FROM: Lisa Sorani, Manager of HR Employee Services LS -

More documents

Recommendations

Info

THE CURRENT INTEREST RATE ENVIRONMENT • Approximately 32 years ago on September 30, 1981, the 10-year Treasury reached its 100-year peak <strong>of</strong> 15.8% • Since then interest rates have steadily fallen • Interest rates are now near all time lows at 1.7% 18 16 14 12 10 8 6 4 2 0 10-Year Treasury Yield Source: PCA, US Treasury Pension Consulting Alliance, Inc. ││ EBMUD Fixed Income Discussion │ 4
THE CURRENT INTEREST RATE ENVIRONMENT • The gradual decline in interest rates over the past 30 years has acted as a wind at the back <strong>of</strong> fixed income returns • Over this period the BC Aggregate has averaged an annualized 8.75% return per annum 12 Month Rolling Performance 35 31.87 Mar-81 - Mar-13 BC Aggregate Bond 30 28.72 Total 25 % Total Return, 20 17.24 15 13.05 9.86 10 5.30 5 12.34 12.91 13.29 11.40 11.99 12.53 11.69 10.79 873 8.73 6.49 4.89 5.16 4.99 4.91 2.37 1.87 7.69 7.71 6.59 7.67 5.35 5.40 5.12 3.77 1.15 2.26 3.13 0 Mar-81 Mar-86 Mar-91 Mar-96 Mar-01 Mar-06 Mar-11 Mar-13 Source: PCA, MPI Pension Consulting Alliance, Inc. ││ EBMUD Fixed Income Discussion │ 5
Page 21 and 22: M E M O R A N D U M Date: April 29,
Page 23 and 24: Recent Investment Performance Barro
Page 25: Additional Considerations Barrow Ha
Page 29 and 30: For example, as of the most recent
Page 31 and 32: Q1 - 2013 Preliminary Recent Invest
Page 33 and 34: Q1 - 2013 Preliminary Periods endin
Page 35: Q1 - 2013 Preliminary Fixed Income
Page 38 and 39: AGENDA ITEMS Section Tab Current In
Page 42 and 43: THE CURRENT INTEREST RATE ENVIRONME
Page 50 and 51: SECTION 2 LOOKING FORWARD Source: W
Page 52 and 53: LOOKING FORWARD: INTRODUCTION r •
Page 54 and 55: LOOKING FORWARD: POSSIBLE OUTCOMES
Page 56 and 57: POSSIBLE OUTCOMES: ALTERNATIVE SCEN
Page 78 and 79: LOOKING FORWARD: CONCLUSIONS r •
Page 80 and 81: INVESTMENT OPTIONS r • In light o
Page 82 and 83: INVESTMENT OPTION 2 r • Option 2:
Page 84 and 85: INVESTMENT OPTION 4 r • Option 4:
Page 86 and 87: INVESTMENT OPTION 4-A r • Option
Page 88 and 89: INVESTMENT OPTION 4-B r • Option
Page 90 and 91:
INVESTMENT OPTION 4-C r • Option
Page 92 and 93:
CONCLUSIONS r • There are a few a
Page 95 and 96:
Considering a Real Return Class Eas
Page 97 and 98:
Defining Inflation • Inflation is
Page 99 and 100:
Expert Views 5
Page 101 and 102:
Expert Views: Inflation Doves • B
Page 103 and 104:
Expert Views: Inflation Doves The E
Page 105 and 106:
Expert Views: Inflation Hawks • B
Page 107 and 108:
Expert Views: Inflation Hawks The E
Page 109 and 110:
Expert Views: Summary • Experts a
Page 111 and 112:
Institutional Investor Response •
Page 113 and 114:
Modeling the Real Return Class •
Page 115 and 116:
Modeling the Real Return Class •
Page 117 and 118:
Implementing a Real Return Class
Page 119 and 120:
Appendix 25 25
Page 121 and 122:
Modeling a Real Return Class SUMMAR
Page 123 and 124:
A Brief Description of Global Infla
Page 125 and 126:
A Brief Description of Absolute Ret
Page 127 and 128:
A Brief Description of Absolute Ret
Page 129 and 130:
A Brief Description of Commodities
Page 131 and 132:
A Brief Description of Oil & Gas RE
Page 133 and 134:
A Brief Description of Oil & Gas RE
show all

FROM: Lisa Sorani, Manager of HR Employee Services LS -

Create successful ePaper yourself

Delete template?

Save as template?