City of Sarasota Employee Pension Plan Invesco Fixed Income Intermediate Core Fixed Income July 2018 CONFIDENTIALITY NOTICE: All material presented is compiled from sources believed to be reliable and current, but accuracy cannot be guaranteed. This is not to be construed as an offer to buy or sell any financial instruments. It is not our intention to state, indicate or imply in any manner that current or past results are indicative of future profitability or expectations. As with all investments there are associated inherent risks. Please obtain and review all financial material carefully before investing. This publication may contain confidential and proprietary information of Invesco Advisers, Inc. and/or Invesco Ltd. Circulation, disclosure, or dissemination of all or any part of this material to any unauthorized persons is prohibited. Item No. 8.1. Page 1 of 50
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City of Sarasota Employee Pension PlanInvesco Fixed Income
Intermediate Core Fixed Income
July 2018
CONFIDENTIALITY NOTICE: All material presented is compiled from sources believed to be reliable and current, but accuracy cannot be guaranteed. This is not to be construed as an offer to buy or sell any financial instruments. It is not our intention to state, indicate or imply in any manner that current or past results are indicative of future profitability or expectations. As with all investments there are associated inherent risks. Please obtain and review all financial material carefully before investing. This publication may contain confidential and proprietary information of Invesco Advisers, Inc. and/or Invesco Ltd. Circulation, disclosure, or dissemination of all or any part of this material to any unauthorized persons is prohibited.
Item No. 8.1.
Page 1 of 50
Biography
Marvin E. Flewellen, CFA®
Head of IFI Client ManagementMarvin Flewellen is the Head of Client Management and Senior Client Portfolio Manager with Invesco Fixed
Income (IFI). In this role, he is responsible for leading the client engagement platform across public markets
for fixed income. He is also responsible for communicating the fixed income investment process and strategy
to prospective clients and consultants in key market segments.
Mr. Flewellen joined Invesco Fixed Income in 2003. He began his investment career in 1987, working as both
a fixed income trader and portfolio manager at Northern Trust Bank. He also held responsibilities in corporate
and municipal credit research. In 1994, Mr. Flewellen joined Duff & Phelps Investment Management, where
he was responsible for setting and implementing investment strategies within several product groups. He
also had trading responsibilities for specific sectors across the entire fixed income platform. Prior to joining
Invesco, Mr. Flewellen was the senior product manager for Zurich Scudder Investments, where he led the
fixed income business management, product development and external communication across the
institutional market.
Mr. Flewellen earned a BA degree in computational mathematics from DePauw University. He also earned a
MBA with a specialization in financial management from The University of Chicago Booth. He holds the
Chartered Financial Analyst (CFA) designation. Mr. Flewellen currently is a member of the board of trustees
of DePauw University and is the past chair of the investment committee.
FOR CITY OF SARASOTA EMPLOYEE PENSION USE ONLY NOT FOR USE WITH THE PUBLIC2
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Biography
Dane Hoard, CAIA®
Associate Client ManagerDane Hoard is an Associate Client Manager on Invesco Fixed Income’s (“IFI”) Client Management/Client
Portfolio Management team. In this role, he supports IFI by delivering the investment experience primarily for
institutional clients, a scope of work which includes facilitating communications and managing client-driven
deliverables. The Client team primarily focuses on servicing separate account clients, acting as a principal
point of contact beginning with the onboarding process and extending into all forms of business thereafter.
Workflow and other initiatives include coordinating the production and presentation of investment results and
market views, and streamlining IFI’s deliverables and processes for a consistent client-experience across the
IFI platform.
Mr. Hoard joined Invesco in 2018, bringing 5 years of institutional investment experience. Previously, he was
a Consultant for Aon Hewitt Investment Consulting, Inc., advising institutional clients including corporate
pension, 401(k), a variety of other plans in the retirement space. He began his career as an Investment
Analyst at Aon Hewitt (formerly Hewitt EnnisKnupp).
Mr. Hoard earned a BBA degree from Georgia Southern University, majoring in Finance and minoring in
Business Management. He earned the Chartered Alternative Investment Analyst (CAIA) designation in 2017
and is a member of CAIA Association’s Atlanta chapter. Additionally, he has also completed level 1 of the
Chartered Financial Analyst (CFA) program.
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Table of contents
Portfolio Overview
Market Overview
Firm Overview & Investment Process
Appendix
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Portfolio Overview
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City of Sarasota Employee Pension Plan
Portfolio Summary
Inception Date: 4/1/1994
Assets Under Management: $28,072,266
Benchmark: Bloomberg Barclays Intermediate US Aggregate Index
Investment Guidelines:
▪ Portfolio fully invested in a separate account
▪ Investment grade ratings (AAA/Aaa to A/A3); No securities purchased below ‘A/A3’ rated
▪ Interest rate range (duration) +/- 25% versus benchmark
As of 6/30/2018.
Source: Invesco.
FOR CITY OF SARASOTA EMPLOYEE PENSION USE ONLY NOT FOR USE WITH THE PUBLIC6
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City of Sarasota Employee Pension Plan
Market Value Reconciliation
As of 6/30/2018.
Source: Invesco.
FOR CITY OF SARASOTA EMPLOYEE PENSION USE ONLY NOT FOR USE WITH THE PUBLIC7
Quarter-to-Date Year-to-Date 1 Year
Beginning Market Value $28,076,173 $28,400,931 $28,214,323
Contributions $0 $0 $0
Distributions $0 $0 $13,080
Expenses $15,825 $31,807 $50,604
Investment Change ($19,732) ($360,471) ($205,741)
Ending Market Value $28,072,266 $28,072,266 $28,072,266
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City of Sarasota Employee Pension Plan
Trailing Performance as of June 30, 2018
0.03
-1.05
-0.29
1.34
1.83
3.38
5.15
0.01
-1.15
-0.47
1.16
1.64
3.19
4.95
0.09
-0.97
-0.32
1.27
1.83
3.29
4.88
0.07
-0.82-0.61
0.94
1.37
2.78
4.64
-2
0
2
4
6
3 Months YTD 1 Year 3 Year 5 Year 10 Year Since Inception
Retu
rns %
Sarasota Employee Pension Plan (Gross) Sarasota Employee Pension Plan (Net)
Barclays Intermediate Agg. Barclays Intermediate Agg. (A- or Better)
Inception date: April 1, 1994
Source: Invesco. As of 6/30/2018. * - Benchmark changed 5/31/2002 from Bloomberg Barclays (formerly Lehman) Intermediate Government/Credit Index to Bloomberg
Barclays (formerly Lehman) Intermediate Aggregate Index. Past performance is not indicative of future results.
FOR CITY OF SARASOTA EMPLOYEE PENSION USE ONLY NOT FOR USE WITH THE PUBLIC8
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City of Sarasota Employee Pension Plan
Trailing Performance as of June 30, 2018
Inception date: April 1, 1994
Source: Invesco. As of 6/30/2018. * - Benchmark changed 5/31/2002 from Bloomberg Barclays (formerly Lehman) Intermediate Government/Credit Index to Bloomberg
Barclays (formerly Lehman) Intermediate Aggregate Index. Past performance is not indicative of future results.
FOR CITY OF SARASOTA EMPLOYEE PENSION USE ONLY NOT FOR USE WITH THE PUBLIC
Performance Summary:
▪ Returns are negative year-to-date and only slightly below benchmark, despite notable performance in higher quality credits,
which was the best performing segment within investment grade as investors sought safe-haven assets.
▪ Trailing year returns have been negatively impacted by sharp spikes in interest rates over the past several years, and more
recently due to market weakness in 2018 given high levels of volatility and geopolitical risks fostering a risk-off sentiment.
▪ Long-term results have consistently returned near the benchmark, while maintaining portfolio guidelines which prohibit
BBB/Baa exposures. The overweight to A-rated credits and security selection have mostly offset the higher credit quality
restrictions over time, and is evident when comparing against a benchmark with similar constraints.
9
Attribution Summary - YTD 2018
Positives: Negatives:
Overweight to ABS Overweight to Corporate Credit
Security selection in the utilities sector, agency mortgages, and
ABS
Overweight allocations in financials and technology, media &
telecom (“TMT”)
Avoidance of BBB-rated securities Overweight to A-rated securities
Underweight to 3-5 Year maturities Overweight to 5-7 Year maturities
As of 12/31/2017. * - Benchmark changed 5/31/2002 from Bloomberg Barclays (formerly Lehman) Intermediate Government/Credit Index to Bloomberg
Barclays (formerly Lehman) Intermediate Aggregate Index. Source: Invesco. Performance is gross of fees. Past performance is not indicative of future
results.
FOR CITY OF SARASOTA EMPLOYEE PENSION USE ONLY NOT FOR USE WITH THE PUBLIC
▪ Consistent performance over the past 18 years versus the broad index.
▪ Outperforms index with similar restrictions over the majority of periods shown.
10
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City of Sarasota Employee Pension Plan
Characteristics
Sectors Sarasota
(as of 06/17)
Sarasota
(as of 12/17)
Sarasota
(as of 06/18)
Bloomberg Barclays
Intermediate Agg.
(as of 06/18)
Duration (yrs.) 4.20 4.16 4.32 4.28
Yield to Maturity 2.25 2.46 3.13 3.17
Average Quality Aa1 Aa1 Aa1 Aa1
# of securities 145 158 152 7,807
Sources: Invesco, Bloomberg Barclays, as of 6/30/2018. Due to rounding the percentages in the chart might not equal 100%. Benchmark: Bloomberg Barclays Intermediate U.S.
Aggregate Index. The characteristics are subject to change. This portfolio is actively managed. Average credit quality and quality distribution chart are internal measurements
calculated by taking the highest rating of the 3 major rating agencies (S&P, Moody’s & Fitch) at a security level. It is then changed into a numerical value, asset weighted and then
calculated to be shown at the portfolio level in Moody’s format. Non-rated securities are not included in the average quality calculation. Information on non-rated securities is
provided in the Quality Distribution chart, if applicable. Average Credit Quality calculations may vary across the industry and should not be the only factor in analyzing a portfolio.
FOR CITY OF SARASOTA EMPLOYEE PENSION USE ONLY NOT FOR USE WITH THE PUBLIC
▪ Neutral duration posture – Shorter rates are moving higher, but moderate inflation risks favor longer maturities.
▪ YTM – negatively affected by the higher credit rating quality of the mandate. No purchases of securities rated below A-.
▪ Average Quality – consistent with index, but the mandate maintains a higher credit rating distribution.
11
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City of Sarasota Employee Pension Plan
Sector distribution Relative Positions
Sectors Sarasota
(as of 06/17)
Sarasota
(as of 12/17)
Sarasota
(as of 06/18)
Bloomberg Barclays
Intermediate Agg.
(as of 06/18)
Treasury 28.85 25.74 30.39 37.10
Agency 6.70 4.23 2.31 3.30
ABS 4.95 6.03 7.72 0.65
MBS 25.71 22.70 23.02 33.48
CMBS 5.29 5.74 4.56 2.23
Credit 27.65 33.60 30.82 20.35
Cash/ST 0.87 1.47 0.70 0.00
Pending Settlements 0.00 0.00 0.00 0.00
Other 0.00 0.50 0.48 2.88
As of 6/30/2018.
Source: Invesco; Bloomberg Barclays.
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▪ Treasury underweight enhances yield and relative return opportunities.
▪ Corporate credit overweight persists given supportive fundamentals. Positive long-term outlook on technicals despite near-term
weakness.
▪ MBS sector underweight driven by expectations for weakening technicals as the Fed tapers reinvestments.
12
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City of Sarasota Employee Pension Plan
Quality distribution (modified)
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Ratings Sarasota
(as of 06/17)
Sarasota
(as of 12/17)
Sarasota
(as of 06/18)
Bloomberg Barclays
Intermediate Agg.
(as of 06/18)
Aaa 71.64 65.57 69.12 73.97
Aa 6.42 4.669 4.15 6.35
A 21.06 25.50 24.10 9.06
Baa 0.00 2.77 1.94 10.45
Cash 0.87 1.47 0.70 0.00
NR 0.00 0.00 0.00 0.14
Pending Settlements 0.00 0.00 0.00 0.00
Relative Positions
As of 6/30/2018.
Source: Invesco; Bloomberg Barclays. Rating requirement is that the issuer must have at least 1 rating in the top three rating classifications.
▪ The overweight to single A rated securities due to investment guideline restrictions
13
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Market Overview
Page 14 of 50
Market Overview
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Sources: Bloomberg, as of June 30, 2018
Past performance is not indicative of future results.
FOR CITY OF SARASOTA EMPLOYEE PENSION USE ONLY NOT FOR USE WITH THE PUBLIC16
1) Source: Bloomberg Barclays
As of June 30, 2018. Excess returns are the curve-adjusted return differential of a given index/sector relative to a comparable term structure-matched position in treasuries. Past performance cannot guarantee future results.
▪ The investment grade sectors posted negative relative results for the quarter-end period as credit spreads gradually widened. Global demand for risk-assets waned throughout the quarter as steady economic growth was challenged by geopolitical uncertainties and investor fears over a developing trade war between the US and other major economies.
▪ The corporate credit sector underperformed duration-matched treasuries, with -91bps of excess return for the period against a backdrop of rising interest rates and trade war implications between the US and China. Technical factors continued to decline as elevated issuance and wider spreads further pressured valuations, despite strong corporate fundamentals.
Bloomberg Barclays Aggregate Index Excess Returns (%)1
26FOR CITY OF SARASOTA EMPLOYEE PENSION USE ONLY NOT FOR USE WITH THE PUBLIC
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Firm Overview and Investment Process
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Invesco Ltd.
Solely dedicated to investment management for the benefit of clients
28
Source: Invesco Ltd. Investment professional and AUM are as of March 31, 2018, and include all assets under advisement, distributed and overseen by Invesco.
FOR CITY OF SARASOTA EMPLOYEE PENSION USE ONLY NOT FOR USE WITH THE PUBLIC
Global ReachClient Focus High Performance Culture
▪ Over 750 investment
professionals in more than 20
countries
▪ US$934.2 billion in assets under
management for clients globally
▪ Global profile that spans nine of
the world’s ten largest markets
▪ Business focused exclusively on
investment management
▪ We’re relentless in our pursuit of
achieving more for clients
▪ Our global support platform
eliminates distractions and
empowers our distinct investment
teams with the potential to
produce strong, long-term
investment results
▪ A culture of accountability and
collaboration focused on helping
clients achieve their investment
objectives
Page 28 of 50
Our global perspective and local market knowledge help us
uncover investment opportunities
29
Scope of fixed income platform:
US$314.4 billion AUM
Depth of resources:
169 investment professionals
226 professionals
Global footprint:
10 locations in key markets
Rates 19 Currency 14 Credit 72 PM 77
London
Hong Kong
Tokyo
We have a well-resourced investment team with a strong global perspective
San Diego
New YorkAtlanta
London
Hong
Kong
Chicago
Louisville
ShenzhenMumbaiPalm Harbor
Source: Invesco, as of March 31, 2018. Subject to change without notice.
TorontoPortland
Shenzhen and Mumbai represent wholly owned Invesco subsidiaries and are not included in the official IFI location count.
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Invesco Fixed Income
Assets under management – March 31, 2018
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IFI Asset Breakdown ($ billion)
Global Investment Grade $47
Multi Sector $11
Stable Value* $30
Bank Loans $44
High Yield $5
Emerging Markets $4
Structured Securities $40
Municipals $27
Global Liquidity $106
Total $314
* Approximately $23.8 billion of Stable Value Assets are managed within our Global Fixed Income and Structured Securities teams and are being reflected
in the line items of those groups above.
Global Investment
Grade
Multi Sector
Stable Value
Structured Securities
Bank Loans
Emerging Markets/High
Yield
Global Liquidity
Municipals
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Invesco Fixed Income Overview
IFI’s experienced teams provide broad market coverage and
specialized expertise
Fixed Income TeamsTeam Members
Average yrs.with Invesco
Average yrs.Industry Experience*
Portfolio Management & Trading 74 12 21
Global Research 95 9 17
Total Investment Professionals 169 10 19
Business Professionals 57 12 18
Total Fixed Income Employees 226 11 19
As of March 31, 2018. Subject to change without notice.
*Investment specific experience for investment professionals.
31 FOR CITY OF SARASOTA EMPLOYEE PENSION USE ONLY NOT FOR USE WITH THE PUBLIC
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▪ An economy’s cycle of expansions and
contractions matters for asset prices
▪ Successful long-term management requires skill
in determining market direction and effective
security selection
▪ Integrating local knowledge into a global view
strengthens our capabilities
▪ Multi-faceted risk management is critical for
exceptional long term performance
We believe return opportunities arise from both market
direction and fundamentally-based security selection
32
Our philosophy ties opportunity to the economic cycle
Economic
Cycle
Themes
Security
Selection
Market
Direction
We believe at different points in a market
cycle, market direction and security
selection differ in importance
For illustrative purposes only.
Source: Invesco, as of May 2018.
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Page 32 of 50
Our disciplined process builds on our investment
philosophy as we seek to drive strong results
33
For illustrative purposes only.
Macro Research
Credit Research
Integrated
Strategy
Client Portfolio
Our investment process builds on
key components
Portfolio
Management
▪ Fundamentally–based macro
and credit research generate investable
views, themes and input for strategy
▪ Integrated strategy determines views on
market direction, risk positioning, and
asset allocation
▪ Portfolio managers utilize platform
views (the tool kit) for client portfolios
▪ Risk management is integrated
throughout our process
Platform
Tool Kit
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Page 33 of 50
Our macro process leverages experience with quantitative
tools to generate investment views
34
For illustrative purposes only.
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Econometric Assessment
Regime & Policy
Determination
Thematic &
Opportunistic Ideas
The Macro Research Component Seasoned Macro Team
▪ Our deep and experienced team
integrates local market knowledge with a
global approach
▪ Country-specific, learning-based
quantitative modeling is employed in a
framework allowing easy comparison
across markets
▪ Seasoned local experts utilize detailed
country analysis and quantitative results
to generate rates and currency
positioning
▪ Our platform communicates decisions
broadly in a standardized format
Page 34 of 50
Rigorous credit research process identifies thematic and
high conviction investments
35
For illustrative purposes only.
FOR CITY OF SARASOTA EMPLOYEE PENSION USE ONLY NOT FOR USE WITH THE PUBLIC
Thematic &
Opportunistic
Ideas
PM & Research
Reconciliation
Fundamental
Analysis
Rigorous Credit Analysis
▪ Our research teams are well-resourced
and consistently apply a systematic
global framework
▪ Macro research views provide a
consistent starting point
▪ Standardized decisions and regular
forums provide comparability across
geography, asset classes, industries
and quality
▪ PMs & analysts synthesize research
into thematic ideas and high-conviction
security selection
The Credit Research Component
Page 35 of 50
Our Investment Strategy Team leads the integration of our
research and portfolio management platform
36
For illustrative purposes only.
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Research Teams Portfolio Management Teams
Investment Strategy Team
Rob Waldner, Chair
Head, Global Macro/Chief Strategist
Raymund Uy
Head
Global Macro Research
Tony Wong
Head, Global Research, Liquidity
& Municipals
Michael Hyman
CIO, Global Investment Grade &
Emerging Markets
Gareth Isaac
CIO, EMEA
Joseph Portera
CIO, High Yield & Multi-Sector
Credit
John Anzalone
Head, Structured Securities
PM
Week 1 Week 2 Week 3 Week 4
Macro Sector Relative Value Asset Allocation
▪ Senior investors from research and
portfolio management lead integration
of strategy
▪ Culture of inclusion drives full potential
of our global resources to provide
actionable insights
▪ Structured weekly process, with
flexibility to adapt to market events
▪ Process results in broad risk
positioning and asset allocation
expressed as a model portfolio
Our integrated perspective
compounds our expertise
Page 36 of 50
Deep and experienced Investment Grade team
37 FOR CITY OF SARASOTA EMPLOYEE PENSION USE ONLY NOT FOR USE WITH THE PUBLIC
Michael Hyman (27)
CIO, Global Investment Grade and Emerging Markets
Global Investment Grade Credit Team
Portfolio Management & Trading
* Co-Heads of Investment Grade Credit Research. () Denotes years of experience as of March 31, 2018. Organization structure as of April 2018. Subject to change without notice. 1
Invesco Global Trading is a supporting group for Invesco Fixed Income and does not fall under IFI headcount. ^ The primary responsibilities of the client portfolio manager (CPM) are to
represent the investment team in the marketplace and to help manage the team's business responsibilities. The CPM does not manage portfolio assets.
Global Macro Team
26 Professionals
Public Corporate Credit
Team
49 Professionals
Structured Credit Team
17 Professionals
Investment Strategy Team
7 Professionals
Matt Brill, CFA (16)
Ryan Watts, CFA (17)
Robert Young, CFA (24)
Lyndon Man, CFA (17)
Luke Greenwood (24)
Heide Fiscella (31)
North America Europe
Chuck Burge (25)
Marvin Flewellen, CFA (33)Steven Thompson (26) Peter Wendt (24)
Global Investment Grade Credit Research
David Todd* (21) Paul English, CFA* (20)
Fabrice Pellous, CFA (19)Chris Maurice, CFA (8)
Ray Janssen (17)
Andy Stone , CFA (19) Jacob Habibi, CFA (19)
Ian Centis (31)
Justo Gonzalez (32)
Michael Breuer, CFA (8)
Samira Sattarzadeh, CFA (16)Jay Sammons, CFA (9)
Bixby Stewart (8) Maynard Xu, CFA (10)
Client Portfolio Management ^
Global Trading Support1
16 Professionals
Todd Schomberg, CFA (19)
Chris Freel, CFA (7)
Michael Booth, ACA (7)
Lucas Simmons, CFA (11)
Peter Wietrak, CFA (12) Jason Trujillo (11)
Sam Morton (16)
Cosmo Zhang (21) Matthew Kong (22)
Lisa Tao (10)Adrian Garcia (20)Yi Hu, CFA (11)
Page 37 of 50
Our portfolio managers are responsible for leveraging the platform as they target client risk and return objectives
Portfolio
Management
Platform
Tool Kit
Portfolio manager responsibilities
▪ Experienced PMs identify and implement relevant
platform tools as they seek to meet client needs
▪ PMs conduct ongoing risk management and portfolio
positioning, leveraging IFI and Invesco resources
▪ PMs are accountable for managing within client
guidelines and responsible for portfolio performance
▪ IFI oversight reviews portfolio risk positioning and return
attribution
38 FOR CITY OF SARASOTA EMPLOYEE PENSION USE ONLY NOT FOR USE WITH THE PUBLIC
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Appendix
Page 39 of 50
Michael Hyman
CIO, Global Investment Grade and EMD Portfolio Management
Michael Hyman is the CIO of Investment Grade Portfolio Management for Invesco Fixed
Income.
Prior to joining Invesco in 2013, Mr. Hyman was with ING Investment Management and ING
Institutional Markets for 12 years. At ING, he was head of investment grade corporate credit with
responsibility for managing a variety of investment grade credit-related portfolios, including
insurance, mutual fund and institutional separate account mandates. Preceding ING, Mr. Hyman
was a director of capital markets for GE Capital, where he was responsible for securitization and
derivative structuring. He also held trading and risk management positions at Société Générale
and Yasuda Trust and Bank. He entered the industry in 1991.
Mr. Hyman earned his BSE degree in finance from Pennsylvania State University and his MBA
from the Stern School of Business at New York University.
Biography
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Ryan Watts, CFA®
Portfolio Manager
Ryan Watts is a Portfolio Manager with Invesco Fixed Income, with primary responsibilities
within US Investment Grade Credit. He is responsible for the application of investment strategy
across fixed income portfolios, consistent with client investment objectives and guidelines. He is
also responsible for trading and monitoring corporate bond positions across portfolios in
telecommunications, media, and financials.
Mr. Watts joined Invesco in 2002 as performance analyst with Invesco's Performance and Risk
Measurement team. In that role, he was responsible for providing performance and statistical
analysis of fixed income and equity products across the firm. In 2007, he joined the portfolio
management team, where he was responsible for trading government bonds and derivatives, as
well as for implementing investment strategy across core and intermediate portfolios.
Mr. Watts earned a BA degree in business administration from Bellarmine University in 2002.
He holds the Chartered Financial Analyst charterholder and is a member of the CFA Society of
Atlanta.
Biography
FOR CITY OF SARASOTA EMPLOYEE PENSION USE ONLY NOT FOR USE WITH THE PUBLIC41
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Robert B. Waldner, Jr., CFA®
Chief Strategist and Head of Multi-Sector
Rob Waldner is Chief Strategist and Head of Multi-Sector for Invesco Fixed Income (IFI). Mr.
Waldner has overall management responsibility for the IFI public credit asset class teams and the
Multi-Sector team. In this role, he is responsible for oversight of the portfolio construction process
for IFI’s public security portfolios. Mr. Waldner chairs the IFI Investment Strategy team and is
responsible for oversight of the overall IFI investment process. He joined Invesco in 2013.
Prior to joining Invesco, Mr. Waldner worked with Franklin Templeton for 17 years. At Franklin
Templeton, he was a senior strategist and senior portfolio manager. He was the lead manager for
Franklin absolute return strategies, and a member of the Fixed Income Policy Committee. Mr.
Waldner was instrumental in the launch of a number of new strategies on the Franklin Templeton
fixed income platform. Previously, Mr. Waldner was a member of the Macro team at Omega
Advisors and a portfolio manager with Glaxo (Bermuda) Ltd. He entered the industry in 1986.
Mr. Waldner earned a BSE degree in civil engineering from Princeton University, graduating
magna cum laude in 1986. He is a CFA charterholder.
Biography
FOR CITY OF SARASOTA EMPLOYEE PENSION USE ONLY NOT FOR USE WITH THE PUBLIC42
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Ray Uy, CFA®
Head of Macro Research and Global Multi-Sector Portfolio Management
Raymund Uy is Head of Macro Research and Global Multi-Sector Portfolio Management for
Invesco Fixed Income.
Mr. Uy has been in the industry since 1993. He has experience in a variety of functions, including
global fixed income trading and portfolio management; currency trading and portfolio management;
credit research and macroeconomic analysis.
Mr. Uy worked at Hartford Investment Management (HIMCO) for eight years prior to joining
Invesco in 2012. At HIMCO, he was a lead portfolio manager for non-US-dollar-based fixed income
portfolios, and as head of Fixed Income Trading, he managed a centralized platform of traders
across multiple fixed income sectors. Before joining HIMCO, Mr. Uy spent six years at Mackay
Shields in New York and five years at Fiduciary Trust.
He earned a BBA from Hofstra University in New York, and is a CFA charterholder.
Biography
FOR CITY OF SARASOTA EMPLOYEE PENSION USE ONLY NOT FOR USE WITH THE PUBLIC43
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Biography
Tony Wong
Head of Global Credit Research and Head of Global Liquidity
Tony Wong is Head of Global Credit Research for Invesco Fixed Income. He is responsible for providing
management oversight of Invesco Fixed Income’s global credit research organization. Mr. Wong directs
the credit research process and investment management-related support activities across Invesco Fixed
Income’s liquidity management, stable value, municipals and broad fixed income businesses,
encompassing public investment grade, high yield, and emerging markets.
Additionally, Mr. Wong is Head of Global Liquidity for Invesco Fixed Income. He is responsible for the
investment management and business development of our global liquidity business, which includes a
broad range of money market and short duration capabilities.
At the corporate level, Mr. Wong provides oversight and risk management support for various
counterparty credit risk related activities. He is a member of Invesco Ltd.’s Corporate Risk Management
Committee as well as the Invesco Atlanta Management Council. Externally, Mr. Wong is actively
involved with regulatory affairs, serving in various advisory roles with the Investment Company Institute.
Mr. Wong joined Invesco in 1996 as a fixed income analyst focusing on the analysis of corporations and
financial institutions. Prior to joining Invesco, Mr. Wong was in corporate finance as a business analyst
with Healthcare Realty Trust. Mr. Wong earned a BA degree in history and a BBA from Southern
Methodist University in Dallas. He also earned an MBA from University of St. Thomas in Houston.
FOR CITY OF SARASOTA EMPLOYEE PENSION USE ONLY NOT FOR USE WITH THE PUBLIC44
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Paul English, CFA®
Head of US Investment Grade Research
Paul J. English is Head of US Investment Grade Research for Invesco Fixed Income. His
primary responsibilities include the management and coordination of the investment grade
research function, credit strategy, resource requirements and standards of practice. In addition,
his coverage responsibilities are focused on the analysis of financial institutions.
Mr. English joined Invesco in 1998. Previously, he was a manager of financial planning with
Macy's (Federated Department Stores.) He has also served as a finance manager responsible
for financial forecasting and analysis at Midland Enterprises in Cincinnati.
Mr. English earned a BS degree in business administration from Xavier University. He holds the
Chartered Financial Analyst (CFA) designation and is a member of the CFA Society of Atlanta.
Biography
FOR CITY OF SARASOTA EMPLOYEE PENSION USE ONLY NOT FOR USE WITH THE PUBLIC45
Page 45 of 50
City of Sarasota Employee Pension Plan
Fixed Income Investment Appraisal
As of June 30, 2018
Source: InvescoFOR CITY OF SARASOTA EMPLOYEE PENSION USE ONLY NOT FOR USE WITH THE PUBLIC46