendix. Past performance
is not a guarantee of future results. One cannot invest directly in an index. Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this
material and all trademarks and copyrights related thereto. This is a presentation of Geneva Capital Management. The presentation may contain confidential information and
unauthorized use, disclosure, copying, dissemination or redistribution is strictly prohibited. Frank Russell Company is not responsible for the formatting or configuration of this
material or for any inaccuracy in Geneva Capital Management’s presentation thereof.
US Mid Cap Growth
10 FOR INSTITUTIONAL INVESTOR USE ONLY / NOT FOR PUBLIC VIEWING OR DISTRIBUTION
Performance
Source: Geneva Capital Management, 6/30/18
Note: This information is shown as supplemental information to the US Mid Cap Growth composite Annual Disclosure
Presentation in the Appendix. Annual performance is calculated through December 31 of each year. Past performance is not
indicative of future results. One cannot invest directly in an index.
Annualized
US Mid Cap
Growth
Gross
US Mid Cap
Growth
Net
Russell
Midcap®
Growth
1Yr. 17.96% 17.45% 18.52%
2Yr. 16.28% 15.76% 17.78%
3Yr. 10.52% 10.03% 10.73%
4Yr. 11.54% 11.04% 10.41%
5Yr. 12.80% 12.30% 13.37%
6Yr. 13.10% 12.60% 14.90%
7Yr. 11.76% 11.27% 12.16%
8Yr. 15.22% 14.72% 15.64%
9Yr. 15.86% 15.35% 16.26%
10Yr. 11.17% 10.68% 10.45%
11Yr. 10.10% 9.61% 8.80%
12Yr. 10.24% 9.75% 9.67%
13Yr. 10.63% 10.14% 9.93%
14Yr. 10.89% 10.40% 9.99%
15Yr. 12.03% 11.55% 11.07%
16Yr. 11.15% 10.68% 10.84%
17Yr. 10.11% 9.65% 8.20%
18Yr. 9.97% 9.51% 5.49%
19Yr. 10.16% 9.69% 7.41%
20Yr. 10.24% 9.74% 8.02%
Annual
US Mid Cap
Growth
Gross
US Mid Cap
Growth
Net
Russell
Midcap®
Growth
YTD 2018 8.37% 8.13% 5.40%
2017 24.38% 23.82% 25.27%
2016 3.08% 2.61% 7.33%
2015 4.54% 4.08% -0.20%
2014 5.90% 5.44% 11.90%
2013 32.00% 31.46% 35.74%
2012 11.51% 11.03% 15.81%
2011 4.19% 3.73% -1.65%
2010 30.83% 30.25% 26.38%
2009 36.89% 36.28% 46.29%
2008 -35.54% -35.86% -44.32%
2007 17.00% 16.50% 11.43%
2006 5.62% 5.15% 10.66%
2005 15.84% 15.39% 12.10%
2004 20.92% 20.47% 15.48%
2003 26.55% 26.10% 42.71%
2002 -14.05% -14.36% -27.41%
2001 -3.84% -4.18% -20.15%
2000 13.36% 13.00% -11.75%
1999 14.29% 13.19% 51.29%
1998 28.77% 27.56% 17.86%
As of June 30, 2018
US Mid Cap Growth
11 FOR INSTITUTIONAL INVESTOR USE ONLY / NOT FOR PUBLIC VIEWING OR DISTRIBUTION
W. Scott Priebe, Portfolio Manager • Joined the Firm in 2004
• Before joining the Firm, Mr. Priebe worked for Eli Lilly & Company
• MBA University of Chicago, BA DePauw University
• Mr. Scott Priebe is part of the Investment Strategy group and is responsible for research on all Geneva equity
products. Mr. Priebe is responsible for portfolio management of all Geneva equity products.
William A. Priebe, CFA, Portfolio Manager • Co-founded Geneva in 1987
• Before founding the Firm, Mr. Priebe worked for First Wisconsin Trust Company
• MBA University of Chicago, MS Northern Illinois University, BA Northern Illinois University
• Mr. William Priebe is part of the Investment Strategy group and is responsible for research on all Geneva
equity products. Mr. Priebe is responsible for portfolio management of the US Small Cap Growth and US Mid
Cap Growth products.
Amy Croen, CFA, Portfolio Manager • Co-founded Geneva in 1987
• Before founding the Firm, Mrs. Croen worked for First Wisconsin Trust Company
• MBA Columbia University, BA Princeton University
• Ms. Croen is part of the Investment Strategy group and is responsible for research on all Geneva equity
products. Ms. Croen is responsible for portfolio management of the US Small Cap Growth and US Mid Cap
Growth products.
José Muñoz, CFA, Portfolio Manager • Joined the Firm in 2011
• MBA University of Chicago, Booth, BA Marquette University
• Mr. Muñoz is part of the Investment Strategy group and is responsible for research on all Geneva equity
products. Mr. Munoz is responsible for portfolio management of the US Small Cap Growth, US Mid Cap
Growth and US SMID Cap Growth products.
Investment Professionals
12 FOR INSTITUTIONAL INVESTOR USE ONLY / NOT FOR PUBLIC VIEWING OR DISTRIBUTION
Derek Pawlak, Portfolio Manager • Joined the Firm in 2007
• Before joining the Firm, Mr. Pawlak worked for Ziegler Capital Management
• MBA Marquette University, BS Carroll College, BBA Univ. of Wisconsin-Milwaukee
• Mr. Pawlak is part of the Investment Strategy group and is responsible for research on all Geneva equity
products. Mr. Pawlak is responsible for portfolio management of the US All Cap Growth and US Large Cap
Growth products.
Ashley Ditmarsen, Senior Research Analyst • Joined the Firm in 2013
• Before joining the Firm, Ms. Ditmarsen worked for Morgan Stanley
• MBA University of Wisconsin, BS Florida State University
• Ms. Ditmarsen is part of the Investment Strategy group and responsible for research on all Geneva growth
equity products.
Danny Muench, CFA, Research Analyst • Joined the Firm in 2017
• Before joining the Firm, Mr. Muench worked for William Blair & Company
• BA Marquette University
• Mr. Muench is part of the Investment Strategy group and responsible for research on all Geneva growth
equity products.
Sam Beres, CFA, Research Analyst • Joined the Firm in 2017
• Before joining the Firm, Mr. Beres worked for Robert W. Baird
• BA University of Notre Dame
• Mr. Beres is part of the Investment Strategy group and responsible for research on all Geneva growth equity
products.
Investment Professionals
13 FOR INSTITUTIONAL INVESTOR USE ONLY / NOT FOR PUBLIC VIEWING OR DISTRIBUTION
Andy Irwin, CFA, CMT, Head Trader • Joined the Firm in 2011
• Before joining the Firm, Mr. Irwin worked for Robert W. Baird
• BA DePauw University
• Mr. Irwin is part of the Investment Strategy group and responsible for trading of all Geneva growth equity
products.
Matthew Pistorio, CFA, Client Portfolio Manager • Joined the Firm in 2014
• Before joining the Firm, Mr. Pistorio worked for Henderson Global Investors
• BBA Loyola University Chicago
• Mr. Pistorio is part of the Investment Strategy group and provides investment management support and is
responsible for client communications for Geneva’s US Growth equity products.
Investment Professionals
Team information is as of 7/2/18.
14 FOR INSTITUTIONAL INVESTOR USE ONLY / NOT FOR PUBLIC VIEWING OR DISTRIBUTION
US Mid Cap Growth Strategy Holdings As of June 30, 2018
This information is shown as supplemental information to the US Mid Cap Growth composite Annual Disclosure Presentation in the
Appendix. Past performance is not indicative of future results. One cannot invest directly in an index.
Security Ticker % of Assets
ABIOMED INC COM abmd 2.74
AFFILIATED MANAGERS GROUP COM amg 1.02
ALIGN TECHNOLOGY INC COM algn 2.19
AMPHENOL CORP NEW CL A aph 2.74
ANSYS INC COM anss 2.13
BEACON ROOFING SUPPLY INC COM becn 1.11
BROADRIDGE FINL SOLUTIONS INC COM br 2.77
BURLINGTON STORES INC COM burl 1.13
CARTER INC COM cri 1.70
CERNER CORP COM cern 0.96
CHURCH & DWIGHT INC COM chd 2.05
COGNEX CORP COM cgnx 0.56
COOPER COS INC COM NEW coo 1.38
COPART INC COM cprt 2.33
COSTAR GROUP INC COM csgp 2.87
DENTSPLY SIRONA INC COM xray 1.07
EAST WEST BANCORP INC COM ewbc 2.35
FASTENAL CO COM fast 1.07
FISERV INC COM fisv 2.86
FORTUNE BRANDS HOME & SEC INC COM fbhs 1.31
GARTNER INC COM it 1.89
GRAND CANYON ED INC COM lope 1.14
HASBRO INC COM has 1.31
HUNT J B TRANS SVCS INC COM jbht 1.71
IDEX CORP COM iex 2.22
IDEXX LABS INC COM idxx 2.25
INTERCONTINENTAL EXCHANGE INC COM ice 2.22
INTUIT COM intu 2.78
J2 GLOBAL INC COM jcom 1.14
LIGAND PHARMACEUTICALS INC COM NEW lgnd 1.85
LKQ CORP COM lkq 2.06
MEDIDATA SOLUTIONS INC COM mdso 2.27
Security Ticker % of Assets
MICROCHIP TECHNOLOGY INC COM mchp 1.72
MIDDLEBY CORP COM midd 1.02
NATIONAL INSTRS CORP COM nati 1.37
O REILLY AUTOMOTIVE INC NEW COM orly 1.88
POOL CORPORATION COM pool 1.88
RAYMOND JAMES FINANCIAL INC COM rjf 2.27
REALPAGE INC COM rp 1.29
RED HAT INC COM rht 2.24
ROPER TECHNOLOGIES INC COM rop 1.82
SCHEIN HENRY INC COM hsic 1.19
SIGNATURE BK NEW YORK N Y COM sbny 1.35
SNAP ON INC COM sna 1.32
SS&C TECHNOLOGIES HLDGS INC COM ssnc 1.77
STERIS PLC SHS USD ste 2.12
TELEFLEX INC COM tfx 0.96
TEXAS ROADHOUSE INC COM txrh 1.56
TRIMBLE INC COM trmb 1.52
TYLER TECHNOLOGIES INC COM tyl 2.51
ULTIMATE SOFTWARE GROUP INC COM ulti 1.52
VARIAN MED SYS INC COM var 1.24
VERISK ANALYTICS INC COM vrsk 2.14
WABCO HLDGS INC COM wbc 0.80
WATSCO INC COM wso 1.60
96.27
CASH AND EQUIVALENTS
ACCRUED DIVIDENDS divacc 0.03
CASH ACCOUNT cash 3.70
3.73
TOTAL PORTFOLIO 100.00
15 FOR INSTITUTIONAL INVESTOR USE ONLY / NOT FOR PUBLIC VIEWING OR DISTRIBUTION
Annual Performance Results 3 Year Ex-Post Standard Deviation
16 FOR INSTITUTIONAL INVESTOR USE ONLY / NOT FOR PUBLIC VIEWING OR DISTRIBUTION
Annual Disclosure Presentation
Compliance Statement
Geneva Capital Management claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the
GIPS® standards. Geneva Capital Management has been independently verified for the periods January 1, 1993 through March 31, 2018.
Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS® standards on a firm-wide basis and (2) the firm’s policies and
procedures are designed to calculate and present performance in compliance with the GIPS® standards. The US Midcap Growth composite has been examined for the periods
January 1, 1993 through March 31, 2018. The verification and performance examination reports are available upon request.
The Firm
Geneva Capital Management (formerly known as Henderson Geneva Capital Management) is a registered investment adviser and a wholly owned subsidiary of Janus Henderson
Group. On October 1, 2014 Henderson Global Investors Inc. acquired Geneva Capital Management LLC, and subsequently merged with Janus Capital Group Inc. on May 30, 2017
to form Janus Henderson Group.
Composite Description
The US Mid Cap Growth composite contains fully discretionary equity accounts invested in approximately 50-60 mid capitalization growth securities whose market capitalization
ranges generally fall between $2 billion to $15 billion at the time of purchase. Securities are selected using a “bottom-up” fundamental analysis of the company and supplemented by
“top-down” considerations of economic conditions. Prior to January 1, 2006, the composite was named Geneva Growth. Between January 1, 2006 and September 30, 2015 the
composite was named Geneva Midcap Growth Composite. The minimum account size for this composite is $500,000. As of January 1, 2004 accounts are removed annually if they
fall more than 20% below the minimum account size. Beginning January 1, 2006, composite policy requires the temporary removal of any portfolio incurring a client initiated
significant cash inflow or outflow of 30% portfolio assets or greater. The temporary removal of such an account occurs at the beginning of the month in which the significant cash flow
occurs and the account re-enters the composite the last day of the month in which the cash flow takes place. Prior to January 1, 2000, balanced portfolio segments were included in
this composite and performance reflects required total segment plus cash returns using a predetermined cash allocation percentage.
Composite Benchmark
For comparison purposes, the US Mid Cap Growth composite is measured against primary index Russell Midcap® Growth Index and secondary Russell Midcap® Index. The Russell
Midcap® Growth Index measures the performance of the mid-cap growth segment of the U.S. equity universe. It includes those Russell Midcap® Index companies with higher price-
to-book ratios and higher forecasted growth values (Source: www.ftserussell.com). The Russell Midcap® Index measures the performance of the mid-cap segment of the U.S. equity
universe. The Russell Midcap® is a subset of the Russell 1000® Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and
current index membership. The Russell Midcap® represents approximately 31% of the total market capitalization of the Russell 1000® companies (Source: www.ftserussell.com).
Performance results in presentations prior to January 1, 2002 were measured against the S&P® 400. From January 1, 2002 through January 1, 2008 performance results were
primarily measured against the Russell Midcap® Index. The benchmark was changed to be more representative of the composite strategy and style. Information regarding the S&P
400® Index is available upon request.
Fee Information
The annual fee schedule for institutional clients is 75 bps (0.75%) on the first $100 million and 60 bps (0.60%) on the balance over $100 million. The annual fee schedule for retail
clients is 100 bps (1.00%) on the first $1.5 million, 85 bps (0.85%) on the next $8.5 million, and 70 bps (0.70%) on the balance over $10 million. Actual investment advisory fees
incurred by clients may vary.
Page 2 of 3
17 FOR INSTITUTIONAL INVESTOR USE ONLY / NOT FOR PUBLIC VIEWING OR DISTRIBUTION
Annual Disclosure Presentation
Basis of Returns
Results are based on fully discretionary accounts under management, including those accounts no longer with the firm. Returns are presented gross and net of management fees
and include the reinvestment of all income. Net of fee performance was calculated using actual management fees. Prior to January 1, 2000, net returns were calculated using the
highest fee per the fee schedule in the ADV which was 1.0%. Past performance is not indicative of future results.
Composite Dispersion
The annual composite dispersion presented is an asset-weighted standard deviation calculated for the accounts in the composite the entire year.
GIPS Policies and Procedures
The Firm maintains a complete list of composite descriptions, which is available upon request. Policies for valuing portfolios, calculating performance, and preparing compliant
presentations are available upon request.
Composite Creation Date
The US Mid Cap Growth composite creation date is January 1, 1988.
Composite Currency
The U.S. Dollar is the currency used to express performance.
Important information
Advisory services provided by Geneva Capital Management LLC, an SEC registered investment adviser. Geneva Capital Management LLC is an indirect wholly owned subsidiary of
Janus Henderson Group plc, the ultimate parent of the global asset management group, Janus Henderson Investors.
All investments involve risk, including loss of principal. Past performance is no guarantee of future results. Institutional separate accounts are subject to applicable account minimums.
The value of an investment and the income from it can fall as well as rise and you may not get back the amount originally invested. Geneva does not consider tax implications when
making investment decisions, the strategy is generally tax efficient due to Geneva's low turnover rate. Geneva will take specific steps to achieve tax efficiency if directed by the client.
Nothing in this document is intended to or should be construed as advice. This document is not a recommendation to sell or purchase any investment.
On occasion, we may utilize a broad-based, benchmark representatives ETF to gain exposure to a strategies market. We will do so in instances where we are managing the cadence
of direct investment opportunities or during times of market volatility. Any ETF holding will not account for more than a 5% holding and we envision using ETFs only opportunistically
and on a limited basis as investments in ETFs are subject to fund management fees.
Portfolio Management Changes
Effective July 10, 2017; Michelle Picard retired and left The Company. Jose Munoz has been promoted from Senior Analyst to Portfolio Manager.
Page 3 of 3
Fees are billed or charged to the account in arrears, at one quarter of the annual rate, on a quarterly basis or as applicable
based on the average month-end values for each of the three months comprising a quarter. Actual investment advisory fees
incurred by clients may vary.
Quarterly Report9/30/2018Account
Bay County Employees' Retirement System XXXX2219 (bcers)
Disclosure Notice
The enclosed reports include account information such as asset allocation, performance, trade activity, and holdings. Please notify Geneva Capital
Management (“Geneva”) immediately at 414-224-6002 or [email protected] if there have been any material changes related to
the financial information presented.
We encourage you to compare these reports with information provided by the independent custodian for your account(s). If you are not receiving
periodic statements directly from your custodian, you should notify us immediately. Please note that the market value on Geneva reports may
differ from the statement provided by your custodian due to cut-off date, unsupervised assets (if applicable), pricing, or deposits/withdrawals.
Geneva has no responsibility to act on any holdings designated as unsupervised holdings until instructions are received from the client.
For tax purposes, refer to custodian records and consult with your tax advisor. Geneva reports should not be relied upon for tax purposes. Cost
basis and gain/loss detail is provided for informational purposes only and may differ from custodian records. Please reference your custodial
statement for the yield on money market fund(s).
Sector information is based on data provided by Russell Index Services. Frank Russell Company is the source and owner of the Russell index
data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell is not responsible for the formatting or
configuration of this material or for any inaccuracy in Geneva’s presentation thereof.
Past performance is not indicative of future results. One cannot invest directly in an index.
This is a presentation of Geneva and contains confidential information. Unauthorized use, disclosure, copying, dissemination or redistribution is