Fixed Income ManagementQuarter Ended March 31 2020
5 Houston Center1401 McKinney Suite 1600
Houston TX 77010Tel (713) 853-2359Fax (713) 853-2300
RubyGarciaHamiltonAssociatescomwwwGarciaHamiltonAssociatescom
Awardsrankings may not represent client experiences and are not indicative of future performance Go to wwwgarciahamiltonassociatescomawards for additional information on each award
Presented By
Gilbert A Garcia CFAManaging Partner
Ruby Muntildeoz DangPartner
Founded in 1988 Firm is 100 employee-owned and certified as an MBE firm ESGRI Manager and a Principles for Responsible Investment (PRI) signatory Firm has 34 employees located in HoustonTexas The 10 members of the investment team have over 200 years of investment experience and over 90 years
with the firm combined Firm manages approximately $15 billion in assets under management High-quality fixed income strategies designed to prevent ldquonegative surprisesrdquo No debt
Organization
1
Asset Breakdown
Data as of March 31 2020
Otherlt1
Mutual Fund5
Corp Retirement5
Insurance2
Corp Non-Erisa8
EndowmentFoundation
8
Jointly Trusteed10
Public62
By Client
Fixed Income Aggregate
70
Fixed Income Short Duration
5
Fixed Income Intermediate GovtCredit
12
Fixed Income Enhanced Cash
2Fixed Income Intermediate Aggregate
4Other Fixed Income Products
7
By Type
Partners
2
MORGAN DOYLEClient Relations Manager BS University of TexasYear Hired 2014Industry Experience 6 yrsOwnership 10
STEPHANIE J ROBERTSMarketing and Client ServicesBBA Texas Southern UniversityYear Hired 2000Industry Experience 24 yrsOwnership 68
JANNA HAMILTONMarketing and Client ServicesBA Florida Atlantic UniversityAIMSE Wharton School of BusinessYear Hired 1994Industry Experience 40 yrsOwnership 175
RUBY MUNtildeOZ DANGDirector of Marketing andClient ServicesBA University of Houston ndash Downtown Year Hired 1995Industry Experience 27 yrsOwnership 116
DON ELSENBROCKPortfolio Manager Strategist
BS University of HoustonMA University of Houston
Year Hired 2014Industry Experience 28 yrs
Ownership 15
BENJAMIN D MONKIEWICZPortfolio Manager
BA Sam Houston State University
Year Hired 2010Industry Experience 10 yrs
Ownership 15
JEFFREY D DETWILER CFA AAMS
Portfolio ManagerBS University of South
FloridaMS University of Houston
Year Hired 2007Industry Experience 24 yrs
Ownership 20
NANCY RODRIGUEZPortfolio Manager
BS University of HoustonYear Hired 1998
Industry Experience 33 yrsOwnership 50
KAREN H TASS CFAPortfolio Manager
BA Texas AampM UniversityMBA University of
HoustonYear Hired 2010
Industry Experience 15 yrsOwnership 59
GILBERT ANDREW GARCIA CFA
Managing PartnerPortfolio Manager
BA Yale UniversityYear Hired 2002
Industry Experience 35 yrsOwnership 345
KEVIN LUNDAY CPAChief Operating Officer
BBA Texas Tech University
Year Hired 2007Industry Experience 19 yrs
Ownership 65
Investment Team
Client Service amp Marketing Administrative Departments
GARY MONTGOMERYSystems Manager
University of Houston ndashDowntown
Year Hired 2007Industry Experience 18 yrs
Ownership 15
BETH L MCWILLIAMSChief Compliance OfficerPatricia Stevens Secretarial
CollegeYear Hired 1994
Industry Experience 39 yrsOwnership 47
Ownership numbers are rounded
Fixed Income Investment Team
3
GILBERT ANDREW GARCIA CFAManaging PartnerPortfolio ManagerBA Yale UniversityYear Hired 2002Industry Experience 35 yrs
KAREN H TASS CFAPartnerPortfolio ManagerBA Texas AampM UniversityMBA University of HoustonYear Hired 2010Industry Experience 15 yrsCoverage Corporates
JEFFREY D DETWILER CFA AAMSPartnerPortfolio ManagerBS University of South FloridaMS University of HoustonYear Hired 2007Industry Experience 24 yrsCoverage Short Term
BENJAMIN D MONKIEWICZPartnerPortfolio ManagerBA Sam Houston State UniversityYear Hired 2010Industry Experience 10 yrsCoverage MBSAgencies
REESE WELLERInvestment AnalystBA Texas Tech University Year Hired 2017Industry Experience 20 yrs
CONNIE FALCON DAVISInvestment AnalystBS University of HoustonYear Hired 2012Industry Experience 8 yrsCoverage Analytics
YVETTE M DUENtildeASInvestment Analyst BBA University of Incarnate Word MBA Our Lady of the Lake University Year Hired 2016Industry Experience 13 yrs
DON ELSENBROCKPartnerPortfolio Manager StrategistBS University of HoustonMA University of HoustonYear Hired 2014Industry Experience 28 yrsCoverage StrategistShort Term
BRIAN SIMON Investment AnalystBA Morehouse CollegeMBA University of Houston-Victoria Year Hired 2003-2007 2018Industry Experience 22 yrs
NANCY RODRIGUEZPartnerPortfolio ManagerBS University of HoustonYear Hired 1998Industry Experience 33 yrsCoverage Team Oversight
NATALIE BERNALSenior Marketing AssociateBA University of Notre DameMA Georgetown UniversityMS London School of EconomicsYear Hired 2019Industry Experience 14 yrs
JASON SIMPSONMarketing AssociateBA Texas Tech University Year Hired 2017Industry Experience 13 yrs
REGINA PERKINSOperations ManagerSan Antonio Community College Year Hired 2003Industry Experience 17 yrs
Firm Professionals
4
Investment Goal
Investment Goal
Our goal is to outperform the benchmark net of fees over a full market cycleusing a high-quality strategy with less risk and an ESG focus By setting realisticexpectations we avoid taking unnecessary risks
Achieving our goal is centered around several core principles
Preserve Principal
Maintain Liquidity
Provide High Current Income
Be Responsible Citizens (ESG)
Key Tools
Sector Rotation
Controlled Interest Rate Anticipation
Yield Curve Positioning
5
Investment StyleHigh-Quality
Portfolio Dominated by US Treasuries Agency Debentures and Agency15-Year MBS Corporate Securities Rated A or Better
Spread Product Exclusively in the Short to Intermediate Maturities to Reduce Volatility
No Big SurprisesNo Foreign BondsYankees
No BBB Rated SecuritiesNo Sin Names ndashTobacco Gambling Alcohol Firearms
No DerivativesNo LeverageDollar Rolls
No Pricing OverridesMaintain a Manageable Number of Securities
No Soft DollarsESG Overlay
FlexibilityActively Rotating Sectors
Actively Managing Yield CurveExploiting Smaller Markets
Risk ControlsPercentage Sector Allocation Duration Contribution by Sector Credit Reviews Yield CurvePerformance Attribution Peer Group Performance Monitoring and ESG Scale Monitoring
6
ESG Overlay
Yield Curve
Barbelled Neutral Bulleted
Sectors
Treasuries Spread Product
Duration
Long 10 Neutral Short 10
Economic Outlook
Rates Spreads Fed Activity
Portfolio Construction
7
Source Ideas for Key Rate Duration
The firm normally operates in a duration range of +- 10 of the benchmark index In extreme market environments the firm operates in a duration range of +- 25
Fixed Income ndash Aggregate Composite Returns
8
QTD 1 Yr 3 Yrs 5 Yrs 7 Yrs 10 Yrs 15 Yrs Inception
GHampA Gross of Fees 153 632 419 311 355 470 556 621
GHampA Net of Fees 149 614 401 292 335 450 536 597
Bloomberg Barclays US Aggregate 315 893 483 336 320 389 441 554
0
1
2
3
4
5
6
7
8
9
Preliminary
Awardsrankings may not represent client experiences and are not indicative of future performance Go to wwwgarciahamiltonassociatescomawards for additional information on each award
Preliminary
Comparative Annualized Rates of Return For periods ending March 31 2020
Inception December 31 1991 Periods longer than 12 months are annualized Additional information is in the performance disclosure
Source Bloomberg Barclays
Preliminary
Fixed Income ndash Intermediate GovtCredit Composite Returns
9
QTD 1 Yr 3 Yrs 5 Yrs 7 Yrs 10 Yrs 15 Yrs Inception
GHampA Gross of Fees 047 445 310 261 283 388 483 647
GHampA Net of Fees 043 425 290 240 262 366 457 608
Bloomberg Barclays US Int GovtCredit 240 688 380 277 247 315 382 566
0
1
2
3
4
5
6
7
Inception June 30 1988 Periods longer than 12 months are annualized
Preliminary
Awardsrankings may not represent client experiences and are not indicative of future performance Go to wwwgarciahamiltonassociatescomawards for additional information on each award
Comparative Annualized Rates of Return For periods ending March 31 2020
Additional information is in the performance disclosure
Source Bloomberg Barclays
Preliminary
Fixed Income ndash Short Duration Oppt Composite Returns
10
QTD 1 Yr 3 Yrs 5 Yrs 7 Yrs 10 Yrs Inception
GHampA Gross of Fees -226 015 122 136 149 212 258
GHampA Net of Fees -230 001 108 125 136 196 242
Bloomberg Barclays US 1-3 Year Govt Index 273 537 269 185 152 145 148
-3
-2
-1
0
1
2
3
4
5
6
Preliminary
Preliminary
Awardsrankings may not represent client experiences and are not indicative of future performance Go to wwwgarciahamiltonassociatescomawards for additional information on each award
Comparative Annualized Rates of Return For periods ending March 31 2020
Inception March 31 2009 Periods longer than 12 months are annualized Additional information is in the performance disclosure
Source Bloomberg Barclays
Preliminary
11
QTD 1 Year 3 Years 5 Years 7 Years 10 Years 15 Years Inception
to Date
PortfoliosAssets in Millions
Short Duration Government ndash Gross of FeesInception December 2003 041 212 174 158 145 174 279 276 2 67
Short Duration Government ndash Net of Fees 039 205 162 145 133 161 266 262 2 67
Bloomberg Barclays US 1-3 Year Govt 273 537 269 185 152 145 242 228 NA NA
Intermediate Aggregate ndash Gross of FeesInception December 2007 038 426 308 265 296 391 NA 474 29 591
Intermediate Aggregate ndash Net of Fees 033 404 288 245 275 370 NA 451 29 591
Bloomberg Barclays US IntermediateAggregate 249 688 388 283 262 323 NA 371 NA NA
Government Credit ndash Gross of FeesInception December 2004 206 803 486 343 384 507 559 549 12 480
Government Credit ndash Net of Fees 201 784 465 324 363 484 536 527 12 480
Bloomberg Barclays US GovtCredit 337 982 518 355 332 415 449 437 NA NA
Short Duration GovtCredit ndash Gross of FeesInception September 2013 -277 -004 134 149 NA NA NA 170 3 153
Short Duration GovtCredit ndash Net of Fees -280 -015 125 141 NA NA NA 162 3 153
Bloomberg Barclays US 1-3 Year GovtCredit 169 453 259 190 NA NA NA 170 NA NA
Unconstrained Bond ndash Gross of FeesInception March 2009 -248 -004 116 141 172 350 NA 458 2 6
Unconstrained Bond ndash Net of Fees -251 -024 093 117 147 323 NA 431 2 6
Bloomberg Barclays US Treasury Bellwether 3-Month 058 228 185 121 088 066 NA 061 NA NA
Comparative Annualized Rates of Return
Periods longer than 12 months are annualizedAdditional information is in the performance disclosure
For periods ending March 31 2020
Fixed Income Composite Performance Summary
12
Diversity
Our firm directly supports numerous minority organizations in the community
bullOur Managing Partner Gilbert Garcia serves as a member of the SEC Asset Management Advisory CommitteebullOur Managing Partner Gilbert Garcia serves as a member of the SEC Fixed Income Market Structure Advisory CommitteebullOur Managing Partner Gilbert Garcia serves as trustee on the Dallas Police and Fire Pension System Board of TrusteesbullOur Managing Partner Gilbert Garcia served as Chairman of the Metropolitan Transit Authority of Harris County Board for six yearsbullOur Managing Partner Gilbert Garcia was the 2012 Houston Area Urban League Gala Honorary ChairbullOur Managing Partner Gilbert Garcia was a co-chair of the 103rd NAACP National Convention bullOur Managing Partner Gilbert Garcia served as a trustee on the Houston Municipal Employees Pension System Board of TrusteesbullOur Partner and Director of Marketing and Client Services Ruby Muntildeoz Dang served as Trustee for the METRO Texas Non-Union Pension PlanbullOur Managing Partner Gilbert Garcia was awarded Houston Hispanic Chamber Male Entrepreneur of the Year
Community Service
bullNational Association of Securities Professionals is a non-profit association of professionals that brings together minorities and women in the fields of asset management public finance investment banking and other finance professions
bullOur Partner Stephanie Roberts is highly involved with the organization and is currently a NASP Board Member and the Texas chapter Treasurer
NASP
bullSEO - A non-profit organization that mentors young women and minority individuals in the development of careers in investment banking corporate law and other leading global companies Mr Garcia went through the program in 1983 and is the longest serving board member (since 1988)
bullMr Garcia was awarded the SEO Alumni Leadership Award at the 2015 Awards Dinner in New York City Other honorees included Michael R Bloomberg three-term Mayor of New York City and Founder of Bloomberg LP amp Bloomberg Philanthropies and David M Rubenstein Co-Founder amp Co-CEO of The Carlyle Group
SEO
bullThe League of United Latin American Citizens is a non-profit organization created to advance the economic condition educational attainment political influence housing health and civil rights of the Hispanic population of the United States
LULAC
Diversity is a central theme throughout the entire firm bullCertified as a MBE in several states bull90 of the firm owned by minority and female partnersbull61 owned by minority partners and 53 owned by Hispanic partnersbull88 of employees are ethnic minorities and womenbullExecuted over 60 of brokerage volume with MBEMWBEveteran firms over the past several yearsbullWe also work with many minority and women-owned vendors in the areas of
bullOffice Supplies Temporary Staffing Services Travel Accounting AuditorsbullThe firm has a summer internship program for minority undergraduate and high school students bullWe support and promote the LGBT community
GHampA Giving Back
13
Over
Since 2014Donated
$15 Million
Performance DisclosureFIXED INCOME ndash AGGREGATE COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US Aggregate
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US Aggregate Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets Period End (US$ mil)
of Firm Assets
1992 82 78 74 NM - - 2 35 470 7 1993 108 104 98 NM - - 3 62 741 8 1994 -33 -38 -29 NM - - 3 60 1079 6 1995 188 185 185 NM - - 4 89 1490 6 1996 33 31 36 NM - - 3 84 1785 5 1997 89 87 97 NM - - 3 107 2219 5 1998 98 95 87 NM - - 3 117 3543 3 1999 -21 -23 -08 NM - - 4 127 3893 3 2000 118 116 116 NM - - 3 102 3704 3 2001 79 77 84 NM - - 3 99 3496 3 2002 104 102 103 NM - - 3 85 3280 3 2003 41 39 41 NM - - 3 88 4628 2 2004 49 48 43 NM - - 4 98 4710 2 2005 38 36 24 NM - - 4 121 4152 3 2006 42 40 43 NM - - 4 126 3025 4 2007 86 84 70 01 - - 6 184 2215 8 2008 59 57 52 02 - - 9 248 1538 16 2009 121 119 59 17 - - 16 419 1939 22 2010 82 80 65 04 - - 27 653 2382 27 2011 53 51 78 03 35 28 42 983 2704 36 2012 105 103 42 02 31 24 47 1084 3227 34 2013 01 -01 -20 02 34 27 59 1372 3387 40 2014 80 78 60 02 28 26 111 2485 4962 50 2015 08 07 06 01 32 29 146 3768 6340 59 2016 32 30 27 01 33 30 168 5080 8016 63 2017 38 36 35 01 31 28 185 7135 10071 71 2018 10 08 00 02 25 28 205 8287 12590 66 2019 73 71 87 05 23 29 250 10113 14997 67
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Aggregate Index
The composite benchmark is the Bloomberg Barclays US Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of January 1 1992 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is October 1 1999
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fee results are calculated for the period of December 31 1991 through December 31 1994 by deducting the highest fee of 0375 from the monthly gross composite returns Since January 1 1995 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash AGGREGATE COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Aggregate Index
The composite benchmark is the Bloomberg Barclays US Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of January 1 1992 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is October 1 1999
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fee results are calculated for the period of December 31 1991 through December 31 1994 by deducting the highest fee of 0375 from the monthly gross composite returns Since January 1 1995 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash INTERMEDIATE GOVERNMENT CREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US Intermediate GovrsquotCredit
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US Intermediate GovrsquotCredit
Index () Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets Period End (US$ mil)
of Firm Assets
1988 24 23 23 NM - - 1 30 80 38 1989 158 152 128 NM - - 2 31 157 20 1990 103 98 92 NM - - 5 37 207 18 1991 179 173 147 NM - - 5 66 311 21 1992 79 74 72 03 - - 7 85 470 18 1993 114 109 88 NM - - 1 7 741 1 1994 -38 -43 -19 NM - - 4 38 1079 4 1995 167 161 153 NM - - 3 42 1490 3 1996 40 35 41 01 - - 11 84 1785 5 1997 79 74 79 01 - - 14 289 2219 13 1998 86 81 84 02 - - 15 400 3543 11 1999 -01 -06 04 04 - - 12 284 3893 7 2000 105 99 101 02 - - 11 189 3704 5 2001 87 82 90 03 - - 11 172 3496 5 2002 98 93 98 02 - - 9 154 3280 5 2003 42 37 43 03 - - 12 166 4628 4 2004 39 34 30 02 - - 14 223 4710 5 2005 24 19 16 01 - - 18 294 4152 7 2006 44 41 41 01 - - 18 307 3025 10 2007 83 80 74 01 - - 19 340 2215 15 2008 54 51 51 02 - - 19 269 1538 17 2009 109 106 52 05 - - 28 443 1939 23 2010 73 71 59 02 - - 32 495 2382 21 2011 37 34 58 01 35 26 34 623 2704 23 2012 96 94 39 02 32 22 34 651 3227 20 2013 12 10 -09 02 33 21 32 556 3387 16 2014 47 45 31 02 24 19 38 774 4962 16 2015 15 13 11 01 23 21 42 825 6340 13 2016 31 29 21 02 24 22 48 1057 8016 13 2017 23 21 21 01 22 21 51 1145 10071 11 2018 13 11 09 01 19 21 57 1284 12590 10 2019 61 59 68 02 16 20 72 1577 14997 11
Inception (7188) through 123188 Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US Intermediate GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of July 1 1988 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is July 1 1988
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income For the period of July 1 1988 through December 31 2005 net of fees results are calculated by deducting the highest fee of 012 on a quarterly basis from the monthly gross composite returns and for the period of December 31 2005 through December 31 2016 by deducting the highest fee of 007 on a quarterly basis from the monthly gross composite returns Since January 1 2010 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
FIXED INCOME ndash INTERMEDIATE GOVERNMENT CREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (7188) through 123188 Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US Intermediate GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of July 1 1988 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is July 1 1988
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income For the period of July 1 1988 through December 31 2005 net of fees results are calculated by deducting the highest fee of 012 on a quarterly basis from the monthly gross composite returns and for the period of December 31 2005 through December 31 2016 by deducting the highest fee of 007 on a quarterly basis from the monthly gross composite returns Since January 1 2010 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliance presentations are available upon request Composite dispersion for the period of July 1 1988 through December 31 1992 was an equal-weighted standard deviation Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION OPPORTUNISTIC COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite
Total Return ( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US
1-3 Year Govrsquot Index Return
()
Composite Dispersion
() Composite
()
Bloomberg Barclays US
1-3 Year Govrsquot Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm Assets
2009 64 63 11 NM - - 1 80 1939 4 2010 32 30 24 NM - - 2 72 2382 3 2011 25 22 16 NM - - 2 74 2704 3 2012 52 50 05 01 13 07 6 196 3227 6 2013 12 10 04 NM 14 05 2 27 3387 1 2014 21 19 06 NM 12 04 2 27 4962 1 2015 12 12 06 NM 12 06 1 1 6340 lt1 2016 24 23 09 NM 11 08 3 40 8016 1 2017 16 14 05 NM 10 08 1 29 10071 lt1 2018 16 15 16 NM 07 09 4 122 12590 1 2019 35 34 36 NM 04 10 4 87 14997 1
Inception (4109) through 123109 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Opportunistic Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Opportunistic investment product utilizes high-quality securities The portfolios generally utilize Treasuries Federal Agency debentures and Agency-Guaranteed 15-year Mortgage-Backed securities The portfolios may invest opportunistically in high quality domestic Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate with a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of April 1 2009 to date the minimum portfolio size for inclusion in the composite was $10 million The composite creation date is January 1 2010
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees and include incentive fees that are entered when earned The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION OPPORTUNISTIC COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (4109) through 123109 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Opportunistic Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Opportunistic investment product utilizes high-quality securities The portfolios generally utilize Treasuries Federal Agency debentures and Agency-Guaranteed 15-year Mortgage-Backed securities The portfolios may invest opportunistically in high quality domestic Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate with a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of April 1 2009 to date the minimum portfolio size for inclusion in the composite was $10 million The composite creation date is January 1 2010
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees and include incentive fees that are entered when earned The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION GOVERNMENT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US
1-3 Year Govrsquot Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US
1-3 Year Govrsquot Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm Assets
2004 29 27 11 NM - - 1 22 4710 lt 1 2005 26 25 17 NM - - 1 42 4152 lt 1 2006 46 45 41 NM - - 1 44 3025 1 2007 71 69 71 NM - - 1 47 2215 2 2008 73 71 67 NM - - 1 50 1538 3 2009 23 22 14 NM - - 1 51 1939 3 2010 28 27 24 NM - - 1 56 2382 2 2011 33 31 16 NM 12 10 1 56 2704 2 2012 15 13 05 NM 10 07 1 29 3227 lt 1 2013 04 03 04 NM 09 05 2 64 3387 2 2014 15 14 06 NM 09 04 1 55 4962 1 2015 11 09 06 NM 11 06 1 55 6340 1 2016 19 18 09 NM 11 08 1 56 8016 1 2017 14 13 05 NM 10 08 2 67 10071 1 2018 16 15 16 NM 08 09 2 68 12590 1 2019 23 22 36 NM 03 10 2 66 14997 lt 1
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Government Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Government investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchases Treasuries Federal Agency debentures and Agency-Guaranteed Mortgage-Backed securities The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is October 1 2004
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 014 of the first $25 million 012 of the next $25 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION GOVERNMENT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Government Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Government investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchases Treasuries Federal Agency debentures and Agency-Guaranteed Mortgage-Backed securities The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is October 1 2004
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 014 of the first $25 million 012 of the next $25 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME - INTERMEDIATE AGGREGATE COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US Intermediate Aggregate
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US Intermediate Aggregate Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm Assets
2008 54 51 49 NM - - 4 136 1538 9 2009 115 112 65 NM - - 5 130 1939 7 2010 73 70 62 01 - - 7 201 2382 8 2011 40 38 60 03 33 23 9 203 2704 8 2012 89 86 36 01 30 19 11 235 3227 7 2013 11 09 -10 01 31 20 16 250 3387 7 2014 53 51 41 01 24 20 16 269 4962 5 2015 17 16 12 01 24 21 18 267 6340 4 2016 32 30 20 01 25 21 20 287 8016 4 2017 22 20 23 01 23 20 22 331 10071 3 2018 16 14 09 01 19 21 23 379 12590 3 2019 59 57 67 01 16 20 26 462 14997 3
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate Aggregate Index
The composite benchmark is the Bloomberg Barclays US Intermediate Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2008
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME - INTERMEDIATE AGGREGATE COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate Aggregate Index
The composite benchmark is the Bloomberg Barclays US Intermediate Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2008
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash GOVERNMENTCREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US
GovernmentCredit Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US
GovernmentCredit Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm
Assets 2005 30 29 24 NM - - 1 101 4152 2 2006 40 38 38 NM - - 2 105 3025 3 2007 84 82 72 NM - - 2 9 2215 lt 1 2008 68 65 57 NM - - 3 15 1538 lt 1 2009 88 85 45 NM - - 3 15 1939 lt 1 2010 81 78 66 NM - - 2 11 2382 lt 1 2011 61 59 87 NM 38 34 2 13 2704 lt 1 2012 115 112 48 NM 34 30 2 14 3227 lt 1 2013 -02 -05 -24 NM 37 32 2 12 3387 lt 1 2014 85 82 60 NM 32 30 1 6 4962 lt 1 2015 08 06 02 NM 36 33 3 93 6340 1 2016 30 28 31 NM 38 35 4 138 8016 2 2017 42 40 40 NM 36 33 5 145 10071 1 2018 06 04 -04 NM 30 32 5 163 12590 1 2019 89 87 97 05 30 33 10 484 14997 3
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income- GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2006
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash GOVERNMENTCREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income- GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2006
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION GOVERNMENTCREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US 1-3 Year GovrsquotCredit
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US 1-3 Year GovrsquotCredit
Index () Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets Period End (US$ mil)
of Firm
Assets 2013 06 06 02 NM - - 3 92 3387 3
2014 20 19 08 NM - - 1 72 4962 1 2015 11 11 07 NM - - 2 98 6340 2 2016 26 25 13 NM 11 08 1 165 8016 2 2017 16 16 08 NM 10 07 3 286 10071 3 2018 18 17 16 NM 07 08 4 396 12590 3 2019 41 40 40 NM 05 09 3 157 14997 1
Inception (10113) through 123113 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration GovernmentCredit investment product will generally invest in high quality securities such as US Treasuries Agency debentures 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION GOVERNMENTCREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (10113) through 123113 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration GovernmentCredit investment product will generally invest in high quality securities such as US Treasuries Agency debentures 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash UNCONSTRAINED BOND COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite
Total Return ( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays
UST Bellwether 3-Month
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays
UST Bellwether 3-Month
Index ()
Number of Portfolios
Composite Assets
Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm
Assets 2009 134 131 02 NM - - 2 2 1939 lt 1
2010 83 80 02 NM - - 2 3 2382 lt 1 2011 41 39 01 NM - - 2 3 2704 lt 1 2012 126 123 01 NM 41 00 2 3 3227 lt 1 2013 13 11 01 NM 41 00 2 3 3387 lt 1 2014 32 28 01 NM 29 00 2 5 4962 lt 1 2015 13 11 01 NM 22 00 2 5 6340 lt 1 2016 31 28 04 NM 16 01 2 5 8016 lt 1 2017 16 13 09 NM 15 01 2 5 10071 lt 1 2018 15 13 19 NM 09 02 2 5 12590 lt 1 2019 35 32 23 NM 04 02 2 6 14997 lt 1
Inception (4109) through 43009 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Unconstrained Bond Composite is comprised only of fully discretionary fee paying portfolios including those portfolios no longer with the firm The Fixed Income-Unconstrained Bond investment philosophy will generally invest in high quality securities such as US Treasuries Agency Debentures Agency Guaranteed Mortgage-Backed securities and Investment Grade Corporate Bonds The Fixed Income-Unconstrained Bond product utilizes a domestic fixed income strategy that has the flexibility to adapt to changing markets without sector or duration constraints while maintaining a high-quality focus The flexibility to adapt to changing market conditions without limitation to the constraints of a specific index may result from time to time in the concentration of one or more sectors The portfolios do not contain derivatives and do not employ leverage
The Bloomberg Barclays US Treasury Bellwether 3-Month Index a cash proxy is provided for comparative purposes The composite is not managed against an Index The minimum portfolio size for inclusion in the composite has been $05 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash UNCONSTRAINED BOND COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP Inception (4109) through 43009 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays The GHampA Fixed Income-Unconstrained Bond Composite is comprised only of fully discretionary fee paying portfolios including those portfolios no longer with the firm The Fixed Income-Unconstrained Bond investment philosophy will generally invest in high quality securities such as US Treasuries Agency Debentures Agency Guaranteed Mortgage-Backed securities and Investment Grade Corporate Bonds The Fixed Income-Unconstrained Bond product utilizes a domestic fixed income strategy that has the flexibility to adapt to changing markets without sector or duration constraints while maintaining a high-quality focus The flexibility to adapt to changing market conditions without limitation to the constraints of a specific index may result from time to time in the concentration of one or more sectors The portfolios do not contain derivatives and do not employ leverage The Bloomberg Barclays US Treasury Bellwether 3-Month Index a cash proxy is provided for comparative purposes The composite is not managed against an Index The minimum portfolio size for inclusion in the composite has been $05 million since inception The composite creation date is January 1 2014 Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays UST Bellwether 3-Month Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays UST Bellwether 3-Month Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2009 | 134 | 131 | 02 | NM | - | - | 2 | 2 | 1939 | lt 1 | |||||||||||
2010 | 83 | 80 | 02 | NM | - | - | 2 | 3 | 2382 | lt 1 | |||||||||||
2011 | 41 | 39 | 01 | NM | - | - | 2 | 3 | 2704 | lt 1 | |||||||||||
2012 | 126 | 123 | 01 | NM | 41 | 00 | 2 | 3 | 3227 | lt 1 | |||||||||||
2013 | 13 | 11 | 01 | NM | 41 | 00 | 2 | 3 | 3387 | lt 1 | |||||||||||
2014 | 32 | 28 | 01 | NM | 29 | 00 | 2 | 5 | 4962 | lt 1 | |||||||||||
2015 | 13 | 11 | 01 | NM | 22 | 00 | 2 | 5 | 6340 | lt 1 | |||||||||||
2016 | 31 | 28 | 04 | NM | 16 | 01 | 2 | 5 | 8016 | lt 1 | |||||||||||
2017 | 16 | 13 | 09 | NM | 15 | 01 | 2 | 5 | 10071 | lt 1 | |||||||||||
2018 | 15 | 13 | 19 | NM | 09 | 02 | 2 | 5 | 12590 | lt 1 | |||||||||||
2019 | 35 | 32 | 23 | NM | 04 | 02 | 2 | 6 | 14997 | lt 1 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US 1-3 Year GovrsquotCredit Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US 1-3 Year GovrsquotCredit Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2013 | 06 | 06 | 02 | NM | - | - | 3 | 92 | 3387 | 3 | |||||||||||
2014 | 20 | 19 | 08 | NM | - | - | 1 | 72 | 4962 | 1 | |||||||||||
2015 | 11 | 11 | 07 | NM | - | - | 2 | 98 | 6340 | 2 | |||||||||||
2016 | 26 | 25 | 13 | NM | 11 | 08 | 1 | 165 | 8016 | 2 | |||||||||||
2017 | 16 | 16 | 08 | NM | 10 | 07 | 3 | 286 | 10071 | 3 | |||||||||||
2018 | 18 | 17 | 16 | NM | 07 | 08 | 4 | 396 | 12590 | 3 | |||||||||||
2019 | 41 | 40 | 40 | NM | 05 | 09 | 3 | 157 | 14997 | 1 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US GovernmentCredit Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US GovernmentCredit Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2005 | 30 | 29 | 24 | NM | - | - | 1 | 101 | 4152 | 2 | |||||||||||
2006 | 40 | 38 | 38 | NM | - | - | 2 | 105 | 3025 | 3 | |||||||||||
2007 | 84 | 82 | 72 | NM | - | - | 2 | 9 | 2215 | lt 1 | |||||||||||
2008 | 68 | 65 | 57 | NM | - | - | 3 | 15 | 1538 | lt 1 | |||||||||||
2009 | 88 | 85 | 45 | NM | - | - | 3 | 15 | 1939 | lt 1 | |||||||||||
2010 | 81 | 78 | 66 | NM | - | - | 2 | 11 | 2382 | lt 1 | |||||||||||
2011 | 61 | 59 | 87 | NM | 38 | 34 | 2 | 13 | 2704 | lt 1 | |||||||||||
2012 | 115 | 112 | 48 | NM | 34 | 30 | 2 | 14 | 3227 | lt 1 | |||||||||||
2013 | -02 | -05 | -24 | NM | 37 | 32 | 2 | 12 | 3387 | lt 1 | |||||||||||
2014 | 85 | 82 | 60 | NM | 32 | 30 | 1 | 6 | 4962 | lt 1 | |||||||||||
2015 | 08 | 06 | 02 | NM | 36 | 33 | 3 | 93 | 6340 | 1 | |||||||||||
2016 | 30 | 28 | 31 | NM | 38 | 35 | 4 | 138 | 8016 | 2 | |||||||||||
2017 | 42 | 40 | 40 | NM | 36 | 33 | 5 | 145 | 10071 | 1 | |||||||||||
2018 | 06 | 04 | -04 | NM | 30 | 32 | 5 | 163 | 12590 | 1 | |||||||||||
2019 | 89 | 87 | 97 | 05 | 30 | 33 | 10 | 484 | 14997 | 3 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US Intermediate Aggregate Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US Intermediate Aggregate Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2008 | 54 | 51 | 49 | NM | - | - | 4 | 136 | 1538 | 9 | |||||||||||
2009 | 115 | 112 | 65 | NM | - | - | 5 | 130 | 1939 | 7 | |||||||||||
2010 | 73 | 70 | 62 | 01 | - | - | 7 | 201 | 2382 | 8 | |||||||||||
2011 | 40 | 38 | 60 | 03 | 33 | 23 | 9 | 203 | 2704 | 8 | |||||||||||
2012 | 89 | 86 | 36 | 01 | 30 | 19 | 11 | 235 | 3227 | 7 | |||||||||||
2013 | 11 | 09 | -10 | 01 | 31 | 20 | 16 | 250 | 3387 | 7 | |||||||||||
2014 | 53 | 51 | 41 | 01 | 24 | 20 | 16 | 269 | 4962 | 5 | |||||||||||
2015 | 17 | 16 | 12 | 01 | 24 | 21 | 18 | 267 | 6340 | 4 | |||||||||||
2016 | 32 | 30 | 20 | 01 | 25 | 21 | 20 | 287 | 8016 | 4 | |||||||||||
2017 | 22 | 20 | 23 | 01 | 23 | 20 | 22 | 331 | 10071 | 3 | |||||||||||
2018 | 16 | 14 | 09 | 01 | 19 | 21 | 23 | 379 | 12590 | 3 | |||||||||||
2019 | 59 | 57 | 67 | 01 | 16 | 20 | 26 | 462 | 14997 | 3 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US 1-3 Year Govrsquot Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US 1-3 Year Govrsquot Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2004 | 29 | 27 | 11 | NM | - | - | 1 | 22 | 4710 | lt 1 | |||||||||||
2005 | 26 | 25 | 17 | NM | - | - | 1 | 42 | 4152 | lt 1 | |||||||||||
2006 | 46 | 45 | 41 | NM | - | - | 1 | 44 | 3025 | 1 | |||||||||||
2007 | 71 | 69 | 71 | NM | - | - | 1 | 47 | 2215 | 2 | |||||||||||
2008 | 73 | 71 | 67 | NM | - | - | 1 | 50 | 1538 | 3 | |||||||||||
2009 | 23 | 22 | 14 | NM | - | - | 1 | 51 | 1939 | 3 | |||||||||||
2010 | 28 | 27 | 24 | NM | - | - | 1 | 56 | 2382 | 2 | |||||||||||
2011 | 33 | 31 | 16 | NM | 12 | 10 | 1 | 56 | 2704 | 2 | |||||||||||
2012 | 15 | 13 | 05 | NM | 10 | 07 | 1 | 29 | 3227 | lt 1 | |||||||||||
2013 | 04 | 03 | 04 | NM | 09 | 05 | 2 | 64 | 3387 | 2 | |||||||||||
2014 | 15 | 14 | 06 | NM | 09 | 04 | 1 | 55 | 4962 | 1 | |||||||||||
2015 | 11 | 09 | 06 | NM | 11 | 06 | 1 | 55 | 6340 | 1 | |||||||||||
2016 | 19 | 18 | 09 | NM | 11 | 08 | 1 | 56 | 8016 | 1 | |||||||||||
2017 | 14 | 13 | 05 | NM | 10 | 08 | 2 | 67 | 10071 | 1 | |||||||||||
2018 | 16 | 15 | 16 | NM | 08 | 09 | 2 | 68 | 12590 | 1 | |||||||||||
2019 | 23 | 22 | 36 | NM | 03 | 10 | 2 | 66 | 14997 | lt 1 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US 1-3 Year Govrsquot Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US 1-3 Year Govrsquot Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2009 | 64 | 63 | 11 | NM | - | - | 1 | 80 | 1939 | 4 | |||||||||||
2010 | 32 | 30 | 24 | NM | - | - | 2 | 72 | 2382 | 3 | |||||||||||
2011 | 25 | 22 | 16 | NM | - | - | 2 | 74 | 2704 | 3 | |||||||||||
2012 | 52 | 50 | 05 | 01 | 13 | 07 | 6 | 196 | 3227 | 6 | |||||||||||
2013 | 12 | 10 | 04 | NM | 14 | 05 | 2 | 27 | 3387 | 1 | |||||||||||
2014 | 21 | 19 | 06 | NM | 12 | 04 | 2 | 27 | 4962 | 1 | |||||||||||
2015 | 12 | 12 | 06 | NM | 12 | 06 | 1 | 1 | 6340 | lt1 | |||||||||||
2016 | 24 | 23 | 09 | NM | 11 | 08 | 3 | 40 | 8016 | 1 | |||||||||||
2017 | 16 | 14 | 05 | NM | 10 | 08 | 1 | 29 | 10071 | lt1 | |||||||||||
2018 | 16 | 15 | 16 | NM | 07 | 09 | 4 | 122 | 12590 | 1 | |||||||||||
2019 | 35 | 34 | 36 | NM | 04 | 10 | 4 | 87 | 14997 | 1 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US Intermediate GovrsquotCredit Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US Intermediate GovrsquotCredit Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
1988 | 24 | 23 | 23 | NM | - | - | 1 | 30 | 80 | 38 | |||||||||||
1989 | 158 | 152 | 128 | NM | - | - | 2 | 31 | 157 | 20 | |||||||||||
1990 | 103 | 98 | 92 | NM | - | - | 5 | 37 | 207 | 18 | |||||||||||
1991 | 179 | 173 | 147 | NM | - | - | 5 | 66 | 311 | 21 | |||||||||||
1992 | 79 | 74 | 72 | 03 | - | - | 7 | 85 | 470 | 18 | |||||||||||
1993 | 114 | 109 | 88 | NM | - | - | 1 | 7 | 741 | 1 | |||||||||||
1994 | -38 | -43 | -19 | NM | - | - | 4 | 38 | 1079 | 4 | |||||||||||
1995 | 167 | 161 | 153 | NM | - | - | 3 | 42 | 1490 | 3 | |||||||||||
1996 | 40 | 35 | 41 | 01 | - | - | 11 | 84 | 1785 | 5 | |||||||||||
1997 | 79 | 74 | 79 | 01 | - | - | 14 | 289 | 2219 | 13 | |||||||||||
1998 | 86 | 81 | 84 | 02 | - | - | 15 | 400 | 3543 | 11 | |||||||||||
1999 | -01 | -06 | 04 | 04 | - | - | 12 | 284 | 3893 | 7 | |||||||||||
2000 | 105 | 99 | 101 | 02 | - | - | 11 | 189 | 3704 | 5 | |||||||||||
2001 | 87 | 82 | 90 | 03 | - | - | 11 | 172 | 3496 | 5 | |||||||||||
2002 | 98 | 93 | 98 | 02 | - | - | 9 | 154 | 3280 | 5 | |||||||||||
2003 | 42 | 37 | 43 | 03 | - | - | 12 | 166 | 4628 | 4 | |||||||||||
2004 | 39 | 34 | 30 | 02 | - | - | 14 | 223 | 4710 | 5 | |||||||||||
2005 | 24 | 19 | 16 | 01 | - | - | 18 | 294 | 4152 | 7 | |||||||||||
2006 | 44 | 41 | 41 | 01 | - | - | 18 | 307 | 3025 | 10 | |||||||||||
2007 | 83 | 80 | 74 | 01 | - | - | 19 | 340 | 2215 | 15 | |||||||||||
2008 | 54 | 51 | 51 | 02 | - | - | 19 | 269 | 1538 | 17 | |||||||||||
2009 | 109 | 106 | 52 | 05 | - | - | 28 | 443 | 1939 | 23 | |||||||||||
2010 | 73 | 71 | 59 | 02 | - | - | 32 | 495 | 2382 | 21 | |||||||||||
2011 | 37 | 34 | 58 | 01 | 35 | 26 | 34 | 623 | 2704 | 23 | |||||||||||
2012 | 96 | 94 | 39 | 02 | 32 | 22 | 34 | 651 | 3227 | 20 | |||||||||||
2013 | 12 | 10 | -09 | 02 | 33 | 21 | 32 | 556 | 3387 | 16 | |||||||||||
2014 | 47 | 45 | 31 | 02 | 24 | 19 | 38 | 774 | 4962 | 16 | |||||||||||
2015 | 15 | 13 | 11 | 01 | 23 | 21 | 42 | 825 | 6340 | 13 | |||||||||||
2016 | 31 | 29 | 21 | 02 | 24 | 22 | 48 | 1057 | 8016 | 13 | |||||||||||
2017 | 23 | 21 | 21 | 01 | 22 | 21 | 51 | 1145 | 10071 | 11 | |||||||||||
2018 | 13 | 11 | 09 | 01 | 19 | 21 | 57 | 1284 | 12590 | 10 | |||||||||||
2019 | 61 | 59 | 68 | 02 | 16 | 20 | 72 | 1577 | 14997 | 11 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US Aggregate Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US Aggregate Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
1992 | 82 | 78 | 74 | NM | - | - | 2 | 35 | 470 | 7 | |||||||||||
1993 | 108 | 104 | 98 | NM | - | - | 3 | 62 | 741 | 8 | |||||||||||
1994 | -33 | -38 | -29 | NM | - | - | 3 | 60 | 1079 | 6 | |||||||||||
1995 | 188 | 185 | 185 | NM | - | - | 4 | 89 | 1490 | 6 | |||||||||||
1996 | 33 | 31 | 36 | NM | - | - | 3 | 84 | 1785 | 5 | |||||||||||
1997 | 89 | 87 | 97 | NM | - | - | 3 | 107 | 2219 | 5 | |||||||||||
1998 | 98 | 95 | 87 | NM | - | - | 3 | 117 | 3543 | 3 | |||||||||||
1999 | -21 | -23 | -08 | NM | - | - | 4 | 127 | 3893 | 3 | |||||||||||
2000 | 118 | 116 | 116 | NM | - | - | 3 | 102 | 3704 | 3 | |||||||||||
2001 | 79 | 77 | 84 | NM | - | - | 3 | 99 | 3496 | 3 | |||||||||||
2002 | 104 | 102 | 103 | NM | - | - | 3 | 85 | 3280 | 3 | |||||||||||
2003 | 41 | 39 | 41 | NM | - | - | 3 | 88 | 4628 | 2 | |||||||||||
2004 | 49 | 48 | 43 | NM | - | - | 4 | 98 | 4710 | 2 | |||||||||||
2005 | 38 | 36 | 24 | NM | - | - | 4 | 121 | 4152 | 3 | |||||||||||
2006 | 42 | 40 | 43 | NM | - | - | 4 | 126 | 3025 | 4 | |||||||||||
2007 | 86 | 84 | 70 | 01 | - | - | 6 | 184 | 2215 | 8 | |||||||||||
2008 | 59 | 57 | 52 | 02 | - | - | 9 | 248 | 1538 | 16 | |||||||||||
2009 | 121 | 119 | 59 | 17 | - | - | 16 | 419 | 1939 | 22 | |||||||||||
2010 | 82 | 80 | 65 | 04 | - | - | 27 | 653 | 2382 | 27 | |||||||||||
2011 | 53 | 51 | 78 | 03 | 35 | 28 | 42 | 983 | 2704 | 36 | |||||||||||
2012 | 105 | 103 | 42 | 02 | 31 | 24 | 47 | 1084 | 3227 | 34 | |||||||||||
2013 | 01 | -01 | -20 | 02 | 34 | 27 | 59 | 1372 | 3387 | 40 | |||||||||||
2014 | 80 | 78 | 60 | 02 | 28 | 26 | 111 | 2485 | 4962 | 50 | |||||||||||
2015 | 08 | 07 | 06 | 01 | 32 | 29 | 146 | 3768 | 6340 | 59 | |||||||||||
2016 | 32 | 30 | 27 | 01 | 33 | 30 | 168 | 5080 | 8016 | 63 | |||||||||||
2017 | 38 | 36 | 35 | 01 | 31 | 28 | 185 | 7135 | 10071 | 71 | |||||||||||
2018 | 10 | 08 | 00 | 02 | 25 | 28 | 205 | 8287 | 12590 | 66 | |||||||||||
2019 | 73 | 71 | 87 | 05 | 23 | 29 | 250 | 10113 | 14997 | 67 |
Founded in 1988 Firm is 100 employee-owned and certified as an MBE firm ESGRI Manager and a Principles for Responsible Investment (PRI) signatory Firm has 34 employees located in HoustonTexas The 10 members of the investment team have over 200 years of investment experience and over 90 years
with the firm combined Firm manages approximately $15 billion in assets under management High-quality fixed income strategies designed to prevent ldquonegative surprisesrdquo No debt
Organization
1
Asset Breakdown
Data as of March 31 2020
Otherlt1
Mutual Fund5
Corp Retirement5
Insurance2
Corp Non-Erisa8
EndowmentFoundation
8
Jointly Trusteed10
Public62
By Client
Fixed Income Aggregate
70
Fixed Income Short Duration
5
Fixed Income Intermediate GovtCredit
12
Fixed Income Enhanced Cash
2Fixed Income Intermediate Aggregate
4Other Fixed Income Products
7
By Type
Partners
2
MORGAN DOYLEClient Relations Manager BS University of TexasYear Hired 2014Industry Experience 6 yrsOwnership 10
STEPHANIE J ROBERTSMarketing and Client ServicesBBA Texas Southern UniversityYear Hired 2000Industry Experience 24 yrsOwnership 68
JANNA HAMILTONMarketing and Client ServicesBA Florida Atlantic UniversityAIMSE Wharton School of BusinessYear Hired 1994Industry Experience 40 yrsOwnership 175
RUBY MUNtildeOZ DANGDirector of Marketing andClient ServicesBA University of Houston ndash Downtown Year Hired 1995Industry Experience 27 yrsOwnership 116
DON ELSENBROCKPortfolio Manager Strategist
BS University of HoustonMA University of Houston
Year Hired 2014Industry Experience 28 yrs
Ownership 15
BENJAMIN D MONKIEWICZPortfolio Manager
BA Sam Houston State University
Year Hired 2010Industry Experience 10 yrs
Ownership 15
JEFFREY D DETWILER CFA AAMS
Portfolio ManagerBS University of South
FloridaMS University of Houston
Year Hired 2007Industry Experience 24 yrs
Ownership 20
NANCY RODRIGUEZPortfolio Manager
BS University of HoustonYear Hired 1998
Industry Experience 33 yrsOwnership 50
KAREN H TASS CFAPortfolio Manager
BA Texas AampM UniversityMBA University of
HoustonYear Hired 2010
Industry Experience 15 yrsOwnership 59
GILBERT ANDREW GARCIA CFA
Managing PartnerPortfolio Manager
BA Yale UniversityYear Hired 2002
Industry Experience 35 yrsOwnership 345
KEVIN LUNDAY CPAChief Operating Officer
BBA Texas Tech University
Year Hired 2007Industry Experience 19 yrs
Ownership 65
Investment Team
Client Service amp Marketing Administrative Departments
GARY MONTGOMERYSystems Manager
University of Houston ndashDowntown
Year Hired 2007Industry Experience 18 yrs
Ownership 15
BETH L MCWILLIAMSChief Compliance OfficerPatricia Stevens Secretarial
CollegeYear Hired 1994
Industry Experience 39 yrsOwnership 47
Ownership numbers are rounded
Fixed Income Investment Team
3
GILBERT ANDREW GARCIA CFAManaging PartnerPortfolio ManagerBA Yale UniversityYear Hired 2002Industry Experience 35 yrs
KAREN H TASS CFAPartnerPortfolio ManagerBA Texas AampM UniversityMBA University of HoustonYear Hired 2010Industry Experience 15 yrsCoverage Corporates
JEFFREY D DETWILER CFA AAMSPartnerPortfolio ManagerBS University of South FloridaMS University of HoustonYear Hired 2007Industry Experience 24 yrsCoverage Short Term
BENJAMIN D MONKIEWICZPartnerPortfolio ManagerBA Sam Houston State UniversityYear Hired 2010Industry Experience 10 yrsCoverage MBSAgencies
REESE WELLERInvestment AnalystBA Texas Tech University Year Hired 2017Industry Experience 20 yrs
CONNIE FALCON DAVISInvestment AnalystBS University of HoustonYear Hired 2012Industry Experience 8 yrsCoverage Analytics
YVETTE M DUENtildeASInvestment Analyst BBA University of Incarnate Word MBA Our Lady of the Lake University Year Hired 2016Industry Experience 13 yrs
DON ELSENBROCKPartnerPortfolio Manager StrategistBS University of HoustonMA University of HoustonYear Hired 2014Industry Experience 28 yrsCoverage StrategistShort Term
BRIAN SIMON Investment AnalystBA Morehouse CollegeMBA University of Houston-Victoria Year Hired 2003-2007 2018Industry Experience 22 yrs
NANCY RODRIGUEZPartnerPortfolio ManagerBS University of HoustonYear Hired 1998Industry Experience 33 yrsCoverage Team Oversight
NATALIE BERNALSenior Marketing AssociateBA University of Notre DameMA Georgetown UniversityMS London School of EconomicsYear Hired 2019Industry Experience 14 yrs
JASON SIMPSONMarketing AssociateBA Texas Tech University Year Hired 2017Industry Experience 13 yrs
REGINA PERKINSOperations ManagerSan Antonio Community College Year Hired 2003Industry Experience 17 yrs
Firm Professionals
4
Investment Goal
Investment Goal
Our goal is to outperform the benchmark net of fees over a full market cycleusing a high-quality strategy with less risk and an ESG focus By setting realisticexpectations we avoid taking unnecessary risks
Achieving our goal is centered around several core principles
Preserve Principal
Maintain Liquidity
Provide High Current Income
Be Responsible Citizens (ESG)
Key Tools
Sector Rotation
Controlled Interest Rate Anticipation
Yield Curve Positioning
5
Investment StyleHigh-Quality
Portfolio Dominated by US Treasuries Agency Debentures and Agency15-Year MBS Corporate Securities Rated A or Better
Spread Product Exclusively in the Short to Intermediate Maturities to Reduce Volatility
No Big SurprisesNo Foreign BondsYankees
No BBB Rated SecuritiesNo Sin Names ndashTobacco Gambling Alcohol Firearms
No DerivativesNo LeverageDollar Rolls
No Pricing OverridesMaintain a Manageable Number of Securities
No Soft DollarsESG Overlay
FlexibilityActively Rotating Sectors
Actively Managing Yield CurveExploiting Smaller Markets
Risk ControlsPercentage Sector Allocation Duration Contribution by Sector Credit Reviews Yield CurvePerformance Attribution Peer Group Performance Monitoring and ESG Scale Monitoring
6
ESG Overlay
Yield Curve
Barbelled Neutral Bulleted
Sectors
Treasuries Spread Product
Duration
Long 10 Neutral Short 10
Economic Outlook
Rates Spreads Fed Activity
Portfolio Construction
7
Source Ideas for Key Rate Duration
The firm normally operates in a duration range of +- 10 of the benchmark index In extreme market environments the firm operates in a duration range of +- 25
Fixed Income ndash Aggregate Composite Returns
8
QTD 1 Yr 3 Yrs 5 Yrs 7 Yrs 10 Yrs 15 Yrs Inception
GHampA Gross of Fees 153 632 419 311 355 470 556 621
GHampA Net of Fees 149 614 401 292 335 450 536 597
Bloomberg Barclays US Aggregate 315 893 483 336 320 389 441 554
0
1
2
3
4
5
6
7
8
9
Preliminary
Awardsrankings may not represent client experiences and are not indicative of future performance Go to wwwgarciahamiltonassociatescomawards for additional information on each award
Preliminary
Comparative Annualized Rates of Return For periods ending March 31 2020
Inception December 31 1991 Periods longer than 12 months are annualized Additional information is in the performance disclosure
Source Bloomberg Barclays
Preliminary
Fixed Income ndash Intermediate GovtCredit Composite Returns
9
QTD 1 Yr 3 Yrs 5 Yrs 7 Yrs 10 Yrs 15 Yrs Inception
GHampA Gross of Fees 047 445 310 261 283 388 483 647
GHampA Net of Fees 043 425 290 240 262 366 457 608
Bloomberg Barclays US Int GovtCredit 240 688 380 277 247 315 382 566
0
1
2
3
4
5
6
7
Inception June 30 1988 Periods longer than 12 months are annualized
Preliminary
Awardsrankings may not represent client experiences and are not indicative of future performance Go to wwwgarciahamiltonassociatescomawards for additional information on each award
Comparative Annualized Rates of Return For periods ending March 31 2020
Additional information is in the performance disclosure
Source Bloomberg Barclays
Preliminary
Fixed Income ndash Short Duration Oppt Composite Returns
10
QTD 1 Yr 3 Yrs 5 Yrs 7 Yrs 10 Yrs Inception
GHampA Gross of Fees -226 015 122 136 149 212 258
GHampA Net of Fees -230 001 108 125 136 196 242
Bloomberg Barclays US 1-3 Year Govt Index 273 537 269 185 152 145 148
-3
-2
-1
0
1
2
3
4
5
6
Preliminary
Preliminary
Awardsrankings may not represent client experiences and are not indicative of future performance Go to wwwgarciahamiltonassociatescomawards for additional information on each award
Comparative Annualized Rates of Return For periods ending March 31 2020
Inception March 31 2009 Periods longer than 12 months are annualized Additional information is in the performance disclosure
Source Bloomberg Barclays
Preliminary
11
QTD 1 Year 3 Years 5 Years 7 Years 10 Years 15 Years Inception
to Date
PortfoliosAssets in Millions
Short Duration Government ndash Gross of FeesInception December 2003 041 212 174 158 145 174 279 276 2 67
Short Duration Government ndash Net of Fees 039 205 162 145 133 161 266 262 2 67
Bloomberg Barclays US 1-3 Year Govt 273 537 269 185 152 145 242 228 NA NA
Intermediate Aggregate ndash Gross of FeesInception December 2007 038 426 308 265 296 391 NA 474 29 591
Intermediate Aggregate ndash Net of Fees 033 404 288 245 275 370 NA 451 29 591
Bloomberg Barclays US IntermediateAggregate 249 688 388 283 262 323 NA 371 NA NA
Government Credit ndash Gross of FeesInception December 2004 206 803 486 343 384 507 559 549 12 480
Government Credit ndash Net of Fees 201 784 465 324 363 484 536 527 12 480
Bloomberg Barclays US GovtCredit 337 982 518 355 332 415 449 437 NA NA
Short Duration GovtCredit ndash Gross of FeesInception September 2013 -277 -004 134 149 NA NA NA 170 3 153
Short Duration GovtCredit ndash Net of Fees -280 -015 125 141 NA NA NA 162 3 153
Bloomberg Barclays US 1-3 Year GovtCredit 169 453 259 190 NA NA NA 170 NA NA
Unconstrained Bond ndash Gross of FeesInception March 2009 -248 -004 116 141 172 350 NA 458 2 6
Unconstrained Bond ndash Net of Fees -251 -024 093 117 147 323 NA 431 2 6
Bloomberg Barclays US Treasury Bellwether 3-Month 058 228 185 121 088 066 NA 061 NA NA
Comparative Annualized Rates of Return
Periods longer than 12 months are annualizedAdditional information is in the performance disclosure
For periods ending March 31 2020
Fixed Income Composite Performance Summary
12
Diversity
Our firm directly supports numerous minority organizations in the community
bullOur Managing Partner Gilbert Garcia serves as a member of the SEC Asset Management Advisory CommitteebullOur Managing Partner Gilbert Garcia serves as a member of the SEC Fixed Income Market Structure Advisory CommitteebullOur Managing Partner Gilbert Garcia serves as trustee on the Dallas Police and Fire Pension System Board of TrusteesbullOur Managing Partner Gilbert Garcia served as Chairman of the Metropolitan Transit Authority of Harris County Board for six yearsbullOur Managing Partner Gilbert Garcia was the 2012 Houston Area Urban League Gala Honorary ChairbullOur Managing Partner Gilbert Garcia was a co-chair of the 103rd NAACP National Convention bullOur Managing Partner Gilbert Garcia served as a trustee on the Houston Municipal Employees Pension System Board of TrusteesbullOur Partner and Director of Marketing and Client Services Ruby Muntildeoz Dang served as Trustee for the METRO Texas Non-Union Pension PlanbullOur Managing Partner Gilbert Garcia was awarded Houston Hispanic Chamber Male Entrepreneur of the Year
Community Service
bullNational Association of Securities Professionals is a non-profit association of professionals that brings together minorities and women in the fields of asset management public finance investment banking and other finance professions
bullOur Partner Stephanie Roberts is highly involved with the organization and is currently a NASP Board Member and the Texas chapter Treasurer
NASP
bullSEO - A non-profit organization that mentors young women and minority individuals in the development of careers in investment banking corporate law and other leading global companies Mr Garcia went through the program in 1983 and is the longest serving board member (since 1988)
bullMr Garcia was awarded the SEO Alumni Leadership Award at the 2015 Awards Dinner in New York City Other honorees included Michael R Bloomberg three-term Mayor of New York City and Founder of Bloomberg LP amp Bloomberg Philanthropies and David M Rubenstein Co-Founder amp Co-CEO of The Carlyle Group
SEO
bullThe League of United Latin American Citizens is a non-profit organization created to advance the economic condition educational attainment political influence housing health and civil rights of the Hispanic population of the United States
LULAC
Diversity is a central theme throughout the entire firm bullCertified as a MBE in several states bull90 of the firm owned by minority and female partnersbull61 owned by minority partners and 53 owned by Hispanic partnersbull88 of employees are ethnic minorities and womenbullExecuted over 60 of brokerage volume with MBEMWBEveteran firms over the past several yearsbullWe also work with many minority and women-owned vendors in the areas of
bullOffice Supplies Temporary Staffing Services Travel Accounting AuditorsbullThe firm has a summer internship program for minority undergraduate and high school students bullWe support and promote the LGBT community
GHampA Giving Back
13
Over
Since 2014Donated
$15 Million
Performance DisclosureFIXED INCOME ndash AGGREGATE COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US Aggregate
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US Aggregate Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets Period End (US$ mil)
of Firm Assets
1992 82 78 74 NM - - 2 35 470 7 1993 108 104 98 NM - - 3 62 741 8 1994 -33 -38 -29 NM - - 3 60 1079 6 1995 188 185 185 NM - - 4 89 1490 6 1996 33 31 36 NM - - 3 84 1785 5 1997 89 87 97 NM - - 3 107 2219 5 1998 98 95 87 NM - - 3 117 3543 3 1999 -21 -23 -08 NM - - 4 127 3893 3 2000 118 116 116 NM - - 3 102 3704 3 2001 79 77 84 NM - - 3 99 3496 3 2002 104 102 103 NM - - 3 85 3280 3 2003 41 39 41 NM - - 3 88 4628 2 2004 49 48 43 NM - - 4 98 4710 2 2005 38 36 24 NM - - 4 121 4152 3 2006 42 40 43 NM - - 4 126 3025 4 2007 86 84 70 01 - - 6 184 2215 8 2008 59 57 52 02 - - 9 248 1538 16 2009 121 119 59 17 - - 16 419 1939 22 2010 82 80 65 04 - - 27 653 2382 27 2011 53 51 78 03 35 28 42 983 2704 36 2012 105 103 42 02 31 24 47 1084 3227 34 2013 01 -01 -20 02 34 27 59 1372 3387 40 2014 80 78 60 02 28 26 111 2485 4962 50 2015 08 07 06 01 32 29 146 3768 6340 59 2016 32 30 27 01 33 30 168 5080 8016 63 2017 38 36 35 01 31 28 185 7135 10071 71 2018 10 08 00 02 25 28 205 8287 12590 66 2019 73 71 87 05 23 29 250 10113 14997 67
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Aggregate Index
The composite benchmark is the Bloomberg Barclays US Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of January 1 1992 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is October 1 1999
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fee results are calculated for the period of December 31 1991 through December 31 1994 by deducting the highest fee of 0375 from the monthly gross composite returns Since January 1 1995 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash AGGREGATE COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Aggregate Index
The composite benchmark is the Bloomberg Barclays US Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of January 1 1992 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is October 1 1999
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fee results are calculated for the period of December 31 1991 through December 31 1994 by deducting the highest fee of 0375 from the monthly gross composite returns Since January 1 1995 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash INTERMEDIATE GOVERNMENT CREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US Intermediate GovrsquotCredit
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US Intermediate GovrsquotCredit
Index () Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets Period End (US$ mil)
of Firm Assets
1988 24 23 23 NM - - 1 30 80 38 1989 158 152 128 NM - - 2 31 157 20 1990 103 98 92 NM - - 5 37 207 18 1991 179 173 147 NM - - 5 66 311 21 1992 79 74 72 03 - - 7 85 470 18 1993 114 109 88 NM - - 1 7 741 1 1994 -38 -43 -19 NM - - 4 38 1079 4 1995 167 161 153 NM - - 3 42 1490 3 1996 40 35 41 01 - - 11 84 1785 5 1997 79 74 79 01 - - 14 289 2219 13 1998 86 81 84 02 - - 15 400 3543 11 1999 -01 -06 04 04 - - 12 284 3893 7 2000 105 99 101 02 - - 11 189 3704 5 2001 87 82 90 03 - - 11 172 3496 5 2002 98 93 98 02 - - 9 154 3280 5 2003 42 37 43 03 - - 12 166 4628 4 2004 39 34 30 02 - - 14 223 4710 5 2005 24 19 16 01 - - 18 294 4152 7 2006 44 41 41 01 - - 18 307 3025 10 2007 83 80 74 01 - - 19 340 2215 15 2008 54 51 51 02 - - 19 269 1538 17 2009 109 106 52 05 - - 28 443 1939 23 2010 73 71 59 02 - - 32 495 2382 21 2011 37 34 58 01 35 26 34 623 2704 23 2012 96 94 39 02 32 22 34 651 3227 20 2013 12 10 -09 02 33 21 32 556 3387 16 2014 47 45 31 02 24 19 38 774 4962 16 2015 15 13 11 01 23 21 42 825 6340 13 2016 31 29 21 02 24 22 48 1057 8016 13 2017 23 21 21 01 22 21 51 1145 10071 11 2018 13 11 09 01 19 21 57 1284 12590 10 2019 61 59 68 02 16 20 72 1577 14997 11
Inception (7188) through 123188 Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US Intermediate GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of July 1 1988 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is July 1 1988
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income For the period of July 1 1988 through December 31 2005 net of fees results are calculated by deducting the highest fee of 012 on a quarterly basis from the monthly gross composite returns and for the period of December 31 2005 through December 31 2016 by deducting the highest fee of 007 on a quarterly basis from the monthly gross composite returns Since January 1 2010 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
FIXED INCOME ndash INTERMEDIATE GOVERNMENT CREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (7188) through 123188 Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US Intermediate GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of July 1 1988 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is July 1 1988
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income For the period of July 1 1988 through December 31 2005 net of fees results are calculated by deducting the highest fee of 012 on a quarterly basis from the monthly gross composite returns and for the period of December 31 2005 through December 31 2016 by deducting the highest fee of 007 on a quarterly basis from the monthly gross composite returns Since January 1 2010 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliance presentations are available upon request Composite dispersion for the period of July 1 1988 through December 31 1992 was an equal-weighted standard deviation Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION OPPORTUNISTIC COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite
Total Return ( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US
1-3 Year Govrsquot Index Return
()
Composite Dispersion
() Composite
()
Bloomberg Barclays US
1-3 Year Govrsquot Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm Assets
2009 64 63 11 NM - - 1 80 1939 4 2010 32 30 24 NM - - 2 72 2382 3 2011 25 22 16 NM - - 2 74 2704 3 2012 52 50 05 01 13 07 6 196 3227 6 2013 12 10 04 NM 14 05 2 27 3387 1 2014 21 19 06 NM 12 04 2 27 4962 1 2015 12 12 06 NM 12 06 1 1 6340 lt1 2016 24 23 09 NM 11 08 3 40 8016 1 2017 16 14 05 NM 10 08 1 29 10071 lt1 2018 16 15 16 NM 07 09 4 122 12590 1 2019 35 34 36 NM 04 10 4 87 14997 1
Inception (4109) through 123109 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Opportunistic Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Opportunistic investment product utilizes high-quality securities The portfolios generally utilize Treasuries Federal Agency debentures and Agency-Guaranteed 15-year Mortgage-Backed securities The portfolios may invest opportunistically in high quality domestic Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate with a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of April 1 2009 to date the minimum portfolio size for inclusion in the composite was $10 million The composite creation date is January 1 2010
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees and include incentive fees that are entered when earned The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION OPPORTUNISTIC COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (4109) through 123109 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Opportunistic Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Opportunistic investment product utilizes high-quality securities The portfolios generally utilize Treasuries Federal Agency debentures and Agency-Guaranteed 15-year Mortgage-Backed securities The portfolios may invest opportunistically in high quality domestic Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate with a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of April 1 2009 to date the minimum portfolio size for inclusion in the composite was $10 million The composite creation date is January 1 2010
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees and include incentive fees that are entered when earned The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION GOVERNMENT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US
1-3 Year Govrsquot Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US
1-3 Year Govrsquot Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm Assets
2004 29 27 11 NM - - 1 22 4710 lt 1 2005 26 25 17 NM - - 1 42 4152 lt 1 2006 46 45 41 NM - - 1 44 3025 1 2007 71 69 71 NM - - 1 47 2215 2 2008 73 71 67 NM - - 1 50 1538 3 2009 23 22 14 NM - - 1 51 1939 3 2010 28 27 24 NM - - 1 56 2382 2 2011 33 31 16 NM 12 10 1 56 2704 2 2012 15 13 05 NM 10 07 1 29 3227 lt 1 2013 04 03 04 NM 09 05 2 64 3387 2 2014 15 14 06 NM 09 04 1 55 4962 1 2015 11 09 06 NM 11 06 1 55 6340 1 2016 19 18 09 NM 11 08 1 56 8016 1 2017 14 13 05 NM 10 08 2 67 10071 1 2018 16 15 16 NM 08 09 2 68 12590 1 2019 23 22 36 NM 03 10 2 66 14997 lt 1
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Government Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Government investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchases Treasuries Federal Agency debentures and Agency-Guaranteed Mortgage-Backed securities The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is October 1 2004
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 014 of the first $25 million 012 of the next $25 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION GOVERNMENT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Government Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Government investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchases Treasuries Federal Agency debentures and Agency-Guaranteed Mortgage-Backed securities The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is October 1 2004
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 014 of the first $25 million 012 of the next $25 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME - INTERMEDIATE AGGREGATE COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US Intermediate Aggregate
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US Intermediate Aggregate Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm Assets
2008 54 51 49 NM - - 4 136 1538 9 2009 115 112 65 NM - - 5 130 1939 7 2010 73 70 62 01 - - 7 201 2382 8 2011 40 38 60 03 33 23 9 203 2704 8 2012 89 86 36 01 30 19 11 235 3227 7 2013 11 09 -10 01 31 20 16 250 3387 7 2014 53 51 41 01 24 20 16 269 4962 5 2015 17 16 12 01 24 21 18 267 6340 4 2016 32 30 20 01 25 21 20 287 8016 4 2017 22 20 23 01 23 20 22 331 10071 3 2018 16 14 09 01 19 21 23 379 12590 3 2019 59 57 67 01 16 20 26 462 14997 3
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate Aggregate Index
The composite benchmark is the Bloomberg Barclays US Intermediate Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2008
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME - INTERMEDIATE AGGREGATE COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate Aggregate Index
The composite benchmark is the Bloomberg Barclays US Intermediate Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2008
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash GOVERNMENTCREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US
GovernmentCredit Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US
GovernmentCredit Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm
Assets 2005 30 29 24 NM - - 1 101 4152 2 2006 40 38 38 NM - - 2 105 3025 3 2007 84 82 72 NM - - 2 9 2215 lt 1 2008 68 65 57 NM - - 3 15 1538 lt 1 2009 88 85 45 NM - - 3 15 1939 lt 1 2010 81 78 66 NM - - 2 11 2382 lt 1 2011 61 59 87 NM 38 34 2 13 2704 lt 1 2012 115 112 48 NM 34 30 2 14 3227 lt 1 2013 -02 -05 -24 NM 37 32 2 12 3387 lt 1 2014 85 82 60 NM 32 30 1 6 4962 lt 1 2015 08 06 02 NM 36 33 3 93 6340 1 2016 30 28 31 NM 38 35 4 138 8016 2 2017 42 40 40 NM 36 33 5 145 10071 1 2018 06 04 -04 NM 30 32 5 163 12590 1 2019 89 87 97 05 30 33 10 484 14997 3
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income- GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2006
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash GOVERNMENTCREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income- GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2006
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION GOVERNMENTCREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US 1-3 Year GovrsquotCredit
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US 1-3 Year GovrsquotCredit
Index () Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets Period End (US$ mil)
of Firm
Assets 2013 06 06 02 NM - - 3 92 3387 3
2014 20 19 08 NM - - 1 72 4962 1 2015 11 11 07 NM - - 2 98 6340 2 2016 26 25 13 NM 11 08 1 165 8016 2 2017 16 16 08 NM 10 07 3 286 10071 3 2018 18 17 16 NM 07 08 4 396 12590 3 2019 41 40 40 NM 05 09 3 157 14997 1
Inception (10113) through 123113 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration GovernmentCredit investment product will generally invest in high quality securities such as US Treasuries Agency debentures 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION GOVERNMENTCREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (10113) through 123113 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration GovernmentCredit investment product will generally invest in high quality securities such as US Treasuries Agency debentures 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash UNCONSTRAINED BOND COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite
Total Return ( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays
UST Bellwether 3-Month
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays
UST Bellwether 3-Month
Index ()
Number of Portfolios
Composite Assets
Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm
Assets 2009 134 131 02 NM - - 2 2 1939 lt 1
2010 83 80 02 NM - - 2 3 2382 lt 1 2011 41 39 01 NM - - 2 3 2704 lt 1 2012 126 123 01 NM 41 00 2 3 3227 lt 1 2013 13 11 01 NM 41 00 2 3 3387 lt 1 2014 32 28 01 NM 29 00 2 5 4962 lt 1 2015 13 11 01 NM 22 00 2 5 6340 lt 1 2016 31 28 04 NM 16 01 2 5 8016 lt 1 2017 16 13 09 NM 15 01 2 5 10071 lt 1 2018 15 13 19 NM 09 02 2 5 12590 lt 1 2019 35 32 23 NM 04 02 2 6 14997 lt 1
Inception (4109) through 43009 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Unconstrained Bond Composite is comprised only of fully discretionary fee paying portfolios including those portfolios no longer with the firm The Fixed Income-Unconstrained Bond investment philosophy will generally invest in high quality securities such as US Treasuries Agency Debentures Agency Guaranteed Mortgage-Backed securities and Investment Grade Corporate Bonds The Fixed Income-Unconstrained Bond product utilizes a domestic fixed income strategy that has the flexibility to adapt to changing markets without sector or duration constraints while maintaining a high-quality focus The flexibility to adapt to changing market conditions without limitation to the constraints of a specific index may result from time to time in the concentration of one or more sectors The portfolios do not contain derivatives and do not employ leverage
The Bloomberg Barclays US Treasury Bellwether 3-Month Index a cash proxy is provided for comparative purposes The composite is not managed against an Index The minimum portfolio size for inclusion in the composite has been $05 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash UNCONSTRAINED BOND COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP Inception (4109) through 43009 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays The GHampA Fixed Income-Unconstrained Bond Composite is comprised only of fully discretionary fee paying portfolios including those portfolios no longer with the firm The Fixed Income-Unconstrained Bond investment philosophy will generally invest in high quality securities such as US Treasuries Agency Debentures Agency Guaranteed Mortgage-Backed securities and Investment Grade Corporate Bonds The Fixed Income-Unconstrained Bond product utilizes a domestic fixed income strategy that has the flexibility to adapt to changing markets without sector or duration constraints while maintaining a high-quality focus The flexibility to adapt to changing market conditions without limitation to the constraints of a specific index may result from time to time in the concentration of one or more sectors The portfolios do not contain derivatives and do not employ leverage The Bloomberg Barclays US Treasury Bellwether 3-Month Index a cash proxy is provided for comparative purposes The composite is not managed against an Index The minimum portfolio size for inclusion in the composite has been $05 million since inception The composite creation date is January 1 2014 Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays UST Bellwether 3-Month Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays UST Bellwether 3-Month Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2009 | 134 | 131 | 02 | NM | - | - | 2 | 2 | 1939 | lt 1 | |||||||||||
2010 | 83 | 80 | 02 | NM | - | - | 2 | 3 | 2382 | lt 1 | |||||||||||
2011 | 41 | 39 | 01 | NM | - | - | 2 | 3 | 2704 | lt 1 | |||||||||||
2012 | 126 | 123 | 01 | NM | 41 | 00 | 2 | 3 | 3227 | lt 1 | |||||||||||
2013 | 13 | 11 | 01 | NM | 41 | 00 | 2 | 3 | 3387 | lt 1 | |||||||||||
2014 | 32 | 28 | 01 | NM | 29 | 00 | 2 | 5 | 4962 | lt 1 | |||||||||||
2015 | 13 | 11 | 01 | NM | 22 | 00 | 2 | 5 | 6340 | lt 1 | |||||||||||
2016 | 31 | 28 | 04 | NM | 16 | 01 | 2 | 5 | 8016 | lt 1 | |||||||||||
2017 | 16 | 13 | 09 | NM | 15 | 01 | 2 | 5 | 10071 | lt 1 | |||||||||||
2018 | 15 | 13 | 19 | NM | 09 | 02 | 2 | 5 | 12590 | lt 1 | |||||||||||
2019 | 35 | 32 | 23 | NM | 04 | 02 | 2 | 6 | 14997 | lt 1 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US 1-3 Year GovrsquotCredit Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US 1-3 Year GovrsquotCredit Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2013 | 06 | 06 | 02 | NM | - | - | 3 | 92 | 3387 | 3 | |||||||||||
2014 | 20 | 19 | 08 | NM | - | - | 1 | 72 | 4962 | 1 | |||||||||||
2015 | 11 | 11 | 07 | NM | - | - | 2 | 98 | 6340 | 2 | |||||||||||
2016 | 26 | 25 | 13 | NM | 11 | 08 | 1 | 165 | 8016 | 2 | |||||||||||
2017 | 16 | 16 | 08 | NM | 10 | 07 | 3 | 286 | 10071 | 3 | |||||||||||
2018 | 18 | 17 | 16 | NM | 07 | 08 | 4 | 396 | 12590 | 3 | |||||||||||
2019 | 41 | 40 | 40 | NM | 05 | 09 | 3 | 157 | 14997 | 1 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US GovernmentCredit Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US GovernmentCredit Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2005 | 30 | 29 | 24 | NM | - | - | 1 | 101 | 4152 | 2 | |||||||||||
2006 | 40 | 38 | 38 | NM | - | - | 2 | 105 | 3025 | 3 | |||||||||||
2007 | 84 | 82 | 72 | NM | - | - | 2 | 9 | 2215 | lt 1 | |||||||||||
2008 | 68 | 65 | 57 | NM | - | - | 3 | 15 | 1538 | lt 1 | |||||||||||
2009 | 88 | 85 | 45 | NM | - | - | 3 | 15 | 1939 | lt 1 | |||||||||||
2010 | 81 | 78 | 66 | NM | - | - | 2 | 11 | 2382 | lt 1 | |||||||||||
2011 | 61 | 59 | 87 | NM | 38 | 34 | 2 | 13 | 2704 | lt 1 | |||||||||||
2012 | 115 | 112 | 48 | NM | 34 | 30 | 2 | 14 | 3227 | lt 1 | |||||||||||
2013 | -02 | -05 | -24 | NM | 37 | 32 | 2 | 12 | 3387 | lt 1 | |||||||||||
2014 | 85 | 82 | 60 | NM | 32 | 30 | 1 | 6 | 4962 | lt 1 | |||||||||||
2015 | 08 | 06 | 02 | NM | 36 | 33 | 3 | 93 | 6340 | 1 | |||||||||||
2016 | 30 | 28 | 31 | NM | 38 | 35 | 4 | 138 | 8016 | 2 | |||||||||||
2017 | 42 | 40 | 40 | NM | 36 | 33 | 5 | 145 | 10071 | 1 | |||||||||||
2018 | 06 | 04 | -04 | NM | 30 | 32 | 5 | 163 | 12590 | 1 | |||||||||||
2019 | 89 | 87 | 97 | 05 | 30 | 33 | 10 | 484 | 14997 | 3 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US Intermediate Aggregate Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US Intermediate Aggregate Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2008 | 54 | 51 | 49 | NM | - | - | 4 | 136 | 1538 | 9 | |||||||||||
2009 | 115 | 112 | 65 | NM | - | - | 5 | 130 | 1939 | 7 | |||||||||||
2010 | 73 | 70 | 62 | 01 | - | - | 7 | 201 | 2382 | 8 | |||||||||||
2011 | 40 | 38 | 60 | 03 | 33 | 23 | 9 | 203 | 2704 | 8 | |||||||||||
2012 | 89 | 86 | 36 | 01 | 30 | 19 | 11 | 235 | 3227 | 7 | |||||||||||
2013 | 11 | 09 | -10 | 01 | 31 | 20 | 16 | 250 | 3387 | 7 | |||||||||||
2014 | 53 | 51 | 41 | 01 | 24 | 20 | 16 | 269 | 4962 | 5 | |||||||||||
2015 | 17 | 16 | 12 | 01 | 24 | 21 | 18 | 267 | 6340 | 4 | |||||||||||
2016 | 32 | 30 | 20 | 01 | 25 | 21 | 20 | 287 | 8016 | 4 | |||||||||||
2017 | 22 | 20 | 23 | 01 | 23 | 20 | 22 | 331 | 10071 | 3 | |||||||||||
2018 | 16 | 14 | 09 | 01 | 19 | 21 | 23 | 379 | 12590 | 3 | |||||||||||
2019 | 59 | 57 | 67 | 01 | 16 | 20 | 26 | 462 | 14997 | 3 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US 1-3 Year Govrsquot Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US 1-3 Year Govrsquot Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2004 | 29 | 27 | 11 | NM | - | - | 1 | 22 | 4710 | lt 1 | |||||||||||
2005 | 26 | 25 | 17 | NM | - | - | 1 | 42 | 4152 | lt 1 | |||||||||||
2006 | 46 | 45 | 41 | NM | - | - | 1 | 44 | 3025 | 1 | |||||||||||
2007 | 71 | 69 | 71 | NM | - | - | 1 | 47 | 2215 | 2 | |||||||||||
2008 | 73 | 71 | 67 | NM | - | - | 1 | 50 | 1538 | 3 | |||||||||||
2009 | 23 | 22 | 14 | NM | - | - | 1 | 51 | 1939 | 3 | |||||||||||
2010 | 28 | 27 | 24 | NM | - | - | 1 | 56 | 2382 | 2 | |||||||||||
2011 | 33 | 31 | 16 | NM | 12 | 10 | 1 | 56 | 2704 | 2 | |||||||||||
2012 | 15 | 13 | 05 | NM | 10 | 07 | 1 | 29 | 3227 | lt 1 | |||||||||||
2013 | 04 | 03 | 04 | NM | 09 | 05 | 2 | 64 | 3387 | 2 | |||||||||||
2014 | 15 | 14 | 06 | NM | 09 | 04 | 1 | 55 | 4962 | 1 | |||||||||||
2015 | 11 | 09 | 06 | NM | 11 | 06 | 1 | 55 | 6340 | 1 | |||||||||||
2016 | 19 | 18 | 09 | NM | 11 | 08 | 1 | 56 | 8016 | 1 | |||||||||||
2017 | 14 | 13 | 05 | NM | 10 | 08 | 2 | 67 | 10071 | 1 | |||||||||||
2018 | 16 | 15 | 16 | NM | 08 | 09 | 2 | 68 | 12590 | 1 | |||||||||||
2019 | 23 | 22 | 36 | NM | 03 | 10 | 2 | 66 | 14997 | lt 1 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US 1-3 Year Govrsquot Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US 1-3 Year Govrsquot Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2009 | 64 | 63 | 11 | NM | - | - | 1 | 80 | 1939 | 4 | |||||||||||
2010 | 32 | 30 | 24 | NM | - | - | 2 | 72 | 2382 | 3 | |||||||||||
2011 | 25 | 22 | 16 | NM | - | - | 2 | 74 | 2704 | 3 | |||||||||||
2012 | 52 | 50 | 05 | 01 | 13 | 07 | 6 | 196 | 3227 | 6 | |||||||||||
2013 | 12 | 10 | 04 | NM | 14 | 05 | 2 | 27 | 3387 | 1 | |||||||||||
2014 | 21 | 19 | 06 | NM | 12 | 04 | 2 | 27 | 4962 | 1 | |||||||||||
2015 | 12 | 12 | 06 | NM | 12 | 06 | 1 | 1 | 6340 | lt1 | |||||||||||
2016 | 24 | 23 | 09 | NM | 11 | 08 | 3 | 40 | 8016 | 1 | |||||||||||
2017 | 16 | 14 | 05 | NM | 10 | 08 | 1 | 29 | 10071 | lt1 | |||||||||||
2018 | 16 | 15 | 16 | NM | 07 | 09 | 4 | 122 | 12590 | 1 | |||||||||||
2019 | 35 | 34 | 36 | NM | 04 | 10 | 4 | 87 | 14997 | 1 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US Intermediate GovrsquotCredit Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US Intermediate GovrsquotCredit Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
1988 | 24 | 23 | 23 | NM | - | - | 1 | 30 | 80 | 38 | |||||||||||
1989 | 158 | 152 | 128 | NM | - | - | 2 | 31 | 157 | 20 | |||||||||||
1990 | 103 | 98 | 92 | NM | - | - | 5 | 37 | 207 | 18 | |||||||||||
1991 | 179 | 173 | 147 | NM | - | - | 5 | 66 | 311 | 21 | |||||||||||
1992 | 79 | 74 | 72 | 03 | - | - | 7 | 85 | 470 | 18 | |||||||||||
1993 | 114 | 109 | 88 | NM | - | - | 1 | 7 | 741 | 1 | |||||||||||
1994 | -38 | -43 | -19 | NM | - | - | 4 | 38 | 1079 | 4 | |||||||||||
1995 | 167 | 161 | 153 | NM | - | - | 3 | 42 | 1490 | 3 | |||||||||||
1996 | 40 | 35 | 41 | 01 | - | - | 11 | 84 | 1785 | 5 | |||||||||||
1997 | 79 | 74 | 79 | 01 | - | - | 14 | 289 | 2219 | 13 | |||||||||||
1998 | 86 | 81 | 84 | 02 | - | - | 15 | 400 | 3543 | 11 | |||||||||||
1999 | -01 | -06 | 04 | 04 | - | - | 12 | 284 | 3893 | 7 | |||||||||||
2000 | 105 | 99 | 101 | 02 | - | - | 11 | 189 | 3704 | 5 | |||||||||||
2001 | 87 | 82 | 90 | 03 | - | - | 11 | 172 | 3496 | 5 | |||||||||||
2002 | 98 | 93 | 98 | 02 | - | - | 9 | 154 | 3280 | 5 | |||||||||||
2003 | 42 | 37 | 43 | 03 | - | - | 12 | 166 | 4628 | 4 | |||||||||||
2004 | 39 | 34 | 30 | 02 | - | - | 14 | 223 | 4710 | 5 | |||||||||||
2005 | 24 | 19 | 16 | 01 | - | - | 18 | 294 | 4152 | 7 | |||||||||||
2006 | 44 | 41 | 41 | 01 | - | - | 18 | 307 | 3025 | 10 | |||||||||||
2007 | 83 | 80 | 74 | 01 | - | - | 19 | 340 | 2215 | 15 | |||||||||||
2008 | 54 | 51 | 51 | 02 | - | - | 19 | 269 | 1538 | 17 | |||||||||||
2009 | 109 | 106 | 52 | 05 | - | - | 28 | 443 | 1939 | 23 | |||||||||||
2010 | 73 | 71 | 59 | 02 | - | - | 32 | 495 | 2382 | 21 | |||||||||||
2011 | 37 | 34 | 58 | 01 | 35 | 26 | 34 | 623 | 2704 | 23 | |||||||||||
2012 | 96 | 94 | 39 | 02 | 32 | 22 | 34 | 651 | 3227 | 20 | |||||||||||
2013 | 12 | 10 | -09 | 02 | 33 | 21 | 32 | 556 | 3387 | 16 | |||||||||||
2014 | 47 | 45 | 31 | 02 | 24 | 19 | 38 | 774 | 4962 | 16 | |||||||||||
2015 | 15 | 13 | 11 | 01 | 23 | 21 | 42 | 825 | 6340 | 13 | |||||||||||
2016 | 31 | 29 | 21 | 02 | 24 | 22 | 48 | 1057 | 8016 | 13 | |||||||||||
2017 | 23 | 21 | 21 | 01 | 22 | 21 | 51 | 1145 | 10071 | 11 | |||||||||||
2018 | 13 | 11 | 09 | 01 | 19 | 21 | 57 | 1284 | 12590 | 10 | |||||||||||
2019 | 61 | 59 | 68 | 02 | 16 | 20 | 72 | 1577 | 14997 | 11 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US Aggregate Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US Aggregate Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
1992 | 82 | 78 | 74 | NM | - | - | 2 | 35 | 470 | 7 | |||||||||||
1993 | 108 | 104 | 98 | NM | - | - | 3 | 62 | 741 | 8 | |||||||||||
1994 | -33 | -38 | -29 | NM | - | - | 3 | 60 | 1079 | 6 | |||||||||||
1995 | 188 | 185 | 185 | NM | - | - | 4 | 89 | 1490 | 6 | |||||||||||
1996 | 33 | 31 | 36 | NM | - | - | 3 | 84 | 1785 | 5 | |||||||||||
1997 | 89 | 87 | 97 | NM | - | - | 3 | 107 | 2219 | 5 | |||||||||||
1998 | 98 | 95 | 87 | NM | - | - | 3 | 117 | 3543 | 3 | |||||||||||
1999 | -21 | -23 | -08 | NM | - | - | 4 | 127 | 3893 | 3 | |||||||||||
2000 | 118 | 116 | 116 | NM | - | - | 3 | 102 | 3704 | 3 | |||||||||||
2001 | 79 | 77 | 84 | NM | - | - | 3 | 99 | 3496 | 3 | |||||||||||
2002 | 104 | 102 | 103 | NM | - | - | 3 | 85 | 3280 | 3 | |||||||||||
2003 | 41 | 39 | 41 | NM | - | - | 3 | 88 | 4628 | 2 | |||||||||||
2004 | 49 | 48 | 43 | NM | - | - | 4 | 98 | 4710 | 2 | |||||||||||
2005 | 38 | 36 | 24 | NM | - | - | 4 | 121 | 4152 | 3 | |||||||||||
2006 | 42 | 40 | 43 | NM | - | - | 4 | 126 | 3025 | 4 | |||||||||||
2007 | 86 | 84 | 70 | 01 | - | - | 6 | 184 | 2215 | 8 | |||||||||||
2008 | 59 | 57 | 52 | 02 | - | - | 9 | 248 | 1538 | 16 | |||||||||||
2009 | 121 | 119 | 59 | 17 | - | - | 16 | 419 | 1939 | 22 | |||||||||||
2010 | 82 | 80 | 65 | 04 | - | - | 27 | 653 | 2382 | 27 | |||||||||||
2011 | 53 | 51 | 78 | 03 | 35 | 28 | 42 | 983 | 2704 | 36 | |||||||||||
2012 | 105 | 103 | 42 | 02 | 31 | 24 | 47 | 1084 | 3227 | 34 | |||||||||||
2013 | 01 | -01 | -20 | 02 | 34 | 27 | 59 | 1372 | 3387 | 40 | |||||||||||
2014 | 80 | 78 | 60 | 02 | 28 | 26 | 111 | 2485 | 4962 | 50 | |||||||||||
2015 | 08 | 07 | 06 | 01 | 32 | 29 | 146 | 3768 | 6340 | 59 | |||||||||||
2016 | 32 | 30 | 27 | 01 | 33 | 30 | 168 | 5080 | 8016 | 63 | |||||||||||
2017 | 38 | 36 | 35 | 01 | 31 | 28 | 185 | 7135 | 10071 | 71 | |||||||||||
2018 | 10 | 08 | 00 | 02 | 25 | 28 | 205 | 8287 | 12590 | 66 | |||||||||||
2019 | 73 | 71 | 87 | 05 | 23 | 29 | 250 | 10113 | 14997 | 67 |
Partners
2
MORGAN DOYLEClient Relations Manager BS University of TexasYear Hired 2014Industry Experience 6 yrsOwnership 10
STEPHANIE J ROBERTSMarketing and Client ServicesBBA Texas Southern UniversityYear Hired 2000Industry Experience 24 yrsOwnership 68
JANNA HAMILTONMarketing and Client ServicesBA Florida Atlantic UniversityAIMSE Wharton School of BusinessYear Hired 1994Industry Experience 40 yrsOwnership 175
RUBY MUNtildeOZ DANGDirector of Marketing andClient ServicesBA University of Houston ndash Downtown Year Hired 1995Industry Experience 27 yrsOwnership 116
DON ELSENBROCKPortfolio Manager Strategist
BS University of HoustonMA University of Houston
Year Hired 2014Industry Experience 28 yrs
Ownership 15
BENJAMIN D MONKIEWICZPortfolio Manager
BA Sam Houston State University
Year Hired 2010Industry Experience 10 yrs
Ownership 15
JEFFREY D DETWILER CFA AAMS
Portfolio ManagerBS University of South
FloridaMS University of Houston
Year Hired 2007Industry Experience 24 yrs
Ownership 20
NANCY RODRIGUEZPortfolio Manager
BS University of HoustonYear Hired 1998
Industry Experience 33 yrsOwnership 50
KAREN H TASS CFAPortfolio Manager
BA Texas AampM UniversityMBA University of
HoustonYear Hired 2010
Industry Experience 15 yrsOwnership 59
GILBERT ANDREW GARCIA CFA
Managing PartnerPortfolio Manager
BA Yale UniversityYear Hired 2002
Industry Experience 35 yrsOwnership 345
KEVIN LUNDAY CPAChief Operating Officer
BBA Texas Tech University
Year Hired 2007Industry Experience 19 yrs
Ownership 65
Investment Team
Client Service amp Marketing Administrative Departments
GARY MONTGOMERYSystems Manager
University of Houston ndashDowntown
Year Hired 2007Industry Experience 18 yrs
Ownership 15
BETH L MCWILLIAMSChief Compliance OfficerPatricia Stevens Secretarial
CollegeYear Hired 1994
Industry Experience 39 yrsOwnership 47
Ownership numbers are rounded
Fixed Income Investment Team
3
GILBERT ANDREW GARCIA CFAManaging PartnerPortfolio ManagerBA Yale UniversityYear Hired 2002Industry Experience 35 yrs
KAREN H TASS CFAPartnerPortfolio ManagerBA Texas AampM UniversityMBA University of HoustonYear Hired 2010Industry Experience 15 yrsCoverage Corporates
JEFFREY D DETWILER CFA AAMSPartnerPortfolio ManagerBS University of South FloridaMS University of HoustonYear Hired 2007Industry Experience 24 yrsCoverage Short Term
BENJAMIN D MONKIEWICZPartnerPortfolio ManagerBA Sam Houston State UniversityYear Hired 2010Industry Experience 10 yrsCoverage MBSAgencies
REESE WELLERInvestment AnalystBA Texas Tech University Year Hired 2017Industry Experience 20 yrs
CONNIE FALCON DAVISInvestment AnalystBS University of HoustonYear Hired 2012Industry Experience 8 yrsCoverage Analytics
YVETTE M DUENtildeASInvestment Analyst BBA University of Incarnate Word MBA Our Lady of the Lake University Year Hired 2016Industry Experience 13 yrs
DON ELSENBROCKPartnerPortfolio Manager StrategistBS University of HoustonMA University of HoustonYear Hired 2014Industry Experience 28 yrsCoverage StrategistShort Term
BRIAN SIMON Investment AnalystBA Morehouse CollegeMBA University of Houston-Victoria Year Hired 2003-2007 2018Industry Experience 22 yrs
NANCY RODRIGUEZPartnerPortfolio ManagerBS University of HoustonYear Hired 1998Industry Experience 33 yrsCoverage Team Oversight
NATALIE BERNALSenior Marketing AssociateBA University of Notre DameMA Georgetown UniversityMS London School of EconomicsYear Hired 2019Industry Experience 14 yrs
JASON SIMPSONMarketing AssociateBA Texas Tech University Year Hired 2017Industry Experience 13 yrs
REGINA PERKINSOperations ManagerSan Antonio Community College Year Hired 2003Industry Experience 17 yrs
Firm Professionals
4
Investment Goal
Investment Goal
Our goal is to outperform the benchmark net of fees over a full market cycleusing a high-quality strategy with less risk and an ESG focus By setting realisticexpectations we avoid taking unnecessary risks
Achieving our goal is centered around several core principles
Preserve Principal
Maintain Liquidity
Provide High Current Income
Be Responsible Citizens (ESG)
Key Tools
Sector Rotation
Controlled Interest Rate Anticipation
Yield Curve Positioning
5
Investment StyleHigh-Quality
Portfolio Dominated by US Treasuries Agency Debentures and Agency15-Year MBS Corporate Securities Rated A or Better
Spread Product Exclusively in the Short to Intermediate Maturities to Reduce Volatility
No Big SurprisesNo Foreign BondsYankees
No BBB Rated SecuritiesNo Sin Names ndashTobacco Gambling Alcohol Firearms
No DerivativesNo LeverageDollar Rolls
No Pricing OverridesMaintain a Manageable Number of Securities
No Soft DollarsESG Overlay
FlexibilityActively Rotating Sectors
Actively Managing Yield CurveExploiting Smaller Markets
Risk ControlsPercentage Sector Allocation Duration Contribution by Sector Credit Reviews Yield CurvePerformance Attribution Peer Group Performance Monitoring and ESG Scale Monitoring
6
ESG Overlay
Yield Curve
Barbelled Neutral Bulleted
Sectors
Treasuries Spread Product
Duration
Long 10 Neutral Short 10
Economic Outlook
Rates Spreads Fed Activity
Portfolio Construction
7
Source Ideas for Key Rate Duration
The firm normally operates in a duration range of +- 10 of the benchmark index In extreme market environments the firm operates in a duration range of +- 25
Fixed Income ndash Aggregate Composite Returns
8
QTD 1 Yr 3 Yrs 5 Yrs 7 Yrs 10 Yrs 15 Yrs Inception
GHampA Gross of Fees 153 632 419 311 355 470 556 621
GHampA Net of Fees 149 614 401 292 335 450 536 597
Bloomberg Barclays US Aggregate 315 893 483 336 320 389 441 554
0
1
2
3
4
5
6
7
8
9
Preliminary
Awardsrankings may not represent client experiences and are not indicative of future performance Go to wwwgarciahamiltonassociatescomawards for additional information on each award
Preliminary
Comparative Annualized Rates of Return For periods ending March 31 2020
Inception December 31 1991 Periods longer than 12 months are annualized Additional information is in the performance disclosure
Source Bloomberg Barclays
Preliminary
Fixed Income ndash Intermediate GovtCredit Composite Returns
9
QTD 1 Yr 3 Yrs 5 Yrs 7 Yrs 10 Yrs 15 Yrs Inception
GHampA Gross of Fees 047 445 310 261 283 388 483 647
GHampA Net of Fees 043 425 290 240 262 366 457 608
Bloomberg Barclays US Int GovtCredit 240 688 380 277 247 315 382 566
0
1
2
3
4
5
6
7
Inception June 30 1988 Periods longer than 12 months are annualized
Preliminary
Awardsrankings may not represent client experiences and are not indicative of future performance Go to wwwgarciahamiltonassociatescomawards for additional information on each award
Comparative Annualized Rates of Return For periods ending March 31 2020
Additional information is in the performance disclosure
Source Bloomberg Barclays
Preliminary
Fixed Income ndash Short Duration Oppt Composite Returns
10
QTD 1 Yr 3 Yrs 5 Yrs 7 Yrs 10 Yrs Inception
GHampA Gross of Fees -226 015 122 136 149 212 258
GHampA Net of Fees -230 001 108 125 136 196 242
Bloomberg Barclays US 1-3 Year Govt Index 273 537 269 185 152 145 148
-3
-2
-1
0
1
2
3
4
5
6
Preliminary
Preliminary
Awardsrankings may not represent client experiences and are not indicative of future performance Go to wwwgarciahamiltonassociatescomawards for additional information on each award
Comparative Annualized Rates of Return For periods ending March 31 2020
Inception March 31 2009 Periods longer than 12 months are annualized Additional information is in the performance disclosure
Source Bloomberg Barclays
Preliminary
11
QTD 1 Year 3 Years 5 Years 7 Years 10 Years 15 Years Inception
to Date
PortfoliosAssets in Millions
Short Duration Government ndash Gross of FeesInception December 2003 041 212 174 158 145 174 279 276 2 67
Short Duration Government ndash Net of Fees 039 205 162 145 133 161 266 262 2 67
Bloomberg Barclays US 1-3 Year Govt 273 537 269 185 152 145 242 228 NA NA
Intermediate Aggregate ndash Gross of FeesInception December 2007 038 426 308 265 296 391 NA 474 29 591
Intermediate Aggregate ndash Net of Fees 033 404 288 245 275 370 NA 451 29 591
Bloomberg Barclays US IntermediateAggregate 249 688 388 283 262 323 NA 371 NA NA
Government Credit ndash Gross of FeesInception December 2004 206 803 486 343 384 507 559 549 12 480
Government Credit ndash Net of Fees 201 784 465 324 363 484 536 527 12 480
Bloomberg Barclays US GovtCredit 337 982 518 355 332 415 449 437 NA NA
Short Duration GovtCredit ndash Gross of FeesInception September 2013 -277 -004 134 149 NA NA NA 170 3 153
Short Duration GovtCredit ndash Net of Fees -280 -015 125 141 NA NA NA 162 3 153
Bloomberg Barclays US 1-3 Year GovtCredit 169 453 259 190 NA NA NA 170 NA NA
Unconstrained Bond ndash Gross of FeesInception March 2009 -248 -004 116 141 172 350 NA 458 2 6
Unconstrained Bond ndash Net of Fees -251 -024 093 117 147 323 NA 431 2 6
Bloomberg Barclays US Treasury Bellwether 3-Month 058 228 185 121 088 066 NA 061 NA NA
Comparative Annualized Rates of Return
Periods longer than 12 months are annualizedAdditional information is in the performance disclosure
For periods ending March 31 2020
Fixed Income Composite Performance Summary
12
Diversity
Our firm directly supports numerous minority organizations in the community
bullOur Managing Partner Gilbert Garcia serves as a member of the SEC Asset Management Advisory CommitteebullOur Managing Partner Gilbert Garcia serves as a member of the SEC Fixed Income Market Structure Advisory CommitteebullOur Managing Partner Gilbert Garcia serves as trustee on the Dallas Police and Fire Pension System Board of TrusteesbullOur Managing Partner Gilbert Garcia served as Chairman of the Metropolitan Transit Authority of Harris County Board for six yearsbullOur Managing Partner Gilbert Garcia was the 2012 Houston Area Urban League Gala Honorary ChairbullOur Managing Partner Gilbert Garcia was a co-chair of the 103rd NAACP National Convention bullOur Managing Partner Gilbert Garcia served as a trustee on the Houston Municipal Employees Pension System Board of TrusteesbullOur Partner and Director of Marketing and Client Services Ruby Muntildeoz Dang served as Trustee for the METRO Texas Non-Union Pension PlanbullOur Managing Partner Gilbert Garcia was awarded Houston Hispanic Chamber Male Entrepreneur of the Year
Community Service
bullNational Association of Securities Professionals is a non-profit association of professionals that brings together minorities and women in the fields of asset management public finance investment banking and other finance professions
bullOur Partner Stephanie Roberts is highly involved with the organization and is currently a NASP Board Member and the Texas chapter Treasurer
NASP
bullSEO - A non-profit organization that mentors young women and minority individuals in the development of careers in investment banking corporate law and other leading global companies Mr Garcia went through the program in 1983 and is the longest serving board member (since 1988)
bullMr Garcia was awarded the SEO Alumni Leadership Award at the 2015 Awards Dinner in New York City Other honorees included Michael R Bloomberg three-term Mayor of New York City and Founder of Bloomberg LP amp Bloomberg Philanthropies and David M Rubenstein Co-Founder amp Co-CEO of The Carlyle Group
SEO
bullThe League of United Latin American Citizens is a non-profit organization created to advance the economic condition educational attainment political influence housing health and civil rights of the Hispanic population of the United States
LULAC
Diversity is a central theme throughout the entire firm bullCertified as a MBE in several states bull90 of the firm owned by minority and female partnersbull61 owned by minority partners and 53 owned by Hispanic partnersbull88 of employees are ethnic minorities and womenbullExecuted over 60 of brokerage volume with MBEMWBEveteran firms over the past several yearsbullWe also work with many minority and women-owned vendors in the areas of
bullOffice Supplies Temporary Staffing Services Travel Accounting AuditorsbullThe firm has a summer internship program for minority undergraduate and high school students bullWe support and promote the LGBT community
GHampA Giving Back
13
Over
Since 2014Donated
$15 Million
Performance DisclosureFIXED INCOME ndash AGGREGATE COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US Aggregate
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US Aggregate Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets Period End (US$ mil)
of Firm Assets
1992 82 78 74 NM - - 2 35 470 7 1993 108 104 98 NM - - 3 62 741 8 1994 -33 -38 -29 NM - - 3 60 1079 6 1995 188 185 185 NM - - 4 89 1490 6 1996 33 31 36 NM - - 3 84 1785 5 1997 89 87 97 NM - - 3 107 2219 5 1998 98 95 87 NM - - 3 117 3543 3 1999 -21 -23 -08 NM - - 4 127 3893 3 2000 118 116 116 NM - - 3 102 3704 3 2001 79 77 84 NM - - 3 99 3496 3 2002 104 102 103 NM - - 3 85 3280 3 2003 41 39 41 NM - - 3 88 4628 2 2004 49 48 43 NM - - 4 98 4710 2 2005 38 36 24 NM - - 4 121 4152 3 2006 42 40 43 NM - - 4 126 3025 4 2007 86 84 70 01 - - 6 184 2215 8 2008 59 57 52 02 - - 9 248 1538 16 2009 121 119 59 17 - - 16 419 1939 22 2010 82 80 65 04 - - 27 653 2382 27 2011 53 51 78 03 35 28 42 983 2704 36 2012 105 103 42 02 31 24 47 1084 3227 34 2013 01 -01 -20 02 34 27 59 1372 3387 40 2014 80 78 60 02 28 26 111 2485 4962 50 2015 08 07 06 01 32 29 146 3768 6340 59 2016 32 30 27 01 33 30 168 5080 8016 63 2017 38 36 35 01 31 28 185 7135 10071 71 2018 10 08 00 02 25 28 205 8287 12590 66 2019 73 71 87 05 23 29 250 10113 14997 67
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Aggregate Index
The composite benchmark is the Bloomberg Barclays US Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of January 1 1992 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is October 1 1999
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fee results are calculated for the period of December 31 1991 through December 31 1994 by deducting the highest fee of 0375 from the monthly gross composite returns Since January 1 1995 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash AGGREGATE COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Aggregate Index
The composite benchmark is the Bloomberg Barclays US Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of January 1 1992 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is October 1 1999
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fee results are calculated for the period of December 31 1991 through December 31 1994 by deducting the highest fee of 0375 from the monthly gross composite returns Since January 1 1995 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash INTERMEDIATE GOVERNMENT CREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US Intermediate GovrsquotCredit
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US Intermediate GovrsquotCredit
Index () Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets Period End (US$ mil)
of Firm Assets
1988 24 23 23 NM - - 1 30 80 38 1989 158 152 128 NM - - 2 31 157 20 1990 103 98 92 NM - - 5 37 207 18 1991 179 173 147 NM - - 5 66 311 21 1992 79 74 72 03 - - 7 85 470 18 1993 114 109 88 NM - - 1 7 741 1 1994 -38 -43 -19 NM - - 4 38 1079 4 1995 167 161 153 NM - - 3 42 1490 3 1996 40 35 41 01 - - 11 84 1785 5 1997 79 74 79 01 - - 14 289 2219 13 1998 86 81 84 02 - - 15 400 3543 11 1999 -01 -06 04 04 - - 12 284 3893 7 2000 105 99 101 02 - - 11 189 3704 5 2001 87 82 90 03 - - 11 172 3496 5 2002 98 93 98 02 - - 9 154 3280 5 2003 42 37 43 03 - - 12 166 4628 4 2004 39 34 30 02 - - 14 223 4710 5 2005 24 19 16 01 - - 18 294 4152 7 2006 44 41 41 01 - - 18 307 3025 10 2007 83 80 74 01 - - 19 340 2215 15 2008 54 51 51 02 - - 19 269 1538 17 2009 109 106 52 05 - - 28 443 1939 23 2010 73 71 59 02 - - 32 495 2382 21 2011 37 34 58 01 35 26 34 623 2704 23 2012 96 94 39 02 32 22 34 651 3227 20 2013 12 10 -09 02 33 21 32 556 3387 16 2014 47 45 31 02 24 19 38 774 4962 16 2015 15 13 11 01 23 21 42 825 6340 13 2016 31 29 21 02 24 22 48 1057 8016 13 2017 23 21 21 01 22 21 51 1145 10071 11 2018 13 11 09 01 19 21 57 1284 12590 10 2019 61 59 68 02 16 20 72 1577 14997 11
Inception (7188) through 123188 Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US Intermediate GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of July 1 1988 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is July 1 1988
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income For the period of July 1 1988 through December 31 2005 net of fees results are calculated by deducting the highest fee of 012 on a quarterly basis from the monthly gross composite returns and for the period of December 31 2005 through December 31 2016 by deducting the highest fee of 007 on a quarterly basis from the monthly gross composite returns Since January 1 2010 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
FIXED INCOME ndash INTERMEDIATE GOVERNMENT CREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (7188) through 123188 Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US Intermediate GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of July 1 1988 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is July 1 1988
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income For the period of July 1 1988 through December 31 2005 net of fees results are calculated by deducting the highest fee of 012 on a quarterly basis from the monthly gross composite returns and for the period of December 31 2005 through December 31 2016 by deducting the highest fee of 007 on a quarterly basis from the monthly gross composite returns Since January 1 2010 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliance presentations are available upon request Composite dispersion for the period of July 1 1988 through December 31 1992 was an equal-weighted standard deviation Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION OPPORTUNISTIC COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite
Total Return ( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US
1-3 Year Govrsquot Index Return
()
Composite Dispersion
() Composite
()
Bloomberg Barclays US
1-3 Year Govrsquot Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm Assets
2009 64 63 11 NM - - 1 80 1939 4 2010 32 30 24 NM - - 2 72 2382 3 2011 25 22 16 NM - - 2 74 2704 3 2012 52 50 05 01 13 07 6 196 3227 6 2013 12 10 04 NM 14 05 2 27 3387 1 2014 21 19 06 NM 12 04 2 27 4962 1 2015 12 12 06 NM 12 06 1 1 6340 lt1 2016 24 23 09 NM 11 08 3 40 8016 1 2017 16 14 05 NM 10 08 1 29 10071 lt1 2018 16 15 16 NM 07 09 4 122 12590 1 2019 35 34 36 NM 04 10 4 87 14997 1
Inception (4109) through 123109 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Opportunistic Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Opportunistic investment product utilizes high-quality securities The portfolios generally utilize Treasuries Federal Agency debentures and Agency-Guaranteed 15-year Mortgage-Backed securities The portfolios may invest opportunistically in high quality domestic Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate with a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of April 1 2009 to date the minimum portfolio size for inclusion in the composite was $10 million The composite creation date is January 1 2010
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees and include incentive fees that are entered when earned The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION OPPORTUNISTIC COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (4109) through 123109 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Opportunistic Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Opportunistic investment product utilizes high-quality securities The portfolios generally utilize Treasuries Federal Agency debentures and Agency-Guaranteed 15-year Mortgage-Backed securities The portfolios may invest opportunistically in high quality domestic Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate with a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of April 1 2009 to date the minimum portfolio size for inclusion in the composite was $10 million The composite creation date is January 1 2010
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees and include incentive fees that are entered when earned The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION GOVERNMENT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US
1-3 Year Govrsquot Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US
1-3 Year Govrsquot Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm Assets
2004 29 27 11 NM - - 1 22 4710 lt 1 2005 26 25 17 NM - - 1 42 4152 lt 1 2006 46 45 41 NM - - 1 44 3025 1 2007 71 69 71 NM - - 1 47 2215 2 2008 73 71 67 NM - - 1 50 1538 3 2009 23 22 14 NM - - 1 51 1939 3 2010 28 27 24 NM - - 1 56 2382 2 2011 33 31 16 NM 12 10 1 56 2704 2 2012 15 13 05 NM 10 07 1 29 3227 lt 1 2013 04 03 04 NM 09 05 2 64 3387 2 2014 15 14 06 NM 09 04 1 55 4962 1 2015 11 09 06 NM 11 06 1 55 6340 1 2016 19 18 09 NM 11 08 1 56 8016 1 2017 14 13 05 NM 10 08 2 67 10071 1 2018 16 15 16 NM 08 09 2 68 12590 1 2019 23 22 36 NM 03 10 2 66 14997 lt 1
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Government Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Government investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchases Treasuries Federal Agency debentures and Agency-Guaranteed Mortgage-Backed securities The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is October 1 2004
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 014 of the first $25 million 012 of the next $25 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION GOVERNMENT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Government Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Government investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchases Treasuries Federal Agency debentures and Agency-Guaranteed Mortgage-Backed securities The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is October 1 2004
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 014 of the first $25 million 012 of the next $25 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME - INTERMEDIATE AGGREGATE COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US Intermediate Aggregate
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US Intermediate Aggregate Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm Assets
2008 54 51 49 NM - - 4 136 1538 9 2009 115 112 65 NM - - 5 130 1939 7 2010 73 70 62 01 - - 7 201 2382 8 2011 40 38 60 03 33 23 9 203 2704 8 2012 89 86 36 01 30 19 11 235 3227 7 2013 11 09 -10 01 31 20 16 250 3387 7 2014 53 51 41 01 24 20 16 269 4962 5 2015 17 16 12 01 24 21 18 267 6340 4 2016 32 30 20 01 25 21 20 287 8016 4 2017 22 20 23 01 23 20 22 331 10071 3 2018 16 14 09 01 19 21 23 379 12590 3 2019 59 57 67 01 16 20 26 462 14997 3
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate Aggregate Index
The composite benchmark is the Bloomberg Barclays US Intermediate Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2008
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME - INTERMEDIATE AGGREGATE COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate Aggregate Index
The composite benchmark is the Bloomberg Barclays US Intermediate Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2008
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash GOVERNMENTCREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US
GovernmentCredit Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US
GovernmentCredit Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm
Assets 2005 30 29 24 NM - - 1 101 4152 2 2006 40 38 38 NM - - 2 105 3025 3 2007 84 82 72 NM - - 2 9 2215 lt 1 2008 68 65 57 NM - - 3 15 1538 lt 1 2009 88 85 45 NM - - 3 15 1939 lt 1 2010 81 78 66 NM - - 2 11 2382 lt 1 2011 61 59 87 NM 38 34 2 13 2704 lt 1 2012 115 112 48 NM 34 30 2 14 3227 lt 1 2013 -02 -05 -24 NM 37 32 2 12 3387 lt 1 2014 85 82 60 NM 32 30 1 6 4962 lt 1 2015 08 06 02 NM 36 33 3 93 6340 1 2016 30 28 31 NM 38 35 4 138 8016 2 2017 42 40 40 NM 36 33 5 145 10071 1 2018 06 04 -04 NM 30 32 5 163 12590 1 2019 89 87 97 05 30 33 10 484 14997 3
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income- GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2006
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash GOVERNMENTCREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income- GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2006
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION GOVERNMENTCREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US 1-3 Year GovrsquotCredit
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US 1-3 Year GovrsquotCredit
Index () Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets Period End (US$ mil)
of Firm
Assets 2013 06 06 02 NM - - 3 92 3387 3
2014 20 19 08 NM - - 1 72 4962 1 2015 11 11 07 NM - - 2 98 6340 2 2016 26 25 13 NM 11 08 1 165 8016 2 2017 16 16 08 NM 10 07 3 286 10071 3 2018 18 17 16 NM 07 08 4 396 12590 3 2019 41 40 40 NM 05 09 3 157 14997 1
Inception (10113) through 123113 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration GovernmentCredit investment product will generally invest in high quality securities such as US Treasuries Agency debentures 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION GOVERNMENTCREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (10113) through 123113 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration GovernmentCredit investment product will generally invest in high quality securities such as US Treasuries Agency debentures 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash UNCONSTRAINED BOND COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite
Total Return ( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays
UST Bellwether 3-Month
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays
UST Bellwether 3-Month
Index ()
Number of Portfolios
Composite Assets
Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm
Assets 2009 134 131 02 NM - - 2 2 1939 lt 1
2010 83 80 02 NM - - 2 3 2382 lt 1 2011 41 39 01 NM - - 2 3 2704 lt 1 2012 126 123 01 NM 41 00 2 3 3227 lt 1 2013 13 11 01 NM 41 00 2 3 3387 lt 1 2014 32 28 01 NM 29 00 2 5 4962 lt 1 2015 13 11 01 NM 22 00 2 5 6340 lt 1 2016 31 28 04 NM 16 01 2 5 8016 lt 1 2017 16 13 09 NM 15 01 2 5 10071 lt 1 2018 15 13 19 NM 09 02 2 5 12590 lt 1 2019 35 32 23 NM 04 02 2 6 14997 lt 1
Inception (4109) through 43009 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Unconstrained Bond Composite is comprised only of fully discretionary fee paying portfolios including those portfolios no longer with the firm The Fixed Income-Unconstrained Bond investment philosophy will generally invest in high quality securities such as US Treasuries Agency Debentures Agency Guaranteed Mortgage-Backed securities and Investment Grade Corporate Bonds The Fixed Income-Unconstrained Bond product utilizes a domestic fixed income strategy that has the flexibility to adapt to changing markets without sector or duration constraints while maintaining a high-quality focus The flexibility to adapt to changing market conditions without limitation to the constraints of a specific index may result from time to time in the concentration of one or more sectors The portfolios do not contain derivatives and do not employ leverage
The Bloomberg Barclays US Treasury Bellwether 3-Month Index a cash proxy is provided for comparative purposes The composite is not managed against an Index The minimum portfolio size for inclusion in the composite has been $05 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash UNCONSTRAINED BOND COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP Inception (4109) through 43009 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays The GHampA Fixed Income-Unconstrained Bond Composite is comprised only of fully discretionary fee paying portfolios including those portfolios no longer with the firm The Fixed Income-Unconstrained Bond investment philosophy will generally invest in high quality securities such as US Treasuries Agency Debentures Agency Guaranteed Mortgage-Backed securities and Investment Grade Corporate Bonds The Fixed Income-Unconstrained Bond product utilizes a domestic fixed income strategy that has the flexibility to adapt to changing markets without sector or duration constraints while maintaining a high-quality focus The flexibility to adapt to changing market conditions without limitation to the constraints of a specific index may result from time to time in the concentration of one or more sectors The portfolios do not contain derivatives and do not employ leverage The Bloomberg Barclays US Treasury Bellwether 3-Month Index a cash proxy is provided for comparative purposes The composite is not managed against an Index The minimum portfolio size for inclusion in the composite has been $05 million since inception The composite creation date is January 1 2014 Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays UST Bellwether 3-Month Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays UST Bellwether 3-Month Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2009 | 134 | 131 | 02 | NM | - | - | 2 | 2 | 1939 | lt 1 | |||||||||||
2010 | 83 | 80 | 02 | NM | - | - | 2 | 3 | 2382 | lt 1 | |||||||||||
2011 | 41 | 39 | 01 | NM | - | - | 2 | 3 | 2704 | lt 1 | |||||||||||
2012 | 126 | 123 | 01 | NM | 41 | 00 | 2 | 3 | 3227 | lt 1 | |||||||||||
2013 | 13 | 11 | 01 | NM | 41 | 00 | 2 | 3 | 3387 | lt 1 | |||||||||||
2014 | 32 | 28 | 01 | NM | 29 | 00 | 2 | 5 | 4962 | lt 1 | |||||||||||
2015 | 13 | 11 | 01 | NM | 22 | 00 | 2 | 5 | 6340 | lt 1 | |||||||||||
2016 | 31 | 28 | 04 | NM | 16 | 01 | 2 | 5 | 8016 | lt 1 | |||||||||||
2017 | 16 | 13 | 09 | NM | 15 | 01 | 2 | 5 | 10071 | lt 1 | |||||||||||
2018 | 15 | 13 | 19 | NM | 09 | 02 | 2 | 5 | 12590 | lt 1 | |||||||||||
2019 | 35 | 32 | 23 | NM | 04 | 02 | 2 | 6 | 14997 | lt 1 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US 1-3 Year GovrsquotCredit Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US 1-3 Year GovrsquotCredit Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2013 | 06 | 06 | 02 | NM | - | - | 3 | 92 | 3387 | 3 | |||||||||||
2014 | 20 | 19 | 08 | NM | - | - | 1 | 72 | 4962 | 1 | |||||||||||
2015 | 11 | 11 | 07 | NM | - | - | 2 | 98 | 6340 | 2 | |||||||||||
2016 | 26 | 25 | 13 | NM | 11 | 08 | 1 | 165 | 8016 | 2 | |||||||||||
2017 | 16 | 16 | 08 | NM | 10 | 07 | 3 | 286 | 10071 | 3 | |||||||||||
2018 | 18 | 17 | 16 | NM | 07 | 08 | 4 | 396 | 12590 | 3 | |||||||||||
2019 | 41 | 40 | 40 | NM | 05 | 09 | 3 | 157 | 14997 | 1 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US GovernmentCredit Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US GovernmentCredit Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2005 | 30 | 29 | 24 | NM | - | - | 1 | 101 | 4152 | 2 | |||||||||||
2006 | 40 | 38 | 38 | NM | - | - | 2 | 105 | 3025 | 3 | |||||||||||
2007 | 84 | 82 | 72 | NM | - | - | 2 | 9 | 2215 | lt 1 | |||||||||||
2008 | 68 | 65 | 57 | NM | - | - | 3 | 15 | 1538 | lt 1 | |||||||||||
2009 | 88 | 85 | 45 | NM | - | - | 3 | 15 | 1939 | lt 1 | |||||||||||
2010 | 81 | 78 | 66 | NM | - | - | 2 | 11 | 2382 | lt 1 | |||||||||||
2011 | 61 | 59 | 87 | NM | 38 | 34 | 2 | 13 | 2704 | lt 1 | |||||||||||
2012 | 115 | 112 | 48 | NM | 34 | 30 | 2 | 14 | 3227 | lt 1 | |||||||||||
2013 | -02 | -05 | -24 | NM | 37 | 32 | 2 | 12 | 3387 | lt 1 | |||||||||||
2014 | 85 | 82 | 60 | NM | 32 | 30 | 1 | 6 | 4962 | lt 1 | |||||||||||
2015 | 08 | 06 | 02 | NM | 36 | 33 | 3 | 93 | 6340 | 1 | |||||||||||
2016 | 30 | 28 | 31 | NM | 38 | 35 | 4 | 138 | 8016 | 2 | |||||||||||
2017 | 42 | 40 | 40 | NM | 36 | 33 | 5 | 145 | 10071 | 1 | |||||||||||
2018 | 06 | 04 | -04 | NM | 30 | 32 | 5 | 163 | 12590 | 1 | |||||||||||
2019 | 89 | 87 | 97 | 05 | 30 | 33 | 10 | 484 | 14997 | 3 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US Intermediate Aggregate Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US Intermediate Aggregate Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2008 | 54 | 51 | 49 | NM | - | - | 4 | 136 | 1538 | 9 | |||||||||||
2009 | 115 | 112 | 65 | NM | - | - | 5 | 130 | 1939 | 7 | |||||||||||
2010 | 73 | 70 | 62 | 01 | - | - | 7 | 201 | 2382 | 8 | |||||||||||
2011 | 40 | 38 | 60 | 03 | 33 | 23 | 9 | 203 | 2704 | 8 | |||||||||||
2012 | 89 | 86 | 36 | 01 | 30 | 19 | 11 | 235 | 3227 | 7 | |||||||||||
2013 | 11 | 09 | -10 | 01 | 31 | 20 | 16 | 250 | 3387 | 7 | |||||||||||
2014 | 53 | 51 | 41 | 01 | 24 | 20 | 16 | 269 | 4962 | 5 | |||||||||||
2015 | 17 | 16 | 12 | 01 | 24 | 21 | 18 | 267 | 6340 | 4 | |||||||||||
2016 | 32 | 30 | 20 | 01 | 25 | 21 | 20 | 287 | 8016 | 4 | |||||||||||
2017 | 22 | 20 | 23 | 01 | 23 | 20 | 22 | 331 | 10071 | 3 | |||||||||||
2018 | 16 | 14 | 09 | 01 | 19 | 21 | 23 | 379 | 12590 | 3 | |||||||||||
2019 | 59 | 57 | 67 | 01 | 16 | 20 | 26 | 462 | 14997 | 3 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US 1-3 Year Govrsquot Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US 1-3 Year Govrsquot Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2004 | 29 | 27 | 11 | NM | - | - | 1 | 22 | 4710 | lt 1 | |||||||||||
2005 | 26 | 25 | 17 | NM | - | - | 1 | 42 | 4152 | lt 1 | |||||||||||
2006 | 46 | 45 | 41 | NM | - | - | 1 | 44 | 3025 | 1 | |||||||||||
2007 | 71 | 69 | 71 | NM | - | - | 1 | 47 | 2215 | 2 | |||||||||||
2008 | 73 | 71 | 67 | NM | - | - | 1 | 50 | 1538 | 3 | |||||||||||
2009 | 23 | 22 | 14 | NM | - | - | 1 | 51 | 1939 | 3 | |||||||||||
2010 | 28 | 27 | 24 | NM | - | - | 1 | 56 | 2382 | 2 | |||||||||||
2011 | 33 | 31 | 16 | NM | 12 | 10 | 1 | 56 | 2704 | 2 | |||||||||||
2012 | 15 | 13 | 05 | NM | 10 | 07 | 1 | 29 | 3227 | lt 1 | |||||||||||
2013 | 04 | 03 | 04 | NM | 09 | 05 | 2 | 64 | 3387 | 2 | |||||||||||
2014 | 15 | 14 | 06 | NM | 09 | 04 | 1 | 55 | 4962 | 1 | |||||||||||
2015 | 11 | 09 | 06 | NM | 11 | 06 | 1 | 55 | 6340 | 1 | |||||||||||
2016 | 19 | 18 | 09 | NM | 11 | 08 | 1 | 56 | 8016 | 1 | |||||||||||
2017 | 14 | 13 | 05 | NM | 10 | 08 | 2 | 67 | 10071 | 1 | |||||||||||
2018 | 16 | 15 | 16 | NM | 08 | 09 | 2 | 68 | 12590 | 1 | |||||||||||
2019 | 23 | 22 | 36 | NM | 03 | 10 | 2 | 66 | 14997 | lt 1 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US 1-3 Year Govrsquot Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US 1-3 Year Govrsquot Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2009 | 64 | 63 | 11 | NM | - | - | 1 | 80 | 1939 | 4 | |||||||||||
2010 | 32 | 30 | 24 | NM | - | - | 2 | 72 | 2382 | 3 | |||||||||||
2011 | 25 | 22 | 16 | NM | - | - | 2 | 74 | 2704 | 3 | |||||||||||
2012 | 52 | 50 | 05 | 01 | 13 | 07 | 6 | 196 | 3227 | 6 | |||||||||||
2013 | 12 | 10 | 04 | NM | 14 | 05 | 2 | 27 | 3387 | 1 | |||||||||||
2014 | 21 | 19 | 06 | NM | 12 | 04 | 2 | 27 | 4962 | 1 | |||||||||||
2015 | 12 | 12 | 06 | NM | 12 | 06 | 1 | 1 | 6340 | lt1 | |||||||||||
2016 | 24 | 23 | 09 | NM | 11 | 08 | 3 | 40 | 8016 | 1 | |||||||||||
2017 | 16 | 14 | 05 | NM | 10 | 08 | 1 | 29 | 10071 | lt1 | |||||||||||
2018 | 16 | 15 | 16 | NM | 07 | 09 | 4 | 122 | 12590 | 1 | |||||||||||
2019 | 35 | 34 | 36 | NM | 04 | 10 | 4 | 87 | 14997 | 1 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US Intermediate GovrsquotCredit Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US Intermediate GovrsquotCredit Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
1988 | 24 | 23 | 23 | NM | - | - | 1 | 30 | 80 | 38 | |||||||||||
1989 | 158 | 152 | 128 | NM | - | - | 2 | 31 | 157 | 20 | |||||||||||
1990 | 103 | 98 | 92 | NM | - | - | 5 | 37 | 207 | 18 | |||||||||||
1991 | 179 | 173 | 147 | NM | - | - | 5 | 66 | 311 | 21 | |||||||||||
1992 | 79 | 74 | 72 | 03 | - | - | 7 | 85 | 470 | 18 | |||||||||||
1993 | 114 | 109 | 88 | NM | - | - | 1 | 7 | 741 | 1 | |||||||||||
1994 | -38 | -43 | -19 | NM | - | - | 4 | 38 | 1079 | 4 | |||||||||||
1995 | 167 | 161 | 153 | NM | - | - | 3 | 42 | 1490 | 3 | |||||||||||
1996 | 40 | 35 | 41 | 01 | - | - | 11 | 84 | 1785 | 5 | |||||||||||
1997 | 79 | 74 | 79 | 01 | - | - | 14 | 289 | 2219 | 13 | |||||||||||
1998 | 86 | 81 | 84 | 02 | - | - | 15 | 400 | 3543 | 11 | |||||||||||
1999 | -01 | -06 | 04 | 04 | - | - | 12 | 284 | 3893 | 7 | |||||||||||
2000 | 105 | 99 | 101 | 02 | - | - | 11 | 189 | 3704 | 5 | |||||||||||
2001 | 87 | 82 | 90 | 03 | - | - | 11 | 172 | 3496 | 5 | |||||||||||
2002 | 98 | 93 | 98 | 02 | - | - | 9 | 154 | 3280 | 5 | |||||||||||
2003 | 42 | 37 | 43 | 03 | - | - | 12 | 166 | 4628 | 4 | |||||||||||
2004 | 39 | 34 | 30 | 02 | - | - | 14 | 223 | 4710 | 5 | |||||||||||
2005 | 24 | 19 | 16 | 01 | - | - | 18 | 294 | 4152 | 7 | |||||||||||
2006 | 44 | 41 | 41 | 01 | - | - | 18 | 307 | 3025 | 10 | |||||||||||
2007 | 83 | 80 | 74 | 01 | - | - | 19 | 340 | 2215 | 15 | |||||||||||
2008 | 54 | 51 | 51 | 02 | - | - | 19 | 269 | 1538 | 17 | |||||||||||
2009 | 109 | 106 | 52 | 05 | - | - | 28 | 443 | 1939 | 23 | |||||||||||
2010 | 73 | 71 | 59 | 02 | - | - | 32 | 495 | 2382 | 21 | |||||||||||
2011 | 37 | 34 | 58 | 01 | 35 | 26 | 34 | 623 | 2704 | 23 | |||||||||||
2012 | 96 | 94 | 39 | 02 | 32 | 22 | 34 | 651 | 3227 | 20 | |||||||||||
2013 | 12 | 10 | -09 | 02 | 33 | 21 | 32 | 556 | 3387 | 16 | |||||||||||
2014 | 47 | 45 | 31 | 02 | 24 | 19 | 38 | 774 | 4962 | 16 | |||||||||||
2015 | 15 | 13 | 11 | 01 | 23 | 21 | 42 | 825 | 6340 | 13 | |||||||||||
2016 | 31 | 29 | 21 | 02 | 24 | 22 | 48 | 1057 | 8016 | 13 | |||||||||||
2017 | 23 | 21 | 21 | 01 | 22 | 21 | 51 | 1145 | 10071 | 11 | |||||||||||
2018 | 13 | 11 | 09 | 01 | 19 | 21 | 57 | 1284 | 12590 | 10 | |||||||||||
2019 | 61 | 59 | 68 | 02 | 16 | 20 | 72 | 1577 | 14997 | 11 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US Aggregate Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US Aggregate Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
1992 | 82 | 78 | 74 | NM | - | - | 2 | 35 | 470 | 7 | |||||||||||
1993 | 108 | 104 | 98 | NM | - | - | 3 | 62 | 741 | 8 | |||||||||||
1994 | -33 | -38 | -29 | NM | - | - | 3 | 60 | 1079 | 6 | |||||||||||
1995 | 188 | 185 | 185 | NM | - | - | 4 | 89 | 1490 | 6 | |||||||||||
1996 | 33 | 31 | 36 | NM | - | - | 3 | 84 | 1785 | 5 | |||||||||||
1997 | 89 | 87 | 97 | NM | - | - | 3 | 107 | 2219 | 5 | |||||||||||
1998 | 98 | 95 | 87 | NM | - | - | 3 | 117 | 3543 | 3 | |||||||||||
1999 | -21 | -23 | -08 | NM | - | - | 4 | 127 | 3893 | 3 | |||||||||||
2000 | 118 | 116 | 116 | NM | - | - | 3 | 102 | 3704 | 3 | |||||||||||
2001 | 79 | 77 | 84 | NM | - | - | 3 | 99 | 3496 | 3 | |||||||||||
2002 | 104 | 102 | 103 | NM | - | - | 3 | 85 | 3280 | 3 | |||||||||||
2003 | 41 | 39 | 41 | NM | - | - | 3 | 88 | 4628 | 2 | |||||||||||
2004 | 49 | 48 | 43 | NM | - | - | 4 | 98 | 4710 | 2 | |||||||||||
2005 | 38 | 36 | 24 | NM | - | - | 4 | 121 | 4152 | 3 | |||||||||||
2006 | 42 | 40 | 43 | NM | - | - | 4 | 126 | 3025 | 4 | |||||||||||
2007 | 86 | 84 | 70 | 01 | - | - | 6 | 184 | 2215 | 8 | |||||||||||
2008 | 59 | 57 | 52 | 02 | - | - | 9 | 248 | 1538 | 16 | |||||||||||
2009 | 121 | 119 | 59 | 17 | - | - | 16 | 419 | 1939 | 22 | |||||||||||
2010 | 82 | 80 | 65 | 04 | - | - | 27 | 653 | 2382 | 27 | |||||||||||
2011 | 53 | 51 | 78 | 03 | 35 | 28 | 42 | 983 | 2704 | 36 | |||||||||||
2012 | 105 | 103 | 42 | 02 | 31 | 24 | 47 | 1084 | 3227 | 34 | |||||||||||
2013 | 01 | -01 | -20 | 02 | 34 | 27 | 59 | 1372 | 3387 | 40 | |||||||||||
2014 | 80 | 78 | 60 | 02 | 28 | 26 | 111 | 2485 | 4962 | 50 | |||||||||||
2015 | 08 | 07 | 06 | 01 | 32 | 29 | 146 | 3768 | 6340 | 59 | |||||||||||
2016 | 32 | 30 | 27 | 01 | 33 | 30 | 168 | 5080 | 8016 | 63 | |||||||||||
2017 | 38 | 36 | 35 | 01 | 31 | 28 | 185 | 7135 | 10071 | 71 | |||||||||||
2018 | 10 | 08 | 00 | 02 | 25 | 28 | 205 | 8287 | 12590 | 66 | |||||||||||
2019 | 73 | 71 | 87 | 05 | 23 | 29 | 250 | 10113 | 14997 | 67 |
Fixed Income Investment Team
3
GILBERT ANDREW GARCIA CFAManaging PartnerPortfolio ManagerBA Yale UniversityYear Hired 2002Industry Experience 35 yrs
KAREN H TASS CFAPartnerPortfolio ManagerBA Texas AampM UniversityMBA University of HoustonYear Hired 2010Industry Experience 15 yrsCoverage Corporates
JEFFREY D DETWILER CFA AAMSPartnerPortfolio ManagerBS University of South FloridaMS University of HoustonYear Hired 2007Industry Experience 24 yrsCoverage Short Term
BENJAMIN D MONKIEWICZPartnerPortfolio ManagerBA Sam Houston State UniversityYear Hired 2010Industry Experience 10 yrsCoverage MBSAgencies
REESE WELLERInvestment AnalystBA Texas Tech University Year Hired 2017Industry Experience 20 yrs
CONNIE FALCON DAVISInvestment AnalystBS University of HoustonYear Hired 2012Industry Experience 8 yrsCoverage Analytics
YVETTE M DUENtildeASInvestment Analyst BBA University of Incarnate Word MBA Our Lady of the Lake University Year Hired 2016Industry Experience 13 yrs
DON ELSENBROCKPartnerPortfolio Manager StrategistBS University of HoustonMA University of HoustonYear Hired 2014Industry Experience 28 yrsCoverage StrategistShort Term
BRIAN SIMON Investment AnalystBA Morehouse CollegeMBA University of Houston-Victoria Year Hired 2003-2007 2018Industry Experience 22 yrs
NANCY RODRIGUEZPartnerPortfolio ManagerBS University of HoustonYear Hired 1998Industry Experience 33 yrsCoverage Team Oversight
NATALIE BERNALSenior Marketing AssociateBA University of Notre DameMA Georgetown UniversityMS London School of EconomicsYear Hired 2019Industry Experience 14 yrs
JASON SIMPSONMarketing AssociateBA Texas Tech University Year Hired 2017Industry Experience 13 yrs
REGINA PERKINSOperations ManagerSan Antonio Community College Year Hired 2003Industry Experience 17 yrs
Firm Professionals
4
Investment Goal
Investment Goal
Our goal is to outperform the benchmark net of fees over a full market cycleusing a high-quality strategy with less risk and an ESG focus By setting realisticexpectations we avoid taking unnecessary risks
Achieving our goal is centered around several core principles
Preserve Principal
Maintain Liquidity
Provide High Current Income
Be Responsible Citizens (ESG)
Key Tools
Sector Rotation
Controlled Interest Rate Anticipation
Yield Curve Positioning
5
Investment StyleHigh-Quality
Portfolio Dominated by US Treasuries Agency Debentures and Agency15-Year MBS Corporate Securities Rated A or Better
Spread Product Exclusively in the Short to Intermediate Maturities to Reduce Volatility
No Big SurprisesNo Foreign BondsYankees
No BBB Rated SecuritiesNo Sin Names ndashTobacco Gambling Alcohol Firearms
No DerivativesNo LeverageDollar Rolls
No Pricing OverridesMaintain a Manageable Number of Securities
No Soft DollarsESG Overlay
FlexibilityActively Rotating Sectors
Actively Managing Yield CurveExploiting Smaller Markets
Risk ControlsPercentage Sector Allocation Duration Contribution by Sector Credit Reviews Yield CurvePerformance Attribution Peer Group Performance Monitoring and ESG Scale Monitoring
6
ESG Overlay
Yield Curve
Barbelled Neutral Bulleted
Sectors
Treasuries Spread Product
Duration
Long 10 Neutral Short 10
Economic Outlook
Rates Spreads Fed Activity
Portfolio Construction
7
Source Ideas for Key Rate Duration
The firm normally operates in a duration range of +- 10 of the benchmark index In extreme market environments the firm operates in a duration range of +- 25
Fixed Income ndash Aggregate Composite Returns
8
QTD 1 Yr 3 Yrs 5 Yrs 7 Yrs 10 Yrs 15 Yrs Inception
GHampA Gross of Fees 153 632 419 311 355 470 556 621
GHampA Net of Fees 149 614 401 292 335 450 536 597
Bloomberg Barclays US Aggregate 315 893 483 336 320 389 441 554
0
1
2
3
4
5
6
7
8
9
Preliminary
Awardsrankings may not represent client experiences and are not indicative of future performance Go to wwwgarciahamiltonassociatescomawards for additional information on each award
Preliminary
Comparative Annualized Rates of Return For periods ending March 31 2020
Inception December 31 1991 Periods longer than 12 months are annualized Additional information is in the performance disclosure
Source Bloomberg Barclays
Preliminary
Fixed Income ndash Intermediate GovtCredit Composite Returns
9
QTD 1 Yr 3 Yrs 5 Yrs 7 Yrs 10 Yrs 15 Yrs Inception
GHampA Gross of Fees 047 445 310 261 283 388 483 647
GHampA Net of Fees 043 425 290 240 262 366 457 608
Bloomberg Barclays US Int GovtCredit 240 688 380 277 247 315 382 566
0
1
2
3
4
5
6
7
Inception June 30 1988 Periods longer than 12 months are annualized
Preliminary
Awardsrankings may not represent client experiences and are not indicative of future performance Go to wwwgarciahamiltonassociatescomawards for additional information on each award
Comparative Annualized Rates of Return For periods ending March 31 2020
Additional information is in the performance disclosure
Source Bloomberg Barclays
Preliminary
Fixed Income ndash Short Duration Oppt Composite Returns
10
QTD 1 Yr 3 Yrs 5 Yrs 7 Yrs 10 Yrs Inception
GHampA Gross of Fees -226 015 122 136 149 212 258
GHampA Net of Fees -230 001 108 125 136 196 242
Bloomberg Barclays US 1-3 Year Govt Index 273 537 269 185 152 145 148
-3
-2
-1
0
1
2
3
4
5
6
Preliminary
Preliminary
Awardsrankings may not represent client experiences and are not indicative of future performance Go to wwwgarciahamiltonassociatescomawards for additional information on each award
Comparative Annualized Rates of Return For periods ending March 31 2020
Inception March 31 2009 Periods longer than 12 months are annualized Additional information is in the performance disclosure
Source Bloomberg Barclays
Preliminary
11
QTD 1 Year 3 Years 5 Years 7 Years 10 Years 15 Years Inception
to Date
PortfoliosAssets in Millions
Short Duration Government ndash Gross of FeesInception December 2003 041 212 174 158 145 174 279 276 2 67
Short Duration Government ndash Net of Fees 039 205 162 145 133 161 266 262 2 67
Bloomberg Barclays US 1-3 Year Govt 273 537 269 185 152 145 242 228 NA NA
Intermediate Aggregate ndash Gross of FeesInception December 2007 038 426 308 265 296 391 NA 474 29 591
Intermediate Aggregate ndash Net of Fees 033 404 288 245 275 370 NA 451 29 591
Bloomberg Barclays US IntermediateAggregate 249 688 388 283 262 323 NA 371 NA NA
Government Credit ndash Gross of FeesInception December 2004 206 803 486 343 384 507 559 549 12 480
Government Credit ndash Net of Fees 201 784 465 324 363 484 536 527 12 480
Bloomberg Barclays US GovtCredit 337 982 518 355 332 415 449 437 NA NA
Short Duration GovtCredit ndash Gross of FeesInception September 2013 -277 -004 134 149 NA NA NA 170 3 153
Short Duration GovtCredit ndash Net of Fees -280 -015 125 141 NA NA NA 162 3 153
Bloomberg Barclays US 1-3 Year GovtCredit 169 453 259 190 NA NA NA 170 NA NA
Unconstrained Bond ndash Gross of FeesInception March 2009 -248 -004 116 141 172 350 NA 458 2 6
Unconstrained Bond ndash Net of Fees -251 -024 093 117 147 323 NA 431 2 6
Bloomberg Barclays US Treasury Bellwether 3-Month 058 228 185 121 088 066 NA 061 NA NA
Comparative Annualized Rates of Return
Periods longer than 12 months are annualizedAdditional information is in the performance disclosure
For periods ending March 31 2020
Fixed Income Composite Performance Summary
12
Diversity
Our firm directly supports numerous minority organizations in the community
bullOur Managing Partner Gilbert Garcia serves as a member of the SEC Asset Management Advisory CommitteebullOur Managing Partner Gilbert Garcia serves as a member of the SEC Fixed Income Market Structure Advisory CommitteebullOur Managing Partner Gilbert Garcia serves as trustee on the Dallas Police and Fire Pension System Board of TrusteesbullOur Managing Partner Gilbert Garcia served as Chairman of the Metropolitan Transit Authority of Harris County Board for six yearsbullOur Managing Partner Gilbert Garcia was the 2012 Houston Area Urban League Gala Honorary ChairbullOur Managing Partner Gilbert Garcia was a co-chair of the 103rd NAACP National Convention bullOur Managing Partner Gilbert Garcia served as a trustee on the Houston Municipal Employees Pension System Board of TrusteesbullOur Partner and Director of Marketing and Client Services Ruby Muntildeoz Dang served as Trustee for the METRO Texas Non-Union Pension PlanbullOur Managing Partner Gilbert Garcia was awarded Houston Hispanic Chamber Male Entrepreneur of the Year
Community Service
bullNational Association of Securities Professionals is a non-profit association of professionals that brings together minorities and women in the fields of asset management public finance investment banking and other finance professions
bullOur Partner Stephanie Roberts is highly involved with the organization and is currently a NASP Board Member and the Texas chapter Treasurer
NASP
bullSEO - A non-profit organization that mentors young women and minority individuals in the development of careers in investment banking corporate law and other leading global companies Mr Garcia went through the program in 1983 and is the longest serving board member (since 1988)
bullMr Garcia was awarded the SEO Alumni Leadership Award at the 2015 Awards Dinner in New York City Other honorees included Michael R Bloomberg three-term Mayor of New York City and Founder of Bloomberg LP amp Bloomberg Philanthropies and David M Rubenstein Co-Founder amp Co-CEO of The Carlyle Group
SEO
bullThe League of United Latin American Citizens is a non-profit organization created to advance the economic condition educational attainment political influence housing health and civil rights of the Hispanic population of the United States
LULAC
Diversity is a central theme throughout the entire firm bullCertified as a MBE in several states bull90 of the firm owned by minority and female partnersbull61 owned by minority partners and 53 owned by Hispanic partnersbull88 of employees are ethnic minorities and womenbullExecuted over 60 of brokerage volume with MBEMWBEveteran firms over the past several yearsbullWe also work with many minority and women-owned vendors in the areas of
bullOffice Supplies Temporary Staffing Services Travel Accounting AuditorsbullThe firm has a summer internship program for minority undergraduate and high school students bullWe support and promote the LGBT community
GHampA Giving Back
13
Over
Since 2014Donated
$15 Million
Performance DisclosureFIXED INCOME ndash AGGREGATE COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US Aggregate
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US Aggregate Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets Period End (US$ mil)
of Firm Assets
1992 82 78 74 NM - - 2 35 470 7 1993 108 104 98 NM - - 3 62 741 8 1994 -33 -38 -29 NM - - 3 60 1079 6 1995 188 185 185 NM - - 4 89 1490 6 1996 33 31 36 NM - - 3 84 1785 5 1997 89 87 97 NM - - 3 107 2219 5 1998 98 95 87 NM - - 3 117 3543 3 1999 -21 -23 -08 NM - - 4 127 3893 3 2000 118 116 116 NM - - 3 102 3704 3 2001 79 77 84 NM - - 3 99 3496 3 2002 104 102 103 NM - - 3 85 3280 3 2003 41 39 41 NM - - 3 88 4628 2 2004 49 48 43 NM - - 4 98 4710 2 2005 38 36 24 NM - - 4 121 4152 3 2006 42 40 43 NM - - 4 126 3025 4 2007 86 84 70 01 - - 6 184 2215 8 2008 59 57 52 02 - - 9 248 1538 16 2009 121 119 59 17 - - 16 419 1939 22 2010 82 80 65 04 - - 27 653 2382 27 2011 53 51 78 03 35 28 42 983 2704 36 2012 105 103 42 02 31 24 47 1084 3227 34 2013 01 -01 -20 02 34 27 59 1372 3387 40 2014 80 78 60 02 28 26 111 2485 4962 50 2015 08 07 06 01 32 29 146 3768 6340 59 2016 32 30 27 01 33 30 168 5080 8016 63 2017 38 36 35 01 31 28 185 7135 10071 71 2018 10 08 00 02 25 28 205 8287 12590 66 2019 73 71 87 05 23 29 250 10113 14997 67
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Aggregate Index
The composite benchmark is the Bloomberg Barclays US Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of January 1 1992 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is October 1 1999
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fee results are calculated for the period of December 31 1991 through December 31 1994 by deducting the highest fee of 0375 from the monthly gross composite returns Since January 1 1995 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash AGGREGATE COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Aggregate Index
The composite benchmark is the Bloomberg Barclays US Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of January 1 1992 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is October 1 1999
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fee results are calculated for the period of December 31 1991 through December 31 1994 by deducting the highest fee of 0375 from the monthly gross composite returns Since January 1 1995 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash INTERMEDIATE GOVERNMENT CREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US Intermediate GovrsquotCredit
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US Intermediate GovrsquotCredit
Index () Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets Period End (US$ mil)
of Firm Assets
1988 24 23 23 NM - - 1 30 80 38 1989 158 152 128 NM - - 2 31 157 20 1990 103 98 92 NM - - 5 37 207 18 1991 179 173 147 NM - - 5 66 311 21 1992 79 74 72 03 - - 7 85 470 18 1993 114 109 88 NM - - 1 7 741 1 1994 -38 -43 -19 NM - - 4 38 1079 4 1995 167 161 153 NM - - 3 42 1490 3 1996 40 35 41 01 - - 11 84 1785 5 1997 79 74 79 01 - - 14 289 2219 13 1998 86 81 84 02 - - 15 400 3543 11 1999 -01 -06 04 04 - - 12 284 3893 7 2000 105 99 101 02 - - 11 189 3704 5 2001 87 82 90 03 - - 11 172 3496 5 2002 98 93 98 02 - - 9 154 3280 5 2003 42 37 43 03 - - 12 166 4628 4 2004 39 34 30 02 - - 14 223 4710 5 2005 24 19 16 01 - - 18 294 4152 7 2006 44 41 41 01 - - 18 307 3025 10 2007 83 80 74 01 - - 19 340 2215 15 2008 54 51 51 02 - - 19 269 1538 17 2009 109 106 52 05 - - 28 443 1939 23 2010 73 71 59 02 - - 32 495 2382 21 2011 37 34 58 01 35 26 34 623 2704 23 2012 96 94 39 02 32 22 34 651 3227 20 2013 12 10 -09 02 33 21 32 556 3387 16 2014 47 45 31 02 24 19 38 774 4962 16 2015 15 13 11 01 23 21 42 825 6340 13 2016 31 29 21 02 24 22 48 1057 8016 13 2017 23 21 21 01 22 21 51 1145 10071 11 2018 13 11 09 01 19 21 57 1284 12590 10 2019 61 59 68 02 16 20 72 1577 14997 11
Inception (7188) through 123188 Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US Intermediate GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of July 1 1988 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is July 1 1988
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income For the period of July 1 1988 through December 31 2005 net of fees results are calculated by deducting the highest fee of 012 on a quarterly basis from the monthly gross composite returns and for the period of December 31 2005 through December 31 2016 by deducting the highest fee of 007 on a quarterly basis from the monthly gross composite returns Since January 1 2010 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
FIXED INCOME ndash INTERMEDIATE GOVERNMENT CREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (7188) through 123188 Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US Intermediate GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of July 1 1988 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is July 1 1988
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income For the period of July 1 1988 through December 31 2005 net of fees results are calculated by deducting the highest fee of 012 on a quarterly basis from the monthly gross composite returns and for the period of December 31 2005 through December 31 2016 by deducting the highest fee of 007 on a quarterly basis from the monthly gross composite returns Since January 1 2010 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliance presentations are available upon request Composite dispersion for the period of July 1 1988 through December 31 1992 was an equal-weighted standard deviation Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION OPPORTUNISTIC COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite
Total Return ( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US
1-3 Year Govrsquot Index Return
()
Composite Dispersion
() Composite
()
Bloomberg Barclays US
1-3 Year Govrsquot Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm Assets
2009 64 63 11 NM - - 1 80 1939 4 2010 32 30 24 NM - - 2 72 2382 3 2011 25 22 16 NM - - 2 74 2704 3 2012 52 50 05 01 13 07 6 196 3227 6 2013 12 10 04 NM 14 05 2 27 3387 1 2014 21 19 06 NM 12 04 2 27 4962 1 2015 12 12 06 NM 12 06 1 1 6340 lt1 2016 24 23 09 NM 11 08 3 40 8016 1 2017 16 14 05 NM 10 08 1 29 10071 lt1 2018 16 15 16 NM 07 09 4 122 12590 1 2019 35 34 36 NM 04 10 4 87 14997 1
Inception (4109) through 123109 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Opportunistic Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Opportunistic investment product utilizes high-quality securities The portfolios generally utilize Treasuries Federal Agency debentures and Agency-Guaranteed 15-year Mortgage-Backed securities The portfolios may invest opportunistically in high quality domestic Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate with a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of April 1 2009 to date the minimum portfolio size for inclusion in the composite was $10 million The composite creation date is January 1 2010
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees and include incentive fees that are entered when earned The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION OPPORTUNISTIC COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (4109) through 123109 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Opportunistic Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Opportunistic investment product utilizes high-quality securities The portfolios generally utilize Treasuries Federal Agency debentures and Agency-Guaranteed 15-year Mortgage-Backed securities The portfolios may invest opportunistically in high quality domestic Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate with a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of April 1 2009 to date the minimum portfolio size for inclusion in the composite was $10 million The composite creation date is January 1 2010
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees and include incentive fees that are entered when earned The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION GOVERNMENT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US
1-3 Year Govrsquot Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US
1-3 Year Govrsquot Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm Assets
2004 29 27 11 NM - - 1 22 4710 lt 1 2005 26 25 17 NM - - 1 42 4152 lt 1 2006 46 45 41 NM - - 1 44 3025 1 2007 71 69 71 NM - - 1 47 2215 2 2008 73 71 67 NM - - 1 50 1538 3 2009 23 22 14 NM - - 1 51 1939 3 2010 28 27 24 NM - - 1 56 2382 2 2011 33 31 16 NM 12 10 1 56 2704 2 2012 15 13 05 NM 10 07 1 29 3227 lt 1 2013 04 03 04 NM 09 05 2 64 3387 2 2014 15 14 06 NM 09 04 1 55 4962 1 2015 11 09 06 NM 11 06 1 55 6340 1 2016 19 18 09 NM 11 08 1 56 8016 1 2017 14 13 05 NM 10 08 2 67 10071 1 2018 16 15 16 NM 08 09 2 68 12590 1 2019 23 22 36 NM 03 10 2 66 14997 lt 1
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Government Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Government investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchases Treasuries Federal Agency debentures and Agency-Guaranteed Mortgage-Backed securities The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is October 1 2004
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 014 of the first $25 million 012 of the next $25 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION GOVERNMENT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Government Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Government investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchases Treasuries Federal Agency debentures and Agency-Guaranteed Mortgage-Backed securities The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is October 1 2004
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 014 of the first $25 million 012 of the next $25 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME - INTERMEDIATE AGGREGATE COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US Intermediate Aggregate
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US Intermediate Aggregate Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm Assets
2008 54 51 49 NM - - 4 136 1538 9 2009 115 112 65 NM - - 5 130 1939 7 2010 73 70 62 01 - - 7 201 2382 8 2011 40 38 60 03 33 23 9 203 2704 8 2012 89 86 36 01 30 19 11 235 3227 7 2013 11 09 -10 01 31 20 16 250 3387 7 2014 53 51 41 01 24 20 16 269 4962 5 2015 17 16 12 01 24 21 18 267 6340 4 2016 32 30 20 01 25 21 20 287 8016 4 2017 22 20 23 01 23 20 22 331 10071 3 2018 16 14 09 01 19 21 23 379 12590 3 2019 59 57 67 01 16 20 26 462 14997 3
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate Aggregate Index
The composite benchmark is the Bloomberg Barclays US Intermediate Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2008
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME - INTERMEDIATE AGGREGATE COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate Aggregate Index
The composite benchmark is the Bloomberg Barclays US Intermediate Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2008
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash GOVERNMENTCREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US
GovernmentCredit Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US
GovernmentCredit Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm
Assets 2005 30 29 24 NM - - 1 101 4152 2 2006 40 38 38 NM - - 2 105 3025 3 2007 84 82 72 NM - - 2 9 2215 lt 1 2008 68 65 57 NM - - 3 15 1538 lt 1 2009 88 85 45 NM - - 3 15 1939 lt 1 2010 81 78 66 NM - - 2 11 2382 lt 1 2011 61 59 87 NM 38 34 2 13 2704 lt 1 2012 115 112 48 NM 34 30 2 14 3227 lt 1 2013 -02 -05 -24 NM 37 32 2 12 3387 lt 1 2014 85 82 60 NM 32 30 1 6 4962 lt 1 2015 08 06 02 NM 36 33 3 93 6340 1 2016 30 28 31 NM 38 35 4 138 8016 2 2017 42 40 40 NM 36 33 5 145 10071 1 2018 06 04 -04 NM 30 32 5 163 12590 1 2019 89 87 97 05 30 33 10 484 14997 3
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income- GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2006
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash GOVERNMENTCREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income- GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2006
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION GOVERNMENTCREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US 1-3 Year GovrsquotCredit
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US 1-3 Year GovrsquotCredit
Index () Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets Period End (US$ mil)
of Firm
Assets 2013 06 06 02 NM - - 3 92 3387 3
2014 20 19 08 NM - - 1 72 4962 1 2015 11 11 07 NM - - 2 98 6340 2 2016 26 25 13 NM 11 08 1 165 8016 2 2017 16 16 08 NM 10 07 3 286 10071 3 2018 18 17 16 NM 07 08 4 396 12590 3 2019 41 40 40 NM 05 09 3 157 14997 1
Inception (10113) through 123113 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration GovernmentCredit investment product will generally invest in high quality securities such as US Treasuries Agency debentures 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION GOVERNMENTCREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (10113) through 123113 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration GovernmentCredit investment product will generally invest in high quality securities such as US Treasuries Agency debentures 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash UNCONSTRAINED BOND COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite
Total Return ( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays
UST Bellwether 3-Month
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays
UST Bellwether 3-Month
Index ()
Number of Portfolios
Composite Assets
Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm
Assets 2009 134 131 02 NM - - 2 2 1939 lt 1
2010 83 80 02 NM - - 2 3 2382 lt 1 2011 41 39 01 NM - - 2 3 2704 lt 1 2012 126 123 01 NM 41 00 2 3 3227 lt 1 2013 13 11 01 NM 41 00 2 3 3387 lt 1 2014 32 28 01 NM 29 00 2 5 4962 lt 1 2015 13 11 01 NM 22 00 2 5 6340 lt 1 2016 31 28 04 NM 16 01 2 5 8016 lt 1 2017 16 13 09 NM 15 01 2 5 10071 lt 1 2018 15 13 19 NM 09 02 2 5 12590 lt 1 2019 35 32 23 NM 04 02 2 6 14997 lt 1
Inception (4109) through 43009 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Unconstrained Bond Composite is comprised only of fully discretionary fee paying portfolios including those portfolios no longer with the firm The Fixed Income-Unconstrained Bond investment philosophy will generally invest in high quality securities such as US Treasuries Agency Debentures Agency Guaranteed Mortgage-Backed securities and Investment Grade Corporate Bonds The Fixed Income-Unconstrained Bond product utilizes a domestic fixed income strategy that has the flexibility to adapt to changing markets without sector or duration constraints while maintaining a high-quality focus The flexibility to adapt to changing market conditions without limitation to the constraints of a specific index may result from time to time in the concentration of one or more sectors The portfolios do not contain derivatives and do not employ leverage
The Bloomberg Barclays US Treasury Bellwether 3-Month Index a cash proxy is provided for comparative purposes The composite is not managed against an Index The minimum portfolio size for inclusion in the composite has been $05 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash UNCONSTRAINED BOND COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP Inception (4109) through 43009 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays The GHampA Fixed Income-Unconstrained Bond Composite is comprised only of fully discretionary fee paying portfolios including those portfolios no longer with the firm The Fixed Income-Unconstrained Bond investment philosophy will generally invest in high quality securities such as US Treasuries Agency Debentures Agency Guaranteed Mortgage-Backed securities and Investment Grade Corporate Bonds The Fixed Income-Unconstrained Bond product utilizes a domestic fixed income strategy that has the flexibility to adapt to changing markets without sector or duration constraints while maintaining a high-quality focus The flexibility to adapt to changing market conditions without limitation to the constraints of a specific index may result from time to time in the concentration of one or more sectors The portfolios do not contain derivatives and do not employ leverage The Bloomberg Barclays US Treasury Bellwether 3-Month Index a cash proxy is provided for comparative purposes The composite is not managed against an Index The minimum portfolio size for inclusion in the composite has been $05 million since inception The composite creation date is January 1 2014 Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays UST Bellwether 3-Month Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays UST Bellwether 3-Month Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2009 | 134 | 131 | 02 | NM | - | - | 2 | 2 | 1939 | lt 1 | |||||||||||
2010 | 83 | 80 | 02 | NM | - | - | 2 | 3 | 2382 | lt 1 | |||||||||||
2011 | 41 | 39 | 01 | NM | - | - | 2 | 3 | 2704 | lt 1 | |||||||||||
2012 | 126 | 123 | 01 | NM | 41 | 00 | 2 | 3 | 3227 | lt 1 | |||||||||||
2013 | 13 | 11 | 01 | NM | 41 | 00 | 2 | 3 | 3387 | lt 1 | |||||||||||
2014 | 32 | 28 | 01 | NM | 29 | 00 | 2 | 5 | 4962 | lt 1 | |||||||||||
2015 | 13 | 11 | 01 | NM | 22 | 00 | 2 | 5 | 6340 | lt 1 | |||||||||||
2016 | 31 | 28 | 04 | NM | 16 | 01 | 2 | 5 | 8016 | lt 1 | |||||||||||
2017 | 16 | 13 | 09 | NM | 15 | 01 | 2 | 5 | 10071 | lt 1 | |||||||||||
2018 | 15 | 13 | 19 | NM | 09 | 02 | 2 | 5 | 12590 | lt 1 | |||||||||||
2019 | 35 | 32 | 23 | NM | 04 | 02 | 2 | 6 | 14997 | lt 1 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US 1-3 Year GovrsquotCredit Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US 1-3 Year GovrsquotCredit Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2013 | 06 | 06 | 02 | NM | - | - | 3 | 92 | 3387 | 3 | |||||||||||
2014 | 20 | 19 | 08 | NM | - | - | 1 | 72 | 4962 | 1 | |||||||||||
2015 | 11 | 11 | 07 | NM | - | - | 2 | 98 | 6340 | 2 | |||||||||||
2016 | 26 | 25 | 13 | NM | 11 | 08 | 1 | 165 | 8016 | 2 | |||||||||||
2017 | 16 | 16 | 08 | NM | 10 | 07 | 3 | 286 | 10071 | 3 | |||||||||||
2018 | 18 | 17 | 16 | NM | 07 | 08 | 4 | 396 | 12590 | 3 | |||||||||||
2019 | 41 | 40 | 40 | NM | 05 | 09 | 3 | 157 | 14997 | 1 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US GovernmentCredit Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US GovernmentCredit Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2005 | 30 | 29 | 24 | NM | - | - | 1 | 101 | 4152 | 2 | |||||||||||
2006 | 40 | 38 | 38 | NM | - | - | 2 | 105 | 3025 | 3 | |||||||||||
2007 | 84 | 82 | 72 | NM | - | - | 2 | 9 | 2215 | lt 1 | |||||||||||
2008 | 68 | 65 | 57 | NM | - | - | 3 | 15 | 1538 | lt 1 | |||||||||||
2009 | 88 | 85 | 45 | NM | - | - | 3 | 15 | 1939 | lt 1 | |||||||||||
2010 | 81 | 78 | 66 | NM | - | - | 2 | 11 | 2382 | lt 1 | |||||||||||
2011 | 61 | 59 | 87 | NM | 38 | 34 | 2 | 13 | 2704 | lt 1 | |||||||||||
2012 | 115 | 112 | 48 | NM | 34 | 30 | 2 | 14 | 3227 | lt 1 | |||||||||||
2013 | -02 | -05 | -24 | NM | 37 | 32 | 2 | 12 | 3387 | lt 1 | |||||||||||
2014 | 85 | 82 | 60 | NM | 32 | 30 | 1 | 6 | 4962 | lt 1 | |||||||||||
2015 | 08 | 06 | 02 | NM | 36 | 33 | 3 | 93 | 6340 | 1 | |||||||||||
2016 | 30 | 28 | 31 | NM | 38 | 35 | 4 | 138 | 8016 | 2 | |||||||||||
2017 | 42 | 40 | 40 | NM | 36 | 33 | 5 | 145 | 10071 | 1 | |||||||||||
2018 | 06 | 04 | -04 | NM | 30 | 32 | 5 | 163 | 12590 | 1 | |||||||||||
2019 | 89 | 87 | 97 | 05 | 30 | 33 | 10 | 484 | 14997 | 3 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US Intermediate Aggregate Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US Intermediate Aggregate Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2008 | 54 | 51 | 49 | NM | - | - | 4 | 136 | 1538 | 9 | |||||||||||
2009 | 115 | 112 | 65 | NM | - | - | 5 | 130 | 1939 | 7 | |||||||||||
2010 | 73 | 70 | 62 | 01 | - | - | 7 | 201 | 2382 | 8 | |||||||||||
2011 | 40 | 38 | 60 | 03 | 33 | 23 | 9 | 203 | 2704 | 8 | |||||||||||
2012 | 89 | 86 | 36 | 01 | 30 | 19 | 11 | 235 | 3227 | 7 | |||||||||||
2013 | 11 | 09 | -10 | 01 | 31 | 20 | 16 | 250 | 3387 | 7 | |||||||||||
2014 | 53 | 51 | 41 | 01 | 24 | 20 | 16 | 269 | 4962 | 5 | |||||||||||
2015 | 17 | 16 | 12 | 01 | 24 | 21 | 18 | 267 | 6340 | 4 | |||||||||||
2016 | 32 | 30 | 20 | 01 | 25 | 21 | 20 | 287 | 8016 | 4 | |||||||||||
2017 | 22 | 20 | 23 | 01 | 23 | 20 | 22 | 331 | 10071 | 3 | |||||||||||
2018 | 16 | 14 | 09 | 01 | 19 | 21 | 23 | 379 | 12590 | 3 | |||||||||||
2019 | 59 | 57 | 67 | 01 | 16 | 20 | 26 | 462 | 14997 | 3 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US 1-3 Year Govrsquot Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US 1-3 Year Govrsquot Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2004 | 29 | 27 | 11 | NM | - | - | 1 | 22 | 4710 | lt 1 | |||||||||||
2005 | 26 | 25 | 17 | NM | - | - | 1 | 42 | 4152 | lt 1 | |||||||||||
2006 | 46 | 45 | 41 | NM | - | - | 1 | 44 | 3025 | 1 | |||||||||||
2007 | 71 | 69 | 71 | NM | - | - | 1 | 47 | 2215 | 2 | |||||||||||
2008 | 73 | 71 | 67 | NM | - | - | 1 | 50 | 1538 | 3 | |||||||||||
2009 | 23 | 22 | 14 | NM | - | - | 1 | 51 | 1939 | 3 | |||||||||||
2010 | 28 | 27 | 24 | NM | - | - | 1 | 56 | 2382 | 2 | |||||||||||
2011 | 33 | 31 | 16 | NM | 12 | 10 | 1 | 56 | 2704 | 2 | |||||||||||
2012 | 15 | 13 | 05 | NM | 10 | 07 | 1 | 29 | 3227 | lt 1 | |||||||||||
2013 | 04 | 03 | 04 | NM | 09 | 05 | 2 | 64 | 3387 | 2 | |||||||||||
2014 | 15 | 14 | 06 | NM | 09 | 04 | 1 | 55 | 4962 | 1 | |||||||||||
2015 | 11 | 09 | 06 | NM | 11 | 06 | 1 | 55 | 6340 | 1 | |||||||||||
2016 | 19 | 18 | 09 | NM | 11 | 08 | 1 | 56 | 8016 | 1 | |||||||||||
2017 | 14 | 13 | 05 | NM | 10 | 08 | 2 | 67 | 10071 | 1 | |||||||||||
2018 | 16 | 15 | 16 | NM | 08 | 09 | 2 | 68 | 12590 | 1 | |||||||||||
2019 | 23 | 22 | 36 | NM | 03 | 10 | 2 | 66 | 14997 | lt 1 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US 1-3 Year Govrsquot Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US 1-3 Year Govrsquot Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2009 | 64 | 63 | 11 | NM | - | - | 1 | 80 | 1939 | 4 | |||||||||||
2010 | 32 | 30 | 24 | NM | - | - | 2 | 72 | 2382 | 3 | |||||||||||
2011 | 25 | 22 | 16 | NM | - | - | 2 | 74 | 2704 | 3 | |||||||||||
2012 | 52 | 50 | 05 | 01 | 13 | 07 | 6 | 196 | 3227 | 6 | |||||||||||
2013 | 12 | 10 | 04 | NM | 14 | 05 | 2 | 27 | 3387 | 1 | |||||||||||
2014 | 21 | 19 | 06 | NM | 12 | 04 | 2 | 27 | 4962 | 1 | |||||||||||
2015 | 12 | 12 | 06 | NM | 12 | 06 | 1 | 1 | 6340 | lt1 | |||||||||||
2016 | 24 | 23 | 09 | NM | 11 | 08 | 3 | 40 | 8016 | 1 | |||||||||||
2017 | 16 | 14 | 05 | NM | 10 | 08 | 1 | 29 | 10071 | lt1 | |||||||||||
2018 | 16 | 15 | 16 | NM | 07 | 09 | 4 | 122 | 12590 | 1 | |||||||||||
2019 | 35 | 34 | 36 | NM | 04 | 10 | 4 | 87 | 14997 | 1 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US Intermediate GovrsquotCredit Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US Intermediate GovrsquotCredit Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
1988 | 24 | 23 | 23 | NM | - | - | 1 | 30 | 80 | 38 | |||||||||||
1989 | 158 | 152 | 128 | NM | - | - | 2 | 31 | 157 | 20 | |||||||||||
1990 | 103 | 98 | 92 | NM | - | - | 5 | 37 | 207 | 18 | |||||||||||
1991 | 179 | 173 | 147 | NM | - | - | 5 | 66 | 311 | 21 | |||||||||||
1992 | 79 | 74 | 72 | 03 | - | - | 7 | 85 | 470 | 18 | |||||||||||
1993 | 114 | 109 | 88 | NM | - | - | 1 | 7 | 741 | 1 | |||||||||||
1994 | -38 | -43 | -19 | NM | - | - | 4 | 38 | 1079 | 4 | |||||||||||
1995 | 167 | 161 | 153 | NM | - | - | 3 | 42 | 1490 | 3 | |||||||||||
1996 | 40 | 35 | 41 | 01 | - | - | 11 | 84 | 1785 | 5 | |||||||||||
1997 | 79 | 74 | 79 | 01 | - | - | 14 | 289 | 2219 | 13 | |||||||||||
1998 | 86 | 81 | 84 | 02 | - | - | 15 | 400 | 3543 | 11 | |||||||||||
1999 | -01 | -06 | 04 | 04 | - | - | 12 | 284 | 3893 | 7 | |||||||||||
2000 | 105 | 99 | 101 | 02 | - | - | 11 | 189 | 3704 | 5 | |||||||||||
2001 | 87 | 82 | 90 | 03 | - | - | 11 | 172 | 3496 | 5 | |||||||||||
2002 | 98 | 93 | 98 | 02 | - | - | 9 | 154 | 3280 | 5 | |||||||||||
2003 | 42 | 37 | 43 | 03 | - | - | 12 | 166 | 4628 | 4 | |||||||||||
2004 | 39 | 34 | 30 | 02 | - | - | 14 | 223 | 4710 | 5 | |||||||||||
2005 | 24 | 19 | 16 | 01 | - | - | 18 | 294 | 4152 | 7 | |||||||||||
2006 | 44 | 41 | 41 | 01 | - | - | 18 | 307 | 3025 | 10 | |||||||||||
2007 | 83 | 80 | 74 | 01 | - | - | 19 | 340 | 2215 | 15 | |||||||||||
2008 | 54 | 51 | 51 | 02 | - | - | 19 | 269 | 1538 | 17 | |||||||||||
2009 | 109 | 106 | 52 | 05 | - | - | 28 | 443 | 1939 | 23 | |||||||||||
2010 | 73 | 71 | 59 | 02 | - | - | 32 | 495 | 2382 | 21 | |||||||||||
2011 | 37 | 34 | 58 | 01 | 35 | 26 | 34 | 623 | 2704 | 23 | |||||||||||
2012 | 96 | 94 | 39 | 02 | 32 | 22 | 34 | 651 | 3227 | 20 | |||||||||||
2013 | 12 | 10 | -09 | 02 | 33 | 21 | 32 | 556 | 3387 | 16 | |||||||||||
2014 | 47 | 45 | 31 | 02 | 24 | 19 | 38 | 774 | 4962 | 16 | |||||||||||
2015 | 15 | 13 | 11 | 01 | 23 | 21 | 42 | 825 | 6340 | 13 | |||||||||||
2016 | 31 | 29 | 21 | 02 | 24 | 22 | 48 | 1057 | 8016 | 13 | |||||||||||
2017 | 23 | 21 | 21 | 01 | 22 | 21 | 51 | 1145 | 10071 | 11 | |||||||||||
2018 | 13 | 11 | 09 | 01 | 19 | 21 | 57 | 1284 | 12590 | 10 | |||||||||||
2019 | 61 | 59 | 68 | 02 | 16 | 20 | 72 | 1577 | 14997 | 11 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US Aggregate Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US Aggregate Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
1992 | 82 | 78 | 74 | NM | - | - | 2 | 35 | 470 | 7 | |||||||||||
1993 | 108 | 104 | 98 | NM | - | - | 3 | 62 | 741 | 8 | |||||||||||
1994 | -33 | -38 | -29 | NM | - | - | 3 | 60 | 1079 | 6 | |||||||||||
1995 | 188 | 185 | 185 | NM | - | - | 4 | 89 | 1490 | 6 | |||||||||||
1996 | 33 | 31 | 36 | NM | - | - | 3 | 84 | 1785 | 5 | |||||||||||
1997 | 89 | 87 | 97 | NM | - | - | 3 | 107 | 2219 | 5 | |||||||||||
1998 | 98 | 95 | 87 | NM | - | - | 3 | 117 | 3543 | 3 | |||||||||||
1999 | -21 | -23 | -08 | NM | - | - | 4 | 127 | 3893 | 3 | |||||||||||
2000 | 118 | 116 | 116 | NM | - | - | 3 | 102 | 3704 | 3 | |||||||||||
2001 | 79 | 77 | 84 | NM | - | - | 3 | 99 | 3496 | 3 | |||||||||||
2002 | 104 | 102 | 103 | NM | - | - | 3 | 85 | 3280 | 3 | |||||||||||
2003 | 41 | 39 | 41 | NM | - | - | 3 | 88 | 4628 | 2 | |||||||||||
2004 | 49 | 48 | 43 | NM | - | - | 4 | 98 | 4710 | 2 | |||||||||||
2005 | 38 | 36 | 24 | NM | - | - | 4 | 121 | 4152 | 3 | |||||||||||
2006 | 42 | 40 | 43 | NM | - | - | 4 | 126 | 3025 | 4 | |||||||||||
2007 | 86 | 84 | 70 | 01 | - | - | 6 | 184 | 2215 | 8 | |||||||||||
2008 | 59 | 57 | 52 | 02 | - | - | 9 | 248 | 1538 | 16 | |||||||||||
2009 | 121 | 119 | 59 | 17 | - | - | 16 | 419 | 1939 | 22 | |||||||||||
2010 | 82 | 80 | 65 | 04 | - | - | 27 | 653 | 2382 | 27 | |||||||||||
2011 | 53 | 51 | 78 | 03 | 35 | 28 | 42 | 983 | 2704 | 36 | |||||||||||
2012 | 105 | 103 | 42 | 02 | 31 | 24 | 47 | 1084 | 3227 | 34 | |||||||||||
2013 | 01 | -01 | -20 | 02 | 34 | 27 | 59 | 1372 | 3387 | 40 | |||||||||||
2014 | 80 | 78 | 60 | 02 | 28 | 26 | 111 | 2485 | 4962 | 50 | |||||||||||
2015 | 08 | 07 | 06 | 01 | 32 | 29 | 146 | 3768 | 6340 | 59 | |||||||||||
2016 | 32 | 30 | 27 | 01 | 33 | 30 | 168 | 5080 | 8016 | 63 | |||||||||||
2017 | 38 | 36 | 35 | 01 | 31 | 28 | 185 | 7135 | 10071 | 71 | |||||||||||
2018 | 10 | 08 | 00 | 02 | 25 | 28 | 205 | 8287 | 12590 | 66 | |||||||||||
2019 | 73 | 71 | 87 | 05 | 23 | 29 | 250 | 10113 | 14997 | 67 |
NATALIE BERNALSenior Marketing AssociateBA University of Notre DameMA Georgetown UniversityMS London School of EconomicsYear Hired 2019Industry Experience 14 yrs
JASON SIMPSONMarketing AssociateBA Texas Tech University Year Hired 2017Industry Experience 13 yrs
REGINA PERKINSOperations ManagerSan Antonio Community College Year Hired 2003Industry Experience 17 yrs
Firm Professionals
4
Investment Goal
Investment Goal
Our goal is to outperform the benchmark net of fees over a full market cycleusing a high-quality strategy with less risk and an ESG focus By setting realisticexpectations we avoid taking unnecessary risks
Achieving our goal is centered around several core principles
Preserve Principal
Maintain Liquidity
Provide High Current Income
Be Responsible Citizens (ESG)
Key Tools
Sector Rotation
Controlled Interest Rate Anticipation
Yield Curve Positioning
5
Investment StyleHigh-Quality
Portfolio Dominated by US Treasuries Agency Debentures and Agency15-Year MBS Corporate Securities Rated A or Better
Spread Product Exclusively in the Short to Intermediate Maturities to Reduce Volatility
No Big SurprisesNo Foreign BondsYankees
No BBB Rated SecuritiesNo Sin Names ndashTobacco Gambling Alcohol Firearms
No DerivativesNo LeverageDollar Rolls
No Pricing OverridesMaintain a Manageable Number of Securities
No Soft DollarsESG Overlay
FlexibilityActively Rotating Sectors
Actively Managing Yield CurveExploiting Smaller Markets
Risk ControlsPercentage Sector Allocation Duration Contribution by Sector Credit Reviews Yield CurvePerformance Attribution Peer Group Performance Monitoring and ESG Scale Monitoring
6
ESG Overlay
Yield Curve
Barbelled Neutral Bulleted
Sectors
Treasuries Spread Product
Duration
Long 10 Neutral Short 10
Economic Outlook
Rates Spreads Fed Activity
Portfolio Construction
7
Source Ideas for Key Rate Duration
The firm normally operates in a duration range of +- 10 of the benchmark index In extreme market environments the firm operates in a duration range of +- 25
Fixed Income ndash Aggregate Composite Returns
8
QTD 1 Yr 3 Yrs 5 Yrs 7 Yrs 10 Yrs 15 Yrs Inception
GHampA Gross of Fees 153 632 419 311 355 470 556 621
GHampA Net of Fees 149 614 401 292 335 450 536 597
Bloomberg Barclays US Aggregate 315 893 483 336 320 389 441 554
0
1
2
3
4
5
6
7
8
9
Preliminary
Awardsrankings may not represent client experiences and are not indicative of future performance Go to wwwgarciahamiltonassociatescomawards for additional information on each award
Preliminary
Comparative Annualized Rates of Return For periods ending March 31 2020
Inception December 31 1991 Periods longer than 12 months are annualized Additional information is in the performance disclosure
Source Bloomberg Barclays
Preliminary
Fixed Income ndash Intermediate GovtCredit Composite Returns
9
QTD 1 Yr 3 Yrs 5 Yrs 7 Yrs 10 Yrs 15 Yrs Inception
GHampA Gross of Fees 047 445 310 261 283 388 483 647
GHampA Net of Fees 043 425 290 240 262 366 457 608
Bloomberg Barclays US Int GovtCredit 240 688 380 277 247 315 382 566
0
1
2
3
4
5
6
7
Inception June 30 1988 Periods longer than 12 months are annualized
Preliminary
Awardsrankings may not represent client experiences and are not indicative of future performance Go to wwwgarciahamiltonassociatescomawards for additional information on each award
Comparative Annualized Rates of Return For periods ending March 31 2020
Additional information is in the performance disclosure
Source Bloomberg Barclays
Preliminary
Fixed Income ndash Short Duration Oppt Composite Returns
10
QTD 1 Yr 3 Yrs 5 Yrs 7 Yrs 10 Yrs Inception
GHampA Gross of Fees -226 015 122 136 149 212 258
GHampA Net of Fees -230 001 108 125 136 196 242
Bloomberg Barclays US 1-3 Year Govt Index 273 537 269 185 152 145 148
-3
-2
-1
0
1
2
3
4
5
6
Preliminary
Preliminary
Awardsrankings may not represent client experiences and are not indicative of future performance Go to wwwgarciahamiltonassociatescomawards for additional information on each award
Comparative Annualized Rates of Return For periods ending March 31 2020
Inception March 31 2009 Periods longer than 12 months are annualized Additional information is in the performance disclosure
Source Bloomberg Barclays
Preliminary
11
QTD 1 Year 3 Years 5 Years 7 Years 10 Years 15 Years Inception
to Date
PortfoliosAssets in Millions
Short Duration Government ndash Gross of FeesInception December 2003 041 212 174 158 145 174 279 276 2 67
Short Duration Government ndash Net of Fees 039 205 162 145 133 161 266 262 2 67
Bloomberg Barclays US 1-3 Year Govt 273 537 269 185 152 145 242 228 NA NA
Intermediate Aggregate ndash Gross of FeesInception December 2007 038 426 308 265 296 391 NA 474 29 591
Intermediate Aggregate ndash Net of Fees 033 404 288 245 275 370 NA 451 29 591
Bloomberg Barclays US IntermediateAggregate 249 688 388 283 262 323 NA 371 NA NA
Government Credit ndash Gross of FeesInception December 2004 206 803 486 343 384 507 559 549 12 480
Government Credit ndash Net of Fees 201 784 465 324 363 484 536 527 12 480
Bloomberg Barclays US GovtCredit 337 982 518 355 332 415 449 437 NA NA
Short Duration GovtCredit ndash Gross of FeesInception September 2013 -277 -004 134 149 NA NA NA 170 3 153
Short Duration GovtCredit ndash Net of Fees -280 -015 125 141 NA NA NA 162 3 153
Bloomberg Barclays US 1-3 Year GovtCredit 169 453 259 190 NA NA NA 170 NA NA
Unconstrained Bond ndash Gross of FeesInception March 2009 -248 -004 116 141 172 350 NA 458 2 6
Unconstrained Bond ndash Net of Fees -251 -024 093 117 147 323 NA 431 2 6
Bloomberg Barclays US Treasury Bellwether 3-Month 058 228 185 121 088 066 NA 061 NA NA
Comparative Annualized Rates of Return
Periods longer than 12 months are annualizedAdditional information is in the performance disclosure
For periods ending March 31 2020
Fixed Income Composite Performance Summary
12
Diversity
Our firm directly supports numerous minority organizations in the community
bullOur Managing Partner Gilbert Garcia serves as a member of the SEC Asset Management Advisory CommitteebullOur Managing Partner Gilbert Garcia serves as a member of the SEC Fixed Income Market Structure Advisory CommitteebullOur Managing Partner Gilbert Garcia serves as trustee on the Dallas Police and Fire Pension System Board of TrusteesbullOur Managing Partner Gilbert Garcia served as Chairman of the Metropolitan Transit Authority of Harris County Board for six yearsbullOur Managing Partner Gilbert Garcia was the 2012 Houston Area Urban League Gala Honorary ChairbullOur Managing Partner Gilbert Garcia was a co-chair of the 103rd NAACP National Convention bullOur Managing Partner Gilbert Garcia served as a trustee on the Houston Municipal Employees Pension System Board of TrusteesbullOur Partner and Director of Marketing and Client Services Ruby Muntildeoz Dang served as Trustee for the METRO Texas Non-Union Pension PlanbullOur Managing Partner Gilbert Garcia was awarded Houston Hispanic Chamber Male Entrepreneur of the Year
Community Service
bullNational Association of Securities Professionals is a non-profit association of professionals that brings together minorities and women in the fields of asset management public finance investment banking and other finance professions
bullOur Partner Stephanie Roberts is highly involved with the organization and is currently a NASP Board Member and the Texas chapter Treasurer
NASP
bullSEO - A non-profit organization that mentors young women and minority individuals in the development of careers in investment banking corporate law and other leading global companies Mr Garcia went through the program in 1983 and is the longest serving board member (since 1988)
bullMr Garcia was awarded the SEO Alumni Leadership Award at the 2015 Awards Dinner in New York City Other honorees included Michael R Bloomberg three-term Mayor of New York City and Founder of Bloomberg LP amp Bloomberg Philanthropies and David M Rubenstein Co-Founder amp Co-CEO of The Carlyle Group
SEO
bullThe League of United Latin American Citizens is a non-profit organization created to advance the economic condition educational attainment political influence housing health and civil rights of the Hispanic population of the United States
LULAC
Diversity is a central theme throughout the entire firm bullCertified as a MBE in several states bull90 of the firm owned by minority and female partnersbull61 owned by minority partners and 53 owned by Hispanic partnersbull88 of employees are ethnic minorities and womenbullExecuted over 60 of brokerage volume with MBEMWBEveteran firms over the past several yearsbullWe also work with many minority and women-owned vendors in the areas of
bullOffice Supplies Temporary Staffing Services Travel Accounting AuditorsbullThe firm has a summer internship program for minority undergraduate and high school students bullWe support and promote the LGBT community
GHampA Giving Back
13
Over
Since 2014Donated
$15 Million
Performance DisclosureFIXED INCOME ndash AGGREGATE COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US Aggregate
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US Aggregate Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets Period End (US$ mil)
of Firm Assets
1992 82 78 74 NM - - 2 35 470 7 1993 108 104 98 NM - - 3 62 741 8 1994 -33 -38 -29 NM - - 3 60 1079 6 1995 188 185 185 NM - - 4 89 1490 6 1996 33 31 36 NM - - 3 84 1785 5 1997 89 87 97 NM - - 3 107 2219 5 1998 98 95 87 NM - - 3 117 3543 3 1999 -21 -23 -08 NM - - 4 127 3893 3 2000 118 116 116 NM - - 3 102 3704 3 2001 79 77 84 NM - - 3 99 3496 3 2002 104 102 103 NM - - 3 85 3280 3 2003 41 39 41 NM - - 3 88 4628 2 2004 49 48 43 NM - - 4 98 4710 2 2005 38 36 24 NM - - 4 121 4152 3 2006 42 40 43 NM - - 4 126 3025 4 2007 86 84 70 01 - - 6 184 2215 8 2008 59 57 52 02 - - 9 248 1538 16 2009 121 119 59 17 - - 16 419 1939 22 2010 82 80 65 04 - - 27 653 2382 27 2011 53 51 78 03 35 28 42 983 2704 36 2012 105 103 42 02 31 24 47 1084 3227 34 2013 01 -01 -20 02 34 27 59 1372 3387 40 2014 80 78 60 02 28 26 111 2485 4962 50 2015 08 07 06 01 32 29 146 3768 6340 59 2016 32 30 27 01 33 30 168 5080 8016 63 2017 38 36 35 01 31 28 185 7135 10071 71 2018 10 08 00 02 25 28 205 8287 12590 66 2019 73 71 87 05 23 29 250 10113 14997 67
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Aggregate Index
The composite benchmark is the Bloomberg Barclays US Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of January 1 1992 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is October 1 1999
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fee results are calculated for the period of December 31 1991 through December 31 1994 by deducting the highest fee of 0375 from the monthly gross composite returns Since January 1 1995 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash AGGREGATE COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Aggregate Index
The composite benchmark is the Bloomberg Barclays US Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of January 1 1992 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is October 1 1999
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fee results are calculated for the period of December 31 1991 through December 31 1994 by deducting the highest fee of 0375 from the monthly gross composite returns Since January 1 1995 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash INTERMEDIATE GOVERNMENT CREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US Intermediate GovrsquotCredit
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US Intermediate GovrsquotCredit
Index () Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets Period End (US$ mil)
of Firm Assets
1988 24 23 23 NM - - 1 30 80 38 1989 158 152 128 NM - - 2 31 157 20 1990 103 98 92 NM - - 5 37 207 18 1991 179 173 147 NM - - 5 66 311 21 1992 79 74 72 03 - - 7 85 470 18 1993 114 109 88 NM - - 1 7 741 1 1994 -38 -43 -19 NM - - 4 38 1079 4 1995 167 161 153 NM - - 3 42 1490 3 1996 40 35 41 01 - - 11 84 1785 5 1997 79 74 79 01 - - 14 289 2219 13 1998 86 81 84 02 - - 15 400 3543 11 1999 -01 -06 04 04 - - 12 284 3893 7 2000 105 99 101 02 - - 11 189 3704 5 2001 87 82 90 03 - - 11 172 3496 5 2002 98 93 98 02 - - 9 154 3280 5 2003 42 37 43 03 - - 12 166 4628 4 2004 39 34 30 02 - - 14 223 4710 5 2005 24 19 16 01 - - 18 294 4152 7 2006 44 41 41 01 - - 18 307 3025 10 2007 83 80 74 01 - - 19 340 2215 15 2008 54 51 51 02 - - 19 269 1538 17 2009 109 106 52 05 - - 28 443 1939 23 2010 73 71 59 02 - - 32 495 2382 21 2011 37 34 58 01 35 26 34 623 2704 23 2012 96 94 39 02 32 22 34 651 3227 20 2013 12 10 -09 02 33 21 32 556 3387 16 2014 47 45 31 02 24 19 38 774 4962 16 2015 15 13 11 01 23 21 42 825 6340 13 2016 31 29 21 02 24 22 48 1057 8016 13 2017 23 21 21 01 22 21 51 1145 10071 11 2018 13 11 09 01 19 21 57 1284 12590 10 2019 61 59 68 02 16 20 72 1577 14997 11
Inception (7188) through 123188 Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US Intermediate GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of July 1 1988 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is July 1 1988
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income For the period of July 1 1988 through December 31 2005 net of fees results are calculated by deducting the highest fee of 012 on a quarterly basis from the monthly gross composite returns and for the period of December 31 2005 through December 31 2016 by deducting the highest fee of 007 on a quarterly basis from the monthly gross composite returns Since January 1 2010 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
FIXED INCOME ndash INTERMEDIATE GOVERNMENT CREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (7188) through 123188 Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US Intermediate GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of July 1 1988 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is July 1 1988
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income For the period of July 1 1988 through December 31 2005 net of fees results are calculated by deducting the highest fee of 012 on a quarterly basis from the monthly gross composite returns and for the period of December 31 2005 through December 31 2016 by deducting the highest fee of 007 on a quarterly basis from the monthly gross composite returns Since January 1 2010 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliance presentations are available upon request Composite dispersion for the period of July 1 1988 through December 31 1992 was an equal-weighted standard deviation Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION OPPORTUNISTIC COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite
Total Return ( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US
1-3 Year Govrsquot Index Return
()
Composite Dispersion
() Composite
()
Bloomberg Barclays US
1-3 Year Govrsquot Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm Assets
2009 64 63 11 NM - - 1 80 1939 4 2010 32 30 24 NM - - 2 72 2382 3 2011 25 22 16 NM - - 2 74 2704 3 2012 52 50 05 01 13 07 6 196 3227 6 2013 12 10 04 NM 14 05 2 27 3387 1 2014 21 19 06 NM 12 04 2 27 4962 1 2015 12 12 06 NM 12 06 1 1 6340 lt1 2016 24 23 09 NM 11 08 3 40 8016 1 2017 16 14 05 NM 10 08 1 29 10071 lt1 2018 16 15 16 NM 07 09 4 122 12590 1 2019 35 34 36 NM 04 10 4 87 14997 1
Inception (4109) through 123109 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Opportunistic Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Opportunistic investment product utilizes high-quality securities The portfolios generally utilize Treasuries Federal Agency debentures and Agency-Guaranteed 15-year Mortgage-Backed securities The portfolios may invest opportunistically in high quality domestic Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate with a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of April 1 2009 to date the minimum portfolio size for inclusion in the composite was $10 million The composite creation date is January 1 2010
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees and include incentive fees that are entered when earned The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION OPPORTUNISTIC COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (4109) through 123109 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Opportunistic Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Opportunistic investment product utilizes high-quality securities The portfolios generally utilize Treasuries Federal Agency debentures and Agency-Guaranteed 15-year Mortgage-Backed securities The portfolios may invest opportunistically in high quality domestic Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate with a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of April 1 2009 to date the minimum portfolio size for inclusion in the composite was $10 million The composite creation date is January 1 2010
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees and include incentive fees that are entered when earned The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION GOVERNMENT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US
1-3 Year Govrsquot Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US
1-3 Year Govrsquot Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm Assets
2004 29 27 11 NM - - 1 22 4710 lt 1 2005 26 25 17 NM - - 1 42 4152 lt 1 2006 46 45 41 NM - - 1 44 3025 1 2007 71 69 71 NM - - 1 47 2215 2 2008 73 71 67 NM - - 1 50 1538 3 2009 23 22 14 NM - - 1 51 1939 3 2010 28 27 24 NM - - 1 56 2382 2 2011 33 31 16 NM 12 10 1 56 2704 2 2012 15 13 05 NM 10 07 1 29 3227 lt 1 2013 04 03 04 NM 09 05 2 64 3387 2 2014 15 14 06 NM 09 04 1 55 4962 1 2015 11 09 06 NM 11 06 1 55 6340 1 2016 19 18 09 NM 11 08 1 56 8016 1 2017 14 13 05 NM 10 08 2 67 10071 1 2018 16 15 16 NM 08 09 2 68 12590 1 2019 23 22 36 NM 03 10 2 66 14997 lt 1
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Government Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Government investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchases Treasuries Federal Agency debentures and Agency-Guaranteed Mortgage-Backed securities The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is October 1 2004
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 014 of the first $25 million 012 of the next $25 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION GOVERNMENT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Government Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Government investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchases Treasuries Federal Agency debentures and Agency-Guaranteed Mortgage-Backed securities The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is October 1 2004
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 014 of the first $25 million 012 of the next $25 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME - INTERMEDIATE AGGREGATE COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US Intermediate Aggregate
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US Intermediate Aggregate Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm Assets
2008 54 51 49 NM - - 4 136 1538 9 2009 115 112 65 NM - - 5 130 1939 7 2010 73 70 62 01 - - 7 201 2382 8 2011 40 38 60 03 33 23 9 203 2704 8 2012 89 86 36 01 30 19 11 235 3227 7 2013 11 09 -10 01 31 20 16 250 3387 7 2014 53 51 41 01 24 20 16 269 4962 5 2015 17 16 12 01 24 21 18 267 6340 4 2016 32 30 20 01 25 21 20 287 8016 4 2017 22 20 23 01 23 20 22 331 10071 3 2018 16 14 09 01 19 21 23 379 12590 3 2019 59 57 67 01 16 20 26 462 14997 3
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate Aggregate Index
The composite benchmark is the Bloomberg Barclays US Intermediate Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2008
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME - INTERMEDIATE AGGREGATE COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate Aggregate Index
The composite benchmark is the Bloomberg Barclays US Intermediate Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2008
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash GOVERNMENTCREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US
GovernmentCredit Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US
GovernmentCredit Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm
Assets 2005 30 29 24 NM - - 1 101 4152 2 2006 40 38 38 NM - - 2 105 3025 3 2007 84 82 72 NM - - 2 9 2215 lt 1 2008 68 65 57 NM - - 3 15 1538 lt 1 2009 88 85 45 NM - - 3 15 1939 lt 1 2010 81 78 66 NM - - 2 11 2382 lt 1 2011 61 59 87 NM 38 34 2 13 2704 lt 1 2012 115 112 48 NM 34 30 2 14 3227 lt 1 2013 -02 -05 -24 NM 37 32 2 12 3387 lt 1 2014 85 82 60 NM 32 30 1 6 4962 lt 1 2015 08 06 02 NM 36 33 3 93 6340 1 2016 30 28 31 NM 38 35 4 138 8016 2 2017 42 40 40 NM 36 33 5 145 10071 1 2018 06 04 -04 NM 30 32 5 163 12590 1 2019 89 87 97 05 30 33 10 484 14997 3
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income- GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2006
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash GOVERNMENTCREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income- GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2006
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION GOVERNMENTCREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US 1-3 Year GovrsquotCredit
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US 1-3 Year GovrsquotCredit
Index () Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets Period End (US$ mil)
of Firm
Assets 2013 06 06 02 NM - - 3 92 3387 3
2014 20 19 08 NM - - 1 72 4962 1 2015 11 11 07 NM - - 2 98 6340 2 2016 26 25 13 NM 11 08 1 165 8016 2 2017 16 16 08 NM 10 07 3 286 10071 3 2018 18 17 16 NM 07 08 4 396 12590 3 2019 41 40 40 NM 05 09 3 157 14997 1
Inception (10113) through 123113 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration GovernmentCredit investment product will generally invest in high quality securities such as US Treasuries Agency debentures 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION GOVERNMENTCREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (10113) through 123113 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration GovernmentCredit investment product will generally invest in high quality securities such as US Treasuries Agency debentures 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash UNCONSTRAINED BOND COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite
Total Return ( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays
UST Bellwether 3-Month
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays
UST Bellwether 3-Month
Index ()
Number of Portfolios
Composite Assets
Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm
Assets 2009 134 131 02 NM - - 2 2 1939 lt 1
2010 83 80 02 NM - - 2 3 2382 lt 1 2011 41 39 01 NM - - 2 3 2704 lt 1 2012 126 123 01 NM 41 00 2 3 3227 lt 1 2013 13 11 01 NM 41 00 2 3 3387 lt 1 2014 32 28 01 NM 29 00 2 5 4962 lt 1 2015 13 11 01 NM 22 00 2 5 6340 lt 1 2016 31 28 04 NM 16 01 2 5 8016 lt 1 2017 16 13 09 NM 15 01 2 5 10071 lt 1 2018 15 13 19 NM 09 02 2 5 12590 lt 1 2019 35 32 23 NM 04 02 2 6 14997 lt 1
Inception (4109) through 43009 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Unconstrained Bond Composite is comprised only of fully discretionary fee paying portfolios including those portfolios no longer with the firm The Fixed Income-Unconstrained Bond investment philosophy will generally invest in high quality securities such as US Treasuries Agency Debentures Agency Guaranteed Mortgage-Backed securities and Investment Grade Corporate Bonds The Fixed Income-Unconstrained Bond product utilizes a domestic fixed income strategy that has the flexibility to adapt to changing markets without sector or duration constraints while maintaining a high-quality focus The flexibility to adapt to changing market conditions without limitation to the constraints of a specific index may result from time to time in the concentration of one or more sectors The portfolios do not contain derivatives and do not employ leverage
The Bloomberg Barclays US Treasury Bellwether 3-Month Index a cash proxy is provided for comparative purposes The composite is not managed against an Index The minimum portfolio size for inclusion in the composite has been $05 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash UNCONSTRAINED BOND COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP Inception (4109) through 43009 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays The GHampA Fixed Income-Unconstrained Bond Composite is comprised only of fully discretionary fee paying portfolios including those portfolios no longer with the firm The Fixed Income-Unconstrained Bond investment philosophy will generally invest in high quality securities such as US Treasuries Agency Debentures Agency Guaranteed Mortgage-Backed securities and Investment Grade Corporate Bonds The Fixed Income-Unconstrained Bond product utilizes a domestic fixed income strategy that has the flexibility to adapt to changing markets without sector or duration constraints while maintaining a high-quality focus The flexibility to adapt to changing market conditions without limitation to the constraints of a specific index may result from time to time in the concentration of one or more sectors The portfolios do not contain derivatives and do not employ leverage The Bloomberg Barclays US Treasury Bellwether 3-Month Index a cash proxy is provided for comparative purposes The composite is not managed against an Index The minimum portfolio size for inclusion in the composite has been $05 million since inception The composite creation date is January 1 2014 Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays UST Bellwether 3-Month Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays UST Bellwether 3-Month Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2009 | 134 | 131 | 02 | NM | - | - | 2 | 2 | 1939 | lt 1 | |||||||||||
2010 | 83 | 80 | 02 | NM | - | - | 2 | 3 | 2382 | lt 1 | |||||||||||
2011 | 41 | 39 | 01 | NM | - | - | 2 | 3 | 2704 | lt 1 | |||||||||||
2012 | 126 | 123 | 01 | NM | 41 | 00 | 2 | 3 | 3227 | lt 1 | |||||||||||
2013 | 13 | 11 | 01 | NM | 41 | 00 | 2 | 3 | 3387 | lt 1 | |||||||||||
2014 | 32 | 28 | 01 | NM | 29 | 00 | 2 | 5 | 4962 | lt 1 | |||||||||||
2015 | 13 | 11 | 01 | NM | 22 | 00 | 2 | 5 | 6340 | lt 1 | |||||||||||
2016 | 31 | 28 | 04 | NM | 16 | 01 | 2 | 5 | 8016 | lt 1 | |||||||||||
2017 | 16 | 13 | 09 | NM | 15 | 01 | 2 | 5 | 10071 | lt 1 | |||||||||||
2018 | 15 | 13 | 19 | NM | 09 | 02 | 2 | 5 | 12590 | lt 1 | |||||||||||
2019 | 35 | 32 | 23 | NM | 04 | 02 | 2 | 6 | 14997 | lt 1 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US 1-3 Year GovrsquotCredit Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US 1-3 Year GovrsquotCredit Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2013 | 06 | 06 | 02 | NM | - | - | 3 | 92 | 3387 | 3 | |||||||||||
2014 | 20 | 19 | 08 | NM | - | - | 1 | 72 | 4962 | 1 | |||||||||||
2015 | 11 | 11 | 07 | NM | - | - | 2 | 98 | 6340 | 2 | |||||||||||
2016 | 26 | 25 | 13 | NM | 11 | 08 | 1 | 165 | 8016 | 2 | |||||||||||
2017 | 16 | 16 | 08 | NM | 10 | 07 | 3 | 286 | 10071 | 3 | |||||||||||
2018 | 18 | 17 | 16 | NM | 07 | 08 | 4 | 396 | 12590 | 3 | |||||||||||
2019 | 41 | 40 | 40 | NM | 05 | 09 | 3 | 157 | 14997 | 1 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US GovernmentCredit Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US GovernmentCredit Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2005 | 30 | 29 | 24 | NM | - | - | 1 | 101 | 4152 | 2 | |||||||||||
2006 | 40 | 38 | 38 | NM | - | - | 2 | 105 | 3025 | 3 | |||||||||||
2007 | 84 | 82 | 72 | NM | - | - | 2 | 9 | 2215 | lt 1 | |||||||||||
2008 | 68 | 65 | 57 | NM | - | - | 3 | 15 | 1538 | lt 1 | |||||||||||
2009 | 88 | 85 | 45 | NM | - | - | 3 | 15 | 1939 | lt 1 | |||||||||||
2010 | 81 | 78 | 66 | NM | - | - | 2 | 11 | 2382 | lt 1 | |||||||||||
2011 | 61 | 59 | 87 | NM | 38 | 34 | 2 | 13 | 2704 | lt 1 | |||||||||||
2012 | 115 | 112 | 48 | NM | 34 | 30 | 2 | 14 | 3227 | lt 1 | |||||||||||
2013 | -02 | -05 | -24 | NM | 37 | 32 | 2 | 12 | 3387 | lt 1 | |||||||||||
2014 | 85 | 82 | 60 | NM | 32 | 30 | 1 | 6 | 4962 | lt 1 | |||||||||||
2015 | 08 | 06 | 02 | NM | 36 | 33 | 3 | 93 | 6340 | 1 | |||||||||||
2016 | 30 | 28 | 31 | NM | 38 | 35 | 4 | 138 | 8016 | 2 | |||||||||||
2017 | 42 | 40 | 40 | NM | 36 | 33 | 5 | 145 | 10071 | 1 | |||||||||||
2018 | 06 | 04 | -04 | NM | 30 | 32 | 5 | 163 | 12590 | 1 | |||||||||||
2019 | 89 | 87 | 97 | 05 | 30 | 33 | 10 | 484 | 14997 | 3 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US Intermediate Aggregate Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US Intermediate Aggregate Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2008 | 54 | 51 | 49 | NM | - | - | 4 | 136 | 1538 | 9 | |||||||||||
2009 | 115 | 112 | 65 | NM | - | - | 5 | 130 | 1939 | 7 | |||||||||||
2010 | 73 | 70 | 62 | 01 | - | - | 7 | 201 | 2382 | 8 | |||||||||||
2011 | 40 | 38 | 60 | 03 | 33 | 23 | 9 | 203 | 2704 | 8 | |||||||||||
2012 | 89 | 86 | 36 | 01 | 30 | 19 | 11 | 235 | 3227 | 7 | |||||||||||
2013 | 11 | 09 | -10 | 01 | 31 | 20 | 16 | 250 | 3387 | 7 | |||||||||||
2014 | 53 | 51 | 41 | 01 | 24 | 20 | 16 | 269 | 4962 | 5 | |||||||||||
2015 | 17 | 16 | 12 | 01 | 24 | 21 | 18 | 267 | 6340 | 4 | |||||||||||
2016 | 32 | 30 | 20 | 01 | 25 | 21 | 20 | 287 | 8016 | 4 | |||||||||||
2017 | 22 | 20 | 23 | 01 | 23 | 20 | 22 | 331 | 10071 | 3 | |||||||||||
2018 | 16 | 14 | 09 | 01 | 19 | 21 | 23 | 379 | 12590 | 3 | |||||||||||
2019 | 59 | 57 | 67 | 01 | 16 | 20 | 26 | 462 | 14997 | 3 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US 1-3 Year Govrsquot Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US 1-3 Year Govrsquot Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2004 | 29 | 27 | 11 | NM | - | - | 1 | 22 | 4710 | lt 1 | |||||||||||
2005 | 26 | 25 | 17 | NM | - | - | 1 | 42 | 4152 | lt 1 | |||||||||||
2006 | 46 | 45 | 41 | NM | - | - | 1 | 44 | 3025 | 1 | |||||||||||
2007 | 71 | 69 | 71 | NM | - | - | 1 | 47 | 2215 | 2 | |||||||||||
2008 | 73 | 71 | 67 | NM | - | - | 1 | 50 | 1538 | 3 | |||||||||||
2009 | 23 | 22 | 14 | NM | - | - | 1 | 51 | 1939 | 3 | |||||||||||
2010 | 28 | 27 | 24 | NM | - | - | 1 | 56 | 2382 | 2 | |||||||||||
2011 | 33 | 31 | 16 | NM | 12 | 10 | 1 | 56 | 2704 | 2 | |||||||||||
2012 | 15 | 13 | 05 | NM | 10 | 07 | 1 | 29 | 3227 | lt 1 | |||||||||||
2013 | 04 | 03 | 04 | NM | 09 | 05 | 2 | 64 | 3387 | 2 | |||||||||||
2014 | 15 | 14 | 06 | NM | 09 | 04 | 1 | 55 | 4962 | 1 | |||||||||||
2015 | 11 | 09 | 06 | NM | 11 | 06 | 1 | 55 | 6340 | 1 | |||||||||||
2016 | 19 | 18 | 09 | NM | 11 | 08 | 1 | 56 | 8016 | 1 | |||||||||||
2017 | 14 | 13 | 05 | NM | 10 | 08 | 2 | 67 | 10071 | 1 | |||||||||||
2018 | 16 | 15 | 16 | NM | 08 | 09 | 2 | 68 | 12590 | 1 | |||||||||||
2019 | 23 | 22 | 36 | NM | 03 | 10 | 2 | 66 | 14997 | lt 1 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US 1-3 Year Govrsquot Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US 1-3 Year Govrsquot Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2009 | 64 | 63 | 11 | NM | - | - | 1 | 80 | 1939 | 4 | |||||||||||
2010 | 32 | 30 | 24 | NM | - | - | 2 | 72 | 2382 | 3 | |||||||||||
2011 | 25 | 22 | 16 | NM | - | - | 2 | 74 | 2704 | 3 | |||||||||||
2012 | 52 | 50 | 05 | 01 | 13 | 07 | 6 | 196 | 3227 | 6 | |||||||||||
2013 | 12 | 10 | 04 | NM | 14 | 05 | 2 | 27 | 3387 | 1 | |||||||||||
2014 | 21 | 19 | 06 | NM | 12 | 04 | 2 | 27 | 4962 | 1 | |||||||||||
2015 | 12 | 12 | 06 | NM | 12 | 06 | 1 | 1 | 6340 | lt1 | |||||||||||
2016 | 24 | 23 | 09 | NM | 11 | 08 | 3 | 40 | 8016 | 1 | |||||||||||
2017 | 16 | 14 | 05 | NM | 10 | 08 | 1 | 29 | 10071 | lt1 | |||||||||||
2018 | 16 | 15 | 16 | NM | 07 | 09 | 4 | 122 | 12590 | 1 | |||||||||||
2019 | 35 | 34 | 36 | NM | 04 | 10 | 4 | 87 | 14997 | 1 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US Intermediate GovrsquotCredit Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US Intermediate GovrsquotCredit Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
1988 | 24 | 23 | 23 | NM | - | - | 1 | 30 | 80 | 38 | |||||||||||
1989 | 158 | 152 | 128 | NM | - | - | 2 | 31 | 157 | 20 | |||||||||||
1990 | 103 | 98 | 92 | NM | - | - | 5 | 37 | 207 | 18 | |||||||||||
1991 | 179 | 173 | 147 | NM | - | - | 5 | 66 | 311 | 21 | |||||||||||
1992 | 79 | 74 | 72 | 03 | - | - | 7 | 85 | 470 | 18 | |||||||||||
1993 | 114 | 109 | 88 | NM | - | - | 1 | 7 | 741 | 1 | |||||||||||
1994 | -38 | -43 | -19 | NM | - | - | 4 | 38 | 1079 | 4 | |||||||||||
1995 | 167 | 161 | 153 | NM | - | - | 3 | 42 | 1490 | 3 | |||||||||||
1996 | 40 | 35 | 41 | 01 | - | - | 11 | 84 | 1785 | 5 | |||||||||||
1997 | 79 | 74 | 79 | 01 | - | - | 14 | 289 | 2219 | 13 | |||||||||||
1998 | 86 | 81 | 84 | 02 | - | - | 15 | 400 | 3543 | 11 | |||||||||||
1999 | -01 | -06 | 04 | 04 | - | - | 12 | 284 | 3893 | 7 | |||||||||||
2000 | 105 | 99 | 101 | 02 | - | - | 11 | 189 | 3704 | 5 | |||||||||||
2001 | 87 | 82 | 90 | 03 | - | - | 11 | 172 | 3496 | 5 | |||||||||||
2002 | 98 | 93 | 98 | 02 | - | - | 9 | 154 | 3280 | 5 | |||||||||||
2003 | 42 | 37 | 43 | 03 | - | - | 12 | 166 | 4628 | 4 | |||||||||||
2004 | 39 | 34 | 30 | 02 | - | - | 14 | 223 | 4710 | 5 | |||||||||||
2005 | 24 | 19 | 16 | 01 | - | - | 18 | 294 | 4152 | 7 | |||||||||||
2006 | 44 | 41 | 41 | 01 | - | - | 18 | 307 | 3025 | 10 | |||||||||||
2007 | 83 | 80 | 74 | 01 | - | - | 19 | 340 | 2215 | 15 | |||||||||||
2008 | 54 | 51 | 51 | 02 | - | - | 19 | 269 | 1538 | 17 | |||||||||||
2009 | 109 | 106 | 52 | 05 | - | - | 28 | 443 | 1939 | 23 | |||||||||||
2010 | 73 | 71 | 59 | 02 | - | - | 32 | 495 | 2382 | 21 | |||||||||||
2011 | 37 | 34 | 58 | 01 | 35 | 26 | 34 | 623 | 2704 | 23 | |||||||||||
2012 | 96 | 94 | 39 | 02 | 32 | 22 | 34 | 651 | 3227 | 20 | |||||||||||
2013 | 12 | 10 | -09 | 02 | 33 | 21 | 32 | 556 | 3387 | 16 | |||||||||||
2014 | 47 | 45 | 31 | 02 | 24 | 19 | 38 | 774 | 4962 | 16 | |||||||||||
2015 | 15 | 13 | 11 | 01 | 23 | 21 | 42 | 825 | 6340 | 13 | |||||||||||
2016 | 31 | 29 | 21 | 02 | 24 | 22 | 48 | 1057 | 8016 | 13 | |||||||||||
2017 | 23 | 21 | 21 | 01 | 22 | 21 | 51 | 1145 | 10071 | 11 | |||||||||||
2018 | 13 | 11 | 09 | 01 | 19 | 21 | 57 | 1284 | 12590 | 10 | |||||||||||
2019 | 61 | 59 | 68 | 02 | 16 | 20 | 72 | 1577 | 14997 | 11 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US Aggregate Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US Aggregate Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
1992 | 82 | 78 | 74 | NM | - | - | 2 | 35 | 470 | 7 | |||||||||||
1993 | 108 | 104 | 98 | NM | - | - | 3 | 62 | 741 | 8 | |||||||||||
1994 | -33 | -38 | -29 | NM | - | - | 3 | 60 | 1079 | 6 | |||||||||||
1995 | 188 | 185 | 185 | NM | - | - | 4 | 89 | 1490 | 6 | |||||||||||
1996 | 33 | 31 | 36 | NM | - | - | 3 | 84 | 1785 | 5 | |||||||||||
1997 | 89 | 87 | 97 | NM | - | - | 3 | 107 | 2219 | 5 | |||||||||||
1998 | 98 | 95 | 87 | NM | - | - | 3 | 117 | 3543 | 3 | |||||||||||
1999 | -21 | -23 | -08 | NM | - | - | 4 | 127 | 3893 | 3 | |||||||||||
2000 | 118 | 116 | 116 | NM | - | - | 3 | 102 | 3704 | 3 | |||||||||||
2001 | 79 | 77 | 84 | NM | - | - | 3 | 99 | 3496 | 3 | |||||||||||
2002 | 104 | 102 | 103 | NM | - | - | 3 | 85 | 3280 | 3 | |||||||||||
2003 | 41 | 39 | 41 | NM | - | - | 3 | 88 | 4628 | 2 | |||||||||||
2004 | 49 | 48 | 43 | NM | - | - | 4 | 98 | 4710 | 2 | |||||||||||
2005 | 38 | 36 | 24 | NM | - | - | 4 | 121 | 4152 | 3 | |||||||||||
2006 | 42 | 40 | 43 | NM | - | - | 4 | 126 | 3025 | 4 | |||||||||||
2007 | 86 | 84 | 70 | 01 | - | - | 6 | 184 | 2215 | 8 | |||||||||||
2008 | 59 | 57 | 52 | 02 | - | - | 9 | 248 | 1538 | 16 | |||||||||||
2009 | 121 | 119 | 59 | 17 | - | - | 16 | 419 | 1939 | 22 | |||||||||||
2010 | 82 | 80 | 65 | 04 | - | - | 27 | 653 | 2382 | 27 | |||||||||||
2011 | 53 | 51 | 78 | 03 | 35 | 28 | 42 | 983 | 2704 | 36 | |||||||||||
2012 | 105 | 103 | 42 | 02 | 31 | 24 | 47 | 1084 | 3227 | 34 | |||||||||||
2013 | 01 | -01 | -20 | 02 | 34 | 27 | 59 | 1372 | 3387 | 40 | |||||||||||
2014 | 80 | 78 | 60 | 02 | 28 | 26 | 111 | 2485 | 4962 | 50 | |||||||||||
2015 | 08 | 07 | 06 | 01 | 32 | 29 | 146 | 3768 | 6340 | 59 | |||||||||||
2016 | 32 | 30 | 27 | 01 | 33 | 30 | 168 | 5080 | 8016 | 63 | |||||||||||
2017 | 38 | 36 | 35 | 01 | 31 | 28 | 185 | 7135 | 10071 | 71 | |||||||||||
2018 | 10 | 08 | 00 | 02 | 25 | 28 | 205 | 8287 | 12590 | 66 | |||||||||||
2019 | 73 | 71 | 87 | 05 | 23 | 29 | 250 | 10113 | 14997 | 67 |
Investment Goal
Investment Goal
Our goal is to outperform the benchmark net of fees over a full market cycleusing a high-quality strategy with less risk and an ESG focus By setting realisticexpectations we avoid taking unnecessary risks
Achieving our goal is centered around several core principles
Preserve Principal
Maintain Liquidity
Provide High Current Income
Be Responsible Citizens (ESG)
Key Tools
Sector Rotation
Controlled Interest Rate Anticipation
Yield Curve Positioning
5
Investment StyleHigh-Quality
Portfolio Dominated by US Treasuries Agency Debentures and Agency15-Year MBS Corporate Securities Rated A or Better
Spread Product Exclusively in the Short to Intermediate Maturities to Reduce Volatility
No Big SurprisesNo Foreign BondsYankees
No BBB Rated SecuritiesNo Sin Names ndashTobacco Gambling Alcohol Firearms
No DerivativesNo LeverageDollar Rolls
No Pricing OverridesMaintain a Manageable Number of Securities
No Soft DollarsESG Overlay
FlexibilityActively Rotating Sectors
Actively Managing Yield CurveExploiting Smaller Markets
Risk ControlsPercentage Sector Allocation Duration Contribution by Sector Credit Reviews Yield CurvePerformance Attribution Peer Group Performance Monitoring and ESG Scale Monitoring
6
ESG Overlay
Yield Curve
Barbelled Neutral Bulleted
Sectors
Treasuries Spread Product
Duration
Long 10 Neutral Short 10
Economic Outlook
Rates Spreads Fed Activity
Portfolio Construction
7
Source Ideas for Key Rate Duration
The firm normally operates in a duration range of +- 10 of the benchmark index In extreme market environments the firm operates in a duration range of +- 25
Fixed Income ndash Aggregate Composite Returns
8
QTD 1 Yr 3 Yrs 5 Yrs 7 Yrs 10 Yrs 15 Yrs Inception
GHampA Gross of Fees 153 632 419 311 355 470 556 621
GHampA Net of Fees 149 614 401 292 335 450 536 597
Bloomberg Barclays US Aggregate 315 893 483 336 320 389 441 554
0
1
2
3
4
5
6
7
8
9
Preliminary
Awardsrankings may not represent client experiences and are not indicative of future performance Go to wwwgarciahamiltonassociatescomawards for additional information on each award
Preliminary
Comparative Annualized Rates of Return For periods ending March 31 2020
Inception December 31 1991 Periods longer than 12 months are annualized Additional information is in the performance disclosure
Source Bloomberg Barclays
Preliminary
Fixed Income ndash Intermediate GovtCredit Composite Returns
9
QTD 1 Yr 3 Yrs 5 Yrs 7 Yrs 10 Yrs 15 Yrs Inception
GHampA Gross of Fees 047 445 310 261 283 388 483 647
GHampA Net of Fees 043 425 290 240 262 366 457 608
Bloomberg Barclays US Int GovtCredit 240 688 380 277 247 315 382 566
0
1
2
3
4
5
6
7
Inception June 30 1988 Periods longer than 12 months are annualized
Preliminary
Awardsrankings may not represent client experiences and are not indicative of future performance Go to wwwgarciahamiltonassociatescomawards for additional information on each award
Comparative Annualized Rates of Return For periods ending March 31 2020
Additional information is in the performance disclosure
Source Bloomberg Barclays
Preliminary
Fixed Income ndash Short Duration Oppt Composite Returns
10
QTD 1 Yr 3 Yrs 5 Yrs 7 Yrs 10 Yrs Inception
GHampA Gross of Fees -226 015 122 136 149 212 258
GHampA Net of Fees -230 001 108 125 136 196 242
Bloomberg Barclays US 1-3 Year Govt Index 273 537 269 185 152 145 148
-3
-2
-1
0
1
2
3
4
5
6
Preliminary
Preliminary
Awardsrankings may not represent client experiences and are not indicative of future performance Go to wwwgarciahamiltonassociatescomawards for additional information on each award
Comparative Annualized Rates of Return For periods ending March 31 2020
Inception March 31 2009 Periods longer than 12 months are annualized Additional information is in the performance disclosure
Source Bloomberg Barclays
Preliminary
11
QTD 1 Year 3 Years 5 Years 7 Years 10 Years 15 Years Inception
to Date
PortfoliosAssets in Millions
Short Duration Government ndash Gross of FeesInception December 2003 041 212 174 158 145 174 279 276 2 67
Short Duration Government ndash Net of Fees 039 205 162 145 133 161 266 262 2 67
Bloomberg Barclays US 1-3 Year Govt 273 537 269 185 152 145 242 228 NA NA
Intermediate Aggregate ndash Gross of FeesInception December 2007 038 426 308 265 296 391 NA 474 29 591
Intermediate Aggregate ndash Net of Fees 033 404 288 245 275 370 NA 451 29 591
Bloomberg Barclays US IntermediateAggregate 249 688 388 283 262 323 NA 371 NA NA
Government Credit ndash Gross of FeesInception December 2004 206 803 486 343 384 507 559 549 12 480
Government Credit ndash Net of Fees 201 784 465 324 363 484 536 527 12 480
Bloomberg Barclays US GovtCredit 337 982 518 355 332 415 449 437 NA NA
Short Duration GovtCredit ndash Gross of FeesInception September 2013 -277 -004 134 149 NA NA NA 170 3 153
Short Duration GovtCredit ndash Net of Fees -280 -015 125 141 NA NA NA 162 3 153
Bloomberg Barclays US 1-3 Year GovtCredit 169 453 259 190 NA NA NA 170 NA NA
Unconstrained Bond ndash Gross of FeesInception March 2009 -248 -004 116 141 172 350 NA 458 2 6
Unconstrained Bond ndash Net of Fees -251 -024 093 117 147 323 NA 431 2 6
Bloomberg Barclays US Treasury Bellwether 3-Month 058 228 185 121 088 066 NA 061 NA NA
Comparative Annualized Rates of Return
Periods longer than 12 months are annualizedAdditional information is in the performance disclosure
For periods ending March 31 2020
Fixed Income Composite Performance Summary
12
Diversity
Our firm directly supports numerous minority organizations in the community
bullOur Managing Partner Gilbert Garcia serves as a member of the SEC Asset Management Advisory CommitteebullOur Managing Partner Gilbert Garcia serves as a member of the SEC Fixed Income Market Structure Advisory CommitteebullOur Managing Partner Gilbert Garcia serves as trustee on the Dallas Police and Fire Pension System Board of TrusteesbullOur Managing Partner Gilbert Garcia served as Chairman of the Metropolitan Transit Authority of Harris County Board for six yearsbullOur Managing Partner Gilbert Garcia was the 2012 Houston Area Urban League Gala Honorary ChairbullOur Managing Partner Gilbert Garcia was a co-chair of the 103rd NAACP National Convention bullOur Managing Partner Gilbert Garcia served as a trustee on the Houston Municipal Employees Pension System Board of TrusteesbullOur Partner and Director of Marketing and Client Services Ruby Muntildeoz Dang served as Trustee for the METRO Texas Non-Union Pension PlanbullOur Managing Partner Gilbert Garcia was awarded Houston Hispanic Chamber Male Entrepreneur of the Year
Community Service
bullNational Association of Securities Professionals is a non-profit association of professionals that brings together minorities and women in the fields of asset management public finance investment banking and other finance professions
bullOur Partner Stephanie Roberts is highly involved with the organization and is currently a NASP Board Member and the Texas chapter Treasurer
NASP
bullSEO - A non-profit organization that mentors young women and minority individuals in the development of careers in investment banking corporate law and other leading global companies Mr Garcia went through the program in 1983 and is the longest serving board member (since 1988)
bullMr Garcia was awarded the SEO Alumni Leadership Award at the 2015 Awards Dinner in New York City Other honorees included Michael R Bloomberg three-term Mayor of New York City and Founder of Bloomberg LP amp Bloomberg Philanthropies and David M Rubenstein Co-Founder amp Co-CEO of The Carlyle Group
SEO
bullThe League of United Latin American Citizens is a non-profit organization created to advance the economic condition educational attainment political influence housing health and civil rights of the Hispanic population of the United States
LULAC
Diversity is a central theme throughout the entire firm bullCertified as a MBE in several states bull90 of the firm owned by minority and female partnersbull61 owned by minority partners and 53 owned by Hispanic partnersbull88 of employees are ethnic minorities and womenbullExecuted over 60 of brokerage volume with MBEMWBEveteran firms over the past several yearsbullWe also work with many minority and women-owned vendors in the areas of
bullOffice Supplies Temporary Staffing Services Travel Accounting AuditorsbullThe firm has a summer internship program for minority undergraduate and high school students bullWe support and promote the LGBT community
GHampA Giving Back
13
Over
Since 2014Donated
$15 Million
Performance DisclosureFIXED INCOME ndash AGGREGATE COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US Aggregate
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US Aggregate Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets Period End (US$ mil)
of Firm Assets
1992 82 78 74 NM - - 2 35 470 7 1993 108 104 98 NM - - 3 62 741 8 1994 -33 -38 -29 NM - - 3 60 1079 6 1995 188 185 185 NM - - 4 89 1490 6 1996 33 31 36 NM - - 3 84 1785 5 1997 89 87 97 NM - - 3 107 2219 5 1998 98 95 87 NM - - 3 117 3543 3 1999 -21 -23 -08 NM - - 4 127 3893 3 2000 118 116 116 NM - - 3 102 3704 3 2001 79 77 84 NM - - 3 99 3496 3 2002 104 102 103 NM - - 3 85 3280 3 2003 41 39 41 NM - - 3 88 4628 2 2004 49 48 43 NM - - 4 98 4710 2 2005 38 36 24 NM - - 4 121 4152 3 2006 42 40 43 NM - - 4 126 3025 4 2007 86 84 70 01 - - 6 184 2215 8 2008 59 57 52 02 - - 9 248 1538 16 2009 121 119 59 17 - - 16 419 1939 22 2010 82 80 65 04 - - 27 653 2382 27 2011 53 51 78 03 35 28 42 983 2704 36 2012 105 103 42 02 31 24 47 1084 3227 34 2013 01 -01 -20 02 34 27 59 1372 3387 40 2014 80 78 60 02 28 26 111 2485 4962 50 2015 08 07 06 01 32 29 146 3768 6340 59 2016 32 30 27 01 33 30 168 5080 8016 63 2017 38 36 35 01 31 28 185 7135 10071 71 2018 10 08 00 02 25 28 205 8287 12590 66 2019 73 71 87 05 23 29 250 10113 14997 67
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Aggregate Index
The composite benchmark is the Bloomberg Barclays US Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of January 1 1992 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is October 1 1999
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fee results are calculated for the period of December 31 1991 through December 31 1994 by deducting the highest fee of 0375 from the monthly gross composite returns Since January 1 1995 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash AGGREGATE COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Aggregate Index
The composite benchmark is the Bloomberg Barclays US Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of January 1 1992 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is October 1 1999
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fee results are calculated for the period of December 31 1991 through December 31 1994 by deducting the highest fee of 0375 from the monthly gross composite returns Since January 1 1995 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash INTERMEDIATE GOVERNMENT CREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US Intermediate GovrsquotCredit
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US Intermediate GovrsquotCredit
Index () Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets Period End (US$ mil)
of Firm Assets
1988 24 23 23 NM - - 1 30 80 38 1989 158 152 128 NM - - 2 31 157 20 1990 103 98 92 NM - - 5 37 207 18 1991 179 173 147 NM - - 5 66 311 21 1992 79 74 72 03 - - 7 85 470 18 1993 114 109 88 NM - - 1 7 741 1 1994 -38 -43 -19 NM - - 4 38 1079 4 1995 167 161 153 NM - - 3 42 1490 3 1996 40 35 41 01 - - 11 84 1785 5 1997 79 74 79 01 - - 14 289 2219 13 1998 86 81 84 02 - - 15 400 3543 11 1999 -01 -06 04 04 - - 12 284 3893 7 2000 105 99 101 02 - - 11 189 3704 5 2001 87 82 90 03 - - 11 172 3496 5 2002 98 93 98 02 - - 9 154 3280 5 2003 42 37 43 03 - - 12 166 4628 4 2004 39 34 30 02 - - 14 223 4710 5 2005 24 19 16 01 - - 18 294 4152 7 2006 44 41 41 01 - - 18 307 3025 10 2007 83 80 74 01 - - 19 340 2215 15 2008 54 51 51 02 - - 19 269 1538 17 2009 109 106 52 05 - - 28 443 1939 23 2010 73 71 59 02 - - 32 495 2382 21 2011 37 34 58 01 35 26 34 623 2704 23 2012 96 94 39 02 32 22 34 651 3227 20 2013 12 10 -09 02 33 21 32 556 3387 16 2014 47 45 31 02 24 19 38 774 4962 16 2015 15 13 11 01 23 21 42 825 6340 13 2016 31 29 21 02 24 22 48 1057 8016 13 2017 23 21 21 01 22 21 51 1145 10071 11 2018 13 11 09 01 19 21 57 1284 12590 10 2019 61 59 68 02 16 20 72 1577 14997 11
Inception (7188) through 123188 Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US Intermediate GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of July 1 1988 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is July 1 1988
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income For the period of July 1 1988 through December 31 2005 net of fees results are calculated by deducting the highest fee of 012 on a quarterly basis from the monthly gross composite returns and for the period of December 31 2005 through December 31 2016 by deducting the highest fee of 007 on a quarterly basis from the monthly gross composite returns Since January 1 2010 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
FIXED INCOME ndash INTERMEDIATE GOVERNMENT CREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (7188) through 123188 Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US Intermediate GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of July 1 1988 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is July 1 1988
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income For the period of July 1 1988 through December 31 2005 net of fees results are calculated by deducting the highest fee of 012 on a quarterly basis from the monthly gross composite returns and for the period of December 31 2005 through December 31 2016 by deducting the highest fee of 007 on a quarterly basis from the monthly gross composite returns Since January 1 2010 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliance presentations are available upon request Composite dispersion for the period of July 1 1988 through December 31 1992 was an equal-weighted standard deviation Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION OPPORTUNISTIC COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite
Total Return ( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US
1-3 Year Govrsquot Index Return
()
Composite Dispersion
() Composite
()
Bloomberg Barclays US
1-3 Year Govrsquot Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm Assets
2009 64 63 11 NM - - 1 80 1939 4 2010 32 30 24 NM - - 2 72 2382 3 2011 25 22 16 NM - - 2 74 2704 3 2012 52 50 05 01 13 07 6 196 3227 6 2013 12 10 04 NM 14 05 2 27 3387 1 2014 21 19 06 NM 12 04 2 27 4962 1 2015 12 12 06 NM 12 06 1 1 6340 lt1 2016 24 23 09 NM 11 08 3 40 8016 1 2017 16 14 05 NM 10 08 1 29 10071 lt1 2018 16 15 16 NM 07 09 4 122 12590 1 2019 35 34 36 NM 04 10 4 87 14997 1
Inception (4109) through 123109 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Opportunistic Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Opportunistic investment product utilizes high-quality securities The portfolios generally utilize Treasuries Federal Agency debentures and Agency-Guaranteed 15-year Mortgage-Backed securities The portfolios may invest opportunistically in high quality domestic Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate with a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of April 1 2009 to date the minimum portfolio size for inclusion in the composite was $10 million The composite creation date is January 1 2010
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees and include incentive fees that are entered when earned The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION OPPORTUNISTIC COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (4109) through 123109 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Opportunistic Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Opportunistic investment product utilizes high-quality securities The portfolios generally utilize Treasuries Federal Agency debentures and Agency-Guaranteed 15-year Mortgage-Backed securities The portfolios may invest opportunistically in high quality domestic Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate with a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of April 1 2009 to date the minimum portfolio size for inclusion in the composite was $10 million The composite creation date is January 1 2010
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees and include incentive fees that are entered when earned The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION GOVERNMENT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US
1-3 Year Govrsquot Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US
1-3 Year Govrsquot Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm Assets
2004 29 27 11 NM - - 1 22 4710 lt 1 2005 26 25 17 NM - - 1 42 4152 lt 1 2006 46 45 41 NM - - 1 44 3025 1 2007 71 69 71 NM - - 1 47 2215 2 2008 73 71 67 NM - - 1 50 1538 3 2009 23 22 14 NM - - 1 51 1939 3 2010 28 27 24 NM - - 1 56 2382 2 2011 33 31 16 NM 12 10 1 56 2704 2 2012 15 13 05 NM 10 07 1 29 3227 lt 1 2013 04 03 04 NM 09 05 2 64 3387 2 2014 15 14 06 NM 09 04 1 55 4962 1 2015 11 09 06 NM 11 06 1 55 6340 1 2016 19 18 09 NM 11 08 1 56 8016 1 2017 14 13 05 NM 10 08 2 67 10071 1 2018 16 15 16 NM 08 09 2 68 12590 1 2019 23 22 36 NM 03 10 2 66 14997 lt 1
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Government Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Government investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchases Treasuries Federal Agency debentures and Agency-Guaranteed Mortgage-Backed securities The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is October 1 2004
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 014 of the first $25 million 012 of the next $25 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION GOVERNMENT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Government Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Government investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchases Treasuries Federal Agency debentures and Agency-Guaranteed Mortgage-Backed securities The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is October 1 2004
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 014 of the first $25 million 012 of the next $25 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME - INTERMEDIATE AGGREGATE COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US Intermediate Aggregate
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US Intermediate Aggregate Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm Assets
2008 54 51 49 NM - - 4 136 1538 9 2009 115 112 65 NM - - 5 130 1939 7 2010 73 70 62 01 - - 7 201 2382 8 2011 40 38 60 03 33 23 9 203 2704 8 2012 89 86 36 01 30 19 11 235 3227 7 2013 11 09 -10 01 31 20 16 250 3387 7 2014 53 51 41 01 24 20 16 269 4962 5 2015 17 16 12 01 24 21 18 267 6340 4 2016 32 30 20 01 25 21 20 287 8016 4 2017 22 20 23 01 23 20 22 331 10071 3 2018 16 14 09 01 19 21 23 379 12590 3 2019 59 57 67 01 16 20 26 462 14997 3
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate Aggregate Index
The composite benchmark is the Bloomberg Barclays US Intermediate Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2008
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME - INTERMEDIATE AGGREGATE COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate Aggregate Index
The composite benchmark is the Bloomberg Barclays US Intermediate Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2008
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash GOVERNMENTCREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US
GovernmentCredit Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US
GovernmentCredit Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm
Assets 2005 30 29 24 NM - - 1 101 4152 2 2006 40 38 38 NM - - 2 105 3025 3 2007 84 82 72 NM - - 2 9 2215 lt 1 2008 68 65 57 NM - - 3 15 1538 lt 1 2009 88 85 45 NM - - 3 15 1939 lt 1 2010 81 78 66 NM - - 2 11 2382 lt 1 2011 61 59 87 NM 38 34 2 13 2704 lt 1 2012 115 112 48 NM 34 30 2 14 3227 lt 1 2013 -02 -05 -24 NM 37 32 2 12 3387 lt 1 2014 85 82 60 NM 32 30 1 6 4962 lt 1 2015 08 06 02 NM 36 33 3 93 6340 1 2016 30 28 31 NM 38 35 4 138 8016 2 2017 42 40 40 NM 36 33 5 145 10071 1 2018 06 04 -04 NM 30 32 5 163 12590 1 2019 89 87 97 05 30 33 10 484 14997 3
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income- GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2006
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash GOVERNMENTCREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income- GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2006
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION GOVERNMENTCREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US 1-3 Year GovrsquotCredit
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US 1-3 Year GovrsquotCredit
Index () Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets Period End (US$ mil)
of Firm
Assets 2013 06 06 02 NM - - 3 92 3387 3
2014 20 19 08 NM - - 1 72 4962 1 2015 11 11 07 NM - - 2 98 6340 2 2016 26 25 13 NM 11 08 1 165 8016 2 2017 16 16 08 NM 10 07 3 286 10071 3 2018 18 17 16 NM 07 08 4 396 12590 3 2019 41 40 40 NM 05 09 3 157 14997 1
Inception (10113) through 123113 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration GovernmentCredit investment product will generally invest in high quality securities such as US Treasuries Agency debentures 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION GOVERNMENTCREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (10113) through 123113 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration GovernmentCredit investment product will generally invest in high quality securities such as US Treasuries Agency debentures 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash UNCONSTRAINED BOND COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite
Total Return ( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays
UST Bellwether 3-Month
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays
UST Bellwether 3-Month
Index ()
Number of Portfolios
Composite Assets
Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm
Assets 2009 134 131 02 NM - - 2 2 1939 lt 1
2010 83 80 02 NM - - 2 3 2382 lt 1 2011 41 39 01 NM - - 2 3 2704 lt 1 2012 126 123 01 NM 41 00 2 3 3227 lt 1 2013 13 11 01 NM 41 00 2 3 3387 lt 1 2014 32 28 01 NM 29 00 2 5 4962 lt 1 2015 13 11 01 NM 22 00 2 5 6340 lt 1 2016 31 28 04 NM 16 01 2 5 8016 lt 1 2017 16 13 09 NM 15 01 2 5 10071 lt 1 2018 15 13 19 NM 09 02 2 5 12590 lt 1 2019 35 32 23 NM 04 02 2 6 14997 lt 1
Inception (4109) through 43009 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Unconstrained Bond Composite is comprised only of fully discretionary fee paying portfolios including those portfolios no longer with the firm The Fixed Income-Unconstrained Bond investment philosophy will generally invest in high quality securities such as US Treasuries Agency Debentures Agency Guaranteed Mortgage-Backed securities and Investment Grade Corporate Bonds The Fixed Income-Unconstrained Bond product utilizes a domestic fixed income strategy that has the flexibility to adapt to changing markets without sector or duration constraints while maintaining a high-quality focus The flexibility to adapt to changing market conditions without limitation to the constraints of a specific index may result from time to time in the concentration of one or more sectors The portfolios do not contain derivatives and do not employ leverage
The Bloomberg Barclays US Treasury Bellwether 3-Month Index a cash proxy is provided for comparative purposes The composite is not managed against an Index The minimum portfolio size for inclusion in the composite has been $05 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash UNCONSTRAINED BOND COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP Inception (4109) through 43009 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays The GHampA Fixed Income-Unconstrained Bond Composite is comprised only of fully discretionary fee paying portfolios including those portfolios no longer with the firm The Fixed Income-Unconstrained Bond investment philosophy will generally invest in high quality securities such as US Treasuries Agency Debentures Agency Guaranteed Mortgage-Backed securities and Investment Grade Corporate Bonds The Fixed Income-Unconstrained Bond product utilizes a domestic fixed income strategy that has the flexibility to adapt to changing markets without sector or duration constraints while maintaining a high-quality focus The flexibility to adapt to changing market conditions without limitation to the constraints of a specific index may result from time to time in the concentration of one or more sectors The portfolios do not contain derivatives and do not employ leverage The Bloomberg Barclays US Treasury Bellwether 3-Month Index a cash proxy is provided for comparative purposes The composite is not managed against an Index The minimum portfolio size for inclusion in the composite has been $05 million since inception The composite creation date is January 1 2014 Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays UST Bellwether 3-Month Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays UST Bellwether 3-Month Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2009 | 134 | 131 | 02 | NM | - | - | 2 | 2 | 1939 | lt 1 | |||||||||||
2010 | 83 | 80 | 02 | NM | - | - | 2 | 3 | 2382 | lt 1 | |||||||||||
2011 | 41 | 39 | 01 | NM | - | - | 2 | 3 | 2704 | lt 1 | |||||||||||
2012 | 126 | 123 | 01 | NM | 41 | 00 | 2 | 3 | 3227 | lt 1 | |||||||||||
2013 | 13 | 11 | 01 | NM | 41 | 00 | 2 | 3 | 3387 | lt 1 | |||||||||||
2014 | 32 | 28 | 01 | NM | 29 | 00 | 2 | 5 | 4962 | lt 1 | |||||||||||
2015 | 13 | 11 | 01 | NM | 22 | 00 | 2 | 5 | 6340 | lt 1 | |||||||||||
2016 | 31 | 28 | 04 | NM | 16 | 01 | 2 | 5 | 8016 | lt 1 | |||||||||||
2017 | 16 | 13 | 09 | NM | 15 | 01 | 2 | 5 | 10071 | lt 1 | |||||||||||
2018 | 15 | 13 | 19 | NM | 09 | 02 | 2 | 5 | 12590 | lt 1 | |||||||||||
2019 | 35 | 32 | 23 | NM | 04 | 02 | 2 | 6 | 14997 | lt 1 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US 1-3 Year GovrsquotCredit Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US 1-3 Year GovrsquotCredit Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2013 | 06 | 06 | 02 | NM | - | - | 3 | 92 | 3387 | 3 | |||||||||||
2014 | 20 | 19 | 08 | NM | - | - | 1 | 72 | 4962 | 1 | |||||||||||
2015 | 11 | 11 | 07 | NM | - | - | 2 | 98 | 6340 | 2 | |||||||||||
2016 | 26 | 25 | 13 | NM | 11 | 08 | 1 | 165 | 8016 | 2 | |||||||||||
2017 | 16 | 16 | 08 | NM | 10 | 07 | 3 | 286 | 10071 | 3 | |||||||||||
2018 | 18 | 17 | 16 | NM | 07 | 08 | 4 | 396 | 12590 | 3 | |||||||||||
2019 | 41 | 40 | 40 | NM | 05 | 09 | 3 | 157 | 14997 | 1 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US GovernmentCredit Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US GovernmentCredit Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2005 | 30 | 29 | 24 | NM | - | - | 1 | 101 | 4152 | 2 | |||||||||||
2006 | 40 | 38 | 38 | NM | - | - | 2 | 105 | 3025 | 3 | |||||||||||
2007 | 84 | 82 | 72 | NM | - | - | 2 | 9 | 2215 | lt 1 | |||||||||||
2008 | 68 | 65 | 57 | NM | - | - | 3 | 15 | 1538 | lt 1 | |||||||||||
2009 | 88 | 85 | 45 | NM | - | - | 3 | 15 | 1939 | lt 1 | |||||||||||
2010 | 81 | 78 | 66 | NM | - | - | 2 | 11 | 2382 | lt 1 | |||||||||||
2011 | 61 | 59 | 87 | NM | 38 | 34 | 2 | 13 | 2704 | lt 1 | |||||||||||
2012 | 115 | 112 | 48 | NM | 34 | 30 | 2 | 14 | 3227 | lt 1 | |||||||||||
2013 | -02 | -05 | -24 | NM | 37 | 32 | 2 | 12 | 3387 | lt 1 | |||||||||||
2014 | 85 | 82 | 60 | NM | 32 | 30 | 1 | 6 | 4962 | lt 1 | |||||||||||
2015 | 08 | 06 | 02 | NM | 36 | 33 | 3 | 93 | 6340 | 1 | |||||||||||
2016 | 30 | 28 | 31 | NM | 38 | 35 | 4 | 138 | 8016 | 2 | |||||||||||
2017 | 42 | 40 | 40 | NM | 36 | 33 | 5 | 145 | 10071 | 1 | |||||||||||
2018 | 06 | 04 | -04 | NM | 30 | 32 | 5 | 163 | 12590 | 1 | |||||||||||
2019 | 89 | 87 | 97 | 05 | 30 | 33 | 10 | 484 | 14997 | 3 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US Intermediate Aggregate Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US Intermediate Aggregate Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2008 | 54 | 51 | 49 | NM | - | - | 4 | 136 | 1538 | 9 | |||||||||||
2009 | 115 | 112 | 65 | NM | - | - | 5 | 130 | 1939 | 7 | |||||||||||
2010 | 73 | 70 | 62 | 01 | - | - | 7 | 201 | 2382 | 8 | |||||||||||
2011 | 40 | 38 | 60 | 03 | 33 | 23 | 9 | 203 | 2704 | 8 | |||||||||||
2012 | 89 | 86 | 36 | 01 | 30 | 19 | 11 | 235 | 3227 | 7 | |||||||||||
2013 | 11 | 09 | -10 | 01 | 31 | 20 | 16 | 250 | 3387 | 7 | |||||||||||
2014 | 53 | 51 | 41 | 01 | 24 | 20 | 16 | 269 | 4962 | 5 | |||||||||||
2015 | 17 | 16 | 12 | 01 | 24 | 21 | 18 | 267 | 6340 | 4 | |||||||||||
2016 | 32 | 30 | 20 | 01 | 25 | 21 | 20 | 287 | 8016 | 4 | |||||||||||
2017 | 22 | 20 | 23 | 01 | 23 | 20 | 22 | 331 | 10071 | 3 | |||||||||||
2018 | 16 | 14 | 09 | 01 | 19 | 21 | 23 | 379 | 12590 | 3 | |||||||||||
2019 | 59 | 57 | 67 | 01 | 16 | 20 | 26 | 462 | 14997 | 3 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US 1-3 Year Govrsquot Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US 1-3 Year Govrsquot Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2004 | 29 | 27 | 11 | NM | - | - | 1 | 22 | 4710 | lt 1 | |||||||||||
2005 | 26 | 25 | 17 | NM | - | - | 1 | 42 | 4152 | lt 1 | |||||||||||
2006 | 46 | 45 | 41 | NM | - | - | 1 | 44 | 3025 | 1 | |||||||||||
2007 | 71 | 69 | 71 | NM | - | - | 1 | 47 | 2215 | 2 | |||||||||||
2008 | 73 | 71 | 67 | NM | - | - | 1 | 50 | 1538 | 3 | |||||||||||
2009 | 23 | 22 | 14 | NM | - | - | 1 | 51 | 1939 | 3 | |||||||||||
2010 | 28 | 27 | 24 | NM | - | - | 1 | 56 | 2382 | 2 | |||||||||||
2011 | 33 | 31 | 16 | NM | 12 | 10 | 1 | 56 | 2704 | 2 | |||||||||||
2012 | 15 | 13 | 05 | NM | 10 | 07 | 1 | 29 | 3227 | lt 1 | |||||||||||
2013 | 04 | 03 | 04 | NM | 09 | 05 | 2 | 64 | 3387 | 2 | |||||||||||
2014 | 15 | 14 | 06 | NM | 09 | 04 | 1 | 55 | 4962 | 1 | |||||||||||
2015 | 11 | 09 | 06 | NM | 11 | 06 | 1 | 55 | 6340 | 1 | |||||||||||
2016 | 19 | 18 | 09 | NM | 11 | 08 | 1 | 56 | 8016 | 1 | |||||||||||
2017 | 14 | 13 | 05 | NM | 10 | 08 | 2 | 67 | 10071 | 1 | |||||||||||
2018 | 16 | 15 | 16 | NM | 08 | 09 | 2 | 68 | 12590 | 1 | |||||||||||
2019 | 23 | 22 | 36 | NM | 03 | 10 | 2 | 66 | 14997 | lt 1 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US 1-3 Year Govrsquot Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US 1-3 Year Govrsquot Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2009 | 64 | 63 | 11 | NM | - | - | 1 | 80 | 1939 | 4 | |||||||||||
2010 | 32 | 30 | 24 | NM | - | - | 2 | 72 | 2382 | 3 | |||||||||||
2011 | 25 | 22 | 16 | NM | - | - | 2 | 74 | 2704 | 3 | |||||||||||
2012 | 52 | 50 | 05 | 01 | 13 | 07 | 6 | 196 | 3227 | 6 | |||||||||||
2013 | 12 | 10 | 04 | NM | 14 | 05 | 2 | 27 | 3387 | 1 | |||||||||||
2014 | 21 | 19 | 06 | NM | 12 | 04 | 2 | 27 | 4962 | 1 | |||||||||||
2015 | 12 | 12 | 06 | NM | 12 | 06 | 1 | 1 | 6340 | lt1 | |||||||||||
2016 | 24 | 23 | 09 | NM | 11 | 08 | 3 | 40 | 8016 | 1 | |||||||||||
2017 | 16 | 14 | 05 | NM | 10 | 08 | 1 | 29 | 10071 | lt1 | |||||||||||
2018 | 16 | 15 | 16 | NM | 07 | 09 | 4 | 122 | 12590 | 1 | |||||||||||
2019 | 35 | 34 | 36 | NM | 04 | 10 | 4 | 87 | 14997 | 1 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US Intermediate GovrsquotCredit Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US Intermediate GovrsquotCredit Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
1988 | 24 | 23 | 23 | NM | - | - | 1 | 30 | 80 | 38 | |||||||||||
1989 | 158 | 152 | 128 | NM | - | - | 2 | 31 | 157 | 20 | |||||||||||
1990 | 103 | 98 | 92 | NM | - | - | 5 | 37 | 207 | 18 | |||||||||||
1991 | 179 | 173 | 147 | NM | - | - | 5 | 66 | 311 | 21 | |||||||||||
1992 | 79 | 74 | 72 | 03 | - | - | 7 | 85 | 470 | 18 | |||||||||||
1993 | 114 | 109 | 88 | NM | - | - | 1 | 7 | 741 | 1 | |||||||||||
1994 | -38 | -43 | -19 | NM | - | - | 4 | 38 | 1079 | 4 | |||||||||||
1995 | 167 | 161 | 153 | NM | - | - | 3 | 42 | 1490 | 3 | |||||||||||
1996 | 40 | 35 | 41 | 01 | - | - | 11 | 84 | 1785 | 5 | |||||||||||
1997 | 79 | 74 | 79 | 01 | - | - | 14 | 289 | 2219 | 13 | |||||||||||
1998 | 86 | 81 | 84 | 02 | - | - | 15 | 400 | 3543 | 11 | |||||||||||
1999 | -01 | -06 | 04 | 04 | - | - | 12 | 284 | 3893 | 7 | |||||||||||
2000 | 105 | 99 | 101 | 02 | - | - | 11 | 189 | 3704 | 5 | |||||||||||
2001 | 87 | 82 | 90 | 03 | - | - | 11 | 172 | 3496 | 5 | |||||||||||
2002 | 98 | 93 | 98 | 02 | - | - | 9 | 154 | 3280 | 5 | |||||||||||
2003 | 42 | 37 | 43 | 03 | - | - | 12 | 166 | 4628 | 4 | |||||||||||
2004 | 39 | 34 | 30 | 02 | - | - | 14 | 223 | 4710 | 5 | |||||||||||
2005 | 24 | 19 | 16 | 01 | - | - | 18 | 294 | 4152 | 7 | |||||||||||
2006 | 44 | 41 | 41 | 01 | - | - | 18 | 307 | 3025 | 10 | |||||||||||
2007 | 83 | 80 | 74 | 01 | - | - | 19 | 340 | 2215 | 15 | |||||||||||
2008 | 54 | 51 | 51 | 02 | - | - | 19 | 269 | 1538 | 17 | |||||||||||
2009 | 109 | 106 | 52 | 05 | - | - | 28 | 443 | 1939 | 23 | |||||||||||
2010 | 73 | 71 | 59 | 02 | - | - | 32 | 495 | 2382 | 21 | |||||||||||
2011 | 37 | 34 | 58 | 01 | 35 | 26 | 34 | 623 | 2704 | 23 | |||||||||||
2012 | 96 | 94 | 39 | 02 | 32 | 22 | 34 | 651 | 3227 | 20 | |||||||||||
2013 | 12 | 10 | -09 | 02 | 33 | 21 | 32 | 556 | 3387 | 16 | |||||||||||
2014 | 47 | 45 | 31 | 02 | 24 | 19 | 38 | 774 | 4962 | 16 | |||||||||||
2015 | 15 | 13 | 11 | 01 | 23 | 21 | 42 | 825 | 6340 | 13 | |||||||||||
2016 | 31 | 29 | 21 | 02 | 24 | 22 | 48 | 1057 | 8016 | 13 | |||||||||||
2017 | 23 | 21 | 21 | 01 | 22 | 21 | 51 | 1145 | 10071 | 11 | |||||||||||
2018 | 13 | 11 | 09 | 01 | 19 | 21 | 57 | 1284 | 12590 | 10 | |||||||||||
2019 | 61 | 59 | 68 | 02 | 16 | 20 | 72 | 1577 | 14997 | 11 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US Aggregate Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US Aggregate Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
1992 | 82 | 78 | 74 | NM | - | - | 2 | 35 | 470 | 7 | |||||||||||
1993 | 108 | 104 | 98 | NM | - | - | 3 | 62 | 741 | 8 | |||||||||||
1994 | -33 | -38 | -29 | NM | - | - | 3 | 60 | 1079 | 6 | |||||||||||
1995 | 188 | 185 | 185 | NM | - | - | 4 | 89 | 1490 | 6 | |||||||||||
1996 | 33 | 31 | 36 | NM | - | - | 3 | 84 | 1785 | 5 | |||||||||||
1997 | 89 | 87 | 97 | NM | - | - | 3 | 107 | 2219 | 5 | |||||||||||
1998 | 98 | 95 | 87 | NM | - | - | 3 | 117 | 3543 | 3 | |||||||||||
1999 | -21 | -23 | -08 | NM | - | - | 4 | 127 | 3893 | 3 | |||||||||||
2000 | 118 | 116 | 116 | NM | - | - | 3 | 102 | 3704 | 3 | |||||||||||
2001 | 79 | 77 | 84 | NM | - | - | 3 | 99 | 3496 | 3 | |||||||||||
2002 | 104 | 102 | 103 | NM | - | - | 3 | 85 | 3280 | 3 | |||||||||||
2003 | 41 | 39 | 41 | NM | - | - | 3 | 88 | 4628 | 2 | |||||||||||
2004 | 49 | 48 | 43 | NM | - | - | 4 | 98 | 4710 | 2 | |||||||||||
2005 | 38 | 36 | 24 | NM | - | - | 4 | 121 | 4152 | 3 | |||||||||||
2006 | 42 | 40 | 43 | NM | - | - | 4 | 126 | 3025 | 4 | |||||||||||
2007 | 86 | 84 | 70 | 01 | - | - | 6 | 184 | 2215 | 8 | |||||||||||
2008 | 59 | 57 | 52 | 02 | - | - | 9 | 248 | 1538 | 16 | |||||||||||
2009 | 121 | 119 | 59 | 17 | - | - | 16 | 419 | 1939 | 22 | |||||||||||
2010 | 82 | 80 | 65 | 04 | - | - | 27 | 653 | 2382 | 27 | |||||||||||
2011 | 53 | 51 | 78 | 03 | 35 | 28 | 42 | 983 | 2704 | 36 | |||||||||||
2012 | 105 | 103 | 42 | 02 | 31 | 24 | 47 | 1084 | 3227 | 34 | |||||||||||
2013 | 01 | -01 | -20 | 02 | 34 | 27 | 59 | 1372 | 3387 | 40 | |||||||||||
2014 | 80 | 78 | 60 | 02 | 28 | 26 | 111 | 2485 | 4962 | 50 | |||||||||||
2015 | 08 | 07 | 06 | 01 | 32 | 29 | 146 | 3768 | 6340 | 59 | |||||||||||
2016 | 32 | 30 | 27 | 01 | 33 | 30 | 168 | 5080 | 8016 | 63 | |||||||||||
2017 | 38 | 36 | 35 | 01 | 31 | 28 | 185 | 7135 | 10071 | 71 | |||||||||||
2018 | 10 | 08 | 00 | 02 | 25 | 28 | 205 | 8287 | 12590 | 66 | |||||||||||
2019 | 73 | 71 | 87 | 05 | 23 | 29 | 250 | 10113 | 14997 | 67 |
Investment StyleHigh-Quality
Portfolio Dominated by US Treasuries Agency Debentures and Agency15-Year MBS Corporate Securities Rated A or Better
Spread Product Exclusively in the Short to Intermediate Maturities to Reduce Volatility
No Big SurprisesNo Foreign BondsYankees
No BBB Rated SecuritiesNo Sin Names ndashTobacco Gambling Alcohol Firearms
No DerivativesNo LeverageDollar Rolls
No Pricing OverridesMaintain a Manageable Number of Securities
No Soft DollarsESG Overlay
FlexibilityActively Rotating Sectors
Actively Managing Yield CurveExploiting Smaller Markets
Risk ControlsPercentage Sector Allocation Duration Contribution by Sector Credit Reviews Yield CurvePerformance Attribution Peer Group Performance Monitoring and ESG Scale Monitoring
6
ESG Overlay
Yield Curve
Barbelled Neutral Bulleted
Sectors
Treasuries Spread Product
Duration
Long 10 Neutral Short 10
Economic Outlook
Rates Spreads Fed Activity
Portfolio Construction
7
Source Ideas for Key Rate Duration
The firm normally operates in a duration range of +- 10 of the benchmark index In extreme market environments the firm operates in a duration range of +- 25
Fixed Income ndash Aggregate Composite Returns
8
QTD 1 Yr 3 Yrs 5 Yrs 7 Yrs 10 Yrs 15 Yrs Inception
GHampA Gross of Fees 153 632 419 311 355 470 556 621
GHampA Net of Fees 149 614 401 292 335 450 536 597
Bloomberg Barclays US Aggregate 315 893 483 336 320 389 441 554
0
1
2
3
4
5
6
7
8
9
Preliminary
Awardsrankings may not represent client experiences and are not indicative of future performance Go to wwwgarciahamiltonassociatescomawards for additional information on each award
Preliminary
Comparative Annualized Rates of Return For periods ending March 31 2020
Inception December 31 1991 Periods longer than 12 months are annualized Additional information is in the performance disclosure
Source Bloomberg Barclays
Preliminary
Fixed Income ndash Intermediate GovtCredit Composite Returns
9
QTD 1 Yr 3 Yrs 5 Yrs 7 Yrs 10 Yrs 15 Yrs Inception
GHampA Gross of Fees 047 445 310 261 283 388 483 647
GHampA Net of Fees 043 425 290 240 262 366 457 608
Bloomberg Barclays US Int GovtCredit 240 688 380 277 247 315 382 566
0
1
2
3
4
5
6
7
Inception June 30 1988 Periods longer than 12 months are annualized
Preliminary
Awardsrankings may not represent client experiences and are not indicative of future performance Go to wwwgarciahamiltonassociatescomawards for additional information on each award
Comparative Annualized Rates of Return For periods ending March 31 2020
Additional information is in the performance disclosure
Source Bloomberg Barclays
Preliminary
Fixed Income ndash Short Duration Oppt Composite Returns
10
QTD 1 Yr 3 Yrs 5 Yrs 7 Yrs 10 Yrs Inception
GHampA Gross of Fees -226 015 122 136 149 212 258
GHampA Net of Fees -230 001 108 125 136 196 242
Bloomberg Barclays US 1-3 Year Govt Index 273 537 269 185 152 145 148
-3
-2
-1
0
1
2
3
4
5
6
Preliminary
Preliminary
Awardsrankings may not represent client experiences and are not indicative of future performance Go to wwwgarciahamiltonassociatescomawards for additional information on each award
Comparative Annualized Rates of Return For periods ending March 31 2020
Inception March 31 2009 Periods longer than 12 months are annualized Additional information is in the performance disclosure
Source Bloomberg Barclays
Preliminary
11
QTD 1 Year 3 Years 5 Years 7 Years 10 Years 15 Years Inception
to Date
PortfoliosAssets in Millions
Short Duration Government ndash Gross of FeesInception December 2003 041 212 174 158 145 174 279 276 2 67
Short Duration Government ndash Net of Fees 039 205 162 145 133 161 266 262 2 67
Bloomberg Barclays US 1-3 Year Govt 273 537 269 185 152 145 242 228 NA NA
Intermediate Aggregate ndash Gross of FeesInception December 2007 038 426 308 265 296 391 NA 474 29 591
Intermediate Aggregate ndash Net of Fees 033 404 288 245 275 370 NA 451 29 591
Bloomberg Barclays US IntermediateAggregate 249 688 388 283 262 323 NA 371 NA NA
Government Credit ndash Gross of FeesInception December 2004 206 803 486 343 384 507 559 549 12 480
Government Credit ndash Net of Fees 201 784 465 324 363 484 536 527 12 480
Bloomberg Barclays US GovtCredit 337 982 518 355 332 415 449 437 NA NA
Short Duration GovtCredit ndash Gross of FeesInception September 2013 -277 -004 134 149 NA NA NA 170 3 153
Short Duration GovtCredit ndash Net of Fees -280 -015 125 141 NA NA NA 162 3 153
Bloomberg Barclays US 1-3 Year GovtCredit 169 453 259 190 NA NA NA 170 NA NA
Unconstrained Bond ndash Gross of FeesInception March 2009 -248 -004 116 141 172 350 NA 458 2 6
Unconstrained Bond ndash Net of Fees -251 -024 093 117 147 323 NA 431 2 6
Bloomberg Barclays US Treasury Bellwether 3-Month 058 228 185 121 088 066 NA 061 NA NA
Comparative Annualized Rates of Return
Periods longer than 12 months are annualizedAdditional information is in the performance disclosure
For periods ending March 31 2020
Fixed Income Composite Performance Summary
12
Diversity
Our firm directly supports numerous minority organizations in the community
bullOur Managing Partner Gilbert Garcia serves as a member of the SEC Asset Management Advisory CommitteebullOur Managing Partner Gilbert Garcia serves as a member of the SEC Fixed Income Market Structure Advisory CommitteebullOur Managing Partner Gilbert Garcia serves as trustee on the Dallas Police and Fire Pension System Board of TrusteesbullOur Managing Partner Gilbert Garcia served as Chairman of the Metropolitan Transit Authority of Harris County Board for six yearsbullOur Managing Partner Gilbert Garcia was the 2012 Houston Area Urban League Gala Honorary ChairbullOur Managing Partner Gilbert Garcia was a co-chair of the 103rd NAACP National Convention bullOur Managing Partner Gilbert Garcia served as a trustee on the Houston Municipal Employees Pension System Board of TrusteesbullOur Partner and Director of Marketing and Client Services Ruby Muntildeoz Dang served as Trustee for the METRO Texas Non-Union Pension PlanbullOur Managing Partner Gilbert Garcia was awarded Houston Hispanic Chamber Male Entrepreneur of the Year
Community Service
bullNational Association of Securities Professionals is a non-profit association of professionals that brings together minorities and women in the fields of asset management public finance investment banking and other finance professions
bullOur Partner Stephanie Roberts is highly involved with the organization and is currently a NASP Board Member and the Texas chapter Treasurer
NASP
bullSEO - A non-profit organization that mentors young women and minority individuals in the development of careers in investment banking corporate law and other leading global companies Mr Garcia went through the program in 1983 and is the longest serving board member (since 1988)
bullMr Garcia was awarded the SEO Alumni Leadership Award at the 2015 Awards Dinner in New York City Other honorees included Michael R Bloomberg three-term Mayor of New York City and Founder of Bloomberg LP amp Bloomberg Philanthropies and David M Rubenstein Co-Founder amp Co-CEO of The Carlyle Group
SEO
bullThe League of United Latin American Citizens is a non-profit organization created to advance the economic condition educational attainment political influence housing health and civil rights of the Hispanic population of the United States
LULAC
Diversity is a central theme throughout the entire firm bullCertified as a MBE in several states bull90 of the firm owned by minority and female partnersbull61 owned by minority partners and 53 owned by Hispanic partnersbull88 of employees are ethnic minorities and womenbullExecuted over 60 of brokerage volume with MBEMWBEveteran firms over the past several yearsbullWe also work with many minority and women-owned vendors in the areas of
bullOffice Supplies Temporary Staffing Services Travel Accounting AuditorsbullThe firm has a summer internship program for minority undergraduate and high school students bullWe support and promote the LGBT community
GHampA Giving Back
13
Over
Since 2014Donated
$15 Million
Performance DisclosureFIXED INCOME ndash AGGREGATE COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US Aggregate
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US Aggregate Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets Period End (US$ mil)
of Firm Assets
1992 82 78 74 NM - - 2 35 470 7 1993 108 104 98 NM - - 3 62 741 8 1994 -33 -38 -29 NM - - 3 60 1079 6 1995 188 185 185 NM - - 4 89 1490 6 1996 33 31 36 NM - - 3 84 1785 5 1997 89 87 97 NM - - 3 107 2219 5 1998 98 95 87 NM - - 3 117 3543 3 1999 -21 -23 -08 NM - - 4 127 3893 3 2000 118 116 116 NM - - 3 102 3704 3 2001 79 77 84 NM - - 3 99 3496 3 2002 104 102 103 NM - - 3 85 3280 3 2003 41 39 41 NM - - 3 88 4628 2 2004 49 48 43 NM - - 4 98 4710 2 2005 38 36 24 NM - - 4 121 4152 3 2006 42 40 43 NM - - 4 126 3025 4 2007 86 84 70 01 - - 6 184 2215 8 2008 59 57 52 02 - - 9 248 1538 16 2009 121 119 59 17 - - 16 419 1939 22 2010 82 80 65 04 - - 27 653 2382 27 2011 53 51 78 03 35 28 42 983 2704 36 2012 105 103 42 02 31 24 47 1084 3227 34 2013 01 -01 -20 02 34 27 59 1372 3387 40 2014 80 78 60 02 28 26 111 2485 4962 50 2015 08 07 06 01 32 29 146 3768 6340 59 2016 32 30 27 01 33 30 168 5080 8016 63 2017 38 36 35 01 31 28 185 7135 10071 71 2018 10 08 00 02 25 28 205 8287 12590 66 2019 73 71 87 05 23 29 250 10113 14997 67
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Aggregate Index
The composite benchmark is the Bloomberg Barclays US Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of January 1 1992 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is October 1 1999
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fee results are calculated for the period of December 31 1991 through December 31 1994 by deducting the highest fee of 0375 from the monthly gross composite returns Since January 1 1995 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash AGGREGATE COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Aggregate Index
The composite benchmark is the Bloomberg Barclays US Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of January 1 1992 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is October 1 1999
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fee results are calculated for the period of December 31 1991 through December 31 1994 by deducting the highest fee of 0375 from the monthly gross composite returns Since January 1 1995 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash INTERMEDIATE GOVERNMENT CREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US Intermediate GovrsquotCredit
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US Intermediate GovrsquotCredit
Index () Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets Period End (US$ mil)
of Firm Assets
1988 24 23 23 NM - - 1 30 80 38 1989 158 152 128 NM - - 2 31 157 20 1990 103 98 92 NM - - 5 37 207 18 1991 179 173 147 NM - - 5 66 311 21 1992 79 74 72 03 - - 7 85 470 18 1993 114 109 88 NM - - 1 7 741 1 1994 -38 -43 -19 NM - - 4 38 1079 4 1995 167 161 153 NM - - 3 42 1490 3 1996 40 35 41 01 - - 11 84 1785 5 1997 79 74 79 01 - - 14 289 2219 13 1998 86 81 84 02 - - 15 400 3543 11 1999 -01 -06 04 04 - - 12 284 3893 7 2000 105 99 101 02 - - 11 189 3704 5 2001 87 82 90 03 - - 11 172 3496 5 2002 98 93 98 02 - - 9 154 3280 5 2003 42 37 43 03 - - 12 166 4628 4 2004 39 34 30 02 - - 14 223 4710 5 2005 24 19 16 01 - - 18 294 4152 7 2006 44 41 41 01 - - 18 307 3025 10 2007 83 80 74 01 - - 19 340 2215 15 2008 54 51 51 02 - - 19 269 1538 17 2009 109 106 52 05 - - 28 443 1939 23 2010 73 71 59 02 - - 32 495 2382 21 2011 37 34 58 01 35 26 34 623 2704 23 2012 96 94 39 02 32 22 34 651 3227 20 2013 12 10 -09 02 33 21 32 556 3387 16 2014 47 45 31 02 24 19 38 774 4962 16 2015 15 13 11 01 23 21 42 825 6340 13 2016 31 29 21 02 24 22 48 1057 8016 13 2017 23 21 21 01 22 21 51 1145 10071 11 2018 13 11 09 01 19 21 57 1284 12590 10 2019 61 59 68 02 16 20 72 1577 14997 11
Inception (7188) through 123188 Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US Intermediate GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of July 1 1988 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is July 1 1988
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income For the period of July 1 1988 through December 31 2005 net of fees results are calculated by deducting the highest fee of 012 on a quarterly basis from the monthly gross composite returns and for the period of December 31 2005 through December 31 2016 by deducting the highest fee of 007 on a quarterly basis from the monthly gross composite returns Since January 1 2010 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
FIXED INCOME ndash INTERMEDIATE GOVERNMENT CREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (7188) through 123188 Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US Intermediate GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of July 1 1988 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is July 1 1988
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income For the period of July 1 1988 through December 31 2005 net of fees results are calculated by deducting the highest fee of 012 on a quarterly basis from the monthly gross composite returns and for the period of December 31 2005 through December 31 2016 by deducting the highest fee of 007 on a quarterly basis from the monthly gross composite returns Since January 1 2010 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliance presentations are available upon request Composite dispersion for the period of July 1 1988 through December 31 1992 was an equal-weighted standard deviation Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION OPPORTUNISTIC COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite
Total Return ( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US
1-3 Year Govrsquot Index Return
()
Composite Dispersion
() Composite
()
Bloomberg Barclays US
1-3 Year Govrsquot Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm Assets
2009 64 63 11 NM - - 1 80 1939 4 2010 32 30 24 NM - - 2 72 2382 3 2011 25 22 16 NM - - 2 74 2704 3 2012 52 50 05 01 13 07 6 196 3227 6 2013 12 10 04 NM 14 05 2 27 3387 1 2014 21 19 06 NM 12 04 2 27 4962 1 2015 12 12 06 NM 12 06 1 1 6340 lt1 2016 24 23 09 NM 11 08 3 40 8016 1 2017 16 14 05 NM 10 08 1 29 10071 lt1 2018 16 15 16 NM 07 09 4 122 12590 1 2019 35 34 36 NM 04 10 4 87 14997 1
Inception (4109) through 123109 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Opportunistic Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Opportunistic investment product utilizes high-quality securities The portfolios generally utilize Treasuries Federal Agency debentures and Agency-Guaranteed 15-year Mortgage-Backed securities The portfolios may invest opportunistically in high quality domestic Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate with a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of April 1 2009 to date the minimum portfolio size for inclusion in the composite was $10 million The composite creation date is January 1 2010
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees and include incentive fees that are entered when earned The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION OPPORTUNISTIC COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (4109) through 123109 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Opportunistic Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Opportunistic investment product utilizes high-quality securities The portfolios generally utilize Treasuries Federal Agency debentures and Agency-Guaranteed 15-year Mortgage-Backed securities The portfolios may invest opportunistically in high quality domestic Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate with a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of April 1 2009 to date the minimum portfolio size for inclusion in the composite was $10 million The composite creation date is January 1 2010
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees and include incentive fees that are entered when earned The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION GOVERNMENT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US
1-3 Year Govrsquot Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US
1-3 Year Govrsquot Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm Assets
2004 29 27 11 NM - - 1 22 4710 lt 1 2005 26 25 17 NM - - 1 42 4152 lt 1 2006 46 45 41 NM - - 1 44 3025 1 2007 71 69 71 NM - - 1 47 2215 2 2008 73 71 67 NM - - 1 50 1538 3 2009 23 22 14 NM - - 1 51 1939 3 2010 28 27 24 NM - - 1 56 2382 2 2011 33 31 16 NM 12 10 1 56 2704 2 2012 15 13 05 NM 10 07 1 29 3227 lt 1 2013 04 03 04 NM 09 05 2 64 3387 2 2014 15 14 06 NM 09 04 1 55 4962 1 2015 11 09 06 NM 11 06 1 55 6340 1 2016 19 18 09 NM 11 08 1 56 8016 1 2017 14 13 05 NM 10 08 2 67 10071 1 2018 16 15 16 NM 08 09 2 68 12590 1 2019 23 22 36 NM 03 10 2 66 14997 lt 1
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Government Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Government investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchases Treasuries Federal Agency debentures and Agency-Guaranteed Mortgage-Backed securities The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is October 1 2004
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 014 of the first $25 million 012 of the next $25 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION GOVERNMENT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Government Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Government investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchases Treasuries Federal Agency debentures and Agency-Guaranteed Mortgage-Backed securities The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is October 1 2004
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 014 of the first $25 million 012 of the next $25 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME - INTERMEDIATE AGGREGATE COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US Intermediate Aggregate
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US Intermediate Aggregate Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm Assets
2008 54 51 49 NM - - 4 136 1538 9 2009 115 112 65 NM - - 5 130 1939 7 2010 73 70 62 01 - - 7 201 2382 8 2011 40 38 60 03 33 23 9 203 2704 8 2012 89 86 36 01 30 19 11 235 3227 7 2013 11 09 -10 01 31 20 16 250 3387 7 2014 53 51 41 01 24 20 16 269 4962 5 2015 17 16 12 01 24 21 18 267 6340 4 2016 32 30 20 01 25 21 20 287 8016 4 2017 22 20 23 01 23 20 22 331 10071 3 2018 16 14 09 01 19 21 23 379 12590 3 2019 59 57 67 01 16 20 26 462 14997 3
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate Aggregate Index
The composite benchmark is the Bloomberg Barclays US Intermediate Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2008
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME - INTERMEDIATE AGGREGATE COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate Aggregate Index
The composite benchmark is the Bloomberg Barclays US Intermediate Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2008
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash GOVERNMENTCREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US
GovernmentCredit Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US
GovernmentCredit Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm
Assets 2005 30 29 24 NM - - 1 101 4152 2 2006 40 38 38 NM - - 2 105 3025 3 2007 84 82 72 NM - - 2 9 2215 lt 1 2008 68 65 57 NM - - 3 15 1538 lt 1 2009 88 85 45 NM - - 3 15 1939 lt 1 2010 81 78 66 NM - - 2 11 2382 lt 1 2011 61 59 87 NM 38 34 2 13 2704 lt 1 2012 115 112 48 NM 34 30 2 14 3227 lt 1 2013 -02 -05 -24 NM 37 32 2 12 3387 lt 1 2014 85 82 60 NM 32 30 1 6 4962 lt 1 2015 08 06 02 NM 36 33 3 93 6340 1 2016 30 28 31 NM 38 35 4 138 8016 2 2017 42 40 40 NM 36 33 5 145 10071 1 2018 06 04 -04 NM 30 32 5 163 12590 1 2019 89 87 97 05 30 33 10 484 14997 3
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income- GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2006
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash GOVERNMENTCREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income- GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2006
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION GOVERNMENTCREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US 1-3 Year GovrsquotCredit
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US 1-3 Year GovrsquotCredit
Index () Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets Period End (US$ mil)
of Firm
Assets 2013 06 06 02 NM - - 3 92 3387 3
2014 20 19 08 NM - - 1 72 4962 1 2015 11 11 07 NM - - 2 98 6340 2 2016 26 25 13 NM 11 08 1 165 8016 2 2017 16 16 08 NM 10 07 3 286 10071 3 2018 18 17 16 NM 07 08 4 396 12590 3 2019 41 40 40 NM 05 09 3 157 14997 1
Inception (10113) through 123113 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration GovernmentCredit investment product will generally invest in high quality securities such as US Treasuries Agency debentures 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION GOVERNMENTCREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (10113) through 123113 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration GovernmentCredit investment product will generally invest in high quality securities such as US Treasuries Agency debentures 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash UNCONSTRAINED BOND COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite
Total Return ( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays
UST Bellwether 3-Month
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays
UST Bellwether 3-Month
Index ()
Number of Portfolios
Composite Assets
Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm
Assets 2009 134 131 02 NM - - 2 2 1939 lt 1
2010 83 80 02 NM - - 2 3 2382 lt 1 2011 41 39 01 NM - - 2 3 2704 lt 1 2012 126 123 01 NM 41 00 2 3 3227 lt 1 2013 13 11 01 NM 41 00 2 3 3387 lt 1 2014 32 28 01 NM 29 00 2 5 4962 lt 1 2015 13 11 01 NM 22 00 2 5 6340 lt 1 2016 31 28 04 NM 16 01 2 5 8016 lt 1 2017 16 13 09 NM 15 01 2 5 10071 lt 1 2018 15 13 19 NM 09 02 2 5 12590 lt 1 2019 35 32 23 NM 04 02 2 6 14997 lt 1
Inception (4109) through 43009 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Unconstrained Bond Composite is comprised only of fully discretionary fee paying portfolios including those portfolios no longer with the firm The Fixed Income-Unconstrained Bond investment philosophy will generally invest in high quality securities such as US Treasuries Agency Debentures Agency Guaranteed Mortgage-Backed securities and Investment Grade Corporate Bonds The Fixed Income-Unconstrained Bond product utilizes a domestic fixed income strategy that has the flexibility to adapt to changing markets without sector or duration constraints while maintaining a high-quality focus The flexibility to adapt to changing market conditions without limitation to the constraints of a specific index may result from time to time in the concentration of one or more sectors The portfolios do not contain derivatives and do not employ leverage
The Bloomberg Barclays US Treasury Bellwether 3-Month Index a cash proxy is provided for comparative purposes The composite is not managed against an Index The minimum portfolio size for inclusion in the composite has been $05 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash UNCONSTRAINED BOND COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP Inception (4109) through 43009 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays The GHampA Fixed Income-Unconstrained Bond Composite is comprised only of fully discretionary fee paying portfolios including those portfolios no longer with the firm The Fixed Income-Unconstrained Bond investment philosophy will generally invest in high quality securities such as US Treasuries Agency Debentures Agency Guaranteed Mortgage-Backed securities and Investment Grade Corporate Bonds The Fixed Income-Unconstrained Bond product utilizes a domestic fixed income strategy that has the flexibility to adapt to changing markets without sector or duration constraints while maintaining a high-quality focus The flexibility to adapt to changing market conditions without limitation to the constraints of a specific index may result from time to time in the concentration of one or more sectors The portfolios do not contain derivatives and do not employ leverage The Bloomberg Barclays US Treasury Bellwether 3-Month Index a cash proxy is provided for comparative purposes The composite is not managed against an Index The minimum portfolio size for inclusion in the composite has been $05 million since inception The composite creation date is January 1 2014 Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays UST Bellwether 3-Month Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays UST Bellwether 3-Month Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2009 | 134 | 131 | 02 | NM | - | - | 2 | 2 | 1939 | lt 1 | |||||||||||
2010 | 83 | 80 | 02 | NM | - | - | 2 | 3 | 2382 | lt 1 | |||||||||||
2011 | 41 | 39 | 01 | NM | - | - | 2 | 3 | 2704 | lt 1 | |||||||||||
2012 | 126 | 123 | 01 | NM | 41 | 00 | 2 | 3 | 3227 | lt 1 | |||||||||||
2013 | 13 | 11 | 01 | NM | 41 | 00 | 2 | 3 | 3387 | lt 1 | |||||||||||
2014 | 32 | 28 | 01 | NM | 29 | 00 | 2 | 5 | 4962 | lt 1 | |||||||||||
2015 | 13 | 11 | 01 | NM | 22 | 00 | 2 | 5 | 6340 | lt 1 | |||||||||||
2016 | 31 | 28 | 04 | NM | 16 | 01 | 2 | 5 | 8016 | lt 1 | |||||||||||
2017 | 16 | 13 | 09 | NM | 15 | 01 | 2 | 5 | 10071 | lt 1 | |||||||||||
2018 | 15 | 13 | 19 | NM | 09 | 02 | 2 | 5 | 12590 | lt 1 | |||||||||||
2019 | 35 | 32 | 23 | NM | 04 | 02 | 2 | 6 | 14997 | lt 1 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US 1-3 Year GovrsquotCredit Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US 1-3 Year GovrsquotCredit Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2013 | 06 | 06 | 02 | NM | - | - | 3 | 92 | 3387 | 3 | |||||||||||
2014 | 20 | 19 | 08 | NM | - | - | 1 | 72 | 4962 | 1 | |||||||||||
2015 | 11 | 11 | 07 | NM | - | - | 2 | 98 | 6340 | 2 | |||||||||||
2016 | 26 | 25 | 13 | NM | 11 | 08 | 1 | 165 | 8016 | 2 | |||||||||||
2017 | 16 | 16 | 08 | NM | 10 | 07 | 3 | 286 | 10071 | 3 | |||||||||||
2018 | 18 | 17 | 16 | NM | 07 | 08 | 4 | 396 | 12590 | 3 | |||||||||||
2019 | 41 | 40 | 40 | NM | 05 | 09 | 3 | 157 | 14997 | 1 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US GovernmentCredit Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US GovernmentCredit Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2005 | 30 | 29 | 24 | NM | - | - | 1 | 101 | 4152 | 2 | |||||||||||
2006 | 40 | 38 | 38 | NM | - | - | 2 | 105 | 3025 | 3 | |||||||||||
2007 | 84 | 82 | 72 | NM | - | - | 2 | 9 | 2215 | lt 1 | |||||||||||
2008 | 68 | 65 | 57 | NM | - | - | 3 | 15 | 1538 | lt 1 | |||||||||||
2009 | 88 | 85 | 45 | NM | - | - | 3 | 15 | 1939 | lt 1 | |||||||||||
2010 | 81 | 78 | 66 | NM | - | - | 2 | 11 | 2382 | lt 1 | |||||||||||
2011 | 61 | 59 | 87 | NM | 38 | 34 | 2 | 13 | 2704 | lt 1 | |||||||||||
2012 | 115 | 112 | 48 | NM | 34 | 30 | 2 | 14 | 3227 | lt 1 | |||||||||||
2013 | -02 | -05 | -24 | NM | 37 | 32 | 2 | 12 | 3387 | lt 1 | |||||||||||
2014 | 85 | 82 | 60 | NM | 32 | 30 | 1 | 6 | 4962 | lt 1 | |||||||||||
2015 | 08 | 06 | 02 | NM | 36 | 33 | 3 | 93 | 6340 | 1 | |||||||||||
2016 | 30 | 28 | 31 | NM | 38 | 35 | 4 | 138 | 8016 | 2 | |||||||||||
2017 | 42 | 40 | 40 | NM | 36 | 33 | 5 | 145 | 10071 | 1 | |||||||||||
2018 | 06 | 04 | -04 | NM | 30 | 32 | 5 | 163 | 12590 | 1 | |||||||||||
2019 | 89 | 87 | 97 | 05 | 30 | 33 | 10 | 484 | 14997 | 3 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US Intermediate Aggregate Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US Intermediate Aggregate Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2008 | 54 | 51 | 49 | NM | - | - | 4 | 136 | 1538 | 9 | |||||||||||
2009 | 115 | 112 | 65 | NM | - | - | 5 | 130 | 1939 | 7 | |||||||||||
2010 | 73 | 70 | 62 | 01 | - | - | 7 | 201 | 2382 | 8 | |||||||||||
2011 | 40 | 38 | 60 | 03 | 33 | 23 | 9 | 203 | 2704 | 8 | |||||||||||
2012 | 89 | 86 | 36 | 01 | 30 | 19 | 11 | 235 | 3227 | 7 | |||||||||||
2013 | 11 | 09 | -10 | 01 | 31 | 20 | 16 | 250 | 3387 | 7 | |||||||||||
2014 | 53 | 51 | 41 | 01 | 24 | 20 | 16 | 269 | 4962 | 5 | |||||||||||
2015 | 17 | 16 | 12 | 01 | 24 | 21 | 18 | 267 | 6340 | 4 | |||||||||||
2016 | 32 | 30 | 20 | 01 | 25 | 21 | 20 | 287 | 8016 | 4 | |||||||||||
2017 | 22 | 20 | 23 | 01 | 23 | 20 | 22 | 331 | 10071 | 3 | |||||||||||
2018 | 16 | 14 | 09 | 01 | 19 | 21 | 23 | 379 | 12590 | 3 | |||||||||||
2019 | 59 | 57 | 67 | 01 | 16 | 20 | 26 | 462 | 14997 | 3 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US 1-3 Year Govrsquot Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US 1-3 Year Govrsquot Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2004 | 29 | 27 | 11 | NM | - | - | 1 | 22 | 4710 | lt 1 | |||||||||||
2005 | 26 | 25 | 17 | NM | - | - | 1 | 42 | 4152 | lt 1 | |||||||||||
2006 | 46 | 45 | 41 | NM | - | - | 1 | 44 | 3025 | 1 | |||||||||||
2007 | 71 | 69 | 71 | NM | - | - | 1 | 47 | 2215 | 2 | |||||||||||
2008 | 73 | 71 | 67 | NM | - | - | 1 | 50 | 1538 | 3 | |||||||||||
2009 | 23 | 22 | 14 | NM | - | - | 1 | 51 | 1939 | 3 | |||||||||||
2010 | 28 | 27 | 24 | NM | - | - | 1 | 56 | 2382 | 2 | |||||||||||
2011 | 33 | 31 | 16 | NM | 12 | 10 | 1 | 56 | 2704 | 2 | |||||||||||
2012 | 15 | 13 | 05 | NM | 10 | 07 | 1 | 29 | 3227 | lt 1 | |||||||||||
2013 | 04 | 03 | 04 | NM | 09 | 05 | 2 | 64 | 3387 | 2 | |||||||||||
2014 | 15 | 14 | 06 | NM | 09 | 04 | 1 | 55 | 4962 | 1 | |||||||||||
2015 | 11 | 09 | 06 | NM | 11 | 06 | 1 | 55 | 6340 | 1 | |||||||||||
2016 | 19 | 18 | 09 | NM | 11 | 08 | 1 | 56 | 8016 | 1 | |||||||||||
2017 | 14 | 13 | 05 | NM | 10 | 08 | 2 | 67 | 10071 | 1 | |||||||||||
2018 | 16 | 15 | 16 | NM | 08 | 09 | 2 | 68 | 12590 | 1 | |||||||||||
2019 | 23 | 22 | 36 | NM | 03 | 10 | 2 | 66 | 14997 | lt 1 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US 1-3 Year Govrsquot Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US 1-3 Year Govrsquot Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2009 | 64 | 63 | 11 | NM | - | - | 1 | 80 | 1939 | 4 | |||||||||||
2010 | 32 | 30 | 24 | NM | - | - | 2 | 72 | 2382 | 3 | |||||||||||
2011 | 25 | 22 | 16 | NM | - | - | 2 | 74 | 2704 | 3 | |||||||||||
2012 | 52 | 50 | 05 | 01 | 13 | 07 | 6 | 196 | 3227 | 6 | |||||||||||
2013 | 12 | 10 | 04 | NM | 14 | 05 | 2 | 27 | 3387 | 1 | |||||||||||
2014 | 21 | 19 | 06 | NM | 12 | 04 | 2 | 27 | 4962 | 1 | |||||||||||
2015 | 12 | 12 | 06 | NM | 12 | 06 | 1 | 1 | 6340 | lt1 | |||||||||||
2016 | 24 | 23 | 09 | NM | 11 | 08 | 3 | 40 | 8016 | 1 | |||||||||||
2017 | 16 | 14 | 05 | NM | 10 | 08 | 1 | 29 | 10071 | lt1 | |||||||||||
2018 | 16 | 15 | 16 | NM | 07 | 09 | 4 | 122 | 12590 | 1 | |||||||||||
2019 | 35 | 34 | 36 | NM | 04 | 10 | 4 | 87 | 14997 | 1 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US Intermediate GovrsquotCredit Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US Intermediate GovrsquotCredit Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
1988 | 24 | 23 | 23 | NM | - | - | 1 | 30 | 80 | 38 | |||||||||||
1989 | 158 | 152 | 128 | NM | - | - | 2 | 31 | 157 | 20 | |||||||||||
1990 | 103 | 98 | 92 | NM | - | - | 5 | 37 | 207 | 18 | |||||||||||
1991 | 179 | 173 | 147 | NM | - | - | 5 | 66 | 311 | 21 | |||||||||||
1992 | 79 | 74 | 72 | 03 | - | - | 7 | 85 | 470 | 18 | |||||||||||
1993 | 114 | 109 | 88 | NM | - | - | 1 | 7 | 741 | 1 | |||||||||||
1994 | -38 | -43 | -19 | NM | - | - | 4 | 38 | 1079 | 4 | |||||||||||
1995 | 167 | 161 | 153 | NM | - | - | 3 | 42 | 1490 | 3 | |||||||||||
1996 | 40 | 35 | 41 | 01 | - | - | 11 | 84 | 1785 | 5 | |||||||||||
1997 | 79 | 74 | 79 | 01 | - | - | 14 | 289 | 2219 | 13 | |||||||||||
1998 | 86 | 81 | 84 | 02 | - | - | 15 | 400 | 3543 | 11 | |||||||||||
1999 | -01 | -06 | 04 | 04 | - | - | 12 | 284 | 3893 | 7 | |||||||||||
2000 | 105 | 99 | 101 | 02 | - | - | 11 | 189 | 3704 | 5 | |||||||||||
2001 | 87 | 82 | 90 | 03 | - | - | 11 | 172 | 3496 | 5 | |||||||||||
2002 | 98 | 93 | 98 | 02 | - | - | 9 | 154 | 3280 | 5 | |||||||||||
2003 | 42 | 37 | 43 | 03 | - | - | 12 | 166 | 4628 | 4 | |||||||||||
2004 | 39 | 34 | 30 | 02 | - | - | 14 | 223 | 4710 | 5 | |||||||||||
2005 | 24 | 19 | 16 | 01 | - | - | 18 | 294 | 4152 | 7 | |||||||||||
2006 | 44 | 41 | 41 | 01 | - | - | 18 | 307 | 3025 | 10 | |||||||||||
2007 | 83 | 80 | 74 | 01 | - | - | 19 | 340 | 2215 | 15 | |||||||||||
2008 | 54 | 51 | 51 | 02 | - | - | 19 | 269 | 1538 | 17 | |||||||||||
2009 | 109 | 106 | 52 | 05 | - | - | 28 | 443 | 1939 | 23 | |||||||||||
2010 | 73 | 71 | 59 | 02 | - | - | 32 | 495 | 2382 | 21 | |||||||||||
2011 | 37 | 34 | 58 | 01 | 35 | 26 | 34 | 623 | 2704 | 23 | |||||||||||
2012 | 96 | 94 | 39 | 02 | 32 | 22 | 34 | 651 | 3227 | 20 | |||||||||||
2013 | 12 | 10 | -09 | 02 | 33 | 21 | 32 | 556 | 3387 | 16 | |||||||||||
2014 | 47 | 45 | 31 | 02 | 24 | 19 | 38 | 774 | 4962 | 16 | |||||||||||
2015 | 15 | 13 | 11 | 01 | 23 | 21 | 42 | 825 | 6340 | 13 | |||||||||||
2016 | 31 | 29 | 21 | 02 | 24 | 22 | 48 | 1057 | 8016 | 13 | |||||||||||
2017 | 23 | 21 | 21 | 01 | 22 | 21 | 51 | 1145 | 10071 | 11 | |||||||||||
2018 | 13 | 11 | 09 | 01 | 19 | 21 | 57 | 1284 | 12590 | 10 | |||||||||||
2019 | 61 | 59 | 68 | 02 | 16 | 20 | 72 | 1577 | 14997 | 11 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US Aggregate Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US Aggregate Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
1992 | 82 | 78 | 74 | NM | - | - | 2 | 35 | 470 | 7 | |||||||||||
1993 | 108 | 104 | 98 | NM | - | - | 3 | 62 | 741 | 8 | |||||||||||
1994 | -33 | -38 | -29 | NM | - | - | 3 | 60 | 1079 | 6 | |||||||||||
1995 | 188 | 185 | 185 | NM | - | - | 4 | 89 | 1490 | 6 | |||||||||||
1996 | 33 | 31 | 36 | NM | - | - | 3 | 84 | 1785 | 5 | |||||||||||
1997 | 89 | 87 | 97 | NM | - | - | 3 | 107 | 2219 | 5 | |||||||||||
1998 | 98 | 95 | 87 | NM | - | - | 3 | 117 | 3543 | 3 | |||||||||||
1999 | -21 | -23 | -08 | NM | - | - | 4 | 127 | 3893 | 3 | |||||||||||
2000 | 118 | 116 | 116 | NM | - | - | 3 | 102 | 3704 | 3 | |||||||||||
2001 | 79 | 77 | 84 | NM | - | - | 3 | 99 | 3496 | 3 | |||||||||||
2002 | 104 | 102 | 103 | NM | - | - | 3 | 85 | 3280 | 3 | |||||||||||
2003 | 41 | 39 | 41 | NM | - | - | 3 | 88 | 4628 | 2 | |||||||||||
2004 | 49 | 48 | 43 | NM | - | - | 4 | 98 | 4710 | 2 | |||||||||||
2005 | 38 | 36 | 24 | NM | - | - | 4 | 121 | 4152 | 3 | |||||||||||
2006 | 42 | 40 | 43 | NM | - | - | 4 | 126 | 3025 | 4 | |||||||||||
2007 | 86 | 84 | 70 | 01 | - | - | 6 | 184 | 2215 | 8 | |||||||||||
2008 | 59 | 57 | 52 | 02 | - | - | 9 | 248 | 1538 | 16 | |||||||||||
2009 | 121 | 119 | 59 | 17 | - | - | 16 | 419 | 1939 | 22 | |||||||||||
2010 | 82 | 80 | 65 | 04 | - | - | 27 | 653 | 2382 | 27 | |||||||||||
2011 | 53 | 51 | 78 | 03 | 35 | 28 | 42 | 983 | 2704 | 36 | |||||||||||
2012 | 105 | 103 | 42 | 02 | 31 | 24 | 47 | 1084 | 3227 | 34 | |||||||||||
2013 | 01 | -01 | -20 | 02 | 34 | 27 | 59 | 1372 | 3387 | 40 | |||||||||||
2014 | 80 | 78 | 60 | 02 | 28 | 26 | 111 | 2485 | 4962 | 50 | |||||||||||
2015 | 08 | 07 | 06 | 01 | 32 | 29 | 146 | 3768 | 6340 | 59 | |||||||||||
2016 | 32 | 30 | 27 | 01 | 33 | 30 | 168 | 5080 | 8016 | 63 | |||||||||||
2017 | 38 | 36 | 35 | 01 | 31 | 28 | 185 | 7135 | 10071 | 71 | |||||||||||
2018 | 10 | 08 | 00 | 02 | 25 | 28 | 205 | 8287 | 12590 | 66 | |||||||||||
2019 | 73 | 71 | 87 | 05 | 23 | 29 | 250 | 10113 | 14997 | 67 |
ESG Overlay
Yield Curve
Barbelled Neutral Bulleted
Sectors
Treasuries Spread Product
Duration
Long 10 Neutral Short 10
Economic Outlook
Rates Spreads Fed Activity
Portfolio Construction
7
Source Ideas for Key Rate Duration
The firm normally operates in a duration range of +- 10 of the benchmark index In extreme market environments the firm operates in a duration range of +- 25
Fixed Income ndash Aggregate Composite Returns
8
QTD 1 Yr 3 Yrs 5 Yrs 7 Yrs 10 Yrs 15 Yrs Inception
GHampA Gross of Fees 153 632 419 311 355 470 556 621
GHampA Net of Fees 149 614 401 292 335 450 536 597
Bloomberg Barclays US Aggregate 315 893 483 336 320 389 441 554
0
1
2
3
4
5
6
7
8
9
Preliminary
Awardsrankings may not represent client experiences and are not indicative of future performance Go to wwwgarciahamiltonassociatescomawards for additional information on each award
Preliminary
Comparative Annualized Rates of Return For periods ending March 31 2020
Inception December 31 1991 Periods longer than 12 months are annualized Additional information is in the performance disclosure
Source Bloomberg Barclays
Preliminary
Fixed Income ndash Intermediate GovtCredit Composite Returns
9
QTD 1 Yr 3 Yrs 5 Yrs 7 Yrs 10 Yrs 15 Yrs Inception
GHampA Gross of Fees 047 445 310 261 283 388 483 647
GHampA Net of Fees 043 425 290 240 262 366 457 608
Bloomberg Barclays US Int GovtCredit 240 688 380 277 247 315 382 566
0
1
2
3
4
5
6
7
Inception June 30 1988 Periods longer than 12 months are annualized
Preliminary
Awardsrankings may not represent client experiences and are not indicative of future performance Go to wwwgarciahamiltonassociatescomawards for additional information on each award
Comparative Annualized Rates of Return For periods ending March 31 2020
Additional information is in the performance disclosure
Source Bloomberg Barclays
Preliminary
Fixed Income ndash Short Duration Oppt Composite Returns
10
QTD 1 Yr 3 Yrs 5 Yrs 7 Yrs 10 Yrs Inception
GHampA Gross of Fees -226 015 122 136 149 212 258
GHampA Net of Fees -230 001 108 125 136 196 242
Bloomberg Barclays US 1-3 Year Govt Index 273 537 269 185 152 145 148
-3
-2
-1
0
1
2
3
4
5
6
Preliminary
Preliminary
Awardsrankings may not represent client experiences and are not indicative of future performance Go to wwwgarciahamiltonassociatescomawards for additional information on each award
Comparative Annualized Rates of Return For periods ending March 31 2020
Inception March 31 2009 Periods longer than 12 months are annualized Additional information is in the performance disclosure
Source Bloomberg Barclays
Preliminary
11
QTD 1 Year 3 Years 5 Years 7 Years 10 Years 15 Years Inception
to Date
PortfoliosAssets in Millions
Short Duration Government ndash Gross of FeesInception December 2003 041 212 174 158 145 174 279 276 2 67
Short Duration Government ndash Net of Fees 039 205 162 145 133 161 266 262 2 67
Bloomberg Barclays US 1-3 Year Govt 273 537 269 185 152 145 242 228 NA NA
Intermediate Aggregate ndash Gross of FeesInception December 2007 038 426 308 265 296 391 NA 474 29 591
Intermediate Aggregate ndash Net of Fees 033 404 288 245 275 370 NA 451 29 591
Bloomberg Barclays US IntermediateAggregate 249 688 388 283 262 323 NA 371 NA NA
Government Credit ndash Gross of FeesInception December 2004 206 803 486 343 384 507 559 549 12 480
Government Credit ndash Net of Fees 201 784 465 324 363 484 536 527 12 480
Bloomberg Barclays US GovtCredit 337 982 518 355 332 415 449 437 NA NA
Short Duration GovtCredit ndash Gross of FeesInception September 2013 -277 -004 134 149 NA NA NA 170 3 153
Short Duration GovtCredit ndash Net of Fees -280 -015 125 141 NA NA NA 162 3 153
Bloomberg Barclays US 1-3 Year GovtCredit 169 453 259 190 NA NA NA 170 NA NA
Unconstrained Bond ndash Gross of FeesInception March 2009 -248 -004 116 141 172 350 NA 458 2 6
Unconstrained Bond ndash Net of Fees -251 -024 093 117 147 323 NA 431 2 6
Bloomberg Barclays US Treasury Bellwether 3-Month 058 228 185 121 088 066 NA 061 NA NA
Comparative Annualized Rates of Return
Periods longer than 12 months are annualizedAdditional information is in the performance disclosure
For periods ending March 31 2020
Fixed Income Composite Performance Summary
12
Diversity
Our firm directly supports numerous minority organizations in the community
bullOur Managing Partner Gilbert Garcia serves as a member of the SEC Asset Management Advisory CommitteebullOur Managing Partner Gilbert Garcia serves as a member of the SEC Fixed Income Market Structure Advisory CommitteebullOur Managing Partner Gilbert Garcia serves as trustee on the Dallas Police and Fire Pension System Board of TrusteesbullOur Managing Partner Gilbert Garcia served as Chairman of the Metropolitan Transit Authority of Harris County Board for six yearsbullOur Managing Partner Gilbert Garcia was the 2012 Houston Area Urban League Gala Honorary ChairbullOur Managing Partner Gilbert Garcia was a co-chair of the 103rd NAACP National Convention bullOur Managing Partner Gilbert Garcia served as a trustee on the Houston Municipal Employees Pension System Board of TrusteesbullOur Partner and Director of Marketing and Client Services Ruby Muntildeoz Dang served as Trustee for the METRO Texas Non-Union Pension PlanbullOur Managing Partner Gilbert Garcia was awarded Houston Hispanic Chamber Male Entrepreneur of the Year
Community Service
bullNational Association of Securities Professionals is a non-profit association of professionals that brings together minorities and women in the fields of asset management public finance investment banking and other finance professions
bullOur Partner Stephanie Roberts is highly involved with the organization and is currently a NASP Board Member and the Texas chapter Treasurer
NASP
bullSEO - A non-profit organization that mentors young women and minority individuals in the development of careers in investment banking corporate law and other leading global companies Mr Garcia went through the program in 1983 and is the longest serving board member (since 1988)
bullMr Garcia was awarded the SEO Alumni Leadership Award at the 2015 Awards Dinner in New York City Other honorees included Michael R Bloomberg three-term Mayor of New York City and Founder of Bloomberg LP amp Bloomberg Philanthropies and David M Rubenstein Co-Founder amp Co-CEO of The Carlyle Group
SEO
bullThe League of United Latin American Citizens is a non-profit organization created to advance the economic condition educational attainment political influence housing health and civil rights of the Hispanic population of the United States
LULAC
Diversity is a central theme throughout the entire firm bullCertified as a MBE in several states bull90 of the firm owned by minority and female partnersbull61 owned by minority partners and 53 owned by Hispanic partnersbull88 of employees are ethnic minorities and womenbullExecuted over 60 of brokerage volume with MBEMWBEveteran firms over the past several yearsbullWe also work with many minority and women-owned vendors in the areas of
bullOffice Supplies Temporary Staffing Services Travel Accounting AuditorsbullThe firm has a summer internship program for minority undergraduate and high school students bullWe support and promote the LGBT community
GHampA Giving Back
13
Over
Since 2014Donated
$15 Million
Performance DisclosureFIXED INCOME ndash AGGREGATE COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US Aggregate
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US Aggregate Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets Period End (US$ mil)
of Firm Assets
1992 82 78 74 NM - - 2 35 470 7 1993 108 104 98 NM - - 3 62 741 8 1994 -33 -38 -29 NM - - 3 60 1079 6 1995 188 185 185 NM - - 4 89 1490 6 1996 33 31 36 NM - - 3 84 1785 5 1997 89 87 97 NM - - 3 107 2219 5 1998 98 95 87 NM - - 3 117 3543 3 1999 -21 -23 -08 NM - - 4 127 3893 3 2000 118 116 116 NM - - 3 102 3704 3 2001 79 77 84 NM - - 3 99 3496 3 2002 104 102 103 NM - - 3 85 3280 3 2003 41 39 41 NM - - 3 88 4628 2 2004 49 48 43 NM - - 4 98 4710 2 2005 38 36 24 NM - - 4 121 4152 3 2006 42 40 43 NM - - 4 126 3025 4 2007 86 84 70 01 - - 6 184 2215 8 2008 59 57 52 02 - - 9 248 1538 16 2009 121 119 59 17 - - 16 419 1939 22 2010 82 80 65 04 - - 27 653 2382 27 2011 53 51 78 03 35 28 42 983 2704 36 2012 105 103 42 02 31 24 47 1084 3227 34 2013 01 -01 -20 02 34 27 59 1372 3387 40 2014 80 78 60 02 28 26 111 2485 4962 50 2015 08 07 06 01 32 29 146 3768 6340 59 2016 32 30 27 01 33 30 168 5080 8016 63 2017 38 36 35 01 31 28 185 7135 10071 71 2018 10 08 00 02 25 28 205 8287 12590 66 2019 73 71 87 05 23 29 250 10113 14997 67
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Aggregate Index
The composite benchmark is the Bloomberg Barclays US Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of January 1 1992 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is October 1 1999
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fee results are calculated for the period of December 31 1991 through December 31 1994 by deducting the highest fee of 0375 from the monthly gross composite returns Since January 1 1995 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash AGGREGATE COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Aggregate Index
The composite benchmark is the Bloomberg Barclays US Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of January 1 1992 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is October 1 1999
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fee results are calculated for the period of December 31 1991 through December 31 1994 by deducting the highest fee of 0375 from the monthly gross composite returns Since January 1 1995 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash INTERMEDIATE GOVERNMENT CREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US Intermediate GovrsquotCredit
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US Intermediate GovrsquotCredit
Index () Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets Period End (US$ mil)
of Firm Assets
1988 24 23 23 NM - - 1 30 80 38 1989 158 152 128 NM - - 2 31 157 20 1990 103 98 92 NM - - 5 37 207 18 1991 179 173 147 NM - - 5 66 311 21 1992 79 74 72 03 - - 7 85 470 18 1993 114 109 88 NM - - 1 7 741 1 1994 -38 -43 -19 NM - - 4 38 1079 4 1995 167 161 153 NM - - 3 42 1490 3 1996 40 35 41 01 - - 11 84 1785 5 1997 79 74 79 01 - - 14 289 2219 13 1998 86 81 84 02 - - 15 400 3543 11 1999 -01 -06 04 04 - - 12 284 3893 7 2000 105 99 101 02 - - 11 189 3704 5 2001 87 82 90 03 - - 11 172 3496 5 2002 98 93 98 02 - - 9 154 3280 5 2003 42 37 43 03 - - 12 166 4628 4 2004 39 34 30 02 - - 14 223 4710 5 2005 24 19 16 01 - - 18 294 4152 7 2006 44 41 41 01 - - 18 307 3025 10 2007 83 80 74 01 - - 19 340 2215 15 2008 54 51 51 02 - - 19 269 1538 17 2009 109 106 52 05 - - 28 443 1939 23 2010 73 71 59 02 - - 32 495 2382 21 2011 37 34 58 01 35 26 34 623 2704 23 2012 96 94 39 02 32 22 34 651 3227 20 2013 12 10 -09 02 33 21 32 556 3387 16 2014 47 45 31 02 24 19 38 774 4962 16 2015 15 13 11 01 23 21 42 825 6340 13 2016 31 29 21 02 24 22 48 1057 8016 13 2017 23 21 21 01 22 21 51 1145 10071 11 2018 13 11 09 01 19 21 57 1284 12590 10 2019 61 59 68 02 16 20 72 1577 14997 11
Inception (7188) through 123188 Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US Intermediate GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of July 1 1988 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is July 1 1988
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income For the period of July 1 1988 through December 31 2005 net of fees results are calculated by deducting the highest fee of 012 on a quarterly basis from the monthly gross composite returns and for the period of December 31 2005 through December 31 2016 by deducting the highest fee of 007 on a quarterly basis from the monthly gross composite returns Since January 1 2010 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
FIXED INCOME ndash INTERMEDIATE GOVERNMENT CREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (7188) through 123188 Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US Intermediate GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of July 1 1988 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is July 1 1988
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income For the period of July 1 1988 through December 31 2005 net of fees results are calculated by deducting the highest fee of 012 on a quarterly basis from the monthly gross composite returns and for the period of December 31 2005 through December 31 2016 by deducting the highest fee of 007 on a quarterly basis from the monthly gross composite returns Since January 1 2010 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliance presentations are available upon request Composite dispersion for the period of July 1 1988 through December 31 1992 was an equal-weighted standard deviation Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION OPPORTUNISTIC COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite
Total Return ( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US
1-3 Year Govrsquot Index Return
()
Composite Dispersion
() Composite
()
Bloomberg Barclays US
1-3 Year Govrsquot Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm Assets
2009 64 63 11 NM - - 1 80 1939 4 2010 32 30 24 NM - - 2 72 2382 3 2011 25 22 16 NM - - 2 74 2704 3 2012 52 50 05 01 13 07 6 196 3227 6 2013 12 10 04 NM 14 05 2 27 3387 1 2014 21 19 06 NM 12 04 2 27 4962 1 2015 12 12 06 NM 12 06 1 1 6340 lt1 2016 24 23 09 NM 11 08 3 40 8016 1 2017 16 14 05 NM 10 08 1 29 10071 lt1 2018 16 15 16 NM 07 09 4 122 12590 1 2019 35 34 36 NM 04 10 4 87 14997 1
Inception (4109) through 123109 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Opportunistic Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Opportunistic investment product utilizes high-quality securities The portfolios generally utilize Treasuries Federal Agency debentures and Agency-Guaranteed 15-year Mortgage-Backed securities The portfolios may invest opportunistically in high quality domestic Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate with a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of April 1 2009 to date the minimum portfolio size for inclusion in the composite was $10 million The composite creation date is January 1 2010
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees and include incentive fees that are entered when earned The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION OPPORTUNISTIC COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (4109) through 123109 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Opportunistic Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Opportunistic investment product utilizes high-quality securities The portfolios generally utilize Treasuries Federal Agency debentures and Agency-Guaranteed 15-year Mortgage-Backed securities The portfolios may invest opportunistically in high quality domestic Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate with a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of April 1 2009 to date the minimum portfolio size for inclusion in the composite was $10 million The composite creation date is January 1 2010
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees and include incentive fees that are entered when earned The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION GOVERNMENT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US
1-3 Year Govrsquot Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US
1-3 Year Govrsquot Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm Assets
2004 29 27 11 NM - - 1 22 4710 lt 1 2005 26 25 17 NM - - 1 42 4152 lt 1 2006 46 45 41 NM - - 1 44 3025 1 2007 71 69 71 NM - - 1 47 2215 2 2008 73 71 67 NM - - 1 50 1538 3 2009 23 22 14 NM - - 1 51 1939 3 2010 28 27 24 NM - - 1 56 2382 2 2011 33 31 16 NM 12 10 1 56 2704 2 2012 15 13 05 NM 10 07 1 29 3227 lt 1 2013 04 03 04 NM 09 05 2 64 3387 2 2014 15 14 06 NM 09 04 1 55 4962 1 2015 11 09 06 NM 11 06 1 55 6340 1 2016 19 18 09 NM 11 08 1 56 8016 1 2017 14 13 05 NM 10 08 2 67 10071 1 2018 16 15 16 NM 08 09 2 68 12590 1 2019 23 22 36 NM 03 10 2 66 14997 lt 1
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Government Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Government investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchases Treasuries Federal Agency debentures and Agency-Guaranteed Mortgage-Backed securities The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is October 1 2004
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 014 of the first $25 million 012 of the next $25 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION GOVERNMENT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Government Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Government investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchases Treasuries Federal Agency debentures and Agency-Guaranteed Mortgage-Backed securities The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is October 1 2004
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 014 of the first $25 million 012 of the next $25 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME - INTERMEDIATE AGGREGATE COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US Intermediate Aggregate
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US Intermediate Aggregate Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm Assets
2008 54 51 49 NM - - 4 136 1538 9 2009 115 112 65 NM - - 5 130 1939 7 2010 73 70 62 01 - - 7 201 2382 8 2011 40 38 60 03 33 23 9 203 2704 8 2012 89 86 36 01 30 19 11 235 3227 7 2013 11 09 -10 01 31 20 16 250 3387 7 2014 53 51 41 01 24 20 16 269 4962 5 2015 17 16 12 01 24 21 18 267 6340 4 2016 32 30 20 01 25 21 20 287 8016 4 2017 22 20 23 01 23 20 22 331 10071 3 2018 16 14 09 01 19 21 23 379 12590 3 2019 59 57 67 01 16 20 26 462 14997 3
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate Aggregate Index
The composite benchmark is the Bloomberg Barclays US Intermediate Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2008
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME - INTERMEDIATE AGGREGATE COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate Aggregate Index
The composite benchmark is the Bloomberg Barclays US Intermediate Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2008
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash GOVERNMENTCREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US
GovernmentCredit Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US
GovernmentCredit Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm
Assets 2005 30 29 24 NM - - 1 101 4152 2 2006 40 38 38 NM - - 2 105 3025 3 2007 84 82 72 NM - - 2 9 2215 lt 1 2008 68 65 57 NM - - 3 15 1538 lt 1 2009 88 85 45 NM - - 3 15 1939 lt 1 2010 81 78 66 NM - - 2 11 2382 lt 1 2011 61 59 87 NM 38 34 2 13 2704 lt 1 2012 115 112 48 NM 34 30 2 14 3227 lt 1 2013 -02 -05 -24 NM 37 32 2 12 3387 lt 1 2014 85 82 60 NM 32 30 1 6 4962 lt 1 2015 08 06 02 NM 36 33 3 93 6340 1 2016 30 28 31 NM 38 35 4 138 8016 2 2017 42 40 40 NM 36 33 5 145 10071 1 2018 06 04 -04 NM 30 32 5 163 12590 1 2019 89 87 97 05 30 33 10 484 14997 3
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income- GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2006
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash GOVERNMENTCREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income- GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2006
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION GOVERNMENTCREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US 1-3 Year GovrsquotCredit
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US 1-3 Year GovrsquotCredit
Index () Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets Period End (US$ mil)
of Firm
Assets 2013 06 06 02 NM - - 3 92 3387 3
2014 20 19 08 NM - - 1 72 4962 1 2015 11 11 07 NM - - 2 98 6340 2 2016 26 25 13 NM 11 08 1 165 8016 2 2017 16 16 08 NM 10 07 3 286 10071 3 2018 18 17 16 NM 07 08 4 396 12590 3 2019 41 40 40 NM 05 09 3 157 14997 1
Inception (10113) through 123113 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration GovernmentCredit investment product will generally invest in high quality securities such as US Treasuries Agency debentures 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION GOVERNMENTCREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (10113) through 123113 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration GovernmentCredit investment product will generally invest in high quality securities such as US Treasuries Agency debentures 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash UNCONSTRAINED BOND COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite
Total Return ( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays
UST Bellwether 3-Month
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays
UST Bellwether 3-Month
Index ()
Number of Portfolios
Composite Assets
Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm
Assets 2009 134 131 02 NM - - 2 2 1939 lt 1
2010 83 80 02 NM - - 2 3 2382 lt 1 2011 41 39 01 NM - - 2 3 2704 lt 1 2012 126 123 01 NM 41 00 2 3 3227 lt 1 2013 13 11 01 NM 41 00 2 3 3387 lt 1 2014 32 28 01 NM 29 00 2 5 4962 lt 1 2015 13 11 01 NM 22 00 2 5 6340 lt 1 2016 31 28 04 NM 16 01 2 5 8016 lt 1 2017 16 13 09 NM 15 01 2 5 10071 lt 1 2018 15 13 19 NM 09 02 2 5 12590 lt 1 2019 35 32 23 NM 04 02 2 6 14997 lt 1
Inception (4109) through 43009 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Unconstrained Bond Composite is comprised only of fully discretionary fee paying portfolios including those portfolios no longer with the firm The Fixed Income-Unconstrained Bond investment philosophy will generally invest in high quality securities such as US Treasuries Agency Debentures Agency Guaranteed Mortgage-Backed securities and Investment Grade Corporate Bonds The Fixed Income-Unconstrained Bond product utilizes a domestic fixed income strategy that has the flexibility to adapt to changing markets without sector or duration constraints while maintaining a high-quality focus The flexibility to adapt to changing market conditions without limitation to the constraints of a specific index may result from time to time in the concentration of one or more sectors The portfolios do not contain derivatives and do not employ leverage
The Bloomberg Barclays US Treasury Bellwether 3-Month Index a cash proxy is provided for comparative purposes The composite is not managed against an Index The minimum portfolio size for inclusion in the composite has been $05 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash UNCONSTRAINED BOND COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP Inception (4109) through 43009 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays The GHampA Fixed Income-Unconstrained Bond Composite is comprised only of fully discretionary fee paying portfolios including those portfolios no longer with the firm The Fixed Income-Unconstrained Bond investment philosophy will generally invest in high quality securities such as US Treasuries Agency Debentures Agency Guaranteed Mortgage-Backed securities and Investment Grade Corporate Bonds The Fixed Income-Unconstrained Bond product utilizes a domestic fixed income strategy that has the flexibility to adapt to changing markets without sector or duration constraints while maintaining a high-quality focus The flexibility to adapt to changing market conditions without limitation to the constraints of a specific index may result from time to time in the concentration of one or more sectors The portfolios do not contain derivatives and do not employ leverage The Bloomberg Barclays US Treasury Bellwether 3-Month Index a cash proxy is provided for comparative purposes The composite is not managed against an Index The minimum portfolio size for inclusion in the composite has been $05 million since inception The composite creation date is January 1 2014 Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays UST Bellwether 3-Month Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays UST Bellwether 3-Month Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2009 | 134 | 131 | 02 | NM | - | - | 2 | 2 | 1939 | lt 1 | |||||||||||
2010 | 83 | 80 | 02 | NM | - | - | 2 | 3 | 2382 | lt 1 | |||||||||||
2011 | 41 | 39 | 01 | NM | - | - | 2 | 3 | 2704 | lt 1 | |||||||||||
2012 | 126 | 123 | 01 | NM | 41 | 00 | 2 | 3 | 3227 | lt 1 | |||||||||||
2013 | 13 | 11 | 01 | NM | 41 | 00 | 2 | 3 | 3387 | lt 1 | |||||||||||
2014 | 32 | 28 | 01 | NM | 29 | 00 | 2 | 5 | 4962 | lt 1 | |||||||||||
2015 | 13 | 11 | 01 | NM | 22 | 00 | 2 | 5 | 6340 | lt 1 | |||||||||||
2016 | 31 | 28 | 04 | NM | 16 | 01 | 2 | 5 | 8016 | lt 1 | |||||||||||
2017 | 16 | 13 | 09 | NM | 15 | 01 | 2 | 5 | 10071 | lt 1 | |||||||||||
2018 | 15 | 13 | 19 | NM | 09 | 02 | 2 | 5 | 12590 | lt 1 | |||||||||||
2019 | 35 | 32 | 23 | NM | 04 | 02 | 2 | 6 | 14997 | lt 1 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US 1-3 Year GovrsquotCredit Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US 1-3 Year GovrsquotCredit Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2013 | 06 | 06 | 02 | NM | - | - | 3 | 92 | 3387 | 3 | |||||||||||
2014 | 20 | 19 | 08 | NM | - | - | 1 | 72 | 4962 | 1 | |||||||||||
2015 | 11 | 11 | 07 | NM | - | - | 2 | 98 | 6340 | 2 | |||||||||||
2016 | 26 | 25 | 13 | NM | 11 | 08 | 1 | 165 | 8016 | 2 | |||||||||||
2017 | 16 | 16 | 08 | NM | 10 | 07 | 3 | 286 | 10071 | 3 | |||||||||||
2018 | 18 | 17 | 16 | NM | 07 | 08 | 4 | 396 | 12590 | 3 | |||||||||||
2019 | 41 | 40 | 40 | NM | 05 | 09 | 3 | 157 | 14997 | 1 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US GovernmentCredit Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US GovernmentCredit Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2005 | 30 | 29 | 24 | NM | - | - | 1 | 101 | 4152 | 2 | |||||||||||
2006 | 40 | 38 | 38 | NM | - | - | 2 | 105 | 3025 | 3 | |||||||||||
2007 | 84 | 82 | 72 | NM | - | - | 2 | 9 | 2215 | lt 1 | |||||||||||
2008 | 68 | 65 | 57 | NM | - | - | 3 | 15 | 1538 | lt 1 | |||||||||||
2009 | 88 | 85 | 45 | NM | - | - | 3 | 15 | 1939 | lt 1 | |||||||||||
2010 | 81 | 78 | 66 | NM | - | - | 2 | 11 | 2382 | lt 1 | |||||||||||
2011 | 61 | 59 | 87 | NM | 38 | 34 | 2 | 13 | 2704 | lt 1 | |||||||||||
2012 | 115 | 112 | 48 | NM | 34 | 30 | 2 | 14 | 3227 | lt 1 | |||||||||||
2013 | -02 | -05 | -24 | NM | 37 | 32 | 2 | 12 | 3387 | lt 1 | |||||||||||
2014 | 85 | 82 | 60 | NM | 32 | 30 | 1 | 6 | 4962 | lt 1 | |||||||||||
2015 | 08 | 06 | 02 | NM | 36 | 33 | 3 | 93 | 6340 | 1 | |||||||||||
2016 | 30 | 28 | 31 | NM | 38 | 35 | 4 | 138 | 8016 | 2 | |||||||||||
2017 | 42 | 40 | 40 | NM | 36 | 33 | 5 | 145 | 10071 | 1 | |||||||||||
2018 | 06 | 04 | -04 | NM | 30 | 32 | 5 | 163 | 12590 | 1 | |||||||||||
2019 | 89 | 87 | 97 | 05 | 30 | 33 | 10 | 484 | 14997 | 3 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US Intermediate Aggregate Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US Intermediate Aggregate Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2008 | 54 | 51 | 49 | NM | - | - | 4 | 136 | 1538 | 9 | |||||||||||
2009 | 115 | 112 | 65 | NM | - | - | 5 | 130 | 1939 | 7 | |||||||||||
2010 | 73 | 70 | 62 | 01 | - | - | 7 | 201 | 2382 | 8 | |||||||||||
2011 | 40 | 38 | 60 | 03 | 33 | 23 | 9 | 203 | 2704 | 8 | |||||||||||
2012 | 89 | 86 | 36 | 01 | 30 | 19 | 11 | 235 | 3227 | 7 | |||||||||||
2013 | 11 | 09 | -10 | 01 | 31 | 20 | 16 | 250 | 3387 | 7 | |||||||||||
2014 | 53 | 51 | 41 | 01 | 24 | 20 | 16 | 269 | 4962 | 5 | |||||||||||
2015 | 17 | 16 | 12 | 01 | 24 | 21 | 18 | 267 | 6340 | 4 | |||||||||||
2016 | 32 | 30 | 20 | 01 | 25 | 21 | 20 | 287 | 8016 | 4 | |||||||||||
2017 | 22 | 20 | 23 | 01 | 23 | 20 | 22 | 331 | 10071 | 3 | |||||||||||
2018 | 16 | 14 | 09 | 01 | 19 | 21 | 23 | 379 | 12590 | 3 | |||||||||||
2019 | 59 | 57 | 67 | 01 | 16 | 20 | 26 | 462 | 14997 | 3 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US 1-3 Year Govrsquot Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US 1-3 Year Govrsquot Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2004 | 29 | 27 | 11 | NM | - | - | 1 | 22 | 4710 | lt 1 | |||||||||||
2005 | 26 | 25 | 17 | NM | - | - | 1 | 42 | 4152 | lt 1 | |||||||||||
2006 | 46 | 45 | 41 | NM | - | - | 1 | 44 | 3025 | 1 | |||||||||||
2007 | 71 | 69 | 71 | NM | - | - | 1 | 47 | 2215 | 2 | |||||||||||
2008 | 73 | 71 | 67 | NM | - | - | 1 | 50 | 1538 | 3 | |||||||||||
2009 | 23 | 22 | 14 | NM | - | - | 1 | 51 | 1939 | 3 | |||||||||||
2010 | 28 | 27 | 24 | NM | - | - | 1 | 56 | 2382 | 2 | |||||||||||
2011 | 33 | 31 | 16 | NM | 12 | 10 | 1 | 56 | 2704 | 2 | |||||||||||
2012 | 15 | 13 | 05 | NM | 10 | 07 | 1 | 29 | 3227 | lt 1 | |||||||||||
2013 | 04 | 03 | 04 | NM | 09 | 05 | 2 | 64 | 3387 | 2 | |||||||||||
2014 | 15 | 14 | 06 | NM | 09 | 04 | 1 | 55 | 4962 | 1 | |||||||||||
2015 | 11 | 09 | 06 | NM | 11 | 06 | 1 | 55 | 6340 | 1 | |||||||||||
2016 | 19 | 18 | 09 | NM | 11 | 08 | 1 | 56 | 8016 | 1 | |||||||||||
2017 | 14 | 13 | 05 | NM | 10 | 08 | 2 | 67 | 10071 | 1 | |||||||||||
2018 | 16 | 15 | 16 | NM | 08 | 09 | 2 | 68 | 12590 | 1 | |||||||||||
2019 | 23 | 22 | 36 | NM | 03 | 10 | 2 | 66 | 14997 | lt 1 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US 1-3 Year Govrsquot Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US 1-3 Year Govrsquot Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2009 | 64 | 63 | 11 | NM | - | - | 1 | 80 | 1939 | 4 | |||||||||||
2010 | 32 | 30 | 24 | NM | - | - | 2 | 72 | 2382 | 3 | |||||||||||
2011 | 25 | 22 | 16 | NM | - | - | 2 | 74 | 2704 | 3 | |||||||||||
2012 | 52 | 50 | 05 | 01 | 13 | 07 | 6 | 196 | 3227 | 6 | |||||||||||
2013 | 12 | 10 | 04 | NM | 14 | 05 | 2 | 27 | 3387 | 1 | |||||||||||
2014 | 21 | 19 | 06 | NM | 12 | 04 | 2 | 27 | 4962 | 1 | |||||||||||
2015 | 12 | 12 | 06 | NM | 12 | 06 | 1 | 1 | 6340 | lt1 | |||||||||||
2016 | 24 | 23 | 09 | NM | 11 | 08 | 3 | 40 | 8016 | 1 | |||||||||||
2017 | 16 | 14 | 05 | NM | 10 | 08 | 1 | 29 | 10071 | lt1 | |||||||||||
2018 | 16 | 15 | 16 | NM | 07 | 09 | 4 | 122 | 12590 | 1 | |||||||||||
2019 | 35 | 34 | 36 | NM | 04 | 10 | 4 | 87 | 14997 | 1 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US Intermediate GovrsquotCredit Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US Intermediate GovrsquotCredit Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
1988 | 24 | 23 | 23 | NM | - | - | 1 | 30 | 80 | 38 | |||||||||||
1989 | 158 | 152 | 128 | NM | - | - | 2 | 31 | 157 | 20 | |||||||||||
1990 | 103 | 98 | 92 | NM | - | - | 5 | 37 | 207 | 18 | |||||||||||
1991 | 179 | 173 | 147 | NM | - | - | 5 | 66 | 311 | 21 | |||||||||||
1992 | 79 | 74 | 72 | 03 | - | - | 7 | 85 | 470 | 18 | |||||||||||
1993 | 114 | 109 | 88 | NM | - | - | 1 | 7 | 741 | 1 | |||||||||||
1994 | -38 | -43 | -19 | NM | - | - | 4 | 38 | 1079 | 4 | |||||||||||
1995 | 167 | 161 | 153 | NM | - | - | 3 | 42 | 1490 | 3 | |||||||||||
1996 | 40 | 35 | 41 | 01 | - | - | 11 | 84 | 1785 | 5 | |||||||||||
1997 | 79 | 74 | 79 | 01 | - | - | 14 | 289 | 2219 | 13 | |||||||||||
1998 | 86 | 81 | 84 | 02 | - | - | 15 | 400 | 3543 | 11 | |||||||||||
1999 | -01 | -06 | 04 | 04 | - | - | 12 | 284 | 3893 | 7 | |||||||||||
2000 | 105 | 99 | 101 | 02 | - | - | 11 | 189 | 3704 | 5 | |||||||||||
2001 | 87 | 82 | 90 | 03 | - | - | 11 | 172 | 3496 | 5 | |||||||||||
2002 | 98 | 93 | 98 | 02 | - | - | 9 | 154 | 3280 | 5 | |||||||||||
2003 | 42 | 37 | 43 | 03 | - | - | 12 | 166 | 4628 | 4 | |||||||||||
2004 | 39 | 34 | 30 | 02 | - | - | 14 | 223 | 4710 | 5 | |||||||||||
2005 | 24 | 19 | 16 | 01 | - | - | 18 | 294 | 4152 | 7 | |||||||||||
2006 | 44 | 41 | 41 | 01 | - | - | 18 | 307 | 3025 | 10 | |||||||||||
2007 | 83 | 80 | 74 | 01 | - | - | 19 | 340 | 2215 | 15 | |||||||||||
2008 | 54 | 51 | 51 | 02 | - | - | 19 | 269 | 1538 | 17 | |||||||||||
2009 | 109 | 106 | 52 | 05 | - | - | 28 | 443 | 1939 | 23 | |||||||||||
2010 | 73 | 71 | 59 | 02 | - | - | 32 | 495 | 2382 | 21 | |||||||||||
2011 | 37 | 34 | 58 | 01 | 35 | 26 | 34 | 623 | 2704 | 23 | |||||||||||
2012 | 96 | 94 | 39 | 02 | 32 | 22 | 34 | 651 | 3227 | 20 | |||||||||||
2013 | 12 | 10 | -09 | 02 | 33 | 21 | 32 | 556 | 3387 | 16 | |||||||||||
2014 | 47 | 45 | 31 | 02 | 24 | 19 | 38 | 774 | 4962 | 16 | |||||||||||
2015 | 15 | 13 | 11 | 01 | 23 | 21 | 42 | 825 | 6340 | 13 | |||||||||||
2016 | 31 | 29 | 21 | 02 | 24 | 22 | 48 | 1057 | 8016 | 13 | |||||||||||
2017 | 23 | 21 | 21 | 01 | 22 | 21 | 51 | 1145 | 10071 | 11 | |||||||||||
2018 | 13 | 11 | 09 | 01 | 19 | 21 | 57 | 1284 | 12590 | 10 | |||||||||||
2019 | 61 | 59 | 68 | 02 | 16 | 20 | 72 | 1577 | 14997 | 11 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US Aggregate Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US Aggregate Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
1992 | 82 | 78 | 74 | NM | - | - | 2 | 35 | 470 | 7 | |||||||||||
1993 | 108 | 104 | 98 | NM | - | - | 3 | 62 | 741 | 8 | |||||||||||
1994 | -33 | -38 | -29 | NM | - | - | 3 | 60 | 1079 | 6 | |||||||||||
1995 | 188 | 185 | 185 | NM | - | - | 4 | 89 | 1490 | 6 | |||||||||||
1996 | 33 | 31 | 36 | NM | - | - | 3 | 84 | 1785 | 5 | |||||||||||
1997 | 89 | 87 | 97 | NM | - | - | 3 | 107 | 2219 | 5 | |||||||||||
1998 | 98 | 95 | 87 | NM | - | - | 3 | 117 | 3543 | 3 | |||||||||||
1999 | -21 | -23 | -08 | NM | - | - | 4 | 127 | 3893 | 3 | |||||||||||
2000 | 118 | 116 | 116 | NM | - | - | 3 | 102 | 3704 | 3 | |||||||||||
2001 | 79 | 77 | 84 | NM | - | - | 3 | 99 | 3496 | 3 | |||||||||||
2002 | 104 | 102 | 103 | NM | - | - | 3 | 85 | 3280 | 3 | |||||||||||
2003 | 41 | 39 | 41 | NM | - | - | 3 | 88 | 4628 | 2 | |||||||||||
2004 | 49 | 48 | 43 | NM | - | - | 4 | 98 | 4710 | 2 | |||||||||||
2005 | 38 | 36 | 24 | NM | - | - | 4 | 121 | 4152 | 3 | |||||||||||
2006 | 42 | 40 | 43 | NM | - | - | 4 | 126 | 3025 | 4 | |||||||||||
2007 | 86 | 84 | 70 | 01 | - | - | 6 | 184 | 2215 | 8 | |||||||||||
2008 | 59 | 57 | 52 | 02 | - | - | 9 | 248 | 1538 | 16 | |||||||||||
2009 | 121 | 119 | 59 | 17 | - | - | 16 | 419 | 1939 | 22 | |||||||||||
2010 | 82 | 80 | 65 | 04 | - | - | 27 | 653 | 2382 | 27 | |||||||||||
2011 | 53 | 51 | 78 | 03 | 35 | 28 | 42 | 983 | 2704 | 36 | |||||||||||
2012 | 105 | 103 | 42 | 02 | 31 | 24 | 47 | 1084 | 3227 | 34 | |||||||||||
2013 | 01 | -01 | -20 | 02 | 34 | 27 | 59 | 1372 | 3387 | 40 | |||||||||||
2014 | 80 | 78 | 60 | 02 | 28 | 26 | 111 | 2485 | 4962 | 50 | |||||||||||
2015 | 08 | 07 | 06 | 01 | 32 | 29 | 146 | 3768 | 6340 | 59 | |||||||||||
2016 | 32 | 30 | 27 | 01 | 33 | 30 | 168 | 5080 | 8016 | 63 | |||||||||||
2017 | 38 | 36 | 35 | 01 | 31 | 28 | 185 | 7135 | 10071 | 71 | |||||||||||
2018 | 10 | 08 | 00 | 02 | 25 | 28 | 205 | 8287 | 12590 | 66 | |||||||||||
2019 | 73 | 71 | 87 | 05 | 23 | 29 | 250 | 10113 | 14997 | 67 |
Fixed Income ndash Aggregate Composite Returns
8
QTD 1 Yr 3 Yrs 5 Yrs 7 Yrs 10 Yrs 15 Yrs Inception
GHampA Gross of Fees 153 632 419 311 355 470 556 621
GHampA Net of Fees 149 614 401 292 335 450 536 597
Bloomberg Barclays US Aggregate 315 893 483 336 320 389 441 554
0
1
2
3
4
5
6
7
8
9
Preliminary
Awardsrankings may not represent client experiences and are not indicative of future performance Go to wwwgarciahamiltonassociatescomawards for additional information on each award
Preliminary
Comparative Annualized Rates of Return For periods ending March 31 2020
Inception December 31 1991 Periods longer than 12 months are annualized Additional information is in the performance disclosure
Source Bloomberg Barclays
Preliminary
Fixed Income ndash Intermediate GovtCredit Composite Returns
9
QTD 1 Yr 3 Yrs 5 Yrs 7 Yrs 10 Yrs 15 Yrs Inception
GHampA Gross of Fees 047 445 310 261 283 388 483 647
GHampA Net of Fees 043 425 290 240 262 366 457 608
Bloomberg Barclays US Int GovtCredit 240 688 380 277 247 315 382 566
0
1
2
3
4
5
6
7
Inception June 30 1988 Periods longer than 12 months are annualized
Preliminary
Awardsrankings may not represent client experiences and are not indicative of future performance Go to wwwgarciahamiltonassociatescomawards for additional information on each award
Comparative Annualized Rates of Return For periods ending March 31 2020
Additional information is in the performance disclosure
Source Bloomberg Barclays
Preliminary
Fixed Income ndash Short Duration Oppt Composite Returns
10
QTD 1 Yr 3 Yrs 5 Yrs 7 Yrs 10 Yrs Inception
GHampA Gross of Fees -226 015 122 136 149 212 258
GHampA Net of Fees -230 001 108 125 136 196 242
Bloomberg Barclays US 1-3 Year Govt Index 273 537 269 185 152 145 148
-3
-2
-1
0
1
2
3
4
5
6
Preliminary
Preliminary
Awardsrankings may not represent client experiences and are not indicative of future performance Go to wwwgarciahamiltonassociatescomawards for additional information on each award
Comparative Annualized Rates of Return For periods ending March 31 2020
Inception March 31 2009 Periods longer than 12 months are annualized Additional information is in the performance disclosure
Source Bloomberg Barclays
Preliminary
11
QTD 1 Year 3 Years 5 Years 7 Years 10 Years 15 Years Inception
to Date
PortfoliosAssets in Millions
Short Duration Government ndash Gross of FeesInception December 2003 041 212 174 158 145 174 279 276 2 67
Short Duration Government ndash Net of Fees 039 205 162 145 133 161 266 262 2 67
Bloomberg Barclays US 1-3 Year Govt 273 537 269 185 152 145 242 228 NA NA
Intermediate Aggregate ndash Gross of FeesInception December 2007 038 426 308 265 296 391 NA 474 29 591
Intermediate Aggregate ndash Net of Fees 033 404 288 245 275 370 NA 451 29 591
Bloomberg Barclays US IntermediateAggregate 249 688 388 283 262 323 NA 371 NA NA
Government Credit ndash Gross of FeesInception December 2004 206 803 486 343 384 507 559 549 12 480
Government Credit ndash Net of Fees 201 784 465 324 363 484 536 527 12 480
Bloomberg Barclays US GovtCredit 337 982 518 355 332 415 449 437 NA NA
Short Duration GovtCredit ndash Gross of FeesInception September 2013 -277 -004 134 149 NA NA NA 170 3 153
Short Duration GovtCredit ndash Net of Fees -280 -015 125 141 NA NA NA 162 3 153
Bloomberg Barclays US 1-3 Year GovtCredit 169 453 259 190 NA NA NA 170 NA NA
Unconstrained Bond ndash Gross of FeesInception March 2009 -248 -004 116 141 172 350 NA 458 2 6
Unconstrained Bond ndash Net of Fees -251 -024 093 117 147 323 NA 431 2 6
Bloomberg Barclays US Treasury Bellwether 3-Month 058 228 185 121 088 066 NA 061 NA NA
Comparative Annualized Rates of Return
Periods longer than 12 months are annualizedAdditional information is in the performance disclosure
For periods ending March 31 2020
Fixed Income Composite Performance Summary
12
Diversity
Our firm directly supports numerous minority organizations in the community
bullOur Managing Partner Gilbert Garcia serves as a member of the SEC Asset Management Advisory CommitteebullOur Managing Partner Gilbert Garcia serves as a member of the SEC Fixed Income Market Structure Advisory CommitteebullOur Managing Partner Gilbert Garcia serves as trustee on the Dallas Police and Fire Pension System Board of TrusteesbullOur Managing Partner Gilbert Garcia served as Chairman of the Metropolitan Transit Authority of Harris County Board for six yearsbullOur Managing Partner Gilbert Garcia was the 2012 Houston Area Urban League Gala Honorary ChairbullOur Managing Partner Gilbert Garcia was a co-chair of the 103rd NAACP National Convention bullOur Managing Partner Gilbert Garcia served as a trustee on the Houston Municipal Employees Pension System Board of TrusteesbullOur Partner and Director of Marketing and Client Services Ruby Muntildeoz Dang served as Trustee for the METRO Texas Non-Union Pension PlanbullOur Managing Partner Gilbert Garcia was awarded Houston Hispanic Chamber Male Entrepreneur of the Year
Community Service
bullNational Association of Securities Professionals is a non-profit association of professionals that brings together minorities and women in the fields of asset management public finance investment banking and other finance professions
bullOur Partner Stephanie Roberts is highly involved with the organization and is currently a NASP Board Member and the Texas chapter Treasurer
NASP
bullSEO - A non-profit organization that mentors young women and minority individuals in the development of careers in investment banking corporate law and other leading global companies Mr Garcia went through the program in 1983 and is the longest serving board member (since 1988)
bullMr Garcia was awarded the SEO Alumni Leadership Award at the 2015 Awards Dinner in New York City Other honorees included Michael R Bloomberg three-term Mayor of New York City and Founder of Bloomberg LP amp Bloomberg Philanthropies and David M Rubenstein Co-Founder amp Co-CEO of The Carlyle Group
SEO
bullThe League of United Latin American Citizens is a non-profit organization created to advance the economic condition educational attainment political influence housing health and civil rights of the Hispanic population of the United States
LULAC
Diversity is a central theme throughout the entire firm bullCertified as a MBE in several states bull90 of the firm owned by minority and female partnersbull61 owned by minority partners and 53 owned by Hispanic partnersbull88 of employees are ethnic minorities and womenbullExecuted over 60 of brokerage volume with MBEMWBEveteran firms over the past several yearsbullWe also work with many minority and women-owned vendors in the areas of
bullOffice Supplies Temporary Staffing Services Travel Accounting AuditorsbullThe firm has a summer internship program for minority undergraduate and high school students bullWe support and promote the LGBT community
GHampA Giving Back
13
Over
Since 2014Donated
$15 Million
Performance DisclosureFIXED INCOME ndash AGGREGATE COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US Aggregate
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US Aggregate Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets Period End (US$ mil)
of Firm Assets
1992 82 78 74 NM - - 2 35 470 7 1993 108 104 98 NM - - 3 62 741 8 1994 -33 -38 -29 NM - - 3 60 1079 6 1995 188 185 185 NM - - 4 89 1490 6 1996 33 31 36 NM - - 3 84 1785 5 1997 89 87 97 NM - - 3 107 2219 5 1998 98 95 87 NM - - 3 117 3543 3 1999 -21 -23 -08 NM - - 4 127 3893 3 2000 118 116 116 NM - - 3 102 3704 3 2001 79 77 84 NM - - 3 99 3496 3 2002 104 102 103 NM - - 3 85 3280 3 2003 41 39 41 NM - - 3 88 4628 2 2004 49 48 43 NM - - 4 98 4710 2 2005 38 36 24 NM - - 4 121 4152 3 2006 42 40 43 NM - - 4 126 3025 4 2007 86 84 70 01 - - 6 184 2215 8 2008 59 57 52 02 - - 9 248 1538 16 2009 121 119 59 17 - - 16 419 1939 22 2010 82 80 65 04 - - 27 653 2382 27 2011 53 51 78 03 35 28 42 983 2704 36 2012 105 103 42 02 31 24 47 1084 3227 34 2013 01 -01 -20 02 34 27 59 1372 3387 40 2014 80 78 60 02 28 26 111 2485 4962 50 2015 08 07 06 01 32 29 146 3768 6340 59 2016 32 30 27 01 33 30 168 5080 8016 63 2017 38 36 35 01 31 28 185 7135 10071 71 2018 10 08 00 02 25 28 205 8287 12590 66 2019 73 71 87 05 23 29 250 10113 14997 67
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Aggregate Index
The composite benchmark is the Bloomberg Barclays US Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of January 1 1992 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is October 1 1999
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fee results are calculated for the period of December 31 1991 through December 31 1994 by deducting the highest fee of 0375 from the monthly gross composite returns Since January 1 1995 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash AGGREGATE COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Aggregate Index
The composite benchmark is the Bloomberg Barclays US Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of January 1 1992 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is October 1 1999
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fee results are calculated for the period of December 31 1991 through December 31 1994 by deducting the highest fee of 0375 from the monthly gross composite returns Since January 1 1995 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash INTERMEDIATE GOVERNMENT CREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US Intermediate GovrsquotCredit
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US Intermediate GovrsquotCredit
Index () Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets Period End (US$ mil)
of Firm Assets
1988 24 23 23 NM - - 1 30 80 38 1989 158 152 128 NM - - 2 31 157 20 1990 103 98 92 NM - - 5 37 207 18 1991 179 173 147 NM - - 5 66 311 21 1992 79 74 72 03 - - 7 85 470 18 1993 114 109 88 NM - - 1 7 741 1 1994 -38 -43 -19 NM - - 4 38 1079 4 1995 167 161 153 NM - - 3 42 1490 3 1996 40 35 41 01 - - 11 84 1785 5 1997 79 74 79 01 - - 14 289 2219 13 1998 86 81 84 02 - - 15 400 3543 11 1999 -01 -06 04 04 - - 12 284 3893 7 2000 105 99 101 02 - - 11 189 3704 5 2001 87 82 90 03 - - 11 172 3496 5 2002 98 93 98 02 - - 9 154 3280 5 2003 42 37 43 03 - - 12 166 4628 4 2004 39 34 30 02 - - 14 223 4710 5 2005 24 19 16 01 - - 18 294 4152 7 2006 44 41 41 01 - - 18 307 3025 10 2007 83 80 74 01 - - 19 340 2215 15 2008 54 51 51 02 - - 19 269 1538 17 2009 109 106 52 05 - - 28 443 1939 23 2010 73 71 59 02 - - 32 495 2382 21 2011 37 34 58 01 35 26 34 623 2704 23 2012 96 94 39 02 32 22 34 651 3227 20 2013 12 10 -09 02 33 21 32 556 3387 16 2014 47 45 31 02 24 19 38 774 4962 16 2015 15 13 11 01 23 21 42 825 6340 13 2016 31 29 21 02 24 22 48 1057 8016 13 2017 23 21 21 01 22 21 51 1145 10071 11 2018 13 11 09 01 19 21 57 1284 12590 10 2019 61 59 68 02 16 20 72 1577 14997 11
Inception (7188) through 123188 Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US Intermediate GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of July 1 1988 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is July 1 1988
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income For the period of July 1 1988 through December 31 2005 net of fees results are calculated by deducting the highest fee of 012 on a quarterly basis from the monthly gross composite returns and for the period of December 31 2005 through December 31 2016 by deducting the highest fee of 007 on a quarterly basis from the monthly gross composite returns Since January 1 2010 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
FIXED INCOME ndash INTERMEDIATE GOVERNMENT CREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (7188) through 123188 Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US Intermediate GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of July 1 1988 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is July 1 1988
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income For the period of July 1 1988 through December 31 2005 net of fees results are calculated by deducting the highest fee of 012 on a quarterly basis from the monthly gross composite returns and for the period of December 31 2005 through December 31 2016 by deducting the highest fee of 007 on a quarterly basis from the monthly gross composite returns Since January 1 2010 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliance presentations are available upon request Composite dispersion for the period of July 1 1988 through December 31 1992 was an equal-weighted standard deviation Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION OPPORTUNISTIC COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite
Total Return ( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US
1-3 Year Govrsquot Index Return
()
Composite Dispersion
() Composite
()
Bloomberg Barclays US
1-3 Year Govrsquot Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm Assets
2009 64 63 11 NM - - 1 80 1939 4 2010 32 30 24 NM - - 2 72 2382 3 2011 25 22 16 NM - - 2 74 2704 3 2012 52 50 05 01 13 07 6 196 3227 6 2013 12 10 04 NM 14 05 2 27 3387 1 2014 21 19 06 NM 12 04 2 27 4962 1 2015 12 12 06 NM 12 06 1 1 6340 lt1 2016 24 23 09 NM 11 08 3 40 8016 1 2017 16 14 05 NM 10 08 1 29 10071 lt1 2018 16 15 16 NM 07 09 4 122 12590 1 2019 35 34 36 NM 04 10 4 87 14997 1
Inception (4109) through 123109 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Opportunistic Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Opportunistic investment product utilizes high-quality securities The portfolios generally utilize Treasuries Federal Agency debentures and Agency-Guaranteed 15-year Mortgage-Backed securities The portfolios may invest opportunistically in high quality domestic Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate with a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of April 1 2009 to date the minimum portfolio size for inclusion in the composite was $10 million The composite creation date is January 1 2010
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees and include incentive fees that are entered when earned The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION OPPORTUNISTIC COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (4109) through 123109 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Opportunistic Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Opportunistic investment product utilizes high-quality securities The portfolios generally utilize Treasuries Federal Agency debentures and Agency-Guaranteed 15-year Mortgage-Backed securities The portfolios may invest opportunistically in high quality domestic Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate with a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of April 1 2009 to date the minimum portfolio size for inclusion in the composite was $10 million The composite creation date is January 1 2010
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees and include incentive fees that are entered when earned The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION GOVERNMENT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US
1-3 Year Govrsquot Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US
1-3 Year Govrsquot Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm Assets
2004 29 27 11 NM - - 1 22 4710 lt 1 2005 26 25 17 NM - - 1 42 4152 lt 1 2006 46 45 41 NM - - 1 44 3025 1 2007 71 69 71 NM - - 1 47 2215 2 2008 73 71 67 NM - - 1 50 1538 3 2009 23 22 14 NM - - 1 51 1939 3 2010 28 27 24 NM - - 1 56 2382 2 2011 33 31 16 NM 12 10 1 56 2704 2 2012 15 13 05 NM 10 07 1 29 3227 lt 1 2013 04 03 04 NM 09 05 2 64 3387 2 2014 15 14 06 NM 09 04 1 55 4962 1 2015 11 09 06 NM 11 06 1 55 6340 1 2016 19 18 09 NM 11 08 1 56 8016 1 2017 14 13 05 NM 10 08 2 67 10071 1 2018 16 15 16 NM 08 09 2 68 12590 1 2019 23 22 36 NM 03 10 2 66 14997 lt 1
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Government Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Government investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchases Treasuries Federal Agency debentures and Agency-Guaranteed Mortgage-Backed securities The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is October 1 2004
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 014 of the first $25 million 012 of the next $25 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION GOVERNMENT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Government Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Government investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchases Treasuries Federal Agency debentures and Agency-Guaranteed Mortgage-Backed securities The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is October 1 2004
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 014 of the first $25 million 012 of the next $25 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME - INTERMEDIATE AGGREGATE COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US Intermediate Aggregate
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US Intermediate Aggregate Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm Assets
2008 54 51 49 NM - - 4 136 1538 9 2009 115 112 65 NM - - 5 130 1939 7 2010 73 70 62 01 - - 7 201 2382 8 2011 40 38 60 03 33 23 9 203 2704 8 2012 89 86 36 01 30 19 11 235 3227 7 2013 11 09 -10 01 31 20 16 250 3387 7 2014 53 51 41 01 24 20 16 269 4962 5 2015 17 16 12 01 24 21 18 267 6340 4 2016 32 30 20 01 25 21 20 287 8016 4 2017 22 20 23 01 23 20 22 331 10071 3 2018 16 14 09 01 19 21 23 379 12590 3 2019 59 57 67 01 16 20 26 462 14997 3
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate Aggregate Index
The composite benchmark is the Bloomberg Barclays US Intermediate Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2008
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME - INTERMEDIATE AGGREGATE COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate Aggregate Index
The composite benchmark is the Bloomberg Barclays US Intermediate Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2008
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash GOVERNMENTCREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US
GovernmentCredit Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US
GovernmentCredit Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm
Assets 2005 30 29 24 NM - - 1 101 4152 2 2006 40 38 38 NM - - 2 105 3025 3 2007 84 82 72 NM - - 2 9 2215 lt 1 2008 68 65 57 NM - - 3 15 1538 lt 1 2009 88 85 45 NM - - 3 15 1939 lt 1 2010 81 78 66 NM - - 2 11 2382 lt 1 2011 61 59 87 NM 38 34 2 13 2704 lt 1 2012 115 112 48 NM 34 30 2 14 3227 lt 1 2013 -02 -05 -24 NM 37 32 2 12 3387 lt 1 2014 85 82 60 NM 32 30 1 6 4962 lt 1 2015 08 06 02 NM 36 33 3 93 6340 1 2016 30 28 31 NM 38 35 4 138 8016 2 2017 42 40 40 NM 36 33 5 145 10071 1 2018 06 04 -04 NM 30 32 5 163 12590 1 2019 89 87 97 05 30 33 10 484 14997 3
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income- GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2006
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash GOVERNMENTCREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income- GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2006
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION GOVERNMENTCREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US 1-3 Year GovrsquotCredit
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US 1-3 Year GovrsquotCredit
Index () Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets Period End (US$ mil)
of Firm
Assets 2013 06 06 02 NM - - 3 92 3387 3
2014 20 19 08 NM - - 1 72 4962 1 2015 11 11 07 NM - - 2 98 6340 2 2016 26 25 13 NM 11 08 1 165 8016 2 2017 16 16 08 NM 10 07 3 286 10071 3 2018 18 17 16 NM 07 08 4 396 12590 3 2019 41 40 40 NM 05 09 3 157 14997 1
Inception (10113) through 123113 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration GovernmentCredit investment product will generally invest in high quality securities such as US Treasuries Agency debentures 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION GOVERNMENTCREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (10113) through 123113 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration GovernmentCredit investment product will generally invest in high quality securities such as US Treasuries Agency debentures 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash UNCONSTRAINED BOND COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite
Total Return ( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays
UST Bellwether 3-Month
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays
UST Bellwether 3-Month
Index ()
Number of Portfolios
Composite Assets
Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm
Assets 2009 134 131 02 NM - - 2 2 1939 lt 1
2010 83 80 02 NM - - 2 3 2382 lt 1 2011 41 39 01 NM - - 2 3 2704 lt 1 2012 126 123 01 NM 41 00 2 3 3227 lt 1 2013 13 11 01 NM 41 00 2 3 3387 lt 1 2014 32 28 01 NM 29 00 2 5 4962 lt 1 2015 13 11 01 NM 22 00 2 5 6340 lt 1 2016 31 28 04 NM 16 01 2 5 8016 lt 1 2017 16 13 09 NM 15 01 2 5 10071 lt 1 2018 15 13 19 NM 09 02 2 5 12590 lt 1 2019 35 32 23 NM 04 02 2 6 14997 lt 1
Inception (4109) through 43009 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Unconstrained Bond Composite is comprised only of fully discretionary fee paying portfolios including those portfolios no longer with the firm The Fixed Income-Unconstrained Bond investment philosophy will generally invest in high quality securities such as US Treasuries Agency Debentures Agency Guaranteed Mortgage-Backed securities and Investment Grade Corporate Bonds The Fixed Income-Unconstrained Bond product utilizes a domestic fixed income strategy that has the flexibility to adapt to changing markets without sector or duration constraints while maintaining a high-quality focus The flexibility to adapt to changing market conditions without limitation to the constraints of a specific index may result from time to time in the concentration of one or more sectors The portfolios do not contain derivatives and do not employ leverage
The Bloomberg Barclays US Treasury Bellwether 3-Month Index a cash proxy is provided for comparative purposes The composite is not managed against an Index The minimum portfolio size for inclusion in the composite has been $05 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash UNCONSTRAINED BOND COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP Inception (4109) through 43009 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays The GHampA Fixed Income-Unconstrained Bond Composite is comprised only of fully discretionary fee paying portfolios including those portfolios no longer with the firm The Fixed Income-Unconstrained Bond investment philosophy will generally invest in high quality securities such as US Treasuries Agency Debentures Agency Guaranteed Mortgage-Backed securities and Investment Grade Corporate Bonds The Fixed Income-Unconstrained Bond product utilizes a domestic fixed income strategy that has the flexibility to adapt to changing markets without sector or duration constraints while maintaining a high-quality focus The flexibility to adapt to changing market conditions without limitation to the constraints of a specific index may result from time to time in the concentration of one or more sectors The portfolios do not contain derivatives and do not employ leverage The Bloomberg Barclays US Treasury Bellwether 3-Month Index a cash proxy is provided for comparative purposes The composite is not managed against an Index The minimum portfolio size for inclusion in the composite has been $05 million since inception The composite creation date is January 1 2014 Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays UST Bellwether 3-Month Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays UST Bellwether 3-Month Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2009 | 134 | 131 | 02 | NM | - | - | 2 | 2 | 1939 | lt 1 | |||||||||||
2010 | 83 | 80 | 02 | NM | - | - | 2 | 3 | 2382 | lt 1 | |||||||||||
2011 | 41 | 39 | 01 | NM | - | - | 2 | 3 | 2704 | lt 1 | |||||||||||
2012 | 126 | 123 | 01 | NM | 41 | 00 | 2 | 3 | 3227 | lt 1 | |||||||||||
2013 | 13 | 11 | 01 | NM | 41 | 00 | 2 | 3 | 3387 | lt 1 | |||||||||||
2014 | 32 | 28 | 01 | NM | 29 | 00 | 2 | 5 | 4962 | lt 1 | |||||||||||
2015 | 13 | 11 | 01 | NM | 22 | 00 | 2 | 5 | 6340 | lt 1 | |||||||||||
2016 | 31 | 28 | 04 | NM | 16 | 01 | 2 | 5 | 8016 | lt 1 | |||||||||||
2017 | 16 | 13 | 09 | NM | 15 | 01 | 2 | 5 | 10071 | lt 1 | |||||||||||
2018 | 15 | 13 | 19 | NM | 09 | 02 | 2 | 5 | 12590 | lt 1 | |||||||||||
2019 | 35 | 32 | 23 | NM | 04 | 02 | 2 | 6 | 14997 | lt 1 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US 1-3 Year GovrsquotCredit Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US 1-3 Year GovrsquotCredit Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2013 | 06 | 06 | 02 | NM | - | - | 3 | 92 | 3387 | 3 | |||||||||||
2014 | 20 | 19 | 08 | NM | - | - | 1 | 72 | 4962 | 1 | |||||||||||
2015 | 11 | 11 | 07 | NM | - | - | 2 | 98 | 6340 | 2 | |||||||||||
2016 | 26 | 25 | 13 | NM | 11 | 08 | 1 | 165 | 8016 | 2 | |||||||||||
2017 | 16 | 16 | 08 | NM | 10 | 07 | 3 | 286 | 10071 | 3 | |||||||||||
2018 | 18 | 17 | 16 | NM | 07 | 08 | 4 | 396 | 12590 | 3 | |||||||||||
2019 | 41 | 40 | 40 | NM | 05 | 09 | 3 | 157 | 14997 | 1 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US GovernmentCredit Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US GovernmentCredit Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2005 | 30 | 29 | 24 | NM | - | - | 1 | 101 | 4152 | 2 | |||||||||||
2006 | 40 | 38 | 38 | NM | - | - | 2 | 105 | 3025 | 3 | |||||||||||
2007 | 84 | 82 | 72 | NM | - | - | 2 | 9 | 2215 | lt 1 | |||||||||||
2008 | 68 | 65 | 57 | NM | - | - | 3 | 15 | 1538 | lt 1 | |||||||||||
2009 | 88 | 85 | 45 | NM | - | - | 3 | 15 | 1939 | lt 1 | |||||||||||
2010 | 81 | 78 | 66 | NM | - | - | 2 | 11 | 2382 | lt 1 | |||||||||||
2011 | 61 | 59 | 87 | NM | 38 | 34 | 2 | 13 | 2704 | lt 1 | |||||||||||
2012 | 115 | 112 | 48 | NM | 34 | 30 | 2 | 14 | 3227 | lt 1 | |||||||||||
2013 | -02 | -05 | -24 | NM | 37 | 32 | 2 | 12 | 3387 | lt 1 | |||||||||||
2014 | 85 | 82 | 60 | NM | 32 | 30 | 1 | 6 | 4962 | lt 1 | |||||||||||
2015 | 08 | 06 | 02 | NM | 36 | 33 | 3 | 93 | 6340 | 1 | |||||||||||
2016 | 30 | 28 | 31 | NM | 38 | 35 | 4 | 138 | 8016 | 2 | |||||||||||
2017 | 42 | 40 | 40 | NM | 36 | 33 | 5 | 145 | 10071 | 1 | |||||||||||
2018 | 06 | 04 | -04 | NM | 30 | 32 | 5 | 163 | 12590 | 1 | |||||||||||
2019 | 89 | 87 | 97 | 05 | 30 | 33 | 10 | 484 | 14997 | 3 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US Intermediate Aggregate Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US Intermediate Aggregate Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2008 | 54 | 51 | 49 | NM | - | - | 4 | 136 | 1538 | 9 | |||||||||||
2009 | 115 | 112 | 65 | NM | - | - | 5 | 130 | 1939 | 7 | |||||||||||
2010 | 73 | 70 | 62 | 01 | - | - | 7 | 201 | 2382 | 8 | |||||||||||
2011 | 40 | 38 | 60 | 03 | 33 | 23 | 9 | 203 | 2704 | 8 | |||||||||||
2012 | 89 | 86 | 36 | 01 | 30 | 19 | 11 | 235 | 3227 | 7 | |||||||||||
2013 | 11 | 09 | -10 | 01 | 31 | 20 | 16 | 250 | 3387 | 7 | |||||||||||
2014 | 53 | 51 | 41 | 01 | 24 | 20 | 16 | 269 | 4962 | 5 | |||||||||||
2015 | 17 | 16 | 12 | 01 | 24 | 21 | 18 | 267 | 6340 | 4 | |||||||||||
2016 | 32 | 30 | 20 | 01 | 25 | 21 | 20 | 287 | 8016 | 4 | |||||||||||
2017 | 22 | 20 | 23 | 01 | 23 | 20 | 22 | 331 | 10071 | 3 | |||||||||||
2018 | 16 | 14 | 09 | 01 | 19 | 21 | 23 | 379 | 12590 | 3 | |||||||||||
2019 | 59 | 57 | 67 | 01 | 16 | 20 | 26 | 462 | 14997 | 3 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US 1-3 Year Govrsquot Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US 1-3 Year Govrsquot Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2004 | 29 | 27 | 11 | NM | - | - | 1 | 22 | 4710 | lt 1 | |||||||||||
2005 | 26 | 25 | 17 | NM | - | - | 1 | 42 | 4152 | lt 1 | |||||||||||
2006 | 46 | 45 | 41 | NM | - | - | 1 | 44 | 3025 | 1 | |||||||||||
2007 | 71 | 69 | 71 | NM | - | - | 1 | 47 | 2215 | 2 | |||||||||||
2008 | 73 | 71 | 67 | NM | - | - | 1 | 50 | 1538 | 3 | |||||||||||
2009 | 23 | 22 | 14 | NM | - | - | 1 | 51 | 1939 | 3 | |||||||||||
2010 | 28 | 27 | 24 | NM | - | - | 1 | 56 | 2382 | 2 | |||||||||||
2011 | 33 | 31 | 16 | NM | 12 | 10 | 1 | 56 | 2704 | 2 | |||||||||||
2012 | 15 | 13 | 05 | NM | 10 | 07 | 1 | 29 | 3227 | lt 1 | |||||||||||
2013 | 04 | 03 | 04 | NM | 09 | 05 | 2 | 64 | 3387 | 2 | |||||||||||
2014 | 15 | 14 | 06 | NM | 09 | 04 | 1 | 55 | 4962 | 1 | |||||||||||
2015 | 11 | 09 | 06 | NM | 11 | 06 | 1 | 55 | 6340 | 1 | |||||||||||
2016 | 19 | 18 | 09 | NM | 11 | 08 | 1 | 56 | 8016 | 1 | |||||||||||
2017 | 14 | 13 | 05 | NM | 10 | 08 | 2 | 67 | 10071 | 1 | |||||||||||
2018 | 16 | 15 | 16 | NM | 08 | 09 | 2 | 68 | 12590 | 1 | |||||||||||
2019 | 23 | 22 | 36 | NM | 03 | 10 | 2 | 66 | 14997 | lt 1 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US 1-3 Year Govrsquot Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US 1-3 Year Govrsquot Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2009 | 64 | 63 | 11 | NM | - | - | 1 | 80 | 1939 | 4 | |||||||||||
2010 | 32 | 30 | 24 | NM | - | - | 2 | 72 | 2382 | 3 | |||||||||||
2011 | 25 | 22 | 16 | NM | - | - | 2 | 74 | 2704 | 3 | |||||||||||
2012 | 52 | 50 | 05 | 01 | 13 | 07 | 6 | 196 | 3227 | 6 | |||||||||||
2013 | 12 | 10 | 04 | NM | 14 | 05 | 2 | 27 | 3387 | 1 | |||||||||||
2014 | 21 | 19 | 06 | NM | 12 | 04 | 2 | 27 | 4962 | 1 | |||||||||||
2015 | 12 | 12 | 06 | NM | 12 | 06 | 1 | 1 | 6340 | lt1 | |||||||||||
2016 | 24 | 23 | 09 | NM | 11 | 08 | 3 | 40 | 8016 | 1 | |||||||||||
2017 | 16 | 14 | 05 | NM | 10 | 08 | 1 | 29 | 10071 | lt1 | |||||||||||
2018 | 16 | 15 | 16 | NM | 07 | 09 | 4 | 122 | 12590 | 1 | |||||||||||
2019 | 35 | 34 | 36 | NM | 04 | 10 | 4 | 87 | 14997 | 1 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US Intermediate GovrsquotCredit Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US Intermediate GovrsquotCredit Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
1988 | 24 | 23 | 23 | NM | - | - | 1 | 30 | 80 | 38 | |||||||||||
1989 | 158 | 152 | 128 | NM | - | - | 2 | 31 | 157 | 20 | |||||||||||
1990 | 103 | 98 | 92 | NM | - | - | 5 | 37 | 207 | 18 | |||||||||||
1991 | 179 | 173 | 147 | NM | - | - | 5 | 66 | 311 | 21 | |||||||||||
1992 | 79 | 74 | 72 | 03 | - | - | 7 | 85 | 470 | 18 | |||||||||||
1993 | 114 | 109 | 88 | NM | - | - | 1 | 7 | 741 | 1 | |||||||||||
1994 | -38 | -43 | -19 | NM | - | - | 4 | 38 | 1079 | 4 | |||||||||||
1995 | 167 | 161 | 153 | NM | - | - | 3 | 42 | 1490 | 3 | |||||||||||
1996 | 40 | 35 | 41 | 01 | - | - | 11 | 84 | 1785 | 5 | |||||||||||
1997 | 79 | 74 | 79 | 01 | - | - | 14 | 289 | 2219 | 13 | |||||||||||
1998 | 86 | 81 | 84 | 02 | - | - | 15 | 400 | 3543 | 11 | |||||||||||
1999 | -01 | -06 | 04 | 04 | - | - | 12 | 284 | 3893 | 7 | |||||||||||
2000 | 105 | 99 | 101 | 02 | - | - | 11 | 189 | 3704 | 5 | |||||||||||
2001 | 87 | 82 | 90 | 03 | - | - | 11 | 172 | 3496 | 5 | |||||||||||
2002 | 98 | 93 | 98 | 02 | - | - | 9 | 154 | 3280 | 5 | |||||||||||
2003 | 42 | 37 | 43 | 03 | - | - | 12 | 166 | 4628 | 4 | |||||||||||
2004 | 39 | 34 | 30 | 02 | - | - | 14 | 223 | 4710 | 5 | |||||||||||
2005 | 24 | 19 | 16 | 01 | - | - | 18 | 294 | 4152 | 7 | |||||||||||
2006 | 44 | 41 | 41 | 01 | - | - | 18 | 307 | 3025 | 10 | |||||||||||
2007 | 83 | 80 | 74 | 01 | - | - | 19 | 340 | 2215 | 15 | |||||||||||
2008 | 54 | 51 | 51 | 02 | - | - | 19 | 269 | 1538 | 17 | |||||||||||
2009 | 109 | 106 | 52 | 05 | - | - | 28 | 443 | 1939 | 23 | |||||||||||
2010 | 73 | 71 | 59 | 02 | - | - | 32 | 495 | 2382 | 21 | |||||||||||
2011 | 37 | 34 | 58 | 01 | 35 | 26 | 34 | 623 | 2704 | 23 | |||||||||||
2012 | 96 | 94 | 39 | 02 | 32 | 22 | 34 | 651 | 3227 | 20 | |||||||||||
2013 | 12 | 10 | -09 | 02 | 33 | 21 | 32 | 556 | 3387 | 16 | |||||||||||
2014 | 47 | 45 | 31 | 02 | 24 | 19 | 38 | 774 | 4962 | 16 | |||||||||||
2015 | 15 | 13 | 11 | 01 | 23 | 21 | 42 | 825 | 6340 | 13 | |||||||||||
2016 | 31 | 29 | 21 | 02 | 24 | 22 | 48 | 1057 | 8016 | 13 | |||||||||||
2017 | 23 | 21 | 21 | 01 | 22 | 21 | 51 | 1145 | 10071 | 11 | |||||||||||
2018 | 13 | 11 | 09 | 01 | 19 | 21 | 57 | 1284 | 12590 | 10 | |||||||||||
2019 | 61 | 59 | 68 | 02 | 16 | 20 | 72 | 1577 | 14997 | 11 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US Aggregate Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US Aggregate Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
1992 | 82 | 78 | 74 | NM | - | - | 2 | 35 | 470 | 7 | |||||||||||
1993 | 108 | 104 | 98 | NM | - | - | 3 | 62 | 741 | 8 | |||||||||||
1994 | -33 | -38 | -29 | NM | - | - | 3 | 60 | 1079 | 6 | |||||||||||
1995 | 188 | 185 | 185 | NM | - | - | 4 | 89 | 1490 | 6 | |||||||||||
1996 | 33 | 31 | 36 | NM | - | - | 3 | 84 | 1785 | 5 | |||||||||||
1997 | 89 | 87 | 97 | NM | - | - | 3 | 107 | 2219 | 5 | |||||||||||
1998 | 98 | 95 | 87 | NM | - | - | 3 | 117 | 3543 | 3 | |||||||||||
1999 | -21 | -23 | -08 | NM | - | - | 4 | 127 | 3893 | 3 | |||||||||||
2000 | 118 | 116 | 116 | NM | - | - | 3 | 102 | 3704 | 3 | |||||||||||
2001 | 79 | 77 | 84 | NM | - | - | 3 | 99 | 3496 | 3 | |||||||||||
2002 | 104 | 102 | 103 | NM | - | - | 3 | 85 | 3280 | 3 | |||||||||||
2003 | 41 | 39 | 41 | NM | - | - | 3 | 88 | 4628 | 2 | |||||||||||
2004 | 49 | 48 | 43 | NM | - | - | 4 | 98 | 4710 | 2 | |||||||||||
2005 | 38 | 36 | 24 | NM | - | - | 4 | 121 | 4152 | 3 | |||||||||||
2006 | 42 | 40 | 43 | NM | - | - | 4 | 126 | 3025 | 4 | |||||||||||
2007 | 86 | 84 | 70 | 01 | - | - | 6 | 184 | 2215 | 8 | |||||||||||
2008 | 59 | 57 | 52 | 02 | - | - | 9 | 248 | 1538 | 16 | |||||||||||
2009 | 121 | 119 | 59 | 17 | - | - | 16 | 419 | 1939 | 22 | |||||||||||
2010 | 82 | 80 | 65 | 04 | - | - | 27 | 653 | 2382 | 27 | |||||||||||
2011 | 53 | 51 | 78 | 03 | 35 | 28 | 42 | 983 | 2704 | 36 | |||||||||||
2012 | 105 | 103 | 42 | 02 | 31 | 24 | 47 | 1084 | 3227 | 34 | |||||||||||
2013 | 01 | -01 | -20 | 02 | 34 | 27 | 59 | 1372 | 3387 | 40 | |||||||||||
2014 | 80 | 78 | 60 | 02 | 28 | 26 | 111 | 2485 | 4962 | 50 | |||||||||||
2015 | 08 | 07 | 06 | 01 | 32 | 29 | 146 | 3768 | 6340 | 59 | |||||||||||
2016 | 32 | 30 | 27 | 01 | 33 | 30 | 168 | 5080 | 8016 | 63 | |||||||||||
2017 | 38 | 36 | 35 | 01 | 31 | 28 | 185 | 7135 | 10071 | 71 | |||||||||||
2018 | 10 | 08 | 00 | 02 | 25 | 28 | 205 | 8287 | 12590 | 66 | |||||||||||
2019 | 73 | 71 | 87 | 05 | 23 | 29 | 250 | 10113 | 14997 | 67 |
Fixed Income ndash Intermediate GovtCredit Composite Returns
9
QTD 1 Yr 3 Yrs 5 Yrs 7 Yrs 10 Yrs 15 Yrs Inception
GHampA Gross of Fees 047 445 310 261 283 388 483 647
GHampA Net of Fees 043 425 290 240 262 366 457 608
Bloomberg Barclays US Int GovtCredit 240 688 380 277 247 315 382 566
0
1
2
3
4
5
6
7
Inception June 30 1988 Periods longer than 12 months are annualized
Preliminary
Awardsrankings may not represent client experiences and are not indicative of future performance Go to wwwgarciahamiltonassociatescomawards for additional information on each award
Comparative Annualized Rates of Return For periods ending March 31 2020
Additional information is in the performance disclosure
Source Bloomberg Barclays
Preliminary
Fixed Income ndash Short Duration Oppt Composite Returns
10
QTD 1 Yr 3 Yrs 5 Yrs 7 Yrs 10 Yrs Inception
GHampA Gross of Fees -226 015 122 136 149 212 258
GHampA Net of Fees -230 001 108 125 136 196 242
Bloomberg Barclays US 1-3 Year Govt Index 273 537 269 185 152 145 148
-3
-2
-1
0
1
2
3
4
5
6
Preliminary
Preliminary
Awardsrankings may not represent client experiences and are not indicative of future performance Go to wwwgarciahamiltonassociatescomawards for additional information on each award
Comparative Annualized Rates of Return For periods ending March 31 2020
Inception March 31 2009 Periods longer than 12 months are annualized Additional information is in the performance disclosure
Source Bloomberg Barclays
Preliminary
11
QTD 1 Year 3 Years 5 Years 7 Years 10 Years 15 Years Inception
to Date
PortfoliosAssets in Millions
Short Duration Government ndash Gross of FeesInception December 2003 041 212 174 158 145 174 279 276 2 67
Short Duration Government ndash Net of Fees 039 205 162 145 133 161 266 262 2 67
Bloomberg Barclays US 1-3 Year Govt 273 537 269 185 152 145 242 228 NA NA
Intermediate Aggregate ndash Gross of FeesInception December 2007 038 426 308 265 296 391 NA 474 29 591
Intermediate Aggregate ndash Net of Fees 033 404 288 245 275 370 NA 451 29 591
Bloomberg Barclays US IntermediateAggregate 249 688 388 283 262 323 NA 371 NA NA
Government Credit ndash Gross of FeesInception December 2004 206 803 486 343 384 507 559 549 12 480
Government Credit ndash Net of Fees 201 784 465 324 363 484 536 527 12 480
Bloomberg Barclays US GovtCredit 337 982 518 355 332 415 449 437 NA NA
Short Duration GovtCredit ndash Gross of FeesInception September 2013 -277 -004 134 149 NA NA NA 170 3 153
Short Duration GovtCredit ndash Net of Fees -280 -015 125 141 NA NA NA 162 3 153
Bloomberg Barclays US 1-3 Year GovtCredit 169 453 259 190 NA NA NA 170 NA NA
Unconstrained Bond ndash Gross of FeesInception March 2009 -248 -004 116 141 172 350 NA 458 2 6
Unconstrained Bond ndash Net of Fees -251 -024 093 117 147 323 NA 431 2 6
Bloomberg Barclays US Treasury Bellwether 3-Month 058 228 185 121 088 066 NA 061 NA NA
Comparative Annualized Rates of Return
Periods longer than 12 months are annualizedAdditional information is in the performance disclosure
For periods ending March 31 2020
Fixed Income Composite Performance Summary
12
Diversity
Our firm directly supports numerous minority organizations in the community
bullOur Managing Partner Gilbert Garcia serves as a member of the SEC Asset Management Advisory CommitteebullOur Managing Partner Gilbert Garcia serves as a member of the SEC Fixed Income Market Structure Advisory CommitteebullOur Managing Partner Gilbert Garcia serves as trustee on the Dallas Police and Fire Pension System Board of TrusteesbullOur Managing Partner Gilbert Garcia served as Chairman of the Metropolitan Transit Authority of Harris County Board for six yearsbullOur Managing Partner Gilbert Garcia was the 2012 Houston Area Urban League Gala Honorary ChairbullOur Managing Partner Gilbert Garcia was a co-chair of the 103rd NAACP National Convention bullOur Managing Partner Gilbert Garcia served as a trustee on the Houston Municipal Employees Pension System Board of TrusteesbullOur Partner and Director of Marketing and Client Services Ruby Muntildeoz Dang served as Trustee for the METRO Texas Non-Union Pension PlanbullOur Managing Partner Gilbert Garcia was awarded Houston Hispanic Chamber Male Entrepreneur of the Year
Community Service
bullNational Association of Securities Professionals is a non-profit association of professionals that brings together minorities and women in the fields of asset management public finance investment banking and other finance professions
bullOur Partner Stephanie Roberts is highly involved with the organization and is currently a NASP Board Member and the Texas chapter Treasurer
NASP
bullSEO - A non-profit organization that mentors young women and minority individuals in the development of careers in investment banking corporate law and other leading global companies Mr Garcia went through the program in 1983 and is the longest serving board member (since 1988)
bullMr Garcia was awarded the SEO Alumni Leadership Award at the 2015 Awards Dinner in New York City Other honorees included Michael R Bloomberg three-term Mayor of New York City and Founder of Bloomberg LP amp Bloomberg Philanthropies and David M Rubenstein Co-Founder amp Co-CEO of The Carlyle Group
SEO
bullThe League of United Latin American Citizens is a non-profit organization created to advance the economic condition educational attainment political influence housing health and civil rights of the Hispanic population of the United States
LULAC
Diversity is a central theme throughout the entire firm bullCertified as a MBE in several states bull90 of the firm owned by minority and female partnersbull61 owned by minority partners and 53 owned by Hispanic partnersbull88 of employees are ethnic minorities and womenbullExecuted over 60 of brokerage volume with MBEMWBEveteran firms over the past several yearsbullWe also work with many minority and women-owned vendors in the areas of
bullOffice Supplies Temporary Staffing Services Travel Accounting AuditorsbullThe firm has a summer internship program for minority undergraduate and high school students bullWe support and promote the LGBT community
GHampA Giving Back
13
Over
Since 2014Donated
$15 Million
Performance DisclosureFIXED INCOME ndash AGGREGATE COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US Aggregate
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US Aggregate Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets Period End (US$ mil)
of Firm Assets
1992 82 78 74 NM - - 2 35 470 7 1993 108 104 98 NM - - 3 62 741 8 1994 -33 -38 -29 NM - - 3 60 1079 6 1995 188 185 185 NM - - 4 89 1490 6 1996 33 31 36 NM - - 3 84 1785 5 1997 89 87 97 NM - - 3 107 2219 5 1998 98 95 87 NM - - 3 117 3543 3 1999 -21 -23 -08 NM - - 4 127 3893 3 2000 118 116 116 NM - - 3 102 3704 3 2001 79 77 84 NM - - 3 99 3496 3 2002 104 102 103 NM - - 3 85 3280 3 2003 41 39 41 NM - - 3 88 4628 2 2004 49 48 43 NM - - 4 98 4710 2 2005 38 36 24 NM - - 4 121 4152 3 2006 42 40 43 NM - - 4 126 3025 4 2007 86 84 70 01 - - 6 184 2215 8 2008 59 57 52 02 - - 9 248 1538 16 2009 121 119 59 17 - - 16 419 1939 22 2010 82 80 65 04 - - 27 653 2382 27 2011 53 51 78 03 35 28 42 983 2704 36 2012 105 103 42 02 31 24 47 1084 3227 34 2013 01 -01 -20 02 34 27 59 1372 3387 40 2014 80 78 60 02 28 26 111 2485 4962 50 2015 08 07 06 01 32 29 146 3768 6340 59 2016 32 30 27 01 33 30 168 5080 8016 63 2017 38 36 35 01 31 28 185 7135 10071 71 2018 10 08 00 02 25 28 205 8287 12590 66 2019 73 71 87 05 23 29 250 10113 14997 67
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Aggregate Index
The composite benchmark is the Bloomberg Barclays US Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of January 1 1992 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is October 1 1999
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fee results are calculated for the period of December 31 1991 through December 31 1994 by deducting the highest fee of 0375 from the monthly gross composite returns Since January 1 1995 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash AGGREGATE COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Aggregate Index
The composite benchmark is the Bloomberg Barclays US Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of January 1 1992 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is October 1 1999
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fee results are calculated for the period of December 31 1991 through December 31 1994 by deducting the highest fee of 0375 from the monthly gross composite returns Since January 1 1995 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash INTERMEDIATE GOVERNMENT CREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US Intermediate GovrsquotCredit
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US Intermediate GovrsquotCredit
Index () Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets Period End (US$ mil)
of Firm Assets
1988 24 23 23 NM - - 1 30 80 38 1989 158 152 128 NM - - 2 31 157 20 1990 103 98 92 NM - - 5 37 207 18 1991 179 173 147 NM - - 5 66 311 21 1992 79 74 72 03 - - 7 85 470 18 1993 114 109 88 NM - - 1 7 741 1 1994 -38 -43 -19 NM - - 4 38 1079 4 1995 167 161 153 NM - - 3 42 1490 3 1996 40 35 41 01 - - 11 84 1785 5 1997 79 74 79 01 - - 14 289 2219 13 1998 86 81 84 02 - - 15 400 3543 11 1999 -01 -06 04 04 - - 12 284 3893 7 2000 105 99 101 02 - - 11 189 3704 5 2001 87 82 90 03 - - 11 172 3496 5 2002 98 93 98 02 - - 9 154 3280 5 2003 42 37 43 03 - - 12 166 4628 4 2004 39 34 30 02 - - 14 223 4710 5 2005 24 19 16 01 - - 18 294 4152 7 2006 44 41 41 01 - - 18 307 3025 10 2007 83 80 74 01 - - 19 340 2215 15 2008 54 51 51 02 - - 19 269 1538 17 2009 109 106 52 05 - - 28 443 1939 23 2010 73 71 59 02 - - 32 495 2382 21 2011 37 34 58 01 35 26 34 623 2704 23 2012 96 94 39 02 32 22 34 651 3227 20 2013 12 10 -09 02 33 21 32 556 3387 16 2014 47 45 31 02 24 19 38 774 4962 16 2015 15 13 11 01 23 21 42 825 6340 13 2016 31 29 21 02 24 22 48 1057 8016 13 2017 23 21 21 01 22 21 51 1145 10071 11 2018 13 11 09 01 19 21 57 1284 12590 10 2019 61 59 68 02 16 20 72 1577 14997 11
Inception (7188) through 123188 Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US Intermediate GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of July 1 1988 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is July 1 1988
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income For the period of July 1 1988 through December 31 2005 net of fees results are calculated by deducting the highest fee of 012 on a quarterly basis from the monthly gross composite returns and for the period of December 31 2005 through December 31 2016 by deducting the highest fee of 007 on a quarterly basis from the monthly gross composite returns Since January 1 2010 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
FIXED INCOME ndash INTERMEDIATE GOVERNMENT CREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (7188) through 123188 Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US Intermediate GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of July 1 1988 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is July 1 1988
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income For the period of July 1 1988 through December 31 2005 net of fees results are calculated by deducting the highest fee of 012 on a quarterly basis from the monthly gross composite returns and for the period of December 31 2005 through December 31 2016 by deducting the highest fee of 007 on a quarterly basis from the monthly gross composite returns Since January 1 2010 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliance presentations are available upon request Composite dispersion for the period of July 1 1988 through December 31 1992 was an equal-weighted standard deviation Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION OPPORTUNISTIC COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite
Total Return ( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US
1-3 Year Govrsquot Index Return
()
Composite Dispersion
() Composite
()
Bloomberg Barclays US
1-3 Year Govrsquot Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm Assets
2009 64 63 11 NM - - 1 80 1939 4 2010 32 30 24 NM - - 2 72 2382 3 2011 25 22 16 NM - - 2 74 2704 3 2012 52 50 05 01 13 07 6 196 3227 6 2013 12 10 04 NM 14 05 2 27 3387 1 2014 21 19 06 NM 12 04 2 27 4962 1 2015 12 12 06 NM 12 06 1 1 6340 lt1 2016 24 23 09 NM 11 08 3 40 8016 1 2017 16 14 05 NM 10 08 1 29 10071 lt1 2018 16 15 16 NM 07 09 4 122 12590 1 2019 35 34 36 NM 04 10 4 87 14997 1
Inception (4109) through 123109 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Opportunistic Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Opportunistic investment product utilizes high-quality securities The portfolios generally utilize Treasuries Federal Agency debentures and Agency-Guaranteed 15-year Mortgage-Backed securities The portfolios may invest opportunistically in high quality domestic Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate with a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of April 1 2009 to date the minimum portfolio size for inclusion in the composite was $10 million The composite creation date is January 1 2010
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees and include incentive fees that are entered when earned The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION OPPORTUNISTIC COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (4109) through 123109 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Opportunistic Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Opportunistic investment product utilizes high-quality securities The portfolios generally utilize Treasuries Federal Agency debentures and Agency-Guaranteed 15-year Mortgage-Backed securities The portfolios may invest opportunistically in high quality domestic Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate with a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of April 1 2009 to date the minimum portfolio size for inclusion in the composite was $10 million The composite creation date is January 1 2010
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees and include incentive fees that are entered when earned The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION GOVERNMENT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US
1-3 Year Govrsquot Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US
1-3 Year Govrsquot Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm Assets
2004 29 27 11 NM - - 1 22 4710 lt 1 2005 26 25 17 NM - - 1 42 4152 lt 1 2006 46 45 41 NM - - 1 44 3025 1 2007 71 69 71 NM - - 1 47 2215 2 2008 73 71 67 NM - - 1 50 1538 3 2009 23 22 14 NM - - 1 51 1939 3 2010 28 27 24 NM - - 1 56 2382 2 2011 33 31 16 NM 12 10 1 56 2704 2 2012 15 13 05 NM 10 07 1 29 3227 lt 1 2013 04 03 04 NM 09 05 2 64 3387 2 2014 15 14 06 NM 09 04 1 55 4962 1 2015 11 09 06 NM 11 06 1 55 6340 1 2016 19 18 09 NM 11 08 1 56 8016 1 2017 14 13 05 NM 10 08 2 67 10071 1 2018 16 15 16 NM 08 09 2 68 12590 1 2019 23 22 36 NM 03 10 2 66 14997 lt 1
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Government Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Government investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchases Treasuries Federal Agency debentures and Agency-Guaranteed Mortgage-Backed securities The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is October 1 2004
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 014 of the first $25 million 012 of the next $25 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION GOVERNMENT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Government Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Government investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchases Treasuries Federal Agency debentures and Agency-Guaranteed Mortgage-Backed securities The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is October 1 2004
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 014 of the first $25 million 012 of the next $25 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME - INTERMEDIATE AGGREGATE COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US Intermediate Aggregate
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US Intermediate Aggregate Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm Assets
2008 54 51 49 NM - - 4 136 1538 9 2009 115 112 65 NM - - 5 130 1939 7 2010 73 70 62 01 - - 7 201 2382 8 2011 40 38 60 03 33 23 9 203 2704 8 2012 89 86 36 01 30 19 11 235 3227 7 2013 11 09 -10 01 31 20 16 250 3387 7 2014 53 51 41 01 24 20 16 269 4962 5 2015 17 16 12 01 24 21 18 267 6340 4 2016 32 30 20 01 25 21 20 287 8016 4 2017 22 20 23 01 23 20 22 331 10071 3 2018 16 14 09 01 19 21 23 379 12590 3 2019 59 57 67 01 16 20 26 462 14997 3
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate Aggregate Index
The composite benchmark is the Bloomberg Barclays US Intermediate Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2008
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME - INTERMEDIATE AGGREGATE COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate Aggregate Index
The composite benchmark is the Bloomberg Barclays US Intermediate Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2008
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash GOVERNMENTCREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US
GovernmentCredit Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US
GovernmentCredit Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm
Assets 2005 30 29 24 NM - - 1 101 4152 2 2006 40 38 38 NM - - 2 105 3025 3 2007 84 82 72 NM - - 2 9 2215 lt 1 2008 68 65 57 NM - - 3 15 1538 lt 1 2009 88 85 45 NM - - 3 15 1939 lt 1 2010 81 78 66 NM - - 2 11 2382 lt 1 2011 61 59 87 NM 38 34 2 13 2704 lt 1 2012 115 112 48 NM 34 30 2 14 3227 lt 1 2013 -02 -05 -24 NM 37 32 2 12 3387 lt 1 2014 85 82 60 NM 32 30 1 6 4962 lt 1 2015 08 06 02 NM 36 33 3 93 6340 1 2016 30 28 31 NM 38 35 4 138 8016 2 2017 42 40 40 NM 36 33 5 145 10071 1 2018 06 04 -04 NM 30 32 5 163 12590 1 2019 89 87 97 05 30 33 10 484 14997 3
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income- GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2006
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash GOVERNMENTCREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income- GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2006
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION GOVERNMENTCREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US 1-3 Year GovrsquotCredit
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US 1-3 Year GovrsquotCredit
Index () Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets Period End (US$ mil)
of Firm
Assets 2013 06 06 02 NM - - 3 92 3387 3
2014 20 19 08 NM - - 1 72 4962 1 2015 11 11 07 NM - - 2 98 6340 2 2016 26 25 13 NM 11 08 1 165 8016 2 2017 16 16 08 NM 10 07 3 286 10071 3 2018 18 17 16 NM 07 08 4 396 12590 3 2019 41 40 40 NM 05 09 3 157 14997 1
Inception (10113) through 123113 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration GovernmentCredit investment product will generally invest in high quality securities such as US Treasuries Agency debentures 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION GOVERNMENTCREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (10113) through 123113 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration GovernmentCredit investment product will generally invest in high quality securities such as US Treasuries Agency debentures 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash UNCONSTRAINED BOND COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite
Total Return ( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays
UST Bellwether 3-Month
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays
UST Bellwether 3-Month
Index ()
Number of Portfolios
Composite Assets
Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm
Assets 2009 134 131 02 NM - - 2 2 1939 lt 1
2010 83 80 02 NM - - 2 3 2382 lt 1 2011 41 39 01 NM - - 2 3 2704 lt 1 2012 126 123 01 NM 41 00 2 3 3227 lt 1 2013 13 11 01 NM 41 00 2 3 3387 lt 1 2014 32 28 01 NM 29 00 2 5 4962 lt 1 2015 13 11 01 NM 22 00 2 5 6340 lt 1 2016 31 28 04 NM 16 01 2 5 8016 lt 1 2017 16 13 09 NM 15 01 2 5 10071 lt 1 2018 15 13 19 NM 09 02 2 5 12590 lt 1 2019 35 32 23 NM 04 02 2 6 14997 lt 1
Inception (4109) through 43009 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Unconstrained Bond Composite is comprised only of fully discretionary fee paying portfolios including those portfolios no longer with the firm The Fixed Income-Unconstrained Bond investment philosophy will generally invest in high quality securities such as US Treasuries Agency Debentures Agency Guaranteed Mortgage-Backed securities and Investment Grade Corporate Bonds The Fixed Income-Unconstrained Bond product utilizes a domestic fixed income strategy that has the flexibility to adapt to changing markets without sector or duration constraints while maintaining a high-quality focus The flexibility to adapt to changing market conditions without limitation to the constraints of a specific index may result from time to time in the concentration of one or more sectors The portfolios do not contain derivatives and do not employ leverage
The Bloomberg Barclays US Treasury Bellwether 3-Month Index a cash proxy is provided for comparative purposes The composite is not managed against an Index The minimum portfolio size for inclusion in the composite has been $05 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash UNCONSTRAINED BOND COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP Inception (4109) through 43009 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays The GHampA Fixed Income-Unconstrained Bond Composite is comprised only of fully discretionary fee paying portfolios including those portfolios no longer with the firm The Fixed Income-Unconstrained Bond investment philosophy will generally invest in high quality securities such as US Treasuries Agency Debentures Agency Guaranteed Mortgage-Backed securities and Investment Grade Corporate Bonds The Fixed Income-Unconstrained Bond product utilizes a domestic fixed income strategy that has the flexibility to adapt to changing markets without sector or duration constraints while maintaining a high-quality focus The flexibility to adapt to changing market conditions without limitation to the constraints of a specific index may result from time to time in the concentration of one or more sectors The portfolios do not contain derivatives and do not employ leverage The Bloomberg Barclays US Treasury Bellwether 3-Month Index a cash proxy is provided for comparative purposes The composite is not managed against an Index The minimum portfolio size for inclusion in the composite has been $05 million since inception The composite creation date is January 1 2014 Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays UST Bellwether 3-Month Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays UST Bellwether 3-Month Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2009 | 134 | 131 | 02 | NM | - | - | 2 | 2 | 1939 | lt 1 | |||||||||||
2010 | 83 | 80 | 02 | NM | - | - | 2 | 3 | 2382 | lt 1 | |||||||||||
2011 | 41 | 39 | 01 | NM | - | - | 2 | 3 | 2704 | lt 1 | |||||||||||
2012 | 126 | 123 | 01 | NM | 41 | 00 | 2 | 3 | 3227 | lt 1 | |||||||||||
2013 | 13 | 11 | 01 | NM | 41 | 00 | 2 | 3 | 3387 | lt 1 | |||||||||||
2014 | 32 | 28 | 01 | NM | 29 | 00 | 2 | 5 | 4962 | lt 1 | |||||||||||
2015 | 13 | 11 | 01 | NM | 22 | 00 | 2 | 5 | 6340 | lt 1 | |||||||||||
2016 | 31 | 28 | 04 | NM | 16 | 01 | 2 | 5 | 8016 | lt 1 | |||||||||||
2017 | 16 | 13 | 09 | NM | 15 | 01 | 2 | 5 | 10071 | lt 1 | |||||||||||
2018 | 15 | 13 | 19 | NM | 09 | 02 | 2 | 5 | 12590 | lt 1 | |||||||||||
2019 | 35 | 32 | 23 | NM | 04 | 02 | 2 | 6 | 14997 | lt 1 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US 1-3 Year GovrsquotCredit Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US 1-3 Year GovrsquotCredit Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2013 | 06 | 06 | 02 | NM | - | - | 3 | 92 | 3387 | 3 | |||||||||||
2014 | 20 | 19 | 08 | NM | - | - | 1 | 72 | 4962 | 1 | |||||||||||
2015 | 11 | 11 | 07 | NM | - | - | 2 | 98 | 6340 | 2 | |||||||||||
2016 | 26 | 25 | 13 | NM | 11 | 08 | 1 | 165 | 8016 | 2 | |||||||||||
2017 | 16 | 16 | 08 | NM | 10 | 07 | 3 | 286 | 10071 | 3 | |||||||||||
2018 | 18 | 17 | 16 | NM | 07 | 08 | 4 | 396 | 12590 | 3 | |||||||||||
2019 | 41 | 40 | 40 | NM | 05 | 09 | 3 | 157 | 14997 | 1 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US GovernmentCredit Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US GovernmentCredit Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2005 | 30 | 29 | 24 | NM | - | - | 1 | 101 | 4152 | 2 | |||||||||||
2006 | 40 | 38 | 38 | NM | - | - | 2 | 105 | 3025 | 3 | |||||||||||
2007 | 84 | 82 | 72 | NM | - | - | 2 | 9 | 2215 | lt 1 | |||||||||||
2008 | 68 | 65 | 57 | NM | - | - | 3 | 15 | 1538 | lt 1 | |||||||||||
2009 | 88 | 85 | 45 | NM | - | - | 3 | 15 | 1939 | lt 1 | |||||||||||
2010 | 81 | 78 | 66 | NM | - | - | 2 | 11 | 2382 | lt 1 | |||||||||||
2011 | 61 | 59 | 87 | NM | 38 | 34 | 2 | 13 | 2704 | lt 1 | |||||||||||
2012 | 115 | 112 | 48 | NM | 34 | 30 | 2 | 14 | 3227 | lt 1 | |||||||||||
2013 | -02 | -05 | -24 | NM | 37 | 32 | 2 | 12 | 3387 | lt 1 | |||||||||||
2014 | 85 | 82 | 60 | NM | 32 | 30 | 1 | 6 | 4962 | lt 1 | |||||||||||
2015 | 08 | 06 | 02 | NM | 36 | 33 | 3 | 93 | 6340 | 1 | |||||||||||
2016 | 30 | 28 | 31 | NM | 38 | 35 | 4 | 138 | 8016 | 2 | |||||||||||
2017 | 42 | 40 | 40 | NM | 36 | 33 | 5 | 145 | 10071 | 1 | |||||||||||
2018 | 06 | 04 | -04 | NM | 30 | 32 | 5 | 163 | 12590 | 1 | |||||||||||
2019 | 89 | 87 | 97 | 05 | 30 | 33 | 10 | 484 | 14997 | 3 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US Intermediate Aggregate Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US Intermediate Aggregate Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2008 | 54 | 51 | 49 | NM | - | - | 4 | 136 | 1538 | 9 | |||||||||||
2009 | 115 | 112 | 65 | NM | - | - | 5 | 130 | 1939 | 7 | |||||||||||
2010 | 73 | 70 | 62 | 01 | - | - | 7 | 201 | 2382 | 8 | |||||||||||
2011 | 40 | 38 | 60 | 03 | 33 | 23 | 9 | 203 | 2704 | 8 | |||||||||||
2012 | 89 | 86 | 36 | 01 | 30 | 19 | 11 | 235 | 3227 | 7 | |||||||||||
2013 | 11 | 09 | -10 | 01 | 31 | 20 | 16 | 250 | 3387 | 7 | |||||||||||
2014 | 53 | 51 | 41 | 01 | 24 | 20 | 16 | 269 | 4962 | 5 | |||||||||||
2015 | 17 | 16 | 12 | 01 | 24 | 21 | 18 | 267 | 6340 | 4 | |||||||||||
2016 | 32 | 30 | 20 | 01 | 25 | 21 | 20 | 287 | 8016 | 4 | |||||||||||
2017 | 22 | 20 | 23 | 01 | 23 | 20 | 22 | 331 | 10071 | 3 | |||||||||||
2018 | 16 | 14 | 09 | 01 | 19 | 21 | 23 | 379 | 12590 | 3 | |||||||||||
2019 | 59 | 57 | 67 | 01 | 16 | 20 | 26 | 462 | 14997 | 3 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US 1-3 Year Govrsquot Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US 1-3 Year Govrsquot Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2004 | 29 | 27 | 11 | NM | - | - | 1 | 22 | 4710 | lt 1 | |||||||||||
2005 | 26 | 25 | 17 | NM | - | - | 1 | 42 | 4152 | lt 1 | |||||||||||
2006 | 46 | 45 | 41 | NM | - | - | 1 | 44 | 3025 | 1 | |||||||||||
2007 | 71 | 69 | 71 | NM | - | - | 1 | 47 | 2215 | 2 | |||||||||||
2008 | 73 | 71 | 67 | NM | - | - | 1 | 50 | 1538 | 3 | |||||||||||
2009 | 23 | 22 | 14 | NM | - | - | 1 | 51 | 1939 | 3 | |||||||||||
2010 | 28 | 27 | 24 | NM | - | - | 1 | 56 | 2382 | 2 | |||||||||||
2011 | 33 | 31 | 16 | NM | 12 | 10 | 1 | 56 | 2704 | 2 | |||||||||||
2012 | 15 | 13 | 05 | NM | 10 | 07 | 1 | 29 | 3227 | lt 1 | |||||||||||
2013 | 04 | 03 | 04 | NM | 09 | 05 | 2 | 64 | 3387 | 2 | |||||||||||
2014 | 15 | 14 | 06 | NM | 09 | 04 | 1 | 55 | 4962 | 1 | |||||||||||
2015 | 11 | 09 | 06 | NM | 11 | 06 | 1 | 55 | 6340 | 1 | |||||||||||
2016 | 19 | 18 | 09 | NM | 11 | 08 | 1 | 56 | 8016 | 1 | |||||||||||
2017 | 14 | 13 | 05 | NM | 10 | 08 | 2 | 67 | 10071 | 1 | |||||||||||
2018 | 16 | 15 | 16 | NM | 08 | 09 | 2 | 68 | 12590 | 1 | |||||||||||
2019 | 23 | 22 | 36 | NM | 03 | 10 | 2 | 66 | 14997 | lt 1 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US 1-3 Year Govrsquot Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US 1-3 Year Govrsquot Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2009 | 64 | 63 | 11 | NM | - | - | 1 | 80 | 1939 | 4 | |||||||||||
2010 | 32 | 30 | 24 | NM | - | - | 2 | 72 | 2382 | 3 | |||||||||||
2011 | 25 | 22 | 16 | NM | - | - | 2 | 74 | 2704 | 3 | |||||||||||
2012 | 52 | 50 | 05 | 01 | 13 | 07 | 6 | 196 | 3227 | 6 | |||||||||||
2013 | 12 | 10 | 04 | NM | 14 | 05 | 2 | 27 | 3387 | 1 | |||||||||||
2014 | 21 | 19 | 06 | NM | 12 | 04 | 2 | 27 | 4962 | 1 | |||||||||||
2015 | 12 | 12 | 06 | NM | 12 | 06 | 1 | 1 | 6340 | lt1 | |||||||||||
2016 | 24 | 23 | 09 | NM | 11 | 08 | 3 | 40 | 8016 | 1 | |||||||||||
2017 | 16 | 14 | 05 | NM | 10 | 08 | 1 | 29 | 10071 | lt1 | |||||||||||
2018 | 16 | 15 | 16 | NM | 07 | 09 | 4 | 122 | 12590 | 1 | |||||||||||
2019 | 35 | 34 | 36 | NM | 04 | 10 | 4 | 87 | 14997 | 1 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US Intermediate GovrsquotCredit Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US Intermediate GovrsquotCredit Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
1988 | 24 | 23 | 23 | NM | - | - | 1 | 30 | 80 | 38 | |||||||||||
1989 | 158 | 152 | 128 | NM | - | - | 2 | 31 | 157 | 20 | |||||||||||
1990 | 103 | 98 | 92 | NM | - | - | 5 | 37 | 207 | 18 | |||||||||||
1991 | 179 | 173 | 147 | NM | - | - | 5 | 66 | 311 | 21 | |||||||||||
1992 | 79 | 74 | 72 | 03 | - | - | 7 | 85 | 470 | 18 | |||||||||||
1993 | 114 | 109 | 88 | NM | - | - | 1 | 7 | 741 | 1 | |||||||||||
1994 | -38 | -43 | -19 | NM | - | - | 4 | 38 | 1079 | 4 | |||||||||||
1995 | 167 | 161 | 153 | NM | - | - | 3 | 42 | 1490 | 3 | |||||||||||
1996 | 40 | 35 | 41 | 01 | - | - | 11 | 84 | 1785 | 5 | |||||||||||
1997 | 79 | 74 | 79 | 01 | - | - | 14 | 289 | 2219 | 13 | |||||||||||
1998 | 86 | 81 | 84 | 02 | - | - | 15 | 400 | 3543 | 11 | |||||||||||
1999 | -01 | -06 | 04 | 04 | - | - | 12 | 284 | 3893 | 7 | |||||||||||
2000 | 105 | 99 | 101 | 02 | - | - | 11 | 189 | 3704 | 5 | |||||||||||
2001 | 87 | 82 | 90 | 03 | - | - | 11 | 172 | 3496 | 5 | |||||||||||
2002 | 98 | 93 | 98 | 02 | - | - | 9 | 154 | 3280 | 5 | |||||||||||
2003 | 42 | 37 | 43 | 03 | - | - | 12 | 166 | 4628 | 4 | |||||||||||
2004 | 39 | 34 | 30 | 02 | - | - | 14 | 223 | 4710 | 5 | |||||||||||
2005 | 24 | 19 | 16 | 01 | - | - | 18 | 294 | 4152 | 7 | |||||||||||
2006 | 44 | 41 | 41 | 01 | - | - | 18 | 307 | 3025 | 10 | |||||||||||
2007 | 83 | 80 | 74 | 01 | - | - | 19 | 340 | 2215 | 15 | |||||||||||
2008 | 54 | 51 | 51 | 02 | - | - | 19 | 269 | 1538 | 17 | |||||||||||
2009 | 109 | 106 | 52 | 05 | - | - | 28 | 443 | 1939 | 23 | |||||||||||
2010 | 73 | 71 | 59 | 02 | - | - | 32 | 495 | 2382 | 21 | |||||||||||
2011 | 37 | 34 | 58 | 01 | 35 | 26 | 34 | 623 | 2704 | 23 | |||||||||||
2012 | 96 | 94 | 39 | 02 | 32 | 22 | 34 | 651 | 3227 | 20 | |||||||||||
2013 | 12 | 10 | -09 | 02 | 33 | 21 | 32 | 556 | 3387 | 16 | |||||||||||
2014 | 47 | 45 | 31 | 02 | 24 | 19 | 38 | 774 | 4962 | 16 | |||||||||||
2015 | 15 | 13 | 11 | 01 | 23 | 21 | 42 | 825 | 6340 | 13 | |||||||||||
2016 | 31 | 29 | 21 | 02 | 24 | 22 | 48 | 1057 | 8016 | 13 | |||||||||||
2017 | 23 | 21 | 21 | 01 | 22 | 21 | 51 | 1145 | 10071 | 11 | |||||||||||
2018 | 13 | 11 | 09 | 01 | 19 | 21 | 57 | 1284 | 12590 | 10 | |||||||||||
2019 | 61 | 59 | 68 | 02 | 16 | 20 | 72 | 1577 | 14997 | 11 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US Aggregate Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US Aggregate Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
1992 | 82 | 78 | 74 | NM | - | - | 2 | 35 | 470 | 7 | |||||||||||
1993 | 108 | 104 | 98 | NM | - | - | 3 | 62 | 741 | 8 | |||||||||||
1994 | -33 | -38 | -29 | NM | - | - | 3 | 60 | 1079 | 6 | |||||||||||
1995 | 188 | 185 | 185 | NM | - | - | 4 | 89 | 1490 | 6 | |||||||||||
1996 | 33 | 31 | 36 | NM | - | - | 3 | 84 | 1785 | 5 | |||||||||||
1997 | 89 | 87 | 97 | NM | - | - | 3 | 107 | 2219 | 5 | |||||||||||
1998 | 98 | 95 | 87 | NM | - | - | 3 | 117 | 3543 | 3 | |||||||||||
1999 | -21 | -23 | -08 | NM | - | - | 4 | 127 | 3893 | 3 | |||||||||||
2000 | 118 | 116 | 116 | NM | - | - | 3 | 102 | 3704 | 3 | |||||||||||
2001 | 79 | 77 | 84 | NM | - | - | 3 | 99 | 3496 | 3 | |||||||||||
2002 | 104 | 102 | 103 | NM | - | - | 3 | 85 | 3280 | 3 | |||||||||||
2003 | 41 | 39 | 41 | NM | - | - | 3 | 88 | 4628 | 2 | |||||||||||
2004 | 49 | 48 | 43 | NM | - | - | 4 | 98 | 4710 | 2 | |||||||||||
2005 | 38 | 36 | 24 | NM | - | - | 4 | 121 | 4152 | 3 | |||||||||||
2006 | 42 | 40 | 43 | NM | - | - | 4 | 126 | 3025 | 4 | |||||||||||
2007 | 86 | 84 | 70 | 01 | - | - | 6 | 184 | 2215 | 8 | |||||||||||
2008 | 59 | 57 | 52 | 02 | - | - | 9 | 248 | 1538 | 16 | |||||||||||
2009 | 121 | 119 | 59 | 17 | - | - | 16 | 419 | 1939 | 22 | |||||||||||
2010 | 82 | 80 | 65 | 04 | - | - | 27 | 653 | 2382 | 27 | |||||||||||
2011 | 53 | 51 | 78 | 03 | 35 | 28 | 42 | 983 | 2704 | 36 | |||||||||||
2012 | 105 | 103 | 42 | 02 | 31 | 24 | 47 | 1084 | 3227 | 34 | |||||||||||
2013 | 01 | -01 | -20 | 02 | 34 | 27 | 59 | 1372 | 3387 | 40 | |||||||||||
2014 | 80 | 78 | 60 | 02 | 28 | 26 | 111 | 2485 | 4962 | 50 | |||||||||||
2015 | 08 | 07 | 06 | 01 | 32 | 29 | 146 | 3768 | 6340 | 59 | |||||||||||
2016 | 32 | 30 | 27 | 01 | 33 | 30 | 168 | 5080 | 8016 | 63 | |||||||||||
2017 | 38 | 36 | 35 | 01 | 31 | 28 | 185 | 7135 | 10071 | 71 | |||||||||||
2018 | 10 | 08 | 00 | 02 | 25 | 28 | 205 | 8287 | 12590 | 66 | |||||||||||
2019 | 73 | 71 | 87 | 05 | 23 | 29 | 250 | 10113 | 14997 | 67 |
Fixed Income ndash Short Duration Oppt Composite Returns
10
QTD 1 Yr 3 Yrs 5 Yrs 7 Yrs 10 Yrs Inception
GHampA Gross of Fees -226 015 122 136 149 212 258
GHampA Net of Fees -230 001 108 125 136 196 242
Bloomberg Barclays US 1-3 Year Govt Index 273 537 269 185 152 145 148
-3
-2
-1
0
1
2
3
4
5
6
Preliminary
Preliminary
Awardsrankings may not represent client experiences and are not indicative of future performance Go to wwwgarciahamiltonassociatescomawards for additional information on each award
Comparative Annualized Rates of Return For periods ending March 31 2020
Inception March 31 2009 Periods longer than 12 months are annualized Additional information is in the performance disclosure
Source Bloomberg Barclays
Preliminary
11
QTD 1 Year 3 Years 5 Years 7 Years 10 Years 15 Years Inception
to Date
PortfoliosAssets in Millions
Short Duration Government ndash Gross of FeesInception December 2003 041 212 174 158 145 174 279 276 2 67
Short Duration Government ndash Net of Fees 039 205 162 145 133 161 266 262 2 67
Bloomberg Barclays US 1-3 Year Govt 273 537 269 185 152 145 242 228 NA NA
Intermediate Aggregate ndash Gross of FeesInception December 2007 038 426 308 265 296 391 NA 474 29 591
Intermediate Aggregate ndash Net of Fees 033 404 288 245 275 370 NA 451 29 591
Bloomberg Barclays US IntermediateAggregate 249 688 388 283 262 323 NA 371 NA NA
Government Credit ndash Gross of FeesInception December 2004 206 803 486 343 384 507 559 549 12 480
Government Credit ndash Net of Fees 201 784 465 324 363 484 536 527 12 480
Bloomberg Barclays US GovtCredit 337 982 518 355 332 415 449 437 NA NA
Short Duration GovtCredit ndash Gross of FeesInception September 2013 -277 -004 134 149 NA NA NA 170 3 153
Short Duration GovtCredit ndash Net of Fees -280 -015 125 141 NA NA NA 162 3 153
Bloomberg Barclays US 1-3 Year GovtCredit 169 453 259 190 NA NA NA 170 NA NA
Unconstrained Bond ndash Gross of FeesInception March 2009 -248 -004 116 141 172 350 NA 458 2 6
Unconstrained Bond ndash Net of Fees -251 -024 093 117 147 323 NA 431 2 6
Bloomberg Barclays US Treasury Bellwether 3-Month 058 228 185 121 088 066 NA 061 NA NA
Comparative Annualized Rates of Return
Periods longer than 12 months are annualizedAdditional information is in the performance disclosure
For periods ending March 31 2020
Fixed Income Composite Performance Summary
12
Diversity
Our firm directly supports numerous minority organizations in the community
bullOur Managing Partner Gilbert Garcia serves as a member of the SEC Asset Management Advisory CommitteebullOur Managing Partner Gilbert Garcia serves as a member of the SEC Fixed Income Market Structure Advisory CommitteebullOur Managing Partner Gilbert Garcia serves as trustee on the Dallas Police and Fire Pension System Board of TrusteesbullOur Managing Partner Gilbert Garcia served as Chairman of the Metropolitan Transit Authority of Harris County Board for six yearsbullOur Managing Partner Gilbert Garcia was the 2012 Houston Area Urban League Gala Honorary ChairbullOur Managing Partner Gilbert Garcia was a co-chair of the 103rd NAACP National Convention bullOur Managing Partner Gilbert Garcia served as a trustee on the Houston Municipal Employees Pension System Board of TrusteesbullOur Partner and Director of Marketing and Client Services Ruby Muntildeoz Dang served as Trustee for the METRO Texas Non-Union Pension PlanbullOur Managing Partner Gilbert Garcia was awarded Houston Hispanic Chamber Male Entrepreneur of the Year
Community Service
bullNational Association of Securities Professionals is a non-profit association of professionals that brings together minorities and women in the fields of asset management public finance investment banking and other finance professions
bullOur Partner Stephanie Roberts is highly involved with the organization and is currently a NASP Board Member and the Texas chapter Treasurer
NASP
bullSEO - A non-profit organization that mentors young women and minority individuals in the development of careers in investment banking corporate law and other leading global companies Mr Garcia went through the program in 1983 and is the longest serving board member (since 1988)
bullMr Garcia was awarded the SEO Alumni Leadership Award at the 2015 Awards Dinner in New York City Other honorees included Michael R Bloomberg three-term Mayor of New York City and Founder of Bloomberg LP amp Bloomberg Philanthropies and David M Rubenstein Co-Founder amp Co-CEO of The Carlyle Group
SEO
bullThe League of United Latin American Citizens is a non-profit organization created to advance the economic condition educational attainment political influence housing health and civil rights of the Hispanic population of the United States
LULAC
Diversity is a central theme throughout the entire firm bullCertified as a MBE in several states bull90 of the firm owned by minority and female partnersbull61 owned by minority partners and 53 owned by Hispanic partnersbull88 of employees are ethnic minorities and womenbullExecuted over 60 of brokerage volume with MBEMWBEveteran firms over the past several yearsbullWe also work with many minority and women-owned vendors in the areas of
bullOffice Supplies Temporary Staffing Services Travel Accounting AuditorsbullThe firm has a summer internship program for minority undergraduate and high school students bullWe support and promote the LGBT community
GHampA Giving Back
13
Over
Since 2014Donated
$15 Million
Performance DisclosureFIXED INCOME ndash AGGREGATE COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US Aggregate
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US Aggregate Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets Period End (US$ mil)
of Firm Assets
1992 82 78 74 NM - - 2 35 470 7 1993 108 104 98 NM - - 3 62 741 8 1994 -33 -38 -29 NM - - 3 60 1079 6 1995 188 185 185 NM - - 4 89 1490 6 1996 33 31 36 NM - - 3 84 1785 5 1997 89 87 97 NM - - 3 107 2219 5 1998 98 95 87 NM - - 3 117 3543 3 1999 -21 -23 -08 NM - - 4 127 3893 3 2000 118 116 116 NM - - 3 102 3704 3 2001 79 77 84 NM - - 3 99 3496 3 2002 104 102 103 NM - - 3 85 3280 3 2003 41 39 41 NM - - 3 88 4628 2 2004 49 48 43 NM - - 4 98 4710 2 2005 38 36 24 NM - - 4 121 4152 3 2006 42 40 43 NM - - 4 126 3025 4 2007 86 84 70 01 - - 6 184 2215 8 2008 59 57 52 02 - - 9 248 1538 16 2009 121 119 59 17 - - 16 419 1939 22 2010 82 80 65 04 - - 27 653 2382 27 2011 53 51 78 03 35 28 42 983 2704 36 2012 105 103 42 02 31 24 47 1084 3227 34 2013 01 -01 -20 02 34 27 59 1372 3387 40 2014 80 78 60 02 28 26 111 2485 4962 50 2015 08 07 06 01 32 29 146 3768 6340 59 2016 32 30 27 01 33 30 168 5080 8016 63 2017 38 36 35 01 31 28 185 7135 10071 71 2018 10 08 00 02 25 28 205 8287 12590 66 2019 73 71 87 05 23 29 250 10113 14997 67
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Aggregate Index
The composite benchmark is the Bloomberg Barclays US Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of January 1 1992 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is October 1 1999
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fee results are calculated for the period of December 31 1991 through December 31 1994 by deducting the highest fee of 0375 from the monthly gross composite returns Since January 1 1995 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash AGGREGATE COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Aggregate Index
The composite benchmark is the Bloomberg Barclays US Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of January 1 1992 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is October 1 1999
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fee results are calculated for the period of December 31 1991 through December 31 1994 by deducting the highest fee of 0375 from the monthly gross composite returns Since January 1 1995 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash INTERMEDIATE GOVERNMENT CREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US Intermediate GovrsquotCredit
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US Intermediate GovrsquotCredit
Index () Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets Period End (US$ mil)
of Firm Assets
1988 24 23 23 NM - - 1 30 80 38 1989 158 152 128 NM - - 2 31 157 20 1990 103 98 92 NM - - 5 37 207 18 1991 179 173 147 NM - - 5 66 311 21 1992 79 74 72 03 - - 7 85 470 18 1993 114 109 88 NM - - 1 7 741 1 1994 -38 -43 -19 NM - - 4 38 1079 4 1995 167 161 153 NM - - 3 42 1490 3 1996 40 35 41 01 - - 11 84 1785 5 1997 79 74 79 01 - - 14 289 2219 13 1998 86 81 84 02 - - 15 400 3543 11 1999 -01 -06 04 04 - - 12 284 3893 7 2000 105 99 101 02 - - 11 189 3704 5 2001 87 82 90 03 - - 11 172 3496 5 2002 98 93 98 02 - - 9 154 3280 5 2003 42 37 43 03 - - 12 166 4628 4 2004 39 34 30 02 - - 14 223 4710 5 2005 24 19 16 01 - - 18 294 4152 7 2006 44 41 41 01 - - 18 307 3025 10 2007 83 80 74 01 - - 19 340 2215 15 2008 54 51 51 02 - - 19 269 1538 17 2009 109 106 52 05 - - 28 443 1939 23 2010 73 71 59 02 - - 32 495 2382 21 2011 37 34 58 01 35 26 34 623 2704 23 2012 96 94 39 02 32 22 34 651 3227 20 2013 12 10 -09 02 33 21 32 556 3387 16 2014 47 45 31 02 24 19 38 774 4962 16 2015 15 13 11 01 23 21 42 825 6340 13 2016 31 29 21 02 24 22 48 1057 8016 13 2017 23 21 21 01 22 21 51 1145 10071 11 2018 13 11 09 01 19 21 57 1284 12590 10 2019 61 59 68 02 16 20 72 1577 14997 11
Inception (7188) through 123188 Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US Intermediate GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of July 1 1988 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is July 1 1988
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income For the period of July 1 1988 through December 31 2005 net of fees results are calculated by deducting the highest fee of 012 on a quarterly basis from the monthly gross composite returns and for the period of December 31 2005 through December 31 2016 by deducting the highest fee of 007 on a quarterly basis from the monthly gross composite returns Since January 1 2010 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
FIXED INCOME ndash INTERMEDIATE GOVERNMENT CREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (7188) through 123188 Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US Intermediate GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of July 1 1988 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is July 1 1988
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income For the period of July 1 1988 through December 31 2005 net of fees results are calculated by deducting the highest fee of 012 on a quarterly basis from the monthly gross composite returns and for the period of December 31 2005 through December 31 2016 by deducting the highest fee of 007 on a quarterly basis from the monthly gross composite returns Since January 1 2010 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliance presentations are available upon request Composite dispersion for the period of July 1 1988 through December 31 1992 was an equal-weighted standard deviation Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION OPPORTUNISTIC COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite
Total Return ( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US
1-3 Year Govrsquot Index Return
()
Composite Dispersion
() Composite
()
Bloomberg Barclays US
1-3 Year Govrsquot Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm Assets
2009 64 63 11 NM - - 1 80 1939 4 2010 32 30 24 NM - - 2 72 2382 3 2011 25 22 16 NM - - 2 74 2704 3 2012 52 50 05 01 13 07 6 196 3227 6 2013 12 10 04 NM 14 05 2 27 3387 1 2014 21 19 06 NM 12 04 2 27 4962 1 2015 12 12 06 NM 12 06 1 1 6340 lt1 2016 24 23 09 NM 11 08 3 40 8016 1 2017 16 14 05 NM 10 08 1 29 10071 lt1 2018 16 15 16 NM 07 09 4 122 12590 1 2019 35 34 36 NM 04 10 4 87 14997 1
Inception (4109) through 123109 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Opportunistic Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Opportunistic investment product utilizes high-quality securities The portfolios generally utilize Treasuries Federal Agency debentures and Agency-Guaranteed 15-year Mortgage-Backed securities The portfolios may invest opportunistically in high quality domestic Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate with a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of April 1 2009 to date the minimum portfolio size for inclusion in the composite was $10 million The composite creation date is January 1 2010
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees and include incentive fees that are entered when earned The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION OPPORTUNISTIC COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (4109) through 123109 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Opportunistic Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Opportunistic investment product utilizes high-quality securities The portfolios generally utilize Treasuries Federal Agency debentures and Agency-Guaranteed 15-year Mortgage-Backed securities The portfolios may invest opportunistically in high quality domestic Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate with a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of April 1 2009 to date the minimum portfolio size for inclusion in the composite was $10 million The composite creation date is January 1 2010
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees and include incentive fees that are entered when earned The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION GOVERNMENT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US
1-3 Year Govrsquot Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US
1-3 Year Govrsquot Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm Assets
2004 29 27 11 NM - - 1 22 4710 lt 1 2005 26 25 17 NM - - 1 42 4152 lt 1 2006 46 45 41 NM - - 1 44 3025 1 2007 71 69 71 NM - - 1 47 2215 2 2008 73 71 67 NM - - 1 50 1538 3 2009 23 22 14 NM - - 1 51 1939 3 2010 28 27 24 NM - - 1 56 2382 2 2011 33 31 16 NM 12 10 1 56 2704 2 2012 15 13 05 NM 10 07 1 29 3227 lt 1 2013 04 03 04 NM 09 05 2 64 3387 2 2014 15 14 06 NM 09 04 1 55 4962 1 2015 11 09 06 NM 11 06 1 55 6340 1 2016 19 18 09 NM 11 08 1 56 8016 1 2017 14 13 05 NM 10 08 2 67 10071 1 2018 16 15 16 NM 08 09 2 68 12590 1 2019 23 22 36 NM 03 10 2 66 14997 lt 1
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Government Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Government investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchases Treasuries Federal Agency debentures and Agency-Guaranteed Mortgage-Backed securities The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is October 1 2004
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 014 of the first $25 million 012 of the next $25 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION GOVERNMENT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Government Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Government investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchases Treasuries Federal Agency debentures and Agency-Guaranteed Mortgage-Backed securities The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is October 1 2004
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 014 of the first $25 million 012 of the next $25 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME - INTERMEDIATE AGGREGATE COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US Intermediate Aggregate
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US Intermediate Aggregate Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm Assets
2008 54 51 49 NM - - 4 136 1538 9 2009 115 112 65 NM - - 5 130 1939 7 2010 73 70 62 01 - - 7 201 2382 8 2011 40 38 60 03 33 23 9 203 2704 8 2012 89 86 36 01 30 19 11 235 3227 7 2013 11 09 -10 01 31 20 16 250 3387 7 2014 53 51 41 01 24 20 16 269 4962 5 2015 17 16 12 01 24 21 18 267 6340 4 2016 32 30 20 01 25 21 20 287 8016 4 2017 22 20 23 01 23 20 22 331 10071 3 2018 16 14 09 01 19 21 23 379 12590 3 2019 59 57 67 01 16 20 26 462 14997 3
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate Aggregate Index
The composite benchmark is the Bloomberg Barclays US Intermediate Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2008
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME - INTERMEDIATE AGGREGATE COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate Aggregate Index
The composite benchmark is the Bloomberg Barclays US Intermediate Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2008
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash GOVERNMENTCREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US
GovernmentCredit Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US
GovernmentCredit Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm
Assets 2005 30 29 24 NM - - 1 101 4152 2 2006 40 38 38 NM - - 2 105 3025 3 2007 84 82 72 NM - - 2 9 2215 lt 1 2008 68 65 57 NM - - 3 15 1538 lt 1 2009 88 85 45 NM - - 3 15 1939 lt 1 2010 81 78 66 NM - - 2 11 2382 lt 1 2011 61 59 87 NM 38 34 2 13 2704 lt 1 2012 115 112 48 NM 34 30 2 14 3227 lt 1 2013 -02 -05 -24 NM 37 32 2 12 3387 lt 1 2014 85 82 60 NM 32 30 1 6 4962 lt 1 2015 08 06 02 NM 36 33 3 93 6340 1 2016 30 28 31 NM 38 35 4 138 8016 2 2017 42 40 40 NM 36 33 5 145 10071 1 2018 06 04 -04 NM 30 32 5 163 12590 1 2019 89 87 97 05 30 33 10 484 14997 3
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income- GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2006
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash GOVERNMENTCREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income- GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2006
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION GOVERNMENTCREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US 1-3 Year GovrsquotCredit
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US 1-3 Year GovrsquotCredit
Index () Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets Period End (US$ mil)
of Firm
Assets 2013 06 06 02 NM - - 3 92 3387 3
2014 20 19 08 NM - - 1 72 4962 1 2015 11 11 07 NM - - 2 98 6340 2 2016 26 25 13 NM 11 08 1 165 8016 2 2017 16 16 08 NM 10 07 3 286 10071 3 2018 18 17 16 NM 07 08 4 396 12590 3 2019 41 40 40 NM 05 09 3 157 14997 1
Inception (10113) through 123113 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration GovernmentCredit investment product will generally invest in high quality securities such as US Treasuries Agency debentures 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION GOVERNMENTCREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (10113) through 123113 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration GovernmentCredit investment product will generally invest in high quality securities such as US Treasuries Agency debentures 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash UNCONSTRAINED BOND COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite
Total Return ( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays
UST Bellwether 3-Month
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays
UST Bellwether 3-Month
Index ()
Number of Portfolios
Composite Assets
Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm
Assets 2009 134 131 02 NM - - 2 2 1939 lt 1
2010 83 80 02 NM - - 2 3 2382 lt 1 2011 41 39 01 NM - - 2 3 2704 lt 1 2012 126 123 01 NM 41 00 2 3 3227 lt 1 2013 13 11 01 NM 41 00 2 3 3387 lt 1 2014 32 28 01 NM 29 00 2 5 4962 lt 1 2015 13 11 01 NM 22 00 2 5 6340 lt 1 2016 31 28 04 NM 16 01 2 5 8016 lt 1 2017 16 13 09 NM 15 01 2 5 10071 lt 1 2018 15 13 19 NM 09 02 2 5 12590 lt 1 2019 35 32 23 NM 04 02 2 6 14997 lt 1
Inception (4109) through 43009 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Unconstrained Bond Composite is comprised only of fully discretionary fee paying portfolios including those portfolios no longer with the firm The Fixed Income-Unconstrained Bond investment philosophy will generally invest in high quality securities such as US Treasuries Agency Debentures Agency Guaranteed Mortgage-Backed securities and Investment Grade Corporate Bonds The Fixed Income-Unconstrained Bond product utilizes a domestic fixed income strategy that has the flexibility to adapt to changing markets without sector or duration constraints while maintaining a high-quality focus The flexibility to adapt to changing market conditions without limitation to the constraints of a specific index may result from time to time in the concentration of one or more sectors The portfolios do not contain derivatives and do not employ leverage
The Bloomberg Barclays US Treasury Bellwether 3-Month Index a cash proxy is provided for comparative purposes The composite is not managed against an Index The minimum portfolio size for inclusion in the composite has been $05 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash UNCONSTRAINED BOND COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP Inception (4109) through 43009 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays The GHampA Fixed Income-Unconstrained Bond Composite is comprised only of fully discretionary fee paying portfolios including those portfolios no longer with the firm The Fixed Income-Unconstrained Bond investment philosophy will generally invest in high quality securities such as US Treasuries Agency Debentures Agency Guaranteed Mortgage-Backed securities and Investment Grade Corporate Bonds The Fixed Income-Unconstrained Bond product utilizes a domestic fixed income strategy that has the flexibility to adapt to changing markets without sector or duration constraints while maintaining a high-quality focus The flexibility to adapt to changing market conditions without limitation to the constraints of a specific index may result from time to time in the concentration of one or more sectors The portfolios do not contain derivatives and do not employ leverage The Bloomberg Barclays US Treasury Bellwether 3-Month Index a cash proxy is provided for comparative purposes The composite is not managed against an Index The minimum portfolio size for inclusion in the composite has been $05 million since inception The composite creation date is January 1 2014 Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays UST Bellwether 3-Month Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays UST Bellwether 3-Month Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2009 | 134 | 131 | 02 | NM | - | - | 2 | 2 | 1939 | lt 1 | |||||||||||
2010 | 83 | 80 | 02 | NM | - | - | 2 | 3 | 2382 | lt 1 | |||||||||||
2011 | 41 | 39 | 01 | NM | - | - | 2 | 3 | 2704 | lt 1 | |||||||||||
2012 | 126 | 123 | 01 | NM | 41 | 00 | 2 | 3 | 3227 | lt 1 | |||||||||||
2013 | 13 | 11 | 01 | NM | 41 | 00 | 2 | 3 | 3387 | lt 1 | |||||||||||
2014 | 32 | 28 | 01 | NM | 29 | 00 | 2 | 5 | 4962 | lt 1 | |||||||||||
2015 | 13 | 11 | 01 | NM | 22 | 00 | 2 | 5 | 6340 | lt 1 | |||||||||||
2016 | 31 | 28 | 04 | NM | 16 | 01 | 2 | 5 | 8016 | lt 1 | |||||||||||
2017 | 16 | 13 | 09 | NM | 15 | 01 | 2 | 5 | 10071 | lt 1 | |||||||||||
2018 | 15 | 13 | 19 | NM | 09 | 02 | 2 | 5 | 12590 | lt 1 | |||||||||||
2019 | 35 | 32 | 23 | NM | 04 | 02 | 2 | 6 | 14997 | lt 1 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US 1-3 Year GovrsquotCredit Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US 1-3 Year GovrsquotCredit Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2013 | 06 | 06 | 02 | NM | - | - | 3 | 92 | 3387 | 3 | |||||||||||
2014 | 20 | 19 | 08 | NM | - | - | 1 | 72 | 4962 | 1 | |||||||||||
2015 | 11 | 11 | 07 | NM | - | - | 2 | 98 | 6340 | 2 | |||||||||||
2016 | 26 | 25 | 13 | NM | 11 | 08 | 1 | 165 | 8016 | 2 | |||||||||||
2017 | 16 | 16 | 08 | NM | 10 | 07 | 3 | 286 | 10071 | 3 | |||||||||||
2018 | 18 | 17 | 16 | NM | 07 | 08 | 4 | 396 | 12590 | 3 | |||||||||||
2019 | 41 | 40 | 40 | NM | 05 | 09 | 3 | 157 | 14997 | 1 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US GovernmentCredit Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US GovernmentCredit Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2005 | 30 | 29 | 24 | NM | - | - | 1 | 101 | 4152 | 2 | |||||||||||
2006 | 40 | 38 | 38 | NM | - | - | 2 | 105 | 3025 | 3 | |||||||||||
2007 | 84 | 82 | 72 | NM | - | - | 2 | 9 | 2215 | lt 1 | |||||||||||
2008 | 68 | 65 | 57 | NM | - | - | 3 | 15 | 1538 | lt 1 | |||||||||||
2009 | 88 | 85 | 45 | NM | - | - | 3 | 15 | 1939 | lt 1 | |||||||||||
2010 | 81 | 78 | 66 | NM | - | - | 2 | 11 | 2382 | lt 1 | |||||||||||
2011 | 61 | 59 | 87 | NM | 38 | 34 | 2 | 13 | 2704 | lt 1 | |||||||||||
2012 | 115 | 112 | 48 | NM | 34 | 30 | 2 | 14 | 3227 | lt 1 | |||||||||||
2013 | -02 | -05 | -24 | NM | 37 | 32 | 2 | 12 | 3387 | lt 1 | |||||||||||
2014 | 85 | 82 | 60 | NM | 32 | 30 | 1 | 6 | 4962 | lt 1 | |||||||||||
2015 | 08 | 06 | 02 | NM | 36 | 33 | 3 | 93 | 6340 | 1 | |||||||||||
2016 | 30 | 28 | 31 | NM | 38 | 35 | 4 | 138 | 8016 | 2 | |||||||||||
2017 | 42 | 40 | 40 | NM | 36 | 33 | 5 | 145 | 10071 | 1 | |||||||||||
2018 | 06 | 04 | -04 | NM | 30 | 32 | 5 | 163 | 12590 | 1 | |||||||||||
2019 | 89 | 87 | 97 | 05 | 30 | 33 | 10 | 484 | 14997 | 3 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US Intermediate Aggregate Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US Intermediate Aggregate Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2008 | 54 | 51 | 49 | NM | - | - | 4 | 136 | 1538 | 9 | |||||||||||
2009 | 115 | 112 | 65 | NM | - | - | 5 | 130 | 1939 | 7 | |||||||||||
2010 | 73 | 70 | 62 | 01 | - | - | 7 | 201 | 2382 | 8 | |||||||||||
2011 | 40 | 38 | 60 | 03 | 33 | 23 | 9 | 203 | 2704 | 8 | |||||||||||
2012 | 89 | 86 | 36 | 01 | 30 | 19 | 11 | 235 | 3227 | 7 | |||||||||||
2013 | 11 | 09 | -10 | 01 | 31 | 20 | 16 | 250 | 3387 | 7 | |||||||||||
2014 | 53 | 51 | 41 | 01 | 24 | 20 | 16 | 269 | 4962 | 5 | |||||||||||
2015 | 17 | 16 | 12 | 01 | 24 | 21 | 18 | 267 | 6340 | 4 | |||||||||||
2016 | 32 | 30 | 20 | 01 | 25 | 21 | 20 | 287 | 8016 | 4 | |||||||||||
2017 | 22 | 20 | 23 | 01 | 23 | 20 | 22 | 331 | 10071 | 3 | |||||||||||
2018 | 16 | 14 | 09 | 01 | 19 | 21 | 23 | 379 | 12590 | 3 | |||||||||||
2019 | 59 | 57 | 67 | 01 | 16 | 20 | 26 | 462 | 14997 | 3 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US 1-3 Year Govrsquot Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US 1-3 Year Govrsquot Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2004 | 29 | 27 | 11 | NM | - | - | 1 | 22 | 4710 | lt 1 | |||||||||||
2005 | 26 | 25 | 17 | NM | - | - | 1 | 42 | 4152 | lt 1 | |||||||||||
2006 | 46 | 45 | 41 | NM | - | - | 1 | 44 | 3025 | 1 | |||||||||||
2007 | 71 | 69 | 71 | NM | - | - | 1 | 47 | 2215 | 2 | |||||||||||
2008 | 73 | 71 | 67 | NM | - | - | 1 | 50 | 1538 | 3 | |||||||||||
2009 | 23 | 22 | 14 | NM | - | - | 1 | 51 | 1939 | 3 | |||||||||||
2010 | 28 | 27 | 24 | NM | - | - | 1 | 56 | 2382 | 2 | |||||||||||
2011 | 33 | 31 | 16 | NM | 12 | 10 | 1 | 56 | 2704 | 2 | |||||||||||
2012 | 15 | 13 | 05 | NM | 10 | 07 | 1 | 29 | 3227 | lt 1 | |||||||||||
2013 | 04 | 03 | 04 | NM | 09 | 05 | 2 | 64 | 3387 | 2 | |||||||||||
2014 | 15 | 14 | 06 | NM | 09 | 04 | 1 | 55 | 4962 | 1 | |||||||||||
2015 | 11 | 09 | 06 | NM | 11 | 06 | 1 | 55 | 6340 | 1 | |||||||||||
2016 | 19 | 18 | 09 | NM | 11 | 08 | 1 | 56 | 8016 | 1 | |||||||||||
2017 | 14 | 13 | 05 | NM | 10 | 08 | 2 | 67 | 10071 | 1 | |||||||||||
2018 | 16 | 15 | 16 | NM | 08 | 09 | 2 | 68 | 12590 | 1 | |||||||||||
2019 | 23 | 22 | 36 | NM | 03 | 10 | 2 | 66 | 14997 | lt 1 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US 1-3 Year Govrsquot Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US 1-3 Year Govrsquot Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2009 | 64 | 63 | 11 | NM | - | - | 1 | 80 | 1939 | 4 | |||||||||||
2010 | 32 | 30 | 24 | NM | - | - | 2 | 72 | 2382 | 3 | |||||||||||
2011 | 25 | 22 | 16 | NM | - | - | 2 | 74 | 2704 | 3 | |||||||||||
2012 | 52 | 50 | 05 | 01 | 13 | 07 | 6 | 196 | 3227 | 6 | |||||||||||
2013 | 12 | 10 | 04 | NM | 14 | 05 | 2 | 27 | 3387 | 1 | |||||||||||
2014 | 21 | 19 | 06 | NM | 12 | 04 | 2 | 27 | 4962 | 1 | |||||||||||
2015 | 12 | 12 | 06 | NM | 12 | 06 | 1 | 1 | 6340 | lt1 | |||||||||||
2016 | 24 | 23 | 09 | NM | 11 | 08 | 3 | 40 | 8016 | 1 | |||||||||||
2017 | 16 | 14 | 05 | NM | 10 | 08 | 1 | 29 | 10071 | lt1 | |||||||||||
2018 | 16 | 15 | 16 | NM | 07 | 09 | 4 | 122 | 12590 | 1 | |||||||||||
2019 | 35 | 34 | 36 | NM | 04 | 10 | 4 | 87 | 14997 | 1 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US Intermediate GovrsquotCredit Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US Intermediate GovrsquotCredit Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
1988 | 24 | 23 | 23 | NM | - | - | 1 | 30 | 80 | 38 | |||||||||||
1989 | 158 | 152 | 128 | NM | - | - | 2 | 31 | 157 | 20 | |||||||||||
1990 | 103 | 98 | 92 | NM | - | - | 5 | 37 | 207 | 18 | |||||||||||
1991 | 179 | 173 | 147 | NM | - | - | 5 | 66 | 311 | 21 | |||||||||||
1992 | 79 | 74 | 72 | 03 | - | - | 7 | 85 | 470 | 18 | |||||||||||
1993 | 114 | 109 | 88 | NM | - | - | 1 | 7 | 741 | 1 | |||||||||||
1994 | -38 | -43 | -19 | NM | - | - | 4 | 38 | 1079 | 4 | |||||||||||
1995 | 167 | 161 | 153 | NM | - | - | 3 | 42 | 1490 | 3 | |||||||||||
1996 | 40 | 35 | 41 | 01 | - | - | 11 | 84 | 1785 | 5 | |||||||||||
1997 | 79 | 74 | 79 | 01 | - | - | 14 | 289 | 2219 | 13 | |||||||||||
1998 | 86 | 81 | 84 | 02 | - | - | 15 | 400 | 3543 | 11 | |||||||||||
1999 | -01 | -06 | 04 | 04 | - | - | 12 | 284 | 3893 | 7 | |||||||||||
2000 | 105 | 99 | 101 | 02 | - | - | 11 | 189 | 3704 | 5 | |||||||||||
2001 | 87 | 82 | 90 | 03 | - | - | 11 | 172 | 3496 | 5 | |||||||||||
2002 | 98 | 93 | 98 | 02 | - | - | 9 | 154 | 3280 | 5 | |||||||||||
2003 | 42 | 37 | 43 | 03 | - | - | 12 | 166 | 4628 | 4 | |||||||||||
2004 | 39 | 34 | 30 | 02 | - | - | 14 | 223 | 4710 | 5 | |||||||||||
2005 | 24 | 19 | 16 | 01 | - | - | 18 | 294 | 4152 | 7 | |||||||||||
2006 | 44 | 41 | 41 | 01 | - | - | 18 | 307 | 3025 | 10 | |||||||||||
2007 | 83 | 80 | 74 | 01 | - | - | 19 | 340 | 2215 | 15 | |||||||||||
2008 | 54 | 51 | 51 | 02 | - | - | 19 | 269 | 1538 | 17 | |||||||||||
2009 | 109 | 106 | 52 | 05 | - | - | 28 | 443 | 1939 | 23 | |||||||||||
2010 | 73 | 71 | 59 | 02 | - | - | 32 | 495 | 2382 | 21 | |||||||||||
2011 | 37 | 34 | 58 | 01 | 35 | 26 | 34 | 623 | 2704 | 23 | |||||||||||
2012 | 96 | 94 | 39 | 02 | 32 | 22 | 34 | 651 | 3227 | 20 | |||||||||||
2013 | 12 | 10 | -09 | 02 | 33 | 21 | 32 | 556 | 3387 | 16 | |||||||||||
2014 | 47 | 45 | 31 | 02 | 24 | 19 | 38 | 774 | 4962 | 16 | |||||||||||
2015 | 15 | 13 | 11 | 01 | 23 | 21 | 42 | 825 | 6340 | 13 | |||||||||||
2016 | 31 | 29 | 21 | 02 | 24 | 22 | 48 | 1057 | 8016 | 13 | |||||||||||
2017 | 23 | 21 | 21 | 01 | 22 | 21 | 51 | 1145 | 10071 | 11 | |||||||||||
2018 | 13 | 11 | 09 | 01 | 19 | 21 | 57 | 1284 | 12590 | 10 | |||||||||||
2019 | 61 | 59 | 68 | 02 | 16 | 20 | 72 | 1577 | 14997 | 11 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US Aggregate Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US Aggregate Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
1992 | 82 | 78 | 74 | NM | - | - | 2 | 35 | 470 | 7 | |||||||||||
1993 | 108 | 104 | 98 | NM | - | - | 3 | 62 | 741 | 8 | |||||||||||
1994 | -33 | -38 | -29 | NM | - | - | 3 | 60 | 1079 | 6 | |||||||||||
1995 | 188 | 185 | 185 | NM | - | - | 4 | 89 | 1490 | 6 | |||||||||||
1996 | 33 | 31 | 36 | NM | - | - | 3 | 84 | 1785 | 5 | |||||||||||
1997 | 89 | 87 | 97 | NM | - | - | 3 | 107 | 2219 | 5 | |||||||||||
1998 | 98 | 95 | 87 | NM | - | - | 3 | 117 | 3543 | 3 | |||||||||||
1999 | -21 | -23 | -08 | NM | - | - | 4 | 127 | 3893 | 3 | |||||||||||
2000 | 118 | 116 | 116 | NM | - | - | 3 | 102 | 3704 | 3 | |||||||||||
2001 | 79 | 77 | 84 | NM | - | - | 3 | 99 | 3496 | 3 | |||||||||||
2002 | 104 | 102 | 103 | NM | - | - | 3 | 85 | 3280 | 3 | |||||||||||
2003 | 41 | 39 | 41 | NM | - | - | 3 | 88 | 4628 | 2 | |||||||||||
2004 | 49 | 48 | 43 | NM | - | - | 4 | 98 | 4710 | 2 | |||||||||||
2005 | 38 | 36 | 24 | NM | - | - | 4 | 121 | 4152 | 3 | |||||||||||
2006 | 42 | 40 | 43 | NM | - | - | 4 | 126 | 3025 | 4 | |||||||||||
2007 | 86 | 84 | 70 | 01 | - | - | 6 | 184 | 2215 | 8 | |||||||||||
2008 | 59 | 57 | 52 | 02 | - | - | 9 | 248 | 1538 | 16 | |||||||||||
2009 | 121 | 119 | 59 | 17 | - | - | 16 | 419 | 1939 | 22 | |||||||||||
2010 | 82 | 80 | 65 | 04 | - | - | 27 | 653 | 2382 | 27 | |||||||||||
2011 | 53 | 51 | 78 | 03 | 35 | 28 | 42 | 983 | 2704 | 36 | |||||||||||
2012 | 105 | 103 | 42 | 02 | 31 | 24 | 47 | 1084 | 3227 | 34 | |||||||||||
2013 | 01 | -01 | -20 | 02 | 34 | 27 | 59 | 1372 | 3387 | 40 | |||||||||||
2014 | 80 | 78 | 60 | 02 | 28 | 26 | 111 | 2485 | 4962 | 50 | |||||||||||
2015 | 08 | 07 | 06 | 01 | 32 | 29 | 146 | 3768 | 6340 | 59 | |||||||||||
2016 | 32 | 30 | 27 | 01 | 33 | 30 | 168 | 5080 | 8016 | 63 | |||||||||||
2017 | 38 | 36 | 35 | 01 | 31 | 28 | 185 | 7135 | 10071 | 71 | |||||||||||
2018 | 10 | 08 | 00 | 02 | 25 | 28 | 205 | 8287 | 12590 | 66 | |||||||||||
2019 | 73 | 71 | 87 | 05 | 23 | 29 | 250 | 10113 | 14997 | 67 |
11
QTD 1 Year 3 Years 5 Years 7 Years 10 Years 15 Years Inception
to Date
PortfoliosAssets in Millions
Short Duration Government ndash Gross of FeesInception December 2003 041 212 174 158 145 174 279 276 2 67
Short Duration Government ndash Net of Fees 039 205 162 145 133 161 266 262 2 67
Bloomberg Barclays US 1-3 Year Govt 273 537 269 185 152 145 242 228 NA NA
Intermediate Aggregate ndash Gross of FeesInception December 2007 038 426 308 265 296 391 NA 474 29 591
Intermediate Aggregate ndash Net of Fees 033 404 288 245 275 370 NA 451 29 591
Bloomberg Barclays US IntermediateAggregate 249 688 388 283 262 323 NA 371 NA NA
Government Credit ndash Gross of FeesInception December 2004 206 803 486 343 384 507 559 549 12 480
Government Credit ndash Net of Fees 201 784 465 324 363 484 536 527 12 480
Bloomberg Barclays US GovtCredit 337 982 518 355 332 415 449 437 NA NA
Short Duration GovtCredit ndash Gross of FeesInception September 2013 -277 -004 134 149 NA NA NA 170 3 153
Short Duration GovtCredit ndash Net of Fees -280 -015 125 141 NA NA NA 162 3 153
Bloomberg Barclays US 1-3 Year GovtCredit 169 453 259 190 NA NA NA 170 NA NA
Unconstrained Bond ndash Gross of FeesInception March 2009 -248 -004 116 141 172 350 NA 458 2 6
Unconstrained Bond ndash Net of Fees -251 -024 093 117 147 323 NA 431 2 6
Bloomberg Barclays US Treasury Bellwether 3-Month 058 228 185 121 088 066 NA 061 NA NA
Comparative Annualized Rates of Return
Periods longer than 12 months are annualizedAdditional information is in the performance disclosure
For periods ending March 31 2020
Fixed Income Composite Performance Summary
12
Diversity
Our firm directly supports numerous minority organizations in the community
bullOur Managing Partner Gilbert Garcia serves as a member of the SEC Asset Management Advisory CommitteebullOur Managing Partner Gilbert Garcia serves as a member of the SEC Fixed Income Market Structure Advisory CommitteebullOur Managing Partner Gilbert Garcia serves as trustee on the Dallas Police and Fire Pension System Board of TrusteesbullOur Managing Partner Gilbert Garcia served as Chairman of the Metropolitan Transit Authority of Harris County Board for six yearsbullOur Managing Partner Gilbert Garcia was the 2012 Houston Area Urban League Gala Honorary ChairbullOur Managing Partner Gilbert Garcia was a co-chair of the 103rd NAACP National Convention bullOur Managing Partner Gilbert Garcia served as a trustee on the Houston Municipal Employees Pension System Board of TrusteesbullOur Partner and Director of Marketing and Client Services Ruby Muntildeoz Dang served as Trustee for the METRO Texas Non-Union Pension PlanbullOur Managing Partner Gilbert Garcia was awarded Houston Hispanic Chamber Male Entrepreneur of the Year
Community Service
bullNational Association of Securities Professionals is a non-profit association of professionals that brings together minorities and women in the fields of asset management public finance investment banking and other finance professions
bullOur Partner Stephanie Roberts is highly involved with the organization and is currently a NASP Board Member and the Texas chapter Treasurer
NASP
bullSEO - A non-profit organization that mentors young women and minority individuals in the development of careers in investment banking corporate law and other leading global companies Mr Garcia went through the program in 1983 and is the longest serving board member (since 1988)
bullMr Garcia was awarded the SEO Alumni Leadership Award at the 2015 Awards Dinner in New York City Other honorees included Michael R Bloomberg three-term Mayor of New York City and Founder of Bloomberg LP amp Bloomberg Philanthropies and David M Rubenstein Co-Founder amp Co-CEO of The Carlyle Group
SEO
bullThe League of United Latin American Citizens is a non-profit organization created to advance the economic condition educational attainment political influence housing health and civil rights of the Hispanic population of the United States
LULAC
Diversity is a central theme throughout the entire firm bullCertified as a MBE in several states bull90 of the firm owned by minority and female partnersbull61 owned by minority partners and 53 owned by Hispanic partnersbull88 of employees are ethnic minorities and womenbullExecuted over 60 of brokerage volume with MBEMWBEveteran firms over the past several yearsbullWe also work with many minority and women-owned vendors in the areas of
bullOffice Supplies Temporary Staffing Services Travel Accounting AuditorsbullThe firm has a summer internship program for minority undergraduate and high school students bullWe support and promote the LGBT community
GHampA Giving Back
13
Over
Since 2014Donated
$15 Million
Performance DisclosureFIXED INCOME ndash AGGREGATE COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US Aggregate
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US Aggregate Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets Period End (US$ mil)
of Firm Assets
1992 82 78 74 NM - - 2 35 470 7 1993 108 104 98 NM - - 3 62 741 8 1994 -33 -38 -29 NM - - 3 60 1079 6 1995 188 185 185 NM - - 4 89 1490 6 1996 33 31 36 NM - - 3 84 1785 5 1997 89 87 97 NM - - 3 107 2219 5 1998 98 95 87 NM - - 3 117 3543 3 1999 -21 -23 -08 NM - - 4 127 3893 3 2000 118 116 116 NM - - 3 102 3704 3 2001 79 77 84 NM - - 3 99 3496 3 2002 104 102 103 NM - - 3 85 3280 3 2003 41 39 41 NM - - 3 88 4628 2 2004 49 48 43 NM - - 4 98 4710 2 2005 38 36 24 NM - - 4 121 4152 3 2006 42 40 43 NM - - 4 126 3025 4 2007 86 84 70 01 - - 6 184 2215 8 2008 59 57 52 02 - - 9 248 1538 16 2009 121 119 59 17 - - 16 419 1939 22 2010 82 80 65 04 - - 27 653 2382 27 2011 53 51 78 03 35 28 42 983 2704 36 2012 105 103 42 02 31 24 47 1084 3227 34 2013 01 -01 -20 02 34 27 59 1372 3387 40 2014 80 78 60 02 28 26 111 2485 4962 50 2015 08 07 06 01 32 29 146 3768 6340 59 2016 32 30 27 01 33 30 168 5080 8016 63 2017 38 36 35 01 31 28 185 7135 10071 71 2018 10 08 00 02 25 28 205 8287 12590 66 2019 73 71 87 05 23 29 250 10113 14997 67
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Aggregate Index
The composite benchmark is the Bloomberg Barclays US Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of January 1 1992 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is October 1 1999
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fee results are calculated for the period of December 31 1991 through December 31 1994 by deducting the highest fee of 0375 from the monthly gross composite returns Since January 1 1995 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash AGGREGATE COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Aggregate Index
The composite benchmark is the Bloomberg Barclays US Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of January 1 1992 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is October 1 1999
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fee results are calculated for the period of December 31 1991 through December 31 1994 by deducting the highest fee of 0375 from the monthly gross composite returns Since January 1 1995 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash INTERMEDIATE GOVERNMENT CREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US Intermediate GovrsquotCredit
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US Intermediate GovrsquotCredit
Index () Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets Period End (US$ mil)
of Firm Assets
1988 24 23 23 NM - - 1 30 80 38 1989 158 152 128 NM - - 2 31 157 20 1990 103 98 92 NM - - 5 37 207 18 1991 179 173 147 NM - - 5 66 311 21 1992 79 74 72 03 - - 7 85 470 18 1993 114 109 88 NM - - 1 7 741 1 1994 -38 -43 -19 NM - - 4 38 1079 4 1995 167 161 153 NM - - 3 42 1490 3 1996 40 35 41 01 - - 11 84 1785 5 1997 79 74 79 01 - - 14 289 2219 13 1998 86 81 84 02 - - 15 400 3543 11 1999 -01 -06 04 04 - - 12 284 3893 7 2000 105 99 101 02 - - 11 189 3704 5 2001 87 82 90 03 - - 11 172 3496 5 2002 98 93 98 02 - - 9 154 3280 5 2003 42 37 43 03 - - 12 166 4628 4 2004 39 34 30 02 - - 14 223 4710 5 2005 24 19 16 01 - - 18 294 4152 7 2006 44 41 41 01 - - 18 307 3025 10 2007 83 80 74 01 - - 19 340 2215 15 2008 54 51 51 02 - - 19 269 1538 17 2009 109 106 52 05 - - 28 443 1939 23 2010 73 71 59 02 - - 32 495 2382 21 2011 37 34 58 01 35 26 34 623 2704 23 2012 96 94 39 02 32 22 34 651 3227 20 2013 12 10 -09 02 33 21 32 556 3387 16 2014 47 45 31 02 24 19 38 774 4962 16 2015 15 13 11 01 23 21 42 825 6340 13 2016 31 29 21 02 24 22 48 1057 8016 13 2017 23 21 21 01 22 21 51 1145 10071 11 2018 13 11 09 01 19 21 57 1284 12590 10 2019 61 59 68 02 16 20 72 1577 14997 11
Inception (7188) through 123188 Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US Intermediate GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of July 1 1988 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is July 1 1988
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income For the period of July 1 1988 through December 31 2005 net of fees results are calculated by deducting the highest fee of 012 on a quarterly basis from the monthly gross composite returns and for the period of December 31 2005 through December 31 2016 by deducting the highest fee of 007 on a quarterly basis from the monthly gross composite returns Since January 1 2010 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
FIXED INCOME ndash INTERMEDIATE GOVERNMENT CREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (7188) through 123188 Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US Intermediate GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of July 1 1988 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is July 1 1988
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income For the period of July 1 1988 through December 31 2005 net of fees results are calculated by deducting the highest fee of 012 on a quarterly basis from the monthly gross composite returns and for the period of December 31 2005 through December 31 2016 by deducting the highest fee of 007 on a quarterly basis from the monthly gross composite returns Since January 1 2010 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliance presentations are available upon request Composite dispersion for the period of July 1 1988 through December 31 1992 was an equal-weighted standard deviation Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION OPPORTUNISTIC COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite
Total Return ( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US
1-3 Year Govrsquot Index Return
()
Composite Dispersion
() Composite
()
Bloomberg Barclays US
1-3 Year Govrsquot Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm Assets
2009 64 63 11 NM - - 1 80 1939 4 2010 32 30 24 NM - - 2 72 2382 3 2011 25 22 16 NM - - 2 74 2704 3 2012 52 50 05 01 13 07 6 196 3227 6 2013 12 10 04 NM 14 05 2 27 3387 1 2014 21 19 06 NM 12 04 2 27 4962 1 2015 12 12 06 NM 12 06 1 1 6340 lt1 2016 24 23 09 NM 11 08 3 40 8016 1 2017 16 14 05 NM 10 08 1 29 10071 lt1 2018 16 15 16 NM 07 09 4 122 12590 1 2019 35 34 36 NM 04 10 4 87 14997 1
Inception (4109) through 123109 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Opportunistic Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Opportunistic investment product utilizes high-quality securities The portfolios generally utilize Treasuries Federal Agency debentures and Agency-Guaranteed 15-year Mortgage-Backed securities The portfolios may invest opportunistically in high quality domestic Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate with a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of April 1 2009 to date the minimum portfolio size for inclusion in the composite was $10 million The composite creation date is January 1 2010
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees and include incentive fees that are entered when earned The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION OPPORTUNISTIC COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (4109) through 123109 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Opportunistic Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Opportunistic investment product utilizes high-quality securities The portfolios generally utilize Treasuries Federal Agency debentures and Agency-Guaranteed 15-year Mortgage-Backed securities The portfolios may invest opportunistically in high quality domestic Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate with a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of April 1 2009 to date the minimum portfolio size for inclusion in the composite was $10 million The composite creation date is January 1 2010
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees and include incentive fees that are entered when earned The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION GOVERNMENT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US
1-3 Year Govrsquot Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US
1-3 Year Govrsquot Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm Assets
2004 29 27 11 NM - - 1 22 4710 lt 1 2005 26 25 17 NM - - 1 42 4152 lt 1 2006 46 45 41 NM - - 1 44 3025 1 2007 71 69 71 NM - - 1 47 2215 2 2008 73 71 67 NM - - 1 50 1538 3 2009 23 22 14 NM - - 1 51 1939 3 2010 28 27 24 NM - - 1 56 2382 2 2011 33 31 16 NM 12 10 1 56 2704 2 2012 15 13 05 NM 10 07 1 29 3227 lt 1 2013 04 03 04 NM 09 05 2 64 3387 2 2014 15 14 06 NM 09 04 1 55 4962 1 2015 11 09 06 NM 11 06 1 55 6340 1 2016 19 18 09 NM 11 08 1 56 8016 1 2017 14 13 05 NM 10 08 2 67 10071 1 2018 16 15 16 NM 08 09 2 68 12590 1 2019 23 22 36 NM 03 10 2 66 14997 lt 1
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Government Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Government investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchases Treasuries Federal Agency debentures and Agency-Guaranteed Mortgage-Backed securities The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is October 1 2004
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 014 of the first $25 million 012 of the next $25 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION GOVERNMENT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Government Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Government investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchases Treasuries Federal Agency debentures and Agency-Guaranteed Mortgage-Backed securities The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is October 1 2004
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 014 of the first $25 million 012 of the next $25 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME - INTERMEDIATE AGGREGATE COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US Intermediate Aggregate
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US Intermediate Aggregate Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm Assets
2008 54 51 49 NM - - 4 136 1538 9 2009 115 112 65 NM - - 5 130 1939 7 2010 73 70 62 01 - - 7 201 2382 8 2011 40 38 60 03 33 23 9 203 2704 8 2012 89 86 36 01 30 19 11 235 3227 7 2013 11 09 -10 01 31 20 16 250 3387 7 2014 53 51 41 01 24 20 16 269 4962 5 2015 17 16 12 01 24 21 18 267 6340 4 2016 32 30 20 01 25 21 20 287 8016 4 2017 22 20 23 01 23 20 22 331 10071 3 2018 16 14 09 01 19 21 23 379 12590 3 2019 59 57 67 01 16 20 26 462 14997 3
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate Aggregate Index
The composite benchmark is the Bloomberg Barclays US Intermediate Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2008
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME - INTERMEDIATE AGGREGATE COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate Aggregate Index
The composite benchmark is the Bloomberg Barclays US Intermediate Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2008
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash GOVERNMENTCREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US
GovernmentCredit Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US
GovernmentCredit Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm
Assets 2005 30 29 24 NM - - 1 101 4152 2 2006 40 38 38 NM - - 2 105 3025 3 2007 84 82 72 NM - - 2 9 2215 lt 1 2008 68 65 57 NM - - 3 15 1538 lt 1 2009 88 85 45 NM - - 3 15 1939 lt 1 2010 81 78 66 NM - - 2 11 2382 lt 1 2011 61 59 87 NM 38 34 2 13 2704 lt 1 2012 115 112 48 NM 34 30 2 14 3227 lt 1 2013 -02 -05 -24 NM 37 32 2 12 3387 lt 1 2014 85 82 60 NM 32 30 1 6 4962 lt 1 2015 08 06 02 NM 36 33 3 93 6340 1 2016 30 28 31 NM 38 35 4 138 8016 2 2017 42 40 40 NM 36 33 5 145 10071 1 2018 06 04 -04 NM 30 32 5 163 12590 1 2019 89 87 97 05 30 33 10 484 14997 3
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income- GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2006
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash GOVERNMENTCREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income- GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2006
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION GOVERNMENTCREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US 1-3 Year GovrsquotCredit
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US 1-3 Year GovrsquotCredit
Index () Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets Period End (US$ mil)
of Firm
Assets 2013 06 06 02 NM - - 3 92 3387 3
2014 20 19 08 NM - - 1 72 4962 1 2015 11 11 07 NM - - 2 98 6340 2 2016 26 25 13 NM 11 08 1 165 8016 2 2017 16 16 08 NM 10 07 3 286 10071 3 2018 18 17 16 NM 07 08 4 396 12590 3 2019 41 40 40 NM 05 09 3 157 14997 1
Inception (10113) through 123113 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration GovernmentCredit investment product will generally invest in high quality securities such as US Treasuries Agency debentures 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION GOVERNMENTCREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (10113) through 123113 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration GovernmentCredit investment product will generally invest in high quality securities such as US Treasuries Agency debentures 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash UNCONSTRAINED BOND COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite
Total Return ( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays
UST Bellwether 3-Month
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays
UST Bellwether 3-Month
Index ()
Number of Portfolios
Composite Assets
Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm
Assets 2009 134 131 02 NM - - 2 2 1939 lt 1
2010 83 80 02 NM - - 2 3 2382 lt 1 2011 41 39 01 NM - - 2 3 2704 lt 1 2012 126 123 01 NM 41 00 2 3 3227 lt 1 2013 13 11 01 NM 41 00 2 3 3387 lt 1 2014 32 28 01 NM 29 00 2 5 4962 lt 1 2015 13 11 01 NM 22 00 2 5 6340 lt 1 2016 31 28 04 NM 16 01 2 5 8016 lt 1 2017 16 13 09 NM 15 01 2 5 10071 lt 1 2018 15 13 19 NM 09 02 2 5 12590 lt 1 2019 35 32 23 NM 04 02 2 6 14997 lt 1
Inception (4109) through 43009 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Unconstrained Bond Composite is comprised only of fully discretionary fee paying portfolios including those portfolios no longer with the firm The Fixed Income-Unconstrained Bond investment philosophy will generally invest in high quality securities such as US Treasuries Agency Debentures Agency Guaranteed Mortgage-Backed securities and Investment Grade Corporate Bonds The Fixed Income-Unconstrained Bond product utilizes a domestic fixed income strategy that has the flexibility to adapt to changing markets without sector or duration constraints while maintaining a high-quality focus The flexibility to adapt to changing market conditions without limitation to the constraints of a specific index may result from time to time in the concentration of one or more sectors The portfolios do not contain derivatives and do not employ leverage
The Bloomberg Barclays US Treasury Bellwether 3-Month Index a cash proxy is provided for comparative purposes The composite is not managed against an Index The minimum portfolio size for inclusion in the composite has been $05 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash UNCONSTRAINED BOND COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP Inception (4109) through 43009 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays The GHampA Fixed Income-Unconstrained Bond Composite is comprised only of fully discretionary fee paying portfolios including those portfolios no longer with the firm The Fixed Income-Unconstrained Bond investment philosophy will generally invest in high quality securities such as US Treasuries Agency Debentures Agency Guaranteed Mortgage-Backed securities and Investment Grade Corporate Bonds The Fixed Income-Unconstrained Bond product utilizes a domestic fixed income strategy that has the flexibility to adapt to changing markets without sector or duration constraints while maintaining a high-quality focus The flexibility to adapt to changing market conditions without limitation to the constraints of a specific index may result from time to time in the concentration of one or more sectors The portfolios do not contain derivatives and do not employ leverage The Bloomberg Barclays US Treasury Bellwether 3-Month Index a cash proxy is provided for comparative purposes The composite is not managed against an Index The minimum portfolio size for inclusion in the composite has been $05 million since inception The composite creation date is January 1 2014 Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays UST Bellwether 3-Month Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays UST Bellwether 3-Month Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2009 | 134 | 131 | 02 | NM | - | - | 2 | 2 | 1939 | lt 1 | |||||||||||
2010 | 83 | 80 | 02 | NM | - | - | 2 | 3 | 2382 | lt 1 | |||||||||||
2011 | 41 | 39 | 01 | NM | - | - | 2 | 3 | 2704 | lt 1 | |||||||||||
2012 | 126 | 123 | 01 | NM | 41 | 00 | 2 | 3 | 3227 | lt 1 | |||||||||||
2013 | 13 | 11 | 01 | NM | 41 | 00 | 2 | 3 | 3387 | lt 1 | |||||||||||
2014 | 32 | 28 | 01 | NM | 29 | 00 | 2 | 5 | 4962 | lt 1 | |||||||||||
2015 | 13 | 11 | 01 | NM | 22 | 00 | 2 | 5 | 6340 | lt 1 | |||||||||||
2016 | 31 | 28 | 04 | NM | 16 | 01 | 2 | 5 | 8016 | lt 1 | |||||||||||
2017 | 16 | 13 | 09 | NM | 15 | 01 | 2 | 5 | 10071 | lt 1 | |||||||||||
2018 | 15 | 13 | 19 | NM | 09 | 02 | 2 | 5 | 12590 | lt 1 | |||||||||||
2019 | 35 | 32 | 23 | NM | 04 | 02 | 2 | 6 | 14997 | lt 1 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US 1-3 Year GovrsquotCredit Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US 1-3 Year GovrsquotCredit Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2013 | 06 | 06 | 02 | NM | - | - | 3 | 92 | 3387 | 3 | |||||||||||
2014 | 20 | 19 | 08 | NM | - | - | 1 | 72 | 4962 | 1 | |||||||||||
2015 | 11 | 11 | 07 | NM | - | - | 2 | 98 | 6340 | 2 | |||||||||||
2016 | 26 | 25 | 13 | NM | 11 | 08 | 1 | 165 | 8016 | 2 | |||||||||||
2017 | 16 | 16 | 08 | NM | 10 | 07 | 3 | 286 | 10071 | 3 | |||||||||||
2018 | 18 | 17 | 16 | NM | 07 | 08 | 4 | 396 | 12590 | 3 | |||||||||||
2019 | 41 | 40 | 40 | NM | 05 | 09 | 3 | 157 | 14997 | 1 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US GovernmentCredit Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US GovernmentCredit Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2005 | 30 | 29 | 24 | NM | - | - | 1 | 101 | 4152 | 2 | |||||||||||
2006 | 40 | 38 | 38 | NM | - | - | 2 | 105 | 3025 | 3 | |||||||||||
2007 | 84 | 82 | 72 | NM | - | - | 2 | 9 | 2215 | lt 1 | |||||||||||
2008 | 68 | 65 | 57 | NM | - | - | 3 | 15 | 1538 | lt 1 | |||||||||||
2009 | 88 | 85 | 45 | NM | - | - | 3 | 15 | 1939 | lt 1 | |||||||||||
2010 | 81 | 78 | 66 | NM | - | - | 2 | 11 | 2382 | lt 1 | |||||||||||
2011 | 61 | 59 | 87 | NM | 38 | 34 | 2 | 13 | 2704 | lt 1 | |||||||||||
2012 | 115 | 112 | 48 | NM | 34 | 30 | 2 | 14 | 3227 | lt 1 | |||||||||||
2013 | -02 | -05 | -24 | NM | 37 | 32 | 2 | 12 | 3387 | lt 1 | |||||||||||
2014 | 85 | 82 | 60 | NM | 32 | 30 | 1 | 6 | 4962 | lt 1 | |||||||||||
2015 | 08 | 06 | 02 | NM | 36 | 33 | 3 | 93 | 6340 | 1 | |||||||||||
2016 | 30 | 28 | 31 | NM | 38 | 35 | 4 | 138 | 8016 | 2 | |||||||||||
2017 | 42 | 40 | 40 | NM | 36 | 33 | 5 | 145 | 10071 | 1 | |||||||||||
2018 | 06 | 04 | -04 | NM | 30 | 32 | 5 | 163 | 12590 | 1 | |||||||||||
2019 | 89 | 87 | 97 | 05 | 30 | 33 | 10 | 484 | 14997 | 3 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US Intermediate Aggregate Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US Intermediate Aggregate Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2008 | 54 | 51 | 49 | NM | - | - | 4 | 136 | 1538 | 9 | |||||||||||
2009 | 115 | 112 | 65 | NM | - | - | 5 | 130 | 1939 | 7 | |||||||||||
2010 | 73 | 70 | 62 | 01 | - | - | 7 | 201 | 2382 | 8 | |||||||||||
2011 | 40 | 38 | 60 | 03 | 33 | 23 | 9 | 203 | 2704 | 8 | |||||||||||
2012 | 89 | 86 | 36 | 01 | 30 | 19 | 11 | 235 | 3227 | 7 | |||||||||||
2013 | 11 | 09 | -10 | 01 | 31 | 20 | 16 | 250 | 3387 | 7 | |||||||||||
2014 | 53 | 51 | 41 | 01 | 24 | 20 | 16 | 269 | 4962 | 5 | |||||||||||
2015 | 17 | 16 | 12 | 01 | 24 | 21 | 18 | 267 | 6340 | 4 | |||||||||||
2016 | 32 | 30 | 20 | 01 | 25 | 21 | 20 | 287 | 8016 | 4 | |||||||||||
2017 | 22 | 20 | 23 | 01 | 23 | 20 | 22 | 331 | 10071 | 3 | |||||||||||
2018 | 16 | 14 | 09 | 01 | 19 | 21 | 23 | 379 | 12590 | 3 | |||||||||||
2019 | 59 | 57 | 67 | 01 | 16 | 20 | 26 | 462 | 14997 | 3 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US 1-3 Year Govrsquot Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US 1-3 Year Govrsquot Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2004 | 29 | 27 | 11 | NM | - | - | 1 | 22 | 4710 | lt 1 | |||||||||||
2005 | 26 | 25 | 17 | NM | - | - | 1 | 42 | 4152 | lt 1 | |||||||||||
2006 | 46 | 45 | 41 | NM | - | - | 1 | 44 | 3025 | 1 | |||||||||||
2007 | 71 | 69 | 71 | NM | - | - | 1 | 47 | 2215 | 2 | |||||||||||
2008 | 73 | 71 | 67 | NM | - | - | 1 | 50 | 1538 | 3 | |||||||||||
2009 | 23 | 22 | 14 | NM | - | - | 1 | 51 | 1939 | 3 | |||||||||||
2010 | 28 | 27 | 24 | NM | - | - | 1 | 56 | 2382 | 2 | |||||||||||
2011 | 33 | 31 | 16 | NM | 12 | 10 | 1 | 56 | 2704 | 2 | |||||||||||
2012 | 15 | 13 | 05 | NM | 10 | 07 | 1 | 29 | 3227 | lt 1 | |||||||||||
2013 | 04 | 03 | 04 | NM | 09 | 05 | 2 | 64 | 3387 | 2 | |||||||||||
2014 | 15 | 14 | 06 | NM | 09 | 04 | 1 | 55 | 4962 | 1 | |||||||||||
2015 | 11 | 09 | 06 | NM | 11 | 06 | 1 | 55 | 6340 | 1 | |||||||||||
2016 | 19 | 18 | 09 | NM | 11 | 08 | 1 | 56 | 8016 | 1 | |||||||||||
2017 | 14 | 13 | 05 | NM | 10 | 08 | 2 | 67 | 10071 | 1 | |||||||||||
2018 | 16 | 15 | 16 | NM | 08 | 09 | 2 | 68 | 12590 | 1 | |||||||||||
2019 | 23 | 22 | 36 | NM | 03 | 10 | 2 | 66 | 14997 | lt 1 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US 1-3 Year Govrsquot Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US 1-3 Year Govrsquot Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2009 | 64 | 63 | 11 | NM | - | - | 1 | 80 | 1939 | 4 | |||||||||||
2010 | 32 | 30 | 24 | NM | - | - | 2 | 72 | 2382 | 3 | |||||||||||
2011 | 25 | 22 | 16 | NM | - | - | 2 | 74 | 2704 | 3 | |||||||||||
2012 | 52 | 50 | 05 | 01 | 13 | 07 | 6 | 196 | 3227 | 6 | |||||||||||
2013 | 12 | 10 | 04 | NM | 14 | 05 | 2 | 27 | 3387 | 1 | |||||||||||
2014 | 21 | 19 | 06 | NM | 12 | 04 | 2 | 27 | 4962 | 1 | |||||||||||
2015 | 12 | 12 | 06 | NM | 12 | 06 | 1 | 1 | 6340 | lt1 | |||||||||||
2016 | 24 | 23 | 09 | NM | 11 | 08 | 3 | 40 | 8016 | 1 | |||||||||||
2017 | 16 | 14 | 05 | NM | 10 | 08 | 1 | 29 | 10071 | lt1 | |||||||||||
2018 | 16 | 15 | 16 | NM | 07 | 09 | 4 | 122 | 12590 | 1 | |||||||||||
2019 | 35 | 34 | 36 | NM | 04 | 10 | 4 | 87 | 14997 | 1 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US Intermediate GovrsquotCredit Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US Intermediate GovrsquotCredit Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
1988 | 24 | 23 | 23 | NM | - | - | 1 | 30 | 80 | 38 | |||||||||||
1989 | 158 | 152 | 128 | NM | - | - | 2 | 31 | 157 | 20 | |||||||||||
1990 | 103 | 98 | 92 | NM | - | - | 5 | 37 | 207 | 18 | |||||||||||
1991 | 179 | 173 | 147 | NM | - | - | 5 | 66 | 311 | 21 | |||||||||||
1992 | 79 | 74 | 72 | 03 | - | - | 7 | 85 | 470 | 18 | |||||||||||
1993 | 114 | 109 | 88 | NM | - | - | 1 | 7 | 741 | 1 | |||||||||||
1994 | -38 | -43 | -19 | NM | - | - | 4 | 38 | 1079 | 4 | |||||||||||
1995 | 167 | 161 | 153 | NM | - | - | 3 | 42 | 1490 | 3 | |||||||||||
1996 | 40 | 35 | 41 | 01 | - | - | 11 | 84 | 1785 | 5 | |||||||||||
1997 | 79 | 74 | 79 | 01 | - | - | 14 | 289 | 2219 | 13 | |||||||||||
1998 | 86 | 81 | 84 | 02 | - | - | 15 | 400 | 3543 | 11 | |||||||||||
1999 | -01 | -06 | 04 | 04 | - | - | 12 | 284 | 3893 | 7 | |||||||||||
2000 | 105 | 99 | 101 | 02 | - | - | 11 | 189 | 3704 | 5 | |||||||||||
2001 | 87 | 82 | 90 | 03 | - | - | 11 | 172 | 3496 | 5 | |||||||||||
2002 | 98 | 93 | 98 | 02 | - | - | 9 | 154 | 3280 | 5 | |||||||||||
2003 | 42 | 37 | 43 | 03 | - | - | 12 | 166 | 4628 | 4 | |||||||||||
2004 | 39 | 34 | 30 | 02 | - | - | 14 | 223 | 4710 | 5 | |||||||||||
2005 | 24 | 19 | 16 | 01 | - | - | 18 | 294 | 4152 | 7 | |||||||||||
2006 | 44 | 41 | 41 | 01 | - | - | 18 | 307 | 3025 | 10 | |||||||||||
2007 | 83 | 80 | 74 | 01 | - | - | 19 | 340 | 2215 | 15 | |||||||||||
2008 | 54 | 51 | 51 | 02 | - | - | 19 | 269 | 1538 | 17 | |||||||||||
2009 | 109 | 106 | 52 | 05 | - | - | 28 | 443 | 1939 | 23 | |||||||||||
2010 | 73 | 71 | 59 | 02 | - | - | 32 | 495 | 2382 | 21 | |||||||||||
2011 | 37 | 34 | 58 | 01 | 35 | 26 | 34 | 623 | 2704 | 23 | |||||||||||
2012 | 96 | 94 | 39 | 02 | 32 | 22 | 34 | 651 | 3227 | 20 | |||||||||||
2013 | 12 | 10 | -09 | 02 | 33 | 21 | 32 | 556 | 3387 | 16 | |||||||||||
2014 | 47 | 45 | 31 | 02 | 24 | 19 | 38 | 774 | 4962 | 16 | |||||||||||
2015 | 15 | 13 | 11 | 01 | 23 | 21 | 42 | 825 | 6340 | 13 | |||||||||||
2016 | 31 | 29 | 21 | 02 | 24 | 22 | 48 | 1057 | 8016 | 13 | |||||||||||
2017 | 23 | 21 | 21 | 01 | 22 | 21 | 51 | 1145 | 10071 | 11 | |||||||||||
2018 | 13 | 11 | 09 | 01 | 19 | 21 | 57 | 1284 | 12590 | 10 | |||||||||||
2019 | 61 | 59 | 68 | 02 | 16 | 20 | 72 | 1577 | 14997 | 11 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US Aggregate Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US Aggregate Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
1992 | 82 | 78 | 74 | NM | - | - | 2 | 35 | 470 | 7 | |||||||||||
1993 | 108 | 104 | 98 | NM | - | - | 3 | 62 | 741 | 8 | |||||||||||
1994 | -33 | -38 | -29 | NM | - | - | 3 | 60 | 1079 | 6 | |||||||||||
1995 | 188 | 185 | 185 | NM | - | - | 4 | 89 | 1490 | 6 | |||||||||||
1996 | 33 | 31 | 36 | NM | - | - | 3 | 84 | 1785 | 5 | |||||||||||
1997 | 89 | 87 | 97 | NM | - | - | 3 | 107 | 2219 | 5 | |||||||||||
1998 | 98 | 95 | 87 | NM | - | - | 3 | 117 | 3543 | 3 | |||||||||||
1999 | -21 | -23 | -08 | NM | - | - | 4 | 127 | 3893 | 3 | |||||||||||
2000 | 118 | 116 | 116 | NM | - | - | 3 | 102 | 3704 | 3 | |||||||||||
2001 | 79 | 77 | 84 | NM | - | - | 3 | 99 | 3496 | 3 | |||||||||||
2002 | 104 | 102 | 103 | NM | - | - | 3 | 85 | 3280 | 3 | |||||||||||
2003 | 41 | 39 | 41 | NM | - | - | 3 | 88 | 4628 | 2 | |||||||||||
2004 | 49 | 48 | 43 | NM | - | - | 4 | 98 | 4710 | 2 | |||||||||||
2005 | 38 | 36 | 24 | NM | - | - | 4 | 121 | 4152 | 3 | |||||||||||
2006 | 42 | 40 | 43 | NM | - | - | 4 | 126 | 3025 | 4 | |||||||||||
2007 | 86 | 84 | 70 | 01 | - | - | 6 | 184 | 2215 | 8 | |||||||||||
2008 | 59 | 57 | 52 | 02 | - | - | 9 | 248 | 1538 | 16 | |||||||||||
2009 | 121 | 119 | 59 | 17 | - | - | 16 | 419 | 1939 | 22 | |||||||||||
2010 | 82 | 80 | 65 | 04 | - | - | 27 | 653 | 2382 | 27 | |||||||||||
2011 | 53 | 51 | 78 | 03 | 35 | 28 | 42 | 983 | 2704 | 36 | |||||||||||
2012 | 105 | 103 | 42 | 02 | 31 | 24 | 47 | 1084 | 3227 | 34 | |||||||||||
2013 | 01 | -01 | -20 | 02 | 34 | 27 | 59 | 1372 | 3387 | 40 | |||||||||||
2014 | 80 | 78 | 60 | 02 | 28 | 26 | 111 | 2485 | 4962 | 50 | |||||||||||
2015 | 08 | 07 | 06 | 01 | 32 | 29 | 146 | 3768 | 6340 | 59 | |||||||||||
2016 | 32 | 30 | 27 | 01 | 33 | 30 | 168 | 5080 | 8016 | 63 | |||||||||||
2017 | 38 | 36 | 35 | 01 | 31 | 28 | 185 | 7135 | 10071 | 71 | |||||||||||
2018 | 10 | 08 | 00 | 02 | 25 | 28 | 205 | 8287 | 12590 | 66 | |||||||||||
2019 | 73 | 71 | 87 | 05 | 23 | 29 | 250 | 10113 | 14997 | 67 |
12
Diversity
Our firm directly supports numerous minority organizations in the community
bullOur Managing Partner Gilbert Garcia serves as a member of the SEC Asset Management Advisory CommitteebullOur Managing Partner Gilbert Garcia serves as a member of the SEC Fixed Income Market Structure Advisory CommitteebullOur Managing Partner Gilbert Garcia serves as trustee on the Dallas Police and Fire Pension System Board of TrusteesbullOur Managing Partner Gilbert Garcia served as Chairman of the Metropolitan Transit Authority of Harris County Board for six yearsbullOur Managing Partner Gilbert Garcia was the 2012 Houston Area Urban League Gala Honorary ChairbullOur Managing Partner Gilbert Garcia was a co-chair of the 103rd NAACP National Convention bullOur Managing Partner Gilbert Garcia served as a trustee on the Houston Municipal Employees Pension System Board of TrusteesbullOur Partner and Director of Marketing and Client Services Ruby Muntildeoz Dang served as Trustee for the METRO Texas Non-Union Pension PlanbullOur Managing Partner Gilbert Garcia was awarded Houston Hispanic Chamber Male Entrepreneur of the Year
Community Service
bullNational Association of Securities Professionals is a non-profit association of professionals that brings together minorities and women in the fields of asset management public finance investment banking and other finance professions
bullOur Partner Stephanie Roberts is highly involved with the organization and is currently a NASP Board Member and the Texas chapter Treasurer
NASP
bullSEO - A non-profit organization that mentors young women and minority individuals in the development of careers in investment banking corporate law and other leading global companies Mr Garcia went through the program in 1983 and is the longest serving board member (since 1988)
bullMr Garcia was awarded the SEO Alumni Leadership Award at the 2015 Awards Dinner in New York City Other honorees included Michael R Bloomberg three-term Mayor of New York City and Founder of Bloomberg LP amp Bloomberg Philanthropies and David M Rubenstein Co-Founder amp Co-CEO of The Carlyle Group
SEO
bullThe League of United Latin American Citizens is a non-profit organization created to advance the economic condition educational attainment political influence housing health and civil rights of the Hispanic population of the United States
LULAC
Diversity is a central theme throughout the entire firm bullCertified as a MBE in several states bull90 of the firm owned by minority and female partnersbull61 owned by minority partners and 53 owned by Hispanic partnersbull88 of employees are ethnic minorities and womenbullExecuted over 60 of brokerage volume with MBEMWBEveteran firms over the past several yearsbullWe also work with many minority and women-owned vendors in the areas of
bullOffice Supplies Temporary Staffing Services Travel Accounting AuditorsbullThe firm has a summer internship program for minority undergraduate and high school students bullWe support and promote the LGBT community
GHampA Giving Back
13
Over
Since 2014Donated
$15 Million
Performance DisclosureFIXED INCOME ndash AGGREGATE COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US Aggregate
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US Aggregate Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets Period End (US$ mil)
of Firm Assets
1992 82 78 74 NM - - 2 35 470 7 1993 108 104 98 NM - - 3 62 741 8 1994 -33 -38 -29 NM - - 3 60 1079 6 1995 188 185 185 NM - - 4 89 1490 6 1996 33 31 36 NM - - 3 84 1785 5 1997 89 87 97 NM - - 3 107 2219 5 1998 98 95 87 NM - - 3 117 3543 3 1999 -21 -23 -08 NM - - 4 127 3893 3 2000 118 116 116 NM - - 3 102 3704 3 2001 79 77 84 NM - - 3 99 3496 3 2002 104 102 103 NM - - 3 85 3280 3 2003 41 39 41 NM - - 3 88 4628 2 2004 49 48 43 NM - - 4 98 4710 2 2005 38 36 24 NM - - 4 121 4152 3 2006 42 40 43 NM - - 4 126 3025 4 2007 86 84 70 01 - - 6 184 2215 8 2008 59 57 52 02 - - 9 248 1538 16 2009 121 119 59 17 - - 16 419 1939 22 2010 82 80 65 04 - - 27 653 2382 27 2011 53 51 78 03 35 28 42 983 2704 36 2012 105 103 42 02 31 24 47 1084 3227 34 2013 01 -01 -20 02 34 27 59 1372 3387 40 2014 80 78 60 02 28 26 111 2485 4962 50 2015 08 07 06 01 32 29 146 3768 6340 59 2016 32 30 27 01 33 30 168 5080 8016 63 2017 38 36 35 01 31 28 185 7135 10071 71 2018 10 08 00 02 25 28 205 8287 12590 66 2019 73 71 87 05 23 29 250 10113 14997 67
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Aggregate Index
The composite benchmark is the Bloomberg Barclays US Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of January 1 1992 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is October 1 1999
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fee results are calculated for the period of December 31 1991 through December 31 1994 by deducting the highest fee of 0375 from the monthly gross composite returns Since January 1 1995 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash AGGREGATE COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Aggregate Index
The composite benchmark is the Bloomberg Barclays US Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of January 1 1992 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is October 1 1999
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fee results are calculated for the period of December 31 1991 through December 31 1994 by deducting the highest fee of 0375 from the monthly gross composite returns Since January 1 1995 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash INTERMEDIATE GOVERNMENT CREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US Intermediate GovrsquotCredit
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US Intermediate GovrsquotCredit
Index () Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets Period End (US$ mil)
of Firm Assets
1988 24 23 23 NM - - 1 30 80 38 1989 158 152 128 NM - - 2 31 157 20 1990 103 98 92 NM - - 5 37 207 18 1991 179 173 147 NM - - 5 66 311 21 1992 79 74 72 03 - - 7 85 470 18 1993 114 109 88 NM - - 1 7 741 1 1994 -38 -43 -19 NM - - 4 38 1079 4 1995 167 161 153 NM - - 3 42 1490 3 1996 40 35 41 01 - - 11 84 1785 5 1997 79 74 79 01 - - 14 289 2219 13 1998 86 81 84 02 - - 15 400 3543 11 1999 -01 -06 04 04 - - 12 284 3893 7 2000 105 99 101 02 - - 11 189 3704 5 2001 87 82 90 03 - - 11 172 3496 5 2002 98 93 98 02 - - 9 154 3280 5 2003 42 37 43 03 - - 12 166 4628 4 2004 39 34 30 02 - - 14 223 4710 5 2005 24 19 16 01 - - 18 294 4152 7 2006 44 41 41 01 - - 18 307 3025 10 2007 83 80 74 01 - - 19 340 2215 15 2008 54 51 51 02 - - 19 269 1538 17 2009 109 106 52 05 - - 28 443 1939 23 2010 73 71 59 02 - - 32 495 2382 21 2011 37 34 58 01 35 26 34 623 2704 23 2012 96 94 39 02 32 22 34 651 3227 20 2013 12 10 -09 02 33 21 32 556 3387 16 2014 47 45 31 02 24 19 38 774 4962 16 2015 15 13 11 01 23 21 42 825 6340 13 2016 31 29 21 02 24 22 48 1057 8016 13 2017 23 21 21 01 22 21 51 1145 10071 11 2018 13 11 09 01 19 21 57 1284 12590 10 2019 61 59 68 02 16 20 72 1577 14997 11
Inception (7188) through 123188 Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US Intermediate GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of July 1 1988 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is July 1 1988
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income For the period of July 1 1988 through December 31 2005 net of fees results are calculated by deducting the highest fee of 012 on a quarterly basis from the monthly gross composite returns and for the period of December 31 2005 through December 31 2016 by deducting the highest fee of 007 on a quarterly basis from the monthly gross composite returns Since January 1 2010 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
FIXED INCOME ndash INTERMEDIATE GOVERNMENT CREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (7188) through 123188 Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US Intermediate GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of July 1 1988 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is July 1 1988
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income For the period of July 1 1988 through December 31 2005 net of fees results are calculated by deducting the highest fee of 012 on a quarterly basis from the monthly gross composite returns and for the period of December 31 2005 through December 31 2016 by deducting the highest fee of 007 on a quarterly basis from the monthly gross composite returns Since January 1 2010 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliance presentations are available upon request Composite dispersion for the period of July 1 1988 through December 31 1992 was an equal-weighted standard deviation Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION OPPORTUNISTIC COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite
Total Return ( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US
1-3 Year Govrsquot Index Return
()
Composite Dispersion
() Composite
()
Bloomberg Barclays US
1-3 Year Govrsquot Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm Assets
2009 64 63 11 NM - - 1 80 1939 4 2010 32 30 24 NM - - 2 72 2382 3 2011 25 22 16 NM - - 2 74 2704 3 2012 52 50 05 01 13 07 6 196 3227 6 2013 12 10 04 NM 14 05 2 27 3387 1 2014 21 19 06 NM 12 04 2 27 4962 1 2015 12 12 06 NM 12 06 1 1 6340 lt1 2016 24 23 09 NM 11 08 3 40 8016 1 2017 16 14 05 NM 10 08 1 29 10071 lt1 2018 16 15 16 NM 07 09 4 122 12590 1 2019 35 34 36 NM 04 10 4 87 14997 1
Inception (4109) through 123109 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Opportunistic Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Opportunistic investment product utilizes high-quality securities The portfolios generally utilize Treasuries Federal Agency debentures and Agency-Guaranteed 15-year Mortgage-Backed securities The portfolios may invest opportunistically in high quality domestic Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate with a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of April 1 2009 to date the minimum portfolio size for inclusion in the composite was $10 million The composite creation date is January 1 2010
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees and include incentive fees that are entered when earned The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION OPPORTUNISTIC COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (4109) through 123109 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Opportunistic Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Opportunistic investment product utilizes high-quality securities The portfolios generally utilize Treasuries Federal Agency debentures and Agency-Guaranteed 15-year Mortgage-Backed securities The portfolios may invest opportunistically in high quality domestic Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate with a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of April 1 2009 to date the minimum portfolio size for inclusion in the composite was $10 million The composite creation date is January 1 2010
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees and include incentive fees that are entered when earned The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION GOVERNMENT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US
1-3 Year Govrsquot Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US
1-3 Year Govrsquot Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm Assets
2004 29 27 11 NM - - 1 22 4710 lt 1 2005 26 25 17 NM - - 1 42 4152 lt 1 2006 46 45 41 NM - - 1 44 3025 1 2007 71 69 71 NM - - 1 47 2215 2 2008 73 71 67 NM - - 1 50 1538 3 2009 23 22 14 NM - - 1 51 1939 3 2010 28 27 24 NM - - 1 56 2382 2 2011 33 31 16 NM 12 10 1 56 2704 2 2012 15 13 05 NM 10 07 1 29 3227 lt 1 2013 04 03 04 NM 09 05 2 64 3387 2 2014 15 14 06 NM 09 04 1 55 4962 1 2015 11 09 06 NM 11 06 1 55 6340 1 2016 19 18 09 NM 11 08 1 56 8016 1 2017 14 13 05 NM 10 08 2 67 10071 1 2018 16 15 16 NM 08 09 2 68 12590 1 2019 23 22 36 NM 03 10 2 66 14997 lt 1
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Government Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Government investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchases Treasuries Federal Agency debentures and Agency-Guaranteed Mortgage-Backed securities The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is October 1 2004
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 014 of the first $25 million 012 of the next $25 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION GOVERNMENT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Government Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Government investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchases Treasuries Federal Agency debentures and Agency-Guaranteed Mortgage-Backed securities The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is October 1 2004
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 014 of the first $25 million 012 of the next $25 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME - INTERMEDIATE AGGREGATE COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US Intermediate Aggregate
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US Intermediate Aggregate Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm Assets
2008 54 51 49 NM - - 4 136 1538 9 2009 115 112 65 NM - - 5 130 1939 7 2010 73 70 62 01 - - 7 201 2382 8 2011 40 38 60 03 33 23 9 203 2704 8 2012 89 86 36 01 30 19 11 235 3227 7 2013 11 09 -10 01 31 20 16 250 3387 7 2014 53 51 41 01 24 20 16 269 4962 5 2015 17 16 12 01 24 21 18 267 6340 4 2016 32 30 20 01 25 21 20 287 8016 4 2017 22 20 23 01 23 20 22 331 10071 3 2018 16 14 09 01 19 21 23 379 12590 3 2019 59 57 67 01 16 20 26 462 14997 3
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate Aggregate Index
The composite benchmark is the Bloomberg Barclays US Intermediate Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2008
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME - INTERMEDIATE AGGREGATE COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate Aggregate Index
The composite benchmark is the Bloomberg Barclays US Intermediate Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2008
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash GOVERNMENTCREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US
GovernmentCredit Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US
GovernmentCredit Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm
Assets 2005 30 29 24 NM - - 1 101 4152 2 2006 40 38 38 NM - - 2 105 3025 3 2007 84 82 72 NM - - 2 9 2215 lt 1 2008 68 65 57 NM - - 3 15 1538 lt 1 2009 88 85 45 NM - - 3 15 1939 lt 1 2010 81 78 66 NM - - 2 11 2382 lt 1 2011 61 59 87 NM 38 34 2 13 2704 lt 1 2012 115 112 48 NM 34 30 2 14 3227 lt 1 2013 -02 -05 -24 NM 37 32 2 12 3387 lt 1 2014 85 82 60 NM 32 30 1 6 4962 lt 1 2015 08 06 02 NM 36 33 3 93 6340 1 2016 30 28 31 NM 38 35 4 138 8016 2 2017 42 40 40 NM 36 33 5 145 10071 1 2018 06 04 -04 NM 30 32 5 163 12590 1 2019 89 87 97 05 30 33 10 484 14997 3
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income- GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2006
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash GOVERNMENTCREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income- GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2006
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION GOVERNMENTCREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US 1-3 Year GovrsquotCredit
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US 1-3 Year GovrsquotCredit
Index () Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets Period End (US$ mil)
of Firm
Assets 2013 06 06 02 NM - - 3 92 3387 3
2014 20 19 08 NM - - 1 72 4962 1 2015 11 11 07 NM - - 2 98 6340 2 2016 26 25 13 NM 11 08 1 165 8016 2 2017 16 16 08 NM 10 07 3 286 10071 3 2018 18 17 16 NM 07 08 4 396 12590 3 2019 41 40 40 NM 05 09 3 157 14997 1
Inception (10113) through 123113 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration GovernmentCredit investment product will generally invest in high quality securities such as US Treasuries Agency debentures 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION GOVERNMENTCREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (10113) through 123113 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration GovernmentCredit investment product will generally invest in high quality securities such as US Treasuries Agency debentures 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash UNCONSTRAINED BOND COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite
Total Return ( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays
UST Bellwether 3-Month
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays
UST Bellwether 3-Month
Index ()
Number of Portfolios
Composite Assets
Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm
Assets 2009 134 131 02 NM - - 2 2 1939 lt 1
2010 83 80 02 NM - - 2 3 2382 lt 1 2011 41 39 01 NM - - 2 3 2704 lt 1 2012 126 123 01 NM 41 00 2 3 3227 lt 1 2013 13 11 01 NM 41 00 2 3 3387 lt 1 2014 32 28 01 NM 29 00 2 5 4962 lt 1 2015 13 11 01 NM 22 00 2 5 6340 lt 1 2016 31 28 04 NM 16 01 2 5 8016 lt 1 2017 16 13 09 NM 15 01 2 5 10071 lt 1 2018 15 13 19 NM 09 02 2 5 12590 lt 1 2019 35 32 23 NM 04 02 2 6 14997 lt 1
Inception (4109) through 43009 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Unconstrained Bond Composite is comprised only of fully discretionary fee paying portfolios including those portfolios no longer with the firm The Fixed Income-Unconstrained Bond investment philosophy will generally invest in high quality securities such as US Treasuries Agency Debentures Agency Guaranteed Mortgage-Backed securities and Investment Grade Corporate Bonds The Fixed Income-Unconstrained Bond product utilizes a domestic fixed income strategy that has the flexibility to adapt to changing markets without sector or duration constraints while maintaining a high-quality focus The flexibility to adapt to changing market conditions without limitation to the constraints of a specific index may result from time to time in the concentration of one or more sectors The portfolios do not contain derivatives and do not employ leverage
The Bloomberg Barclays US Treasury Bellwether 3-Month Index a cash proxy is provided for comparative purposes The composite is not managed against an Index The minimum portfolio size for inclusion in the composite has been $05 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash UNCONSTRAINED BOND COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP Inception (4109) through 43009 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays The GHampA Fixed Income-Unconstrained Bond Composite is comprised only of fully discretionary fee paying portfolios including those portfolios no longer with the firm The Fixed Income-Unconstrained Bond investment philosophy will generally invest in high quality securities such as US Treasuries Agency Debentures Agency Guaranteed Mortgage-Backed securities and Investment Grade Corporate Bonds The Fixed Income-Unconstrained Bond product utilizes a domestic fixed income strategy that has the flexibility to adapt to changing markets without sector or duration constraints while maintaining a high-quality focus The flexibility to adapt to changing market conditions without limitation to the constraints of a specific index may result from time to time in the concentration of one or more sectors The portfolios do not contain derivatives and do not employ leverage The Bloomberg Barclays US Treasury Bellwether 3-Month Index a cash proxy is provided for comparative purposes The composite is not managed against an Index The minimum portfolio size for inclusion in the composite has been $05 million since inception The composite creation date is January 1 2014 Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays UST Bellwether 3-Month Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays UST Bellwether 3-Month Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2009 | 134 | 131 | 02 | NM | - | - | 2 | 2 | 1939 | lt 1 | |||||||||||
2010 | 83 | 80 | 02 | NM | - | - | 2 | 3 | 2382 | lt 1 | |||||||||||
2011 | 41 | 39 | 01 | NM | - | - | 2 | 3 | 2704 | lt 1 | |||||||||||
2012 | 126 | 123 | 01 | NM | 41 | 00 | 2 | 3 | 3227 | lt 1 | |||||||||||
2013 | 13 | 11 | 01 | NM | 41 | 00 | 2 | 3 | 3387 | lt 1 | |||||||||||
2014 | 32 | 28 | 01 | NM | 29 | 00 | 2 | 5 | 4962 | lt 1 | |||||||||||
2015 | 13 | 11 | 01 | NM | 22 | 00 | 2 | 5 | 6340 | lt 1 | |||||||||||
2016 | 31 | 28 | 04 | NM | 16 | 01 | 2 | 5 | 8016 | lt 1 | |||||||||||
2017 | 16 | 13 | 09 | NM | 15 | 01 | 2 | 5 | 10071 | lt 1 | |||||||||||
2018 | 15 | 13 | 19 | NM | 09 | 02 | 2 | 5 | 12590 | lt 1 | |||||||||||
2019 | 35 | 32 | 23 | NM | 04 | 02 | 2 | 6 | 14997 | lt 1 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US 1-3 Year GovrsquotCredit Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US 1-3 Year GovrsquotCredit Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2013 | 06 | 06 | 02 | NM | - | - | 3 | 92 | 3387 | 3 | |||||||||||
2014 | 20 | 19 | 08 | NM | - | - | 1 | 72 | 4962 | 1 | |||||||||||
2015 | 11 | 11 | 07 | NM | - | - | 2 | 98 | 6340 | 2 | |||||||||||
2016 | 26 | 25 | 13 | NM | 11 | 08 | 1 | 165 | 8016 | 2 | |||||||||||
2017 | 16 | 16 | 08 | NM | 10 | 07 | 3 | 286 | 10071 | 3 | |||||||||||
2018 | 18 | 17 | 16 | NM | 07 | 08 | 4 | 396 | 12590 | 3 | |||||||||||
2019 | 41 | 40 | 40 | NM | 05 | 09 | 3 | 157 | 14997 | 1 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US GovernmentCredit Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US GovernmentCredit Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2005 | 30 | 29 | 24 | NM | - | - | 1 | 101 | 4152 | 2 | |||||||||||
2006 | 40 | 38 | 38 | NM | - | - | 2 | 105 | 3025 | 3 | |||||||||||
2007 | 84 | 82 | 72 | NM | - | - | 2 | 9 | 2215 | lt 1 | |||||||||||
2008 | 68 | 65 | 57 | NM | - | - | 3 | 15 | 1538 | lt 1 | |||||||||||
2009 | 88 | 85 | 45 | NM | - | - | 3 | 15 | 1939 | lt 1 | |||||||||||
2010 | 81 | 78 | 66 | NM | - | - | 2 | 11 | 2382 | lt 1 | |||||||||||
2011 | 61 | 59 | 87 | NM | 38 | 34 | 2 | 13 | 2704 | lt 1 | |||||||||||
2012 | 115 | 112 | 48 | NM | 34 | 30 | 2 | 14 | 3227 | lt 1 | |||||||||||
2013 | -02 | -05 | -24 | NM | 37 | 32 | 2 | 12 | 3387 | lt 1 | |||||||||||
2014 | 85 | 82 | 60 | NM | 32 | 30 | 1 | 6 | 4962 | lt 1 | |||||||||||
2015 | 08 | 06 | 02 | NM | 36 | 33 | 3 | 93 | 6340 | 1 | |||||||||||
2016 | 30 | 28 | 31 | NM | 38 | 35 | 4 | 138 | 8016 | 2 | |||||||||||
2017 | 42 | 40 | 40 | NM | 36 | 33 | 5 | 145 | 10071 | 1 | |||||||||||
2018 | 06 | 04 | -04 | NM | 30 | 32 | 5 | 163 | 12590 | 1 | |||||||||||
2019 | 89 | 87 | 97 | 05 | 30 | 33 | 10 | 484 | 14997 | 3 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US Intermediate Aggregate Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US Intermediate Aggregate Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2008 | 54 | 51 | 49 | NM | - | - | 4 | 136 | 1538 | 9 | |||||||||||
2009 | 115 | 112 | 65 | NM | - | - | 5 | 130 | 1939 | 7 | |||||||||||
2010 | 73 | 70 | 62 | 01 | - | - | 7 | 201 | 2382 | 8 | |||||||||||
2011 | 40 | 38 | 60 | 03 | 33 | 23 | 9 | 203 | 2704 | 8 | |||||||||||
2012 | 89 | 86 | 36 | 01 | 30 | 19 | 11 | 235 | 3227 | 7 | |||||||||||
2013 | 11 | 09 | -10 | 01 | 31 | 20 | 16 | 250 | 3387 | 7 | |||||||||||
2014 | 53 | 51 | 41 | 01 | 24 | 20 | 16 | 269 | 4962 | 5 | |||||||||||
2015 | 17 | 16 | 12 | 01 | 24 | 21 | 18 | 267 | 6340 | 4 | |||||||||||
2016 | 32 | 30 | 20 | 01 | 25 | 21 | 20 | 287 | 8016 | 4 | |||||||||||
2017 | 22 | 20 | 23 | 01 | 23 | 20 | 22 | 331 | 10071 | 3 | |||||||||||
2018 | 16 | 14 | 09 | 01 | 19 | 21 | 23 | 379 | 12590 | 3 | |||||||||||
2019 | 59 | 57 | 67 | 01 | 16 | 20 | 26 | 462 | 14997 | 3 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US 1-3 Year Govrsquot Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US 1-3 Year Govrsquot Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2004 | 29 | 27 | 11 | NM | - | - | 1 | 22 | 4710 | lt 1 | |||||||||||
2005 | 26 | 25 | 17 | NM | - | - | 1 | 42 | 4152 | lt 1 | |||||||||||
2006 | 46 | 45 | 41 | NM | - | - | 1 | 44 | 3025 | 1 | |||||||||||
2007 | 71 | 69 | 71 | NM | - | - | 1 | 47 | 2215 | 2 | |||||||||||
2008 | 73 | 71 | 67 | NM | - | - | 1 | 50 | 1538 | 3 | |||||||||||
2009 | 23 | 22 | 14 | NM | - | - | 1 | 51 | 1939 | 3 | |||||||||||
2010 | 28 | 27 | 24 | NM | - | - | 1 | 56 | 2382 | 2 | |||||||||||
2011 | 33 | 31 | 16 | NM | 12 | 10 | 1 | 56 | 2704 | 2 | |||||||||||
2012 | 15 | 13 | 05 | NM | 10 | 07 | 1 | 29 | 3227 | lt 1 | |||||||||||
2013 | 04 | 03 | 04 | NM | 09 | 05 | 2 | 64 | 3387 | 2 | |||||||||||
2014 | 15 | 14 | 06 | NM | 09 | 04 | 1 | 55 | 4962 | 1 | |||||||||||
2015 | 11 | 09 | 06 | NM | 11 | 06 | 1 | 55 | 6340 | 1 | |||||||||||
2016 | 19 | 18 | 09 | NM | 11 | 08 | 1 | 56 | 8016 | 1 | |||||||||||
2017 | 14 | 13 | 05 | NM | 10 | 08 | 2 | 67 | 10071 | 1 | |||||||||||
2018 | 16 | 15 | 16 | NM | 08 | 09 | 2 | 68 | 12590 | 1 | |||||||||||
2019 | 23 | 22 | 36 | NM | 03 | 10 | 2 | 66 | 14997 | lt 1 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US 1-3 Year Govrsquot Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US 1-3 Year Govrsquot Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2009 | 64 | 63 | 11 | NM | - | - | 1 | 80 | 1939 | 4 | |||||||||||
2010 | 32 | 30 | 24 | NM | - | - | 2 | 72 | 2382 | 3 | |||||||||||
2011 | 25 | 22 | 16 | NM | - | - | 2 | 74 | 2704 | 3 | |||||||||||
2012 | 52 | 50 | 05 | 01 | 13 | 07 | 6 | 196 | 3227 | 6 | |||||||||||
2013 | 12 | 10 | 04 | NM | 14 | 05 | 2 | 27 | 3387 | 1 | |||||||||||
2014 | 21 | 19 | 06 | NM | 12 | 04 | 2 | 27 | 4962 | 1 | |||||||||||
2015 | 12 | 12 | 06 | NM | 12 | 06 | 1 | 1 | 6340 | lt1 | |||||||||||
2016 | 24 | 23 | 09 | NM | 11 | 08 | 3 | 40 | 8016 | 1 | |||||||||||
2017 | 16 | 14 | 05 | NM | 10 | 08 | 1 | 29 | 10071 | lt1 | |||||||||||
2018 | 16 | 15 | 16 | NM | 07 | 09 | 4 | 122 | 12590 | 1 | |||||||||||
2019 | 35 | 34 | 36 | NM | 04 | 10 | 4 | 87 | 14997 | 1 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US Intermediate GovrsquotCredit Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US Intermediate GovrsquotCredit Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
1988 | 24 | 23 | 23 | NM | - | - | 1 | 30 | 80 | 38 | |||||||||||
1989 | 158 | 152 | 128 | NM | - | - | 2 | 31 | 157 | 20 | |||||||||||
1990 | 103 | 98 | 92 | NM | - | - | 5 | 37 | 207 | 18 | |||||||||||
1991 | 179 | 173 | 147 | NM | - | - | 5 | 66 | 311 | 21 | |||||||||||
1992 | 79 | 74 | 72 | 03 | - | - | 7 | 85 | 470 | 18 | |||||||||||
1993 | 114 | 109 | 88 | NM | - | - | 1 | 7 | 741 | 1 | |||||||||||
1994 | -38 | -43 | -19 | NM | - | - | 4 | 38 | 1079 | 4 | |||||||||||
1995 | 167 | 161 | 153 | NM | - | - | 3 | 42 | 1490 | 3 | |||||||||||
1996 | 40 | 35 | 41 | 01 | - | - | 11 | 84 | 1785 | 5 | |||||||||||
1997 | 79 | 74 | 79 | 01 | - | - | 14 | 289 | 2219 | 13 | |||||||||||
1998 | 86 | 81 | 84 | 02 | - | - | 15 | 400 | 3543 | 11 | |||||||||||
1999 | -01 | -06 | 04 | 04 | - | - | 12 | 284 | 3893 | 7 | |||||||||||
2000 | 105 | 99 | 101 | 02 | - | - | 11 | 189 | 3704 | 5 | |||||||||||
2001 | 87 | 82 | 90 | 03 | - | - | 11 | 172 | 3496 | 5 | |||||||||||
2002 | 98 | 93 | 98 | 02 | - | - | 9 | 154 | 3280 | 5 | |||||||||||
2003 | 42 | 37 | 43 | 03 | - | - | 12 | 166 | 4628 | 4 | |||||||||||
2004 | 39 | 34 | 30 | 02 | - | - | 14 | 223 | 4710 | 5 | |||||||||||
2005 | 24 | 19 | 16 | 01 | - | - | 18 | 294 | 4152 | 7 | |||||||||||
2006 | 44 | 41 | 41 | 01 | - | - | 18 | 307 | 3025 | 10 | |||||||||||
2007 | 83 | 80 | 74 | 01 | - | - | 19 | 340 | 2215 | 15 | |||||||||||
2008 | 54 | 51 | 51 | 02 | - | - | 19 | 269 | 1538 | 17 | |||||||||||
2009 | 109 | 106 | 52 | 05 | - | - | 28 | 443 | 1939 | 23 | |||||||||||
2010 | 73 | 71 | 59 | 02 | - | - | 32 | 495 | 2382 | 21 | |||||||||||
2011 | 37 | 34 | 58 | 01 | 35 | 26 | 34 | 623 | 2704 | 23 | |||||||||||
2012 | 96 | 94 | 39 | 02 | 32 | 22 | 34 | 651 | 3227 | 20 | |||||||||||
2013 | 12 | 10 | -09 | 02 | 33 | 21 | 32 | 556 | 3387 | 16 | |||||||||||
2014 | 47 | 45 | 31 | 02 | 24 | 19 | 38 | 774 | 4962 | 16 | |||||||||||
2015 | 15 | 13 | 11 | 01 | 23 | 21 | 42 | 825 | 6340 | 13 | |||||||||||
2016 | 31 | 29 | 21 | 02 | 24 | 22 | 48 | 1057 | 8016 | 13 | |||||||||||
2017 | 23 | 21 | 21 | 01 | 22 | 21 | 51 | 1145 | 10071 | 11 | |||||||||||
2018 | 13 | 11 | 09 | 01 | 19 | 21 | 57 | 1284 | 12590 | 10 | |||||||||||
2019 | 61 | 59 | 68 | 02 | 16 | 20 | 72 | 1577 | 14997 | 11 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US Aggregate Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US Aggregate Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
1992 | 82 | 78 | 74 | NM | - | - | 2 | 35 | 470 | 7 | |||||||||||
1993 | 108 | 104 | 98 | NM | - | - | 3 | 62 | 741 | 8 | |||||||||||
1994 | -33 | -38 | -29 | NM | - | - | 3 | 60 | 1079 | 6 | |||||||||||
1995 | 188 | 185 | 185 | NM | - | - | 4 | 89 | 1490 | 6 | |||||||||||
1996 | 33 | 31 | 36 | NM | - | - | 3 | 84 | 1785 | 5 | |||||||||||
1997 | 89 | 87 | 97 | NM | - | - | 3 | 107 | 2219 | 5 | |||||||||||
1998 | 98 | 95 | 87 | NM | - | - | 3 | 117 | 3543 | 3 | |||||||||||
1999 | -21 | -23 | -08 | NM | - | - | 4 | 127 | 3893 | 3 | |||||||||||
2000 | 118 | 116 | 116 | NM | - | - | 3 | 102 | 3704 | 3 | |||||||||||
2001 | 79 | 77 | 84 | NM | - | - | 3 | 99 | 3496 | 3 | |||||||||||
2002 | 104 | 102 | 103 | NM | - | - | 3 | 85 | 3280 | 3 | |||||||||||
2003 | 41 | 39 | 41 | NM | - | - | 3 | 88 | 4628 | 2 | |||||||||||
2004 | 49 | 48 | 43 | NM | - | - | 4 | 98 | 4710 | 2 | |||||||||||
2005 | 38 | 36 | 24 | NM | - | - | 4 | 121 | 4152 | 3 | |||||||||||
2006 | 42 | 40 | 43 | NM | - | - | 4 | 126 | 3025 | 4 | |||||||||||
2007 | 86 | 84 | 70 | 01 | - | - | 6 | 184 | 2215 | 8 | |||||||||||
2008 | 59 | 57 | 52 | 02 | - | - | 9 | 248 | 1538 | 16 | |||||||||||
2009 | 121 | 119 | 59 | 17 | - | - | 16 | 419 | 1939 | 22 | |||||||||||
2010 | 82 | 80 | 65 | 04 | - | - | 27 | 653 | 2382 | 27 | |||||||||||
2011 | 53 | 51 | 78 | 03 | 35 | 28 | 42 | 983 | 2704 | 36 | |||||||||||
2012 | 105 | 103 | 42 | 02 | 31 | 24 | 47 | 1084 | 3227 | 34 | |||||||||||
2013 | 01 | -01 | -20 | 02 | 34 | 27 | 59 | 1372 | 3387 | 40 | |||||||||||
2014 | 80 | 78 | 60 | 02 | 28 | 26 | 111 | 2485 | 4962 | 50 | |||||||||||
2015 | 08 | 07 | 06 | 01 | 32 | 29 | 146 | 3768 | 6340 | 59 | |||||||||||
2016 | 32 | 30 | 27 | 01 | 33 | 30 | 168 | 5080 | 8016 | 63 | |||||||||||
2017 | 38 | 36 | 35 | 01 | 31 | 28 | 185 | 7135 | 10071 | 71 | |||||||||||
2018 | 10 | 08 | 00 | 02 | 25 | 28 | 205 | 8287 | 12590 | 66 | |||||||||||
2019 | 73 | 71 | 87 | 05 | 23 | 29 | 250 | 10113 | 14997 | 67 |
GHampA Giving Back
13
Over
Since 2014Donated
$15 Million
Performance DisclosureFIXED INCOME ndash AGGREGATE COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US Aggregate
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US Aggregate Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets Period End (US$ mil)
of Firm Assets
1992 82 78 74 NM - - 2 35 470 7 1993 108 104 98 NM - - 3 62 741 8 1994 -33 -38 -29 NM - - 3 60 1079 6 1995 188 185 185 NM - - 4 89 1490 6 1996 33 31 36 NM - - 3 84 1785 5 1997 89 87 97 NM - - 3 107 2219 5 1998 98 95 87 NM - - 3 117 3543 3 1999 -21 -23 -08 NM - - 4 127 3893 3 2000 118 116 116 NM - - 3 102 3704 3 2001 79 77 84 NM - - 3 99 3496 3 2002 104 102 103 NM - - 3 85 3280 3 2003 41 39 41 NM - - 3 88 4628 2 2004 49 48 43 NM - - 4 98 4710 2 2005 38 36 24 NM - - 4 121 4152 3 2006 42 40 43 NM - - 4 126 3025 4 2007 86 84 70 01 - - 6 184 2215 8 2008 59 57 52 02 - - 9 248 1538 16 2009 121 119 59 17 - - 16 419 1939 22 2010 82 80 65 04 - - 27 653 2382 27 2011 53 51 78 03 35 28 42 983 2704 36 2012 105 103 42 02 31 24 47 1084 3227 34 2013 01 -01 -20 02 34 27 59 1372 3387 40 2014 80 78 60 02 28 26 111 2485 4962 50 2015 08 07 06 01 32 29 146 3768 6340 59 2016 32 30 27 01 33 30 168 5080 8016 63 2017 38 36 35 01 31 28 185 7135 10071 71 2018 10 08 00 02 25 28 205 8287 12590 66 2019 73 71 87 05 23 29 250 10113 14997 67
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Aggregate Index
The composite benchmark is the Bloomberg Barclays US Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of January 1 1992 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is October 1 1999
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fee results are calculated for the period of December 31 1991 through December 31 1994 by deducting the highest fee of 0375 from the monthly gross composite returns Since January 1 1995 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash AGGREGATE COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Aggregate Index
The composite benchmark is the Bloomberg Barclays US Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of January 1 1992 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is October 1 1999
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fee results are calculated for the period of December 31 1991 through December 31 1994 by deducting the highest fee of 0375 from the monthly gross composite returns Since January 1 1995 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash INTERMEDIATE GOVERNMENT CREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US Intermediate GovrsquotCredit
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US Intermediate GovrsquotCredit
Index () Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets Period End (US$ mil)
of Firm Assets
1988 24 23 23 NM - - 1 30 80 38 1989 158 152 128 NM - - 2 31 157 20 1990 103 98 92 NM - - 5 37 207 18 1991 179 173 147 NM - - 5 66 311 21 1992 79 74 72 03 - - 7 85 470 18 1993 114 109 88 NM - - 1 7 741 1 1994 -38 -43 -19 NM - - 4 38 1079 4 1995 167 161 153 NM - - 3 42 1490 3 1996 40 35 41 01 - - 11 84 1785 5 1997 79 74 79 01 - - 14 289 2219 13 1998 86 81 84 02 - - 15 400 3543 11 1999 -01 -06 04 04 - - 12 284 3893 7 2000 105 99 101 02 - - 11 189 3704 5 2001 87 82 90 03 - - 11 172 3496 5 2002 98 93 98 02 - - 9 154 3280 5 2003 42 37 43 03 - - 12 166 4628 4 2004 39 34 30 02 - - 14 223 4710 5 2005 24 19 16 01 - - 18 294 4152 7 2006 44 41 41 01 - - 18 307 3025 10 2007 83 80 74 01 - - 19 340 2215 15 2008 54 51 51 02 - - 19 269 1538 17 2009 109 106 52 05 - - 28 443 1939 23 2010 73 71 59 02 - - 32 495 2382 21 2011 37 34 58 01 35 26 34 623 2704 23 2012 96 94 39 02 32 22 34 651 3227 20 2013 12 10 -09 02 33 21 32 556 3387 16 2014 47 45 31 02 24 19 38 774 4962 16 2015 15 13 11 01 23 21 42 825 6340 13 2016 31 29 21 02 24 22 48 1057 8016 13 2017 23 21 21 01 22 21 51 1145 10071 11 2018 13 11 09 01 19 21 57 1284 12590 10 2019 61 59 68 02 16 20 72 1577 14997 11
Inception (7188) through 123188 Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US Intermediate GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of July 1 1988 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is July 1 1988
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income For the period of July 1 1988 through December 31 2005 net of fees results are calculated by deducting the highest fee of 012 on a quarterly basis from the monthly gross composite returns and for the period of December 31 2005 through December 31 2016 by deducting the highest fee of 007 on a quarterly basis from the monthly gross composite returns Since January 1 2010 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
FIXED INCOME ndash INTERMEDIATE GOVERNMENT CREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (7188) through 123188 Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US Intermediate GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of July 1 1988 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is July 1 1988
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income For the period of July 1 1988 through December 31 2005 net of fees results are calculated by deducting the highest fee of 012 on a quarterly basis from the monthly gross composite returns and for the period of December 31 2005 through December 31 2016 by deducting the highest fee of 007 on a quarterly basis from the monthly gross composite returns Since January 1 2010 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliance presentations are available upon request Composite dispersion for the period of July 1 1988 through December 31 1992 was an equal-weighted standard deviation Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION OPPORTUNISTIC COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite
Total Return ( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US
1-3 Year Govrsquot Index Return
()
Composite Dispersion
() Composite
()
Bloomberg Barclays US
1-3 Year Govrsquot Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm Assets
2009 64 63 11 NM - - 1 80 1939 4 2010 32 30 24 NM - - 2 72 2382 3 2011 25 22 16 NM - - 2 74 2704 3 2012 52 50 05 01 13 07 6 196 3227 6 2013 12 10 04 NM 14 05 2 27 3387 1 2014 21 19 06 NM 12 04 2 27 4962 1 2015 12 12 06 NM 12 06 1 1 6340 lt1 2016 24 23 09 NM 11 08 3 40 8016 1 2017 16 14 05 NM 10 08 1 29 10071 lt1 2018 16 15 16 NM 07 09 4 122 12590 1 2019 35 34 36 NM 04 10 4 87 14997 1
Inception (4109) through 123109 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Opportunistic Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Opportunistic investment product utilizes high-quality securities The portfolios generally utilize Treasuries Federal Agency debentures and Agency-Guaranteed 15-year Mortgage-Backed securities The portfolios may invest opportunistically in high quality domestic Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate with a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of April 1 2009 to date the minimum portfolio size for inclusion in the composite was $10 million The composite creation date is January 1 2010
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees and include incentive fees that are entered when earned The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION OPPORTUNISTIC COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (4109) through 123109 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Opportunistic Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Opportunistic investment product utilizes high-quality securities The portfolios generally utilize Treasuries Federal Agency debentures and Agency-Guaranteed 15-year Mortgage-Backed securities The portfolios may invest opportunistically in high quality domestic Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate with a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of April 1 2009 to date the minimum portfolio size for inclusion in the composite was $10 million The composite creation date is January 1 2010
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees and include incentive fees that are entered when earned The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION GOVERNMENT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US
1-3 Year Govrsquot Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US
1-3 Year Govrsquot Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm Assets
2004 29 27 11 NM - - 1 22 4710 lt 1 2005 26 25 17 NM - - 1 42 4152 lt 1 2006 46 45 41 NM - - 1 44 3025 1 2007 71 69 71 NM - - 1 47 2215 2 2008 73 71 67 NM - - 1 50 1538 3 2009 23 22 14 NM - - 1 51 1939 3 2010 28 27 24 NM - - 1 56 2382 2 2011 33 31 16 NM 12 10 1 56 2704 2 2012 15 13 05 NM 10 07 1 29 3227 lt 1 2013 04 03 04 NM 09 05 2 64 3387 2 2014 15 14 06 NM 09 04 1 55 4962 1 2015 11 09 06 NM 11 06 1 55 6340 1 2016 19 18 09 NM 11 08 1 56 8016 1 2017 14 13 05 NM 10 08 2 67 10071 1 2018 16 15 16 NM 08 09 2 68 12590 1 2019 23 22 36 NM 03 10 2 66 14997 lt 1
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Government Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Government investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchases Treasuries Federal Agency debentures and Agency-Guaranteed Mortgage-Backed securities The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is October 1 2004
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 014 of the first $25 million 012 of the next $25 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION GOVERNMENT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Government Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Government investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchases Treasuries Federal Agency debentures and Agency-Guaranteed Mortgage-Backed securities The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is October 1 2004
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 014 of the first $25 million 012 of the next $25 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME - INTERMEDIATE AGGREGATE COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US Intermediate Aggregate
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US Intermediate Aggregate Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm Assets
2008 54 51 49 NM - - 4 136 1538 9 2009 115 112 65 NM - - 5 130 1939 7 2010 73 70 62 01 - - 7 201 2382 8 2011 40 38 60 03 33 23 9 203 2704 8 2012 89 86 36 01 30 19 11 235 3227 7 2013 11 09 -10 01 31 20 16 250 3387 7 2014 53 51 41 01 24 20 16 269 4962 5 2015 17 16 12 01 24 21 18 267 6340 4 2016 32 30 20 01 25 21 20 287 8016 4 2017 22 20 23 01 23 20 22 331 10071 3 2018 16 14 09 01 19 21 23 379 12590 3 2019 59 57 67 01 16 20 26 462 14997 3
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate Aggregate Index
The composite benchmark is the Bloomberg Barclays US Intermediate Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2008
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME - INTERMEDIATE AGGREGATE COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate Aggregate Index
The composite benchmark is the Bloomberg Barclays US Intermediate Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2008
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash GOVERNMENTCREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US
GovernmentCredit Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US
GovernmentCredit Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm
Assets 2005 30 29 24 NM - - 1 101 4152 2 2006 40 38 38 NM - - 2 105 3025 3 2007 84 82 72 NM - - 2 9 2215 lt 1 2008 68 65 57 NM - - 3 15 1538 lt 1 2009 88 85 45 NM - - 3 15 1939 lt 1 2010 81 78 66 NM - - 2 11 2382 lt 1 2011 61 59 87 NM 38 34 2 13 2704 lt 1 2012 115 112 48 NM 34 30 2 14 3227 lt 1 2013 -02 -05 -24 NM 37 32 2 12 3387 lt 1 2014 85 82 60 NM 32 30 1 6 4962 lt 1 2015 08 06 02 NM 36 33 3 93 6340 1 2016 30 28 31 NM 38 35 4 138 8016 2 2017 42 40 40 NM 36 33 5 145 10071 1 2018 06 04 -04 NM 30 32 5 163 12590 1 2019 89 87 97 05 30 33 10 484 14997 3
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income- GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2006
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash GOVERNMENTCREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income- GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2006
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION GOVERNMENTCREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US 1-3 Year GovrsquotCredit
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US 1-3 Year GovrsquotCredit
Index () Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets Period End (US$ mil)
of Firm
Assets 2013 06 06 02 NM - - 3 92 3387 3
2014 20 19 08 NM - - 1 72 4962 1 2015 11 11 07 NM - - 2 98 6340 2 2016 26 25 13 NM 11 08 1 165 8016 2 2017 16 16 08 NM 10 07 3 286 10071 3 2018 18 17 16 NM 07 08 4 396 12590 3 2019 41 40 40 NM 05 09 3 157 14997 1
Inception (10113) through 123113 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration GovernmentCredit investment product will generally invest in high quality securities such as US Treasuries Agency debentures 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION GOVERNMENTCREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (10113) through 123113 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration GovernmentCredit investment product will generally invest in high quality securities such as US Treasuries Agency debentures 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash UNCONSTRAINED BOND COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite
Total Return ( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays
UST Bellwether 3-Month
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays
UST Bellwether 3-Month
Index ()
Number of Portfolios
Composite Assets
Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm
Assets 2009 134 131 02 NM - - 2 2 1939 lt 1
2010 83 80 02 NM - - 2 3 2382 lt 1 2011 41 39 01 NM - - 2 3 2704 lt 1 2012 126 123 01 NM 41 00 2 3 3227 lt 1 2013 13 11 01 NM 41 00 2 3 3387 lt 1 2014 32 28 01 NM 29 00 2 5 4962 lt 1 2015 13 11 01 NM 22 00 2 5 6340 lt 1 2016 31 28 04 NM 16 01 2 5 8016 lt 1 2017 16 13 09 NM 15 01 2 5 10071 lt 1 2018 15 13 19 NM 09 02 2 5 12590 lt 1 2019 35 32 23 NM 04 02 2 6 14997 lt 1
Inception (4109) through 43009 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Unconstrained Bond Composite is comprised only of fully discretionary fee paying portfolios including those portfolios no longer with the firm The Fixed Income-Unconstrained Bond investment philosophy will generally invest in high quality securities such as US Treasuries Agency Debentures Agency Guaranteed Mortgage-Backed securities and Investment Grade Corporate Bonds The Fixed Income-Unconstrained Bond product utilizes a domestic fixed income strategy that has the flexibility to adapt to changing markets without sector or duration constraints while maintaining a high-quality focus The flexibility to adapt to changing market conditions without limitation to the constraints of a specific index may result from time to time in the concentration of one or more sectors The portfolios do not contain derivatives and do not employ leverage
The Bloomberg Barclays US Treasury Bellwether 3-Month Index a cash proxy is provided for comparative purposes The composite is not managed against an Index The minimum portfolio size for inclusion in the composite has been $05 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash UNCONSTRAINED BOND COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP Inception (4109) through 43009 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays The GHampA Fixed Income-Unconstrained Bond Composite is comprised only of fully discretionary fee paying portfolios including those portfolios no longer with the firm The Fixed Income-Unconstrained Bond investment philosophy will generally invest in high quality securities such as US Treasuries Agency Debentures Agency Guaranteed Mortgage-Backed securities and Investment Grade Corporate Bonds The Fixed Income-Unconstrained Bond product utilizes a domestic fixed income strategy that has the flexibility to adapt to changing markets without sector or duration constraints while maintaining a high-quality focus The flexibility to adapt to changing market conditions without limitation to the constraints of a specific index may result from time to time in the concentration of one or more sectors The portfolios do not contain derivatives and do not employ leverage The Bloomberg Barclays US Treasury Bellwether 3-Month Index a cash proxy is provided for comparative purposes The composite is not managed against an Index The minimum portfolio size for inclusion in the composite has been $05 million since inception The composite creation date is January 1 2014 Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays UST Bellwether 3-Month Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays UST Bellwether 3-Month Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2009 | 134 | 131 | 02 | NM | - | - | 2 | 2 | 1939 | lt 1 | |||||||||||
2010 | 83 | 80 | 02 | NM | - | - | 2 | 3 | 2382 | lt 1 | |||||||||||
2011 | 41 | 39 | 01 | NM | - | - | 2 | 3 | 2704 | lt 1 | |||||||||||
2012 | 126 | 123 | 01 | NM | 41 | 00 | 2 | 3 | 3227 | lt 1 | |||||||||||
2013 | 13 | 11 | 01 | NM | 41 | 00 | 2 | 3 | 3387 | lt 1 | |||||||||||
2014 | 32 | 28 | 01 | NM | 29 | 00 | 2 | 5 | 4962 | lt 1 | |||||||||||
2015 | 13 | 11 | 01 | NM | 22 | 00 | 2 | 5 | 6340 | lt 1 | |||||||||||
2016 | 31 | 28 | 04 | NM | 16 | 01 | 2 | 5 | 8016 | lt 1 | |||||||||||
2017 | 16 | 13 | 09 | NM | 15 | 01 | 2 | 5 | 10071 | lt 1 | |||||||||||
2018 | 15 | 13 | 19 | NM | 09 | 02 | 2 | 5 | 12590 | lt 1 | |||||||||||
2019 | 35 | 32 | 23 | NM | 04 | 02 | 2 | 6 | 14997 | lt 1 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US 1-3 Year GovrsquotCredit Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US 1-3 Year GovrsquotCredit Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2013 | 06 | 06 | 02 | NM | - | - | 3 | 92 | 3387 | 3 | |||||||||||
2014 | 20 | 19 | 08 | NM | - | - | 1 | 72 | 4962 | 1 | |||||||||||
2015 | 11 | 11 | 07 | NM | - | - | 2 | 98 | 6340 | 2 | |||||||||||
2016 | 26 | 25 | 13 | NM | 11 | 08 | 1 | 165 | 8016 | 2 | |||||||||||
2017 | 16 | 16 | 08 | NM | 10 | 07 | 3 | 286 | 10071 | 3 | |||||||||||
2018 | 18 | 17 | 16 | NM | 07 | 08 | 4 | 396 | 12590 | 3 | |||||||||||
2019 | 41 | 40 | 40 | NM | 05 | 09 | 3 | 157 | 14997 | 1 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US GovernmentCredit Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US GovernmentCredit Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2005 | 30 | 29 | 24 | NM | - | - | 1 | 101 | 4152 | 2 | |||||||||||
2006 | 40 | 38 | 38 | NM | - | - | 2 | 105 | 3025 | 3 | |||||||||||
2007 | 84 | 82 | 72 | NM | - | - | 2 | 9 | 2215 | lt 1 | |||||||||||
2008 | 68 | 65 | 57 | NM | - | - | 3 | 15 | 1538 | lt 1 | |||||||||||
2009 | 88 | 85 | 45 | NM | - | - | 3 | 15 | 1939 | lt 1 | |||||||||||
2010 | 81 | 78 | 66 | NM | - | - | 2 | 11 | 2382 | lt 1 | |||||||||||
2011 | 61 | 59 | 87 | NM | 38 | 34 | 2 | 13 | 2704 | lt 1 | |||||||||||
2012 | 115 | 112 | 48 | NM | 34 | 30 | 2 | 14 | 3227 | lt 1 | |||||||||||
2013 | -02 | -05 | -24 | NM | 37 | 32 | 2 | 12 | 3387 | lt 1 | |||||||||||
2014 | 85 | 82 | 60 | NM | 32 | 30 | 1 | 6 | 4962 | lt 1 | |||||||||||
2015 | 08 | 06 | 02 | NM | 36 | 33 | 3 | 93 | 6340 | 1 | |||||||||||
2016 | 30 | 28 | 31 | NM | 38 | 35 | 4 | 138 | 8016 | 2 | |||||||||||
2017 | 42 | 40 | 40 | NM | 36 | 33 | 5 | 145 | 10071 | 1 | |||||||||||
2018 | 06 | 04 | -04 | NM | 30 | 32 | 5 | 163 | 12590 | 1 | |||||||||||
2019 | 89 | 87 | 97 | 05 | 30 | 33 | 10 | 484 | 14997 | 3 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US Intermediate Aggregate Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US Intermediate Aggregate Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2008 | 54 | 51 | 49 | NM | - | - | 4 | 136 | 1538 | 9 | |||||||||||
2009 | 115 | 112 | 65 | NM | - | - | 5 | 130 | 1939 | 7 | |||||||||||
2010 | 73 | 70 | 62 | 01 | - | - | 7 | 201 | 2382 | 8 | |||||||||||
2011 | 40 | 38 | 60 | 03 | 33 | 23 | 9 | 203 | 2704 | 8 | |||||||||||
2012 | 89 | 86 | 36 | 01 | 30 | 19 | 11 | 235 | 3227 | 7 | |||||||||||
2013 | 11 | 09 | -10 | 01 | 31 | 20 | 16 | 250 | 3387 | 7 | |||||||||||
2014 | 53 | 51 | 41 | 01 | 24 | 20 | 16 | 269 | 4962 | 5 | |||||||||||
2015 | 17 | 16 | 12 | 01 | 24 | 21 | 18 | 267 | 6340 | 4 | |||||||||||
2016 | 32 | 30 | 20 | 01 | 25 | 21 | 20 | 287 | 8016 | 4 | |||||||||||
2017 | 22 | 20 | 23 | 01 | 23 | 20 | 22 | 331 | 10071 | 3 | |||||||||||
2018 | 16 | 14 | 09 | 01 | 19 | 21 | 23 | 379 | 12590 | 3 | |||||||||||
2019 | 59 | 57 | 67 | 01 | 16 | 20 | 26 | 462 | 14997 | 3 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US 1-3 Year Govrsquot Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US 1-3 Year Govrsquot Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2004 | 29 | 27 | 11 | NM | - | - | 1 | 22 | 4710 | lt 1 | |||||||||||
2005 | 26 | 25 | 17 | NM | - | - | 1 | 42 | 4152 | lt 1 | |||||||||||
2006 | 46 | 45 | 41 | NM | - | - | 1 | 44 | 3025 | 1 | |||||||||||
2007 | 71 | 69 | 71 | NM | - | - | 1 | 47 | 2215 | 2 | |||||||||||
2008 | 73 | 71 | 67 | NM | - | - | 1 | 50 | 1538 | 3 | |||||||||||
2009 | 23 | 22 | 14 | NM | - | - | 1 | 51 | 1939 | 3 | |||||||||||
2010 | 28 | 27 | 24 | NM | - | - | 1 | 56 | 2382 | 2 | |||||||||||
2011 | 33 | 31 | 16 | NM | 12 | 10 | 1 | 56 | 2704 | 2 | |||||||||||
2012 | 15 | 13 | 05 | NM | 10 | 07 | 1 | 29 | 3227 | lt 1 | |||||||||||
2013 | 04 | 03 | 04 | NM | 09 | 05 | 2 | 64 | 3387 | 2 | |||||||||||
2014 | 15 | 14 | 06 | NM | 09 | 04 | 1 | 55 | 4962 | 1 | |||||||||||
2015 | 11 | 09 | 06 | NM | 11 | 06 | 1 | 55 | 6340 | 1 | |||||||||||
2016 | 19 | 18 | 09 | NM | 11 | 08 | 1 | 56 | 8016 | 1 | |||||||||||
2017 | 14 | 13 | 05 | NM | 10 | 08 | 2 | 67 | 10071 | 1 | |||||||||||
2018 | 16 | 15 | 16 | NM | 08 | 09 | 2 | 68 | 12590 | 1 | |||||||||||
2019 | 23 | 22 | 36 | NM | 03 | 10 | 2 | 66 | 14997 | lt 1 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US 1-3 Year Govrsquot Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US 1-3 Year Govrsquot Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2009 | 64 | 63 | 11 | NM | - | - | 1 | 80 | 1939 | 4 | |||||||||||
2010 | 32 | 30 | 24 | NM | - | - | 2 | 72 | 2382 | 3 | |||||||||||
2011 | 25 | 22 | 16 | NM | - | - | 2 | 74 | 2704 | 3 | |||||||||||
2012 | 52 | 50 | 05 | 01 | 13 | 07 | 6 | 196 | 3227 | 6 | |||||||||||
2013 | 12 | 10 | 04 | NM | 14 | 05 | 2 | 27 | 3387 | 1 | |||||||||||
2014 | 21 | 19 | 06 | NM | 12 | 04 | 2 | 27 | 4962 | 1 | |||||||||||
2015 | 12 | 12 | 06 | NM | 12 | 06 | 1 | 1 | 6340 | lt1 | |||||||||||
2016 | 24 | 23 | 09 | NM | 11 | 08 | 3 | 40 | 8016 | 1 | |||||||||||
2017 | 16 | 14 | 05 | NM | 10 | 08 | 1 | 29 | 10071 | lt1 | |||||||||||
2018 | 16 | 15 | 16 | NM | 07 | 09 | 4 | 122 | 12590 | 1 | |||||||||||
2019 | 35 | 34 | 36 | NM | 04 | 10 | 4 | 87 | 14997 | 1 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US Intermediate GovrsquotCredit Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US Intermediate GovrsquotCredit Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
1988 | 24 | 23 | 23 | NM | - | - | 1 | 30 | 80 | 38 | |||||||||||
1989 | 158 | 152 | 128 | NM | - | - | 2 | 31 | 157 | 20 | |||||||||||
1990 | 103 | 98 | 92 | NM | - | - | 5 | 37 | 207 | 18 | |||||||||||
1991 | 179 | 173 | 147 | NM | - | - | 5 | 66 | 311 | 21 | |||||||||||
1992 | 79 | 74 | 72 | 03 | - | - | 7 | 85 | 470 | 18 | |||||||||||
1993 | 114 | 109 | 88 | NM | - | - | 1 | 7 | 741 | 1 | |||||||||||
1994 | -38 | -43 | -19 | NM | - | - | 4 | 38 | 1079 | 4 | |||||||||||
1995 | 167 | 161 | 153 | NM | - | - | 3 | 42 | 1490 | 3 | |||||||||||
1996 | 40 | 35 | 41 | 01 | - | - | 11 | 84 | 1785 | 5 | |||||||||||
1997 | 79 | 74 | 79 | 01 | - | - | 14 | 289 | 2219 | 13 | |||||||||||
1998 | 86 | 81 | 84 | 02 | - | - | 15 | 400 | 3543 | 11 | |||||||||||
1999 | -01 | -06 | 04 | 04 | - | - | 12 | 284 | 3893 | 7 | |||||||||||
2000 | 105 | 99 | 101 | 02 | - | - | 11 | 189 | 3704 | 5 | |||||||||||
2001 | 87 | 82 | 90 | 03 | - | - | 11 | 172 | 3496 | 5 | |||||||||||
2002 | 98 | 93 | 98 | 02 | - | - | 9 | 154 | 3280 | 5 | |||||||||||
2003 | 42 | 37 | 43 | 03 | - | - | 12 | 166 | 4628 | 4 | |||||||||||
2004 | 39 | 34 | 30 | 02 | - | - | 14 | 223 | 4710 | 5 | |||||||||||
2005 | 24 | 19 | 16 | 01 | - | - | 18 | 294 | 4152 | 7 | |||||||||||
2006 | 44 | 41 | 41 | 01 | - | - | 18 | 307 | 3025 | 10 | |||||||||||
2007 | 83 | 80 | 74 | 01 | - | - | 19 | 340 | 2215 | 15 | |||||||||||
2008 | 54 | 51 | 51 | 02 | - | - | 19 | 269 | 1538 | 17 | |||||||||||
2009 | 109 | 106 | 52 | 05 | - | - | 28 | 443 | 1939 | 23 | |||||||||||
2010 | 73 | 71 | 59 | 02 | - | - | 32 | 495 | 2382 | 21 | |||||||||||
2011 | 37 | 34 | 58 | 01 | 35 | 26 | 34 | 623 | 2704 | 23 | |||||||||||
2012 | 96 | 94 | 39 | 02 | 32 | 22 | 34 | 651 | 3227 | 20 | |||||||||||
2013 | 12 | 10 | -09 | 02 | 33 | 21 | 32 | 556 | 3387 | 16 | |||||||||||
2014 | 47 | 45 | 31 | 02 | 24 | 19 | 38 | 774 | 4962 | 16 | |||||||||||
2015 | 15 | 13 | 11 | 01 | 23 | 21 | 42 | 825 | 6340 | 13 | |||||||||||
2016 | 31 | 29 | 21 | 02 | 24 | 22 | 48 | 1057 | 8016 | 13 | |||||||||||
2017 | 23 | 21 | 21 | 01 | 22 | 21 | 51 | 1145 | 10071 | 11 | |||||||||||
2018 | 13 | 11 | 09 | 01 | 19 | 21 | 57 | 1284 | 12590 | 10 | |||||||||||
2019 | 61 | 59 | 68 | 02 | 16 | 20 | 72 | 1577 | 14997 | 11 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US Aggregate Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US Aggregate Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
1992 | 82 | 78 | 74 | NM | - | - | 2 | 35 | 470 | 7 | |||||||||||
1993 | 108 | 104 | 98 | NM | - | - | 3 | 62 | 741 | 8 | |||||||||||
1994 | -33 | -38 | -29 | NM | - | - | 3 | 60 | 1079 | 6 | |||||||||||
1995 | 188 | 185 | 185 | NM | - | - | 4 | 89 | 1490 | 6 | |||||||||||
1996 | 33 | 31 | 36 | NM | - | - | 3 | 84 | 1785 | 5 | |||||||||||
1997 | 89 | 87 | 97 | NM | - | - | 3 | 107 | 2219 | 5 | |||||||||||
1998 | 98 | 95 | 87 | NM | - | - | 3 | 117 | 3543 | 3 | |||||||||||
1999 | -21 | -23 | -08 | NM | - | - | 4 | 127 | 3893 | 3 | |||||||||||
2000 | 118 | 116 | 116 | NM | - | - | 3 | 102 | 3704 | 3 | |||||||||||
2001 | 79 | 77 | 84 | NM | - | - | 3 | 99 | 3496 | 3 | |||||||||||
2002 | 104 | 102 | 103 | NM | - | - | 3 | 85 | 3280 | 3 | |||||||||||
2003 | 41 | 39 | 41 | NM | - | - | 3 | 88 | 4628 | 2 | |||||||||||
2004 | 49 | 48 | 43 | NM | - | - | 4 | 98 | 4710 | 2 | |||||||||||
2005 | 38 | 36 | 24 | NM | - | - | 4 | 121 | 4152 | 3 | |||||||||||
2006 | 42 | 40 | 43 | NM | - | - | 4 | 126 | 3025 | 4 | |||||||||||
2007 | 86 | 84 | 70 | 01 | - | - | 6 | 184 | 2215 | 8 | |||||||||||
2008 | 59 | 57 | 52 | 02 | - | - | 9 | 248 | 1538 | 16 | |||||||||||
2009 | 121 | 119 | 59 | 17 | - | - | 16 | 419 | 1939 | 22 | |||||||||||
2010 | 82 | 80 | 65 | 04 | - | - | 27 | 653 | 2382 | 27 | |||||||||||
2011 | 53 | 51 | 78 | 03 | 35 | 28 | 42 | 983 | 2704 | 36 | |||||||||||
2012 | 105 | 103 | 42 | 02 | 31 | 24 | 47 | 1084 | 3227 | 34 | |||||||||||
2013 | 01 | -01 | -20 | 02 | 34 | 27 | 59 | 1372 | 3387 | 40 | |||||||||||
2014 | 80 | 78 | 60 | 02 | 28 | 26 | 111 | 2485 | 4962 | 50 | |||||||||||
2015 | 08 | 07 | 06 | 01 | 32 | 29 | 146 | 3768 | 6340 | 59 | |||||||||||
2016 | 32 | 30 | 27 | 01 | 33 | 30 | 168 | 5080 | 8016 | 63 | |||||||||||
2017 | 38 | 36 | 35 | 01 | 31 | 28 | 185 | 7135 | 10071 | 71 | |||||||||||
2018 | 10 | 08 | 00 | 02 | 25 | 28 | 205 | 8287 | 12590 | 66 | |||||||||||
2019 | 73 | 71 | 87 | 05 | 23 | 29 | 250 | 10113 | 14997 | 67 |
Performance DisclosureFIXED INCOME ndash AGGREGATE COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US Aggregate
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US Aggregate Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets Period End (US$ mil)
of Firm Assets
1992 82 78 74 NM - - 2 35 470 7 1993 108 104 98 NM - - 3 62 741 8 1994 -33 -38 -29 NM - - 3 60 1079 6 1995 188 185 185 NM - - 4 89 1490 6 1996 33 31 36 NM - - 3 84 1785 5 1997 89 87 97 NM - - 3 107 2219 5 1998 98 95 87 NM - - 3 117 3543 3 1999 -21 -23 -08 NM - - 4 127 3893 3 2000 118 116 116 NM - - 3 102 3704 3 2001 79 77 84 NM - - 3 99 3496 3 2002 104 102 103 NM - - 3 85 3280 3 2003 41 39 41 NM - - 3 88 4628 2 2004 49 48 43 NM - - 4 98 4710 2 2005 38 36 24 NM - - 4 121 4152 3 2006 42 40 43 NM - - 4 126 3025 4 2007 86 84 70 01 - - 6 184 2215 8 2008 59 57 52 02 - - 9 248 1538 16 2009 121 119 59 17 - - 16 419 1939 22 2010 82 80 65 04 - - 27 653 2382 27 2011 53 51 78 03 35 28 42 983 2704 36 2012 105 103 42 02 31 24 47 1084 3227 34 2013 01 -01 -20 02 34 27 59 1372 3387 40 2014 80 78 60 02 28 26 111 2485 4962 50 2015 08 07 06 01 32 29 146 3768 6340 59 2016 32 30 27 01 33 30 168 5080 8016 63 2017 38 36 35 01 31 28 185 7135 10071 71 2018 10 08 00 02 25 28 205 8287 12590 66 2019 73 71 87 05 23 29 250 10113 14997 67
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Aggregate Index
The composite benchmark is the Bloomberg Barclays US Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of January 1 1992 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is October 1 1999
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fee results are calculated for the period of December 31 1991 through December 31 1994 by deducting the highest fee of 0375 from the monthly gross composite returns Since January 1 1995 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash AGGREGATE COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Aggregate Index
The composite benchmark is the Bloomberg Barclays US Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of January 1 1992 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is October 1 1999
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fee results are calculated for the period of December 31 1991 through December 31 1994 by deducting the highest fee of 0375 from the monthly gross composite returns Since January 1 1995 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash INTERMEDIATE GOVERNMENT CREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US Intermediate GovrsquotCredit
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US Intermediate GovrsquotCredit
Index () Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets Period End (US$ mil)
of Firm Assets
1988 24 23 23 NM - - 1 30 80 38 1989 158 152 128 NM - - 2 31 157 20 1990 103 98 92 NM - - 5 37 207 18 1991 179 173 147 NM - - 5 66 311 21 1992 79 74 72 03 - - 7 85 470 18 1993 114 109 88 NM - - 1 7 741 1 1994 -38 -43 -19 NM - - 4 38 1079 4 1995 167 161 153 NM - - 3 42 1490 3 1996 40 35 41 01 - - 11 84 1785 5 1997 79 74 79 01 - - 14 289 2219 13 1998 86 81 84 02 - - 15 400 3543 11 1999 -01 -06 04 04 - - 12 284 3893 7 2000 105 99 101 02 - - 11 189 3704 5 2001 87 82 90 03 - - 11 172 3496 5 2002 98 93 98 02 - - 9 154 3280 5 2003 42 37 43 03 - - 12 166 4628 4 2004 39 34 30 02 - - 14 223 4710 5 2005 24 19 16 01 - - 18 294 4152 7 2006 44 41 41 01 - - 18 307 3025 10 2007 83 80 74 01 - - 19 340 2215 15 2008 54 51 51 02 - - 19 269 1538 17 2009 109 106 52 05 - - 28 443 1939 23 2010 73 71 59 02 - - 32 495 2382 21 2011 37 34 58 01 35 26 34 623 2704 23 2012 96 94 39 02 32 22 34 651 3227 20 2013 12 10 -09 02 33 21 32 556 3387 16 2014 47 45 31 02 24 19 38 774 4962 16 2015 15 13 11 01 23 21 42 825 6340 13 2016 31 29 21 02 24 22 48 1057 8016 13 2017 23 21 21 01 22 21 51 1145 10071 11 2018 13 11 09 01 19 21 57 1284 12590 10 2019 61 59 68 02 16 20 72 1577 14997 11
Inception (7188) through 123188 Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US Intermediate GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of July 1 1988 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is July 1 1988
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income For the period of July 1 1988 through December 31 2005 net of fees results are calculated by deducting the highest fee of 012 on a quarterly basis from the monthly gross composite returns and for the period of December 31 2005 through December 31 2016 by deducting the highest fee of 007 on a quarterly basis from the monthly gross composite returns Since January 1 2010 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
FIXED INCOME ndash INTERMEDIATE GOVERNMENT CREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (7188) through 123188 Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US Intermediate GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of July 1 1988 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is July 1 1988
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income For the period of July 1 1988 through December 31 2005 net of fees results are calculated by deducting the highest fee of 012 on a quarterly basis from the monthly gross composite returns and for the period of December 31 2005 through December 31 2016 by deducting the highest fee of 007 on a quarterly basis from the monthly gross composite returns Since January 1 2010 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliance presentations are available upon request Composite dispersion for the period of July 1 1988 through December 31 1992 was an equal-weighted standard deviation Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION OPPORTUNISTIC COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite
Total Return ( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US
1-3 Year Govrsquot Index Return
()
Composite Dispersion
() Composite
()
Bloomberg Barclays US
1-3 Year Govrsquot Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm Assets
2009 64 63 11 NM - - 1 80 1939 4 2010 32 30 24 NM - - 2 72 2382 3 2011 25 22 16 NM - - 2 74 2704 3 2012 52 50 05 01 13 07 6 196 3227 6 2013 12 10 04 NM 14 05 2 27 3387 1 2014 21 19 06 NM 12 04 2 27 4962 1 2015 12 12 06 NM 12 06 1 1 6340 lt1 2016 24 23 09 NM 11 08 3 40 8016 1 2017 16 14 05 NM 10 08 1 29 10071 lt1 2018 16 15 16 NM 07 09 4 122 12590 1 2019 35 34 36 NM 04 10 4 87 14997 1
Inception (4109) through 123109 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Opportunistic Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Opportunistic investment product utilizes high-quality securities The portfolios generally utilize Treasuries Federal Agency debentures and Agency-Guaranteed 15-year Mortgage-Backed securities The portfolios may invest opportunistically in high quality domestic Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate with a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of April 1 2009 to date the minimum portfolio size for inclusion in the composite was $10 million The composite creation date is January 1 2010
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees and include incentive fees that are entered when earned The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION OPPORTUNISTIC COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (4109) through 123109 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Opportunistic Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Opportunistic investment product utilizes high-quality securities The portfolios generally utilize Treasuries Federal Agency debentures and Agency-Guaranteed 15-year Mortgage-Backed securities The portfolios may invest opportunistically in high quality domestic Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate with a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of April 1 2009 to date the minimum portfolio size for inclusion in the composite was $10 million The composite creation date is January 1 2010
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees and include incentive fees that are entered when earned The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION GOVERNMENT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US
1-3 Year Govrsquot Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US
1-3 Year Govrsquot Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm Assets
2004 29 27 11 NM - - 1 22 4710 lt 1 2005 26 25 17 NM - - 1 42 4152 lt 1 2006 46 45 41 NM - - 1 44 3025 1 2007 71 69 71 NM - - 1 47 2215 2 2008 73 71 67 NM - - 1 50 1538 3 2009 23 22 14 NM - - 1 51 1939 3 2010 28 27 24 NM - - 1 56 2382 2 2011 33 31 16 NM 12 10 1 56 2704 2 2012 15 13 05 NM 10 07 1 29 3227 lt 1 2013 04 03 04 NM 09 05 2 64 3387 2 2014 15 14 06 NM 09 04 1 55 4962 1 2015 11 09 06 NM 11 06 1 55 6340 1 2016 19 18 09 NM 11 08 1 56 8016 1 2017 14 13 05 NM 10 08 2 67 10071 1 2018 16 15 16 NM 08 09 2 68 12590 1 2019 23 22 36 NM 03 10 2 66 14997 lt 1
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Government Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Government investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchases Treasuries Federal Agency debentures and Agency-Guaranteed Mortgage-Backed securities The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is October 1 2004
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 014 of the first $25 million 012 of the next $25 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION GOVERNMENT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Government Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Government investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchases Treasuries Federal Agency debentures and Agency-Guaranteed Mortgage-Backed securities The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is October 1 2004
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 014 of the first $25 million 012 of the next $25 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME - INTERMEDIATE AGGREGATE COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US Intermediate Aggregate
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US Intermediate Aggregate Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm Assets
2008 54 51 49 NM - - 4 136 1538 9 2009 115 112 65 NM - - 5 130 1939 7 2010 73 70 62 01 - - 7 201 2382 8 2011 40 38 60 03 33 23 9 203 2704 8 2012 89 86 36 01 30 19 11 235 3227 7 2013 11 09 -10 01 31 20 16 250 3387 7 2014 53 51 41 01 24 20 16 269 4962 5 2015 17 16 12 01 24 21 18 267 6340 4 2016 32 30 20 01 25 21 20 287 8016 4 2017 22 20 23 01 23 20 22 331 10071 3 2018 16 14 09 01 19 21 23 379 12590 3 2019 59 57 67 01 16 20 26 462 14997 3
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate Aggregate Index
The composite benchmark is the Bloomberg Barclays US Intermediate Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2008
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME - INTERMEDIATE AGGREGATE COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate Aggregate Index
The composite benchmark is the Bloomberg Barclays US Intermediate Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2008
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash GOVERNMENTCREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US
GovernmentCredit Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US
GovernmentCredit Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm
Assets 2005 30 29 24 NM - - 1 101 4152 2 2006 40 38 38 NM - - 2 105 3025 3 2007 84 82 72 NM - - 2 9 2215 lt 1 2008 68 65 57 NM - - 3 15 1538 lt 1 2009 88 85 45 NM - - 3 15 1939 lt 1 2010 81 78 66 NM - - 2 11 2382 lt 1 2011 61 59 87 NM 38 34 2 13 2704 lt 1 2012 115 112 48 NM 34 30 2 14 3227 lt 1 2013 -02 -05 -24 NM 37 32 2 12 3387 lt 1 2014 85 82 60 NM 32 30 1 6 4962 lt 1 2015 08 06 02 NM 36 33 3 93 6340 1 2016 30 28 31 NM 38 35 4 138 8016 2 2017 42 40 40 NM 36 33 5 145 10071 1 2018 06 04 -04 NM 30 32 5 163 12590 1 2019 89 87 97 05 30 33 10 484 14997 3
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income- GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2006
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash GOVERNMENTCREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income- GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2006
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION GOVERNMENTCREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US 1-3 Year GovrsquotCredit
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US 1-3 Year GovrsquotCredit
Index () Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets Period End (US$ mil)
of Firm
Assets 2013 06 06 02 NM - - 3 92 3387 3
2014 20 19 08 NM - - 1 72 4962 1 2015 11 11 07 NM - - 2 98 6340 2 2016 26 25 13 NM 11 08 1 165 8016 2 2017 16 16 08 NM 10 07 3 286 10071 3 2018 18 17 16 NM 07 08 4 396 12590 3 2019 41 40 40 NM 05 09 3 157 14997 1
Inception (10113) through 123113 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration GovernmentCredit investment product will generally invest in high quality securities such as US Treasuries Agency debentures 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION GOVERNMENTCREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (10113) through 123113 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration GovernmentCredit investment product will generally invest in high quality securities such as US Treasuries Agency debentures 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash UNCONSTRAINED BOND COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite
Total Return ( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays
UST Bellwether 3-Month
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays
UST Bellwether 3-Month
Index ()
Number of Portfolios
Composite Assets
Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm
Assets 2009 134 131 02 NM - - 2 2 1939 lt 1
2010 83 80 02 NM - - 2 3 2382 lt 1 2011 41 39 01 NM - - 2 3 2704 lt 1 2012 126 123 01 NM 41 00 2 3 3227 lt 1 2013 13 11 01 NM 41 00 2 3 3387 lt 1 2014 32 28 01 NM 29 00 2 5 4962 lt 1 2015 13 11 01 NM 22 00 2 5 6340 lt 1 2016 31 28 04 NM 16 01 2 5 8016 lt 1 2017 16 13 09 NM 15 01 2 5 10071 lt 1 2018 15 13 19 NM 09 02 2 5 12590 lt 1 2019 35 32 23 NM 04 02 2 6 14997 lt 1
Inception (4109) through 43009 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Unconstrained Bond Composite is comprised only of fully discretionary fee paying portfolios including those portfolios no longer with the firm The Fixed Income-Unconstrained Bond investment philosophy will generally invest in high quality securities such as US Treasuries Agency Debentures Agency Guaranteed Mortgage-Backed securities and Investment Grade Corporate Bonds The Fixed Income-Unconstrained Bond product utilizes a domestic fixed income strategy that has the flexibility to adapt to changing markets without sector or duration constraints while maintaining a high-quality focus The flexibility to adapt to changing market conditions without limitation to the constraints of a specific index may result from time to time in the concentration of one or more sectors The portfolios do not contain derivatives and do not employ leverage
The Bloomberg Barclays US Treasury Bellwether 3-Month Index a cash proxy is provided for comparative purposes The composite is not managed against an Index The minimum portfolio size for inclusion in the composite has been $05 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash UNCONSTRAINED BOND COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP Inception (4109) through 43009 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays The GHampA Fixed Income-Unconstrained Bond Composite is comprised only of fully discretionary fee paying portfolios including those portfolios no longer with the firm The Fixed Income-Unconstrained Bond investment philosophy will generally invest in high quality securities such as US Treasuries Agency Debentures Agency Guaranteed Mortgage-Backed securities and Investment Grade Corporate Bonds The Fixed Income-Unconstrained Bond product utilizes a domestic fixed income strategy that has the flexibility to adapt to changing markets without sector or duration constraints while maintaining a high-quality focus The flexibility to adapt to changing market conditions without limitation to the constraints of a specific index may result from time to time in the concentration of one or more sectors The portfolios do not contain derivatives and do not employ leverage The Bloomberg Barclays US Treasury Bellwether 3-Month Index a cash proxy is provided for comparative purposes The composite is not managed against an Index The minimum portfolio size for inclusion in the composite has been $05 million since inception The composite creation date is January 1 2014 Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays UST Bellwether 3-Month Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays UST Bellwether 3-Month Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2009 | 134 | 131 | 02 | NM | - | - | 2 | 2 | 1939 | lt 1 | |||||||||||
2010 | 83 | 80 | 02 | NM | - | - | 2 | 3 | 2382 | lt 1 | |||||||||||
2011 | 41 | 39 | 01 | NM | - | - | 2 | 3 | 2704 | lt 1 | |||||||||||
2012 | 126 | 123 | 01 | NM | 41 | 00 | 2 | 3 | 3227 | lt 1 | |||||||||||
2013 | 13 | 11 | 01 | NM | 41 | 00 | 2 | 3 | 3387 | lt 1 | |||||||||||
2014 | 32 | 28 | 01 | NM | 29 | 00 | 2 | 5 | 4962 | lt 1 | |||||||||||
2015 | 13 | 11 | 01 | NM | 22 | 00 | 2 | 5 | 6340 | lt 1 | |||||||||||
2016 | 31 | 28 | 04 | NM | 16 | 01 | 2 | 5 | 8016 | lt 1 | |||||||||||
2017 | 16 | 13 | 09 | NM | 15 | 01 | 2 | 5 | 10071 | lt 1 | |||||||||||
2018 | 15 | 13 | 19 | NM | 09 | 02 | 2 | 5 | 12590 | lt 1 | |||||||||||
2019 | 35 | 32 | 23 | NM | 04 | 02 | 2 | 6 | 14997 | lt 1 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US 1-3 Year GovrsquotCredit Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US 1-3 Year GovrsquotCredit Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2013 | 06 | 06 | 02 | NM | - | - | 3 | 92 | 3387 | 3 | |||||||||||
2014 | 20 | 19 | 08 | NM | - | - | 1 | 72 | 4962 | 1 | |||||||||||
2015 | 11 | 11 | 07 | NM | - | - | 2 | 98 | 6340 | 2 | |||||||||||
2016 | 26 | 25 | 13 | NM | 11 | 08 | 1 | 165 | 8016 | 2 | |||||||||||
2017 | 16 | 16 | 08 | NM | 10 | 07 | 3 | 286 | 10071 | 3 | |||||||||||
2018 | 18 | 17 | 16 | NM | 07 | 08 | 4 | 396 | 12590 | 3 | |||||||||||
2019 | 41 | 40 | 40 | NM | 05 | 09 | 3 | 157 | 14997 | 1 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US GovernmentCredit Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US GovernmentCredit Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2005 | 30 | 29 | 24 | NM | - | - | 1 | 101 | 4152 | 2 | |||||||||||
2006 | 40 | 38 | 38 | NM | - | - | 2 | 105 | 3025 | 3 | |||||||||||
2007 | 84 | 82 | 72 | NM | - | - | 2 | 9 | 2215 | lt 1 | |||||||||||
2008 | 68 | 65 | 57 | NM | - | - | 3 | 15 | 1538 | lt 1 | |||||||||||
2009 | 88 | 85 | 45 | NM | - | - | 3 | 15 | 1939 | lt 1 | |||||||||||
2010 | 81 | 78 | 66 | NM | - | - | 2 | 11 | 2382 | lt 1 | |||||||||||
2011 | 61 | 59 | 87 | NM | 38 | 34 | 2 | 13 | 2704 | lt 1 | |||||||||||
2012 | 115 | 112 | 48 | NM | 34 | 30 | 2 | 14 | 3227 | lt 1 | |||||||||||
2013 | -02 | -05 | -24 | NM | 37 | 32 | 2 | 12 | 3387 | lt 1 | |||||||||||
2014 | 85 | 82 | 60 | NM | 32 | 30 | 1 | 6 | 4962 | lt 1 | |||||||||||
2015 | 08 | 06 | 02 | NM | 36 | 33 | 3 | 93 | 6340 | 1 | |||||||||||
2016 | 30 | 28 | 31 | NM | 38 | 35 | 4 | 138 | 8016 | 2 | |||||||||||
2017 | 42 | 40 | 40 | NM | 36 | 33 | 5 | 145 | 10071 | 1 | |||||||||||
2018 | 06 | 04 | -04 | NM | 30 | 32 | 5 | 163 | 12590 | 1 | |||||||||||
2019 | 89 | 87 | 97 | 05 | 30 | 33 | 10 | 484 | 14997 | 3 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US Intermediate Aggregate Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US Intermediate Aggregate Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2008 | 54 | 51 | 49 | NM | - | - | 4 | 136 | 1538 | 9 | |||||||||||
2009 | 115 | 112 | 65 | NM | - | - | 5 | 130 | 1939 | 7 | |||||||||||
2010 | 73 | 70 | 62 | 01 | - | - | 7 | 201 | 2382 | 8 | |||||||||||
2011 | 40 | 38 | 60 | 03 | 33 | 23 | 9 | 203 | 2704 | 8 | |||||||||||
2012 | 89 | 86 | 36 | 01 | 30 | 19 | 11 | 235 | 3227 | 7 | |||||||||||
2013 | 11 | 09 | -10 | 01 | 31 | 20 | 16 | 250 | 3387 | 7 | |||||||||||
2014 | 53 | 51 | 41 | 01 | 24 | 20 | 16 | 269 | 4962 | 5 | |||||||||||
2015 | 17 | 16 | 12 | 01 | 24 | 21 | 18 | 267 | 6340 | 4 | |||||||||||
2016 | 32 | 30 | 20 | 01 | 25 | 21 | 20 | 287 | 8016 | 4 | |||||||||||
2017 | 22 | 20 | 23 | 01 | 23 | 20 | 22 | 331 | 10071 | 3 | |||||||||||
2018 | 16 | 14 | 09 | 01 | 19 | 21 | 23 | 379 | 12590 | 3 | |||||||||||
2019 | 59 | 57 | 67 | 01 | 16 | 20 | 26 | 462 | 14997 | 3 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US 1-3 Year Govrsquot Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US 1-3 Year Govrsquot Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2004 | 29 | 27 | 11 | NM | - | - | 1 | 22 | 4710 | lt 1 | |||||||||||
2005 | 26 | 25 | 17 | NM | - | - | 1 | 42 | 4152 | lt 1 | |||||||||||
2006 | 46 | 45 | 41 | NM | - | - | 1 | 44 | 3025 | 1 | |||||||||||
2007 | 71 | 69 | 71 | NM | - | - | 1 | 47 | 2215 | 2 | |||||||||||
2008 | 73 | 71 | 67 | NM | - | - | 1 | 50 | 1538 | 3 | |||||||||||
2009 | 23 | 22 | 14 | NM | - | - | 1 | 51 | 1939 | 3 | |||||||||||
2010 | 28 | 27 | 24 | NM | - | - | 1 | 56 | 2382 | 2 | |||||||||||
2011 | 33 | 31 | 16 | NM | 12 | 10 | 1 | 56 | 2704 | 2 | |||||||||||
2012 | 15 | 13 | 05 | NM | 10 | 07 | 1 | 29 | 3227 | lt 1 | |||||||||||
2013 | 04 | 03 | 04 | NM | 09 | 05 | 2 | 64 | 3387 | 2 | |||||||||||
2014 | 15 | 14 | 06 | NM | 09 | 04 | 1 | 55 | 4962 | 1 | |||||||||||
2015 | 11 | 09 | 06 | NM | 11 | 06 | 1 | 55 | 6340 | 1 | |||||||||||
2016 | 19 | 18 | 09 | NM | 11 | 08 | 1 | 56 | 8016 | 1 | |||||||||||
2017 | 14 | 13 | 05 | NM | 10 | 08 | 2 | 67 | 10071 | 1 | |||||||||||
2018 | 16 | 15 | 16 | NM | 08 | 09 | 2 | 68 | 12590 | 1 | |||||||||||
2019 | 23 | 22 | 36 | NM | 03 | 10 | 2 | 66 | 14997 | lt 1 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US 1-3 Year Govrsquot Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US 1-3 Year Govrsquot Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2009 | 64 | 63 | 11 | NM | - | - | 1 | 80 | 1939 | 4 | |||||||||||
2010 | 32 | 30 | 24 | NM | - | - | 2 | 72 | 2382 | 3 | |||||||||||
2011 | 25 | 22 | 16 | NM | - | - | 2 | 74 | 2704 | 3 | |||||||||||
2012 | 52 | 50 | 05 | 01 | 13 | 07 | 6 | 196 | 3227 | 6 | |||||||||||
2013 | 12 | 10 | 04 | NM | 14 | 05 | 2 | 27 | 3387 | 1 | |||||||||||
2014 | 21 | 19 | 06 | NM | 12 | 04 | 2 | 27 | 4962 | 1 | |||||||||||
2015 | 12 | 12 | 06 | NM | 12 | 06 | 1 | 1 | 6340 | lt1 | |||||||||||
2016 | 24 | 23 | 09 | NM | 11 | 08 | 3 | 40 | 8016 | 1 | |||||||||||
2017 | 16 | 14 | 05 | NM | 10 | 08 | 1 | 29 | 10071 | lt1 | |||||||||||
2018 | 16 | 15 | 16 | NM | 07 | 09 | 4 | 122 | 12590 | 1 | |||||||||||
2019 | 35 | 34 | 36 | NM | 04 | 10 | 4 | 87 | 14997 | 1 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US Intermediate GovrsquotCredit Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US Intermediate GovrsquotCredit Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
1988 | 24 | 23 | 23 | NM | - | - | 1 | 30 | 80 | 38 | |||||||||||
1989 | 158 | 152 | 128 | NM | - | - | 2 | 31 | 157 | 20 | |||||||||||
1990 | 103 | 98 | 92 | NM | - | - | 5 | 37 | 207 | 18 | |||||||||||
1991 | 179 | 173 | 147 | NM | - | - | 5 | 66 | 311 | 21 | |||||||||||
1992 | 79 | 74 | 72 | 03 | - | - | 7 | 85 | 470 | 18 | |||||||||||
1993 | 114 | 109 | 88 | NM | - | - | 1 | 7 | 741 | 1 | |||||||||||
1994 | -38 | -43 | -19 | NM | - | - | 4 | 38 | 1079 | 4 | |||||||||||
1995 | 167 | 161 | 153 | NM | - | - | 3 | 42 | 1490 | 3 | |||||||||||
1996 | 40 | 35 | 41 | 01 | - | - | 11 | 84 | 1785 | 5 | |||||||||||
1997 | 79 | 74 | 79 | 01 | - | - | 14 | 289 | 2219 | 13 | |||||||||||
1998 | 86 | 81 | 84 | 02 | - | - | 15 | 400 | 3543 | 11 | |||||||||||
1999 | -01 | -06 | 04 | 04 | - | - | 12 | 284 | 3893 | 7 | |||||||||||
2000 | 105 | 99 | 101 | 02 | - | - | 11 | 189 | 3704 | 5 | |||||||||||
2001 | 87 | 82 | 90 | 03 | - | - | 11 | 172 | 3496 | 5 | |||||||||||
2002 | 98 | 93 | 98 | 02 | - | - | 9 | 154 | 3280 | 5 | |||||||||||
2003 | 42 | 37 | 43 | 03 | - | - | 12 | 166 | 4628 | 4 | |||||||||||
2004 | 39 | 34 | 30 | 02 | - | - | 14 | 223 | 4710 | 5 | |||||||||||
2005 | 24 | 19 | 16 | 01 | - | - | 18 | 294 | 4152 | 7 | |||||||||||
2006 | 44 | 41 | 41 | 01 | - | - | 18 | 307 | 3025 | 10 | |||||||||||
2007 | 83 | 80 | 74 | 01 | - | - | 19 | 340 | 2215 | 15 | |||||||||||
2008 | 54 | 51 | 51 | 02 | - | - | 19 | 269 | 1538 | 17 | |||||||||||
2009 | 109 | 106 | 52 | 05 | - | - | 28 | 443 | 1939 | 23 | |||||||||||
2010 | 73 | 71 | 59 | 02 | - | - | 32 | 495 | 2382 | 21 | |||||||||||
2011 | 37 | 34 | 58 | 01 | 35 | 26 | 34 | 623 | 2704 | 23 | |||||||||||
2012 | 96 | 94 | 39 | 02 | 32 | 22 | 34 | 651 | 3227 | 20 | |||||||||||
2013 | 12 | 10 | -09 | 02 | 33 | 21 | 32 | 556 | 3387 | 16 | |||||||||||
2014 | 47 | 45 | 31 | 02 | 24 | 19 | 38 | 774 | 4962 | 16 | |||||||||||
2015 | 15 | 13 | 11 | 01 | 23 | 21 | 42 | 825 | 6340 | 13 | |||||||||||
2016 | 31 | 29 | 21 | 02 | 24 | 22 | 48 | 1057 | 8016 | 13 | |||||||||||
2017 | 23 | 21 | 21 | 01 | 22 | 21 | 51 | 1145 | 10071 | 11 | |||||||||||
2018 | 13 | 11 | 09 | 01 | 19 | 21 | 57 | 1284 | 12590 | 10 | |||||||||||
2019 | 61 | 59 | 68 | 02 | 16 | 20 | 72 | 1577 | 14997 | 11 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US Aggregate Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US Aggregate Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
1992 | 82 | 78 | 74 | NM | - | - | 2 | 35 | 470 | 7 | |||||||||||
1993 | 108 | 104 | 98 | NM | - | - | 3 | 62 | 741 | 8 | |||||||||||
1994 | -33 | -38 | -29 | NM | - | - | 3 | 60 | 1079 | 6 | |||||||||||
1995 | 188 | 185 | 185 | NM | - | - | 4 | 89 | 1490 | 6 | |||||||||||
1996 | 33 | 31 | 36 | NM | - | - | 3 | 84 | 1785 | 5 | |||||||||||
1997 | 89 | 87 | 97 | NM | - | - | 3 | 107 | 2219 | 5 | |||||||||||
1998 | 98 | 95 | 87 | NM | - | - | 3 | 117 | 3543 | 3 | |||||||||||
1999 | -21 | -23 | -08 | NM | - | - | 4 | 127 | 3893 | 3 | |||||||||||
2000 | 118 | 116 | 116 | NM | - | - | 3 | 102 | 3704 | 3 | |||||||||||
2001 | 79 | 77 | 84 | NM | - | - | 3 | 99 | 3496 | 3 | |||||||||||
2002 | 104 | 102 | 103 | NM | - | - | 3 | 85 | 3280 | 3 | |||||||||||
2003 | 41 | 39 | 41 | NM | - | - | 3 | 88 | 4628 | 2 | |||||||||||
2004 | 49 | 48 | 43 | NM | - | - | 4 | 98 | 4710 | 2 | |||||||||||
2005 | 38 | 36 | 24 | NM | - | - | 4 | 121 | 4152 | 3 | |||||||||||
2006 | 42 | 40 | 43 | NM | - | - | 4 | 126 | 3025 | 4 | |||||||||||
2007 | 86 | 84 | 70 | 01 | - | - | 6 | 184 | 2215 | 8 | |||||||||||
2008 | 59 | 57 | 52 | 02 | - | - | 9 | 248 | 1538 | 16 | |||||||||||
2009 | 121 | 119 | 59 | 17 | - | - | 16 | 419 | 1939 | 22 | |||||||||||
2010 | 82 | 80 | 65 | 04 | - | - | 27 | 653 | 2382 | 27 | |||||||||||
2011 | 53 | 51 | 78 | 03 | 35 | 28 | 42 | 983 | 2704 | 36 | |||||||||||
2012 | 105 | 103 | 42 | 02 | 31 | 24 | 47 | 1084 | 3227 | 34 | |||||||||||
2013 | 01 | -01 | -20 | 02 | 34 | 27 | 59 | 1372 | 3387 | 40 | |||||||||||
2014 | 80 | 78 | 60 | 02 | 28 | 26 | 111 | 2485 | 4962 | 50 | |||||||||||
2015 | 08 | 07 | 06 | 01 | 32 | 29 | 146 | 3768 | 6340 | 59 | |||||||||||
2016 | 32 | 30 | 27 | 01 | 33 | 30 | 168 | 5080 | 8016 | 63 | |||||||||||
2017 | 38 | 36 | 35 | 01 | 31 | 28 | 185 | 7135 | 10071 | 71 | |||||||||||
2018 | 10 | 08 | 00 | 02 | 25 | 28 | 205 | 8287 | 12590 | 66 | |||||||||||
2019 | 73 | 71 | 87 | 05 | 23 | 29 | 250 | 10113 | 14997 | 67 |
Performance DisclosureFIXED INCOME ndash INTERMEDIATE GOVERNMENT CREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US Intermediate GovrsquotCredit
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US Intermediate GovrsquotCredit
Index () Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets Period End (US$ mil)
of Firm Assets
1988 24 23 23 NM - - 1 30 80 38 1989 158 152 128 NM - - 2 31 157 20 1990 103 98 92 NM - - 5 37 207 18 1991 179 173 147 NM - - 5 66 311 21 1992 79 74 72 03 - - 7 85 470 18 1993 114 109 88 NM - - 1 7 741 1 1994 -38 -43 -19 NM - - 4 38 1079 4 1995 167 161 153 NM - - 3 42 1490 3 1996 40 35 41 01 - - 11 84 1785 5 1997 79 74 79 01 - - 14 289 2219 13 1998 86 81 84 02 - - 15 400 3543 11 1999 -01 -06 04 04 - - 12 284 3893 7 2000 105 99 101 02 - - 11 189 3704 5 2001 87 82 90 03 - - 11 172 3496 5 2002 98 93 98 02 - - 9 154 3280 5 2003 42 37 43 03 - - 12 166 4628 4 2004 39 34 30 02 - - 14 223 4710 5 2005 24 19 16 01 - - 18 294 4152 7 2006 44 41 41 01 - - 18 307 3025 10 2007 83 80 74 01 - - 19 340 2215 15 2008 54 51 51 02 - - 19 269 1538 17 2009 109 106 52 05 - - 28 443 1939 23 2010 73 71 59 02 - - 32 495 2382 21 2011 37 34 58 01 35 26 34 623 2704 23 2012 96 94 39 02 32 22 34 651 3227 20 2013 12 10 -09 02 33 21 32 556 3387 16 2014 47 45 31 02 24 19 38 774 4962 16 2015 15 13 11 01 23 21 42 825 6340 13 2016 31 29 21 02 24 22 48 1057 8016 13 2017 23 21 21 01 22 21 51 1145 10071 11 2018 13 11 09 01 19 21 57 1284 12590 10 2019 61 59 68 02 16 20 72 1577 14997 11
Inception (7188) through 123188 Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US Intermediate GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of July 1 1988 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is July 1 1988
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income For the period of July 1 1988 through December 31 2005 net of fees results are calculated by deducting the highest fee of 012 on a quarterly basis from the monthly gross composite returns and for the period of December 31 2005 through December 31 2016 by deducting the highest fee of 007 on a quarterly basis from the monthly gross composite returns Since January 1 2010 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
FIXED INCOME ndash INTERMEDIATE GOVERNMENT CREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (7188) through 123188 Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US Intermediate GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of July 1 1988 through June 30 1996 the minimum portfolio size for inclusion in the composite was $10 million Effective July 1 1996 the minimum for inclusion in the composite was increased to $20 million The composite creation date is July 1 1988
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income For the period of July 1 1988 through December 31 2005 net of fees results are calculated by deducting the highest fee of 012 on a quarterly basis from the monthly gross composite returns and for the period of December 31 2005 through December 31 2016 by deducting the highest fee of 007 on a quarterly basis from the monthly gross composite returns Since January 1 2010 the net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliance presentations are available upon request Composite dispersion for the period of July 1 1988 through December 31 1992 was an equal-weighted standard deviation Composite dispersion since January 1 1993 is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION OPPORTUNISTIC COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite
Total Return ( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US
1-3 Year Govrsquot Index Return
()
Composite Dispersion
() Composite
()
Bloomberg Barclays US
1-3 Year Govrsquot Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm Assets
2009 64 63 11 NM - - 1 80 1939 4 2010 32 30 24 NM - - 2 72 2382 3 2011 25 22 16 NM - - 2 74 2704 3 2012 52 50 05 01 13 07 6 196 3227 6 2013 12 10 04 NM 14 05 2 27 3387 1 2014 21 19 06 NM 12 04 2 27 4962 1 2015 12 12 06 NM 12 06 1 1 6340 lt1 2016 24 23 09 NM 11 08 3 40 8016 1 2017 16 14 05 NM 10 08 1 29 10071 lt1 2018 16 15 16 NM 07 09 4 122 12590 1 2019 35 34 36 NM 04 10 4 87 14997 1
Inception (4109) through 123109 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Opportunistic Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Opportunistic investment product utilizes high-quality securities The portfolios generally utilize Treasuries Federal Agency debentures and Agency-Guaranteed 15-year Mortgage-Backed securities The portfolios may invest opportunistically in high quality domestic Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate with a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of April 1 2009 to date the minimum portfolio size for inclusion in the composite was $10 million The composite creation date is January 1 2010
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees and include incentive fees that are entered when earned The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION OPPORTUNISTIC COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (4109) through 123109 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Opportunistic Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Opportunistic investment product utilizes high-quality securities The portfolios generally utilize Treasuries Federal Agency debentures and Agency-Guaranteed 15-year Mortgage-Backed securities The portfolios may invest opportunistically in high quality domestic Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate with a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of April 1 2009 to date the minimum portfolio size for inclusion in the composite was $10 million The composite creation date is January 1 2010
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees and include incentive fees that are entered when earned The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION GOVERNMENT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US
1-3 Year Govrsquot Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US
1-3 Year Govrsquot Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm Assets
2004 29 27 11 NM - - 1 22 4710 lt 1 2005 26 25 17 NM - - 1 42 4152 lt 1 2006 46 45 41 NM - - 1 44 3025 1 2007 71 69 71 NM - - 1 47 2215 2 2008 73 71 67 NM - - 1 50 1538 3 2009 23 22 14 NM - - 1 51 1939 3 2010 28 27 24 NM - - 1 56 2382 2 2011 33 31 16 NM 12 10 1 56 2704 2 2012 15 13 05 NM 10 07 1 29 3227 lt 1 2013 04 03 04 NM 09 05 2 64 3387 2 2014 15 14 06 NM 09 04 1 55 4962 1 2015 11 09 06 NM 11 06 1 55 6340 1 2016 19 18 09 NM 11 08 1 56 8016 1 2017 14 13 05 NM 10 08 2 67 10071 1 2018 16 15 16 NM 08 09 2 68 12590 1 2019 23 22 36 NM 03 10 2 66 14997 lt 1
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Government Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Government investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchases Treasuries Federal Agency debentures and Agency-Guaranteed Mortgage-Backed securities The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is October 1 2004
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 014 of the first $25 million 012 of the next $25 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION GOVERNMENT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Government Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Government investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchases Treasuries Federal Agency debentures and Agency-Guaranteed Mortgage-Backed securities The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is October 1 2004
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 014 of the first $25 million 012 of the next $25 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME - INTERMEDIATE AGGREGATE COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US Intermediate Aggregate
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US Intermediate Aggregate Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm Assets
2008 54 51 49 NM - - 4 136 1538 9 2009 115 112 65 NM - - 5 130 1939 7 2010 73 70 62 01 - - 7 201 2382 8 2011 40 38 60 03 33 23 9 203 2704 8 2012 89 86 36 01 30 19 11 235 3227 7 2013 11 09 -10 01 31 20 16 250 3387 7 2014 53 51 41 01 24 20 16 269 4962 5 2015 17 16 12 01 24 21 18 267 6340 4 2016 32 30 20 01 25 21 20 287 8016 4 2017 22 20 23 01 23 20 22 331 10071 3 2018 16 14 09 01 19 21 23 379 12590 3 2019 59 57 67 01 16 20 26 462 14997 3
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate Aggregate Index
The composite benchmark is the Bloomberg Barclays US Intermediate Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2008
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME - INTERMEDIATE AGGREGATE COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate Aggregate Index
The composite benchmark is the Bloomberg Barclays US Intermediate Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2008
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash GOVERNMENTCREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US
GovernmentCredit Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US
GovernmentCredit Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm
Assets 2005 30 29 24 NM - - 1 101 4152 2 2006 40 38 38 NM - - 2 105 3025 3 2007 84 82 72 NM - - 2 9 2215 lt 1 2008 68 65 57 NM - - 3 15 1538 lt 1 2009 88 85 45 NM - - 3 15 1939 lt 1 2010 81 78 66 NM - - 2 11 2382 lt 1 2011 61 59 87 NM 38 34 2 13 2704 lt 1 2012 115 112 48 NM 34 30 2 14 3227 lt 1 2013 -02 -05 -24 NM 37 32 2 12 3387 lt 1 2014 85 82 60 NM 32 30 1 6 4962 lt 1 2015 08 06 02 NM 36 33 3 93 6340 1 2016 30 28 31 NM 38 35 4 138 8016 2 2017 42 40 40 NM 36 33 5 145 10071 1 2018 06 04 -04 NM 30 32 5 163 12590 1 2019 89 87 97 05 30 33 10 484 14997 3
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income- GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2006
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash GOVERNMENTCREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income- GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2006
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION GOVERNMENTCREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US 1-3 Year GovrsquotCredit
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US 1-3 Year GovrsquotCredit
Index () Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets Period End (US$ mil)
of Firm
Assets 2013 06 06 02 NM - - 3 92 3387 3
2014 20 19 08 NM - - 1 72 4962 1 2015 11 11 07 NM - - 2 98 6340 2 2016 26 25 13 NM 11 08 1 165 8016 2 2017 16 16 08 NM 10 07 3 286 10071 3 2018 18 17 16 NM 07 08 4 396 12590 3 2019 41 40 40 NM 05 09 3 157 14997 1
Inception (10113) through 123113 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration GovernmentCredit investment product will generally invest in high quality securities such as US Treasuries Agency debentures 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION GOVERNMENTCREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (10113) through 123113 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration GovernmentCredit investment product will generally invest in high quality securities such as US Treasuries Agency debentures 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash UNCONSTRAINED BOND COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite
Total Return ( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays
UST Bellwether 3-Month
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays
UST Bellwether 3-Month
Index ()
Number of Portfolios
Composite Assets
Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm
Assets 2009 134 131 02 NM - - 2 2 1939 lt 1
2010 83 80 02 NM - - 2 3 2382 lt 1 2011 41 39 01 NM - - 2 3 2704 lt 1 2012 126 123 01 NM 41 00 2 3 3227 lt 1 2013 13 11 01 NM 41 00 2 3 3387 lt 1 2014 32 28 01 NM 29 00 2 5 4962 lt 1 2015 13 11 01 NM 22 00 2 5 6340 lt 1 2016 31 28 04 NM 16 01 2 5 8016 lt 1 2017 16 13 09 NM 15 01 2 5 10071 lt 1 2018 15 13 19 NM 09 02 2 5 12590 lt 1 2019 35 32 23 NM 04 02 2 6 14997 lt 1
Inception (4109) through 43009 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Unconstrained Bond Composite is comprised only of fully discretionary fee paying portfolios including those portfolios no longer with the firm The Fixed Income-Unconstrained Bond investment philosophy will generally invest in high quality securities such as US Treasuries Agency Debentures Agency Guaranteed Mortgage-Backed securities and Investment Grade Corporate Bonds The Fixed Income-Unconstrained Bond product utilizes a domestic fixed income strategy that has the flexibility to adapt to changing markets without sector or duration constraints while maintaining a high-quality focus The flexibility to adapt to changing market conditions without limitation to the constraints of a specific index may result from time to time in the concentration of one or more sectors The portfolios do not contain derivatives and do not employ leverage
The Bloomberg Barclays US Treasury Bellwether 3-Month Index a cash proxy is provided for comparative purposes The composite is not managed against an Index The minimum portfolio size for inclusion in the composite has been $05 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash UNCONSTRAINED BOND COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP Inception (4109) through 43009 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays The GHampA Fixed Income-Unconstrained Bond Composite is comprised only of fully discretionary fee paying portfolios including those portfolios no longer with the firm The Fixed Income-Unconstrained Bond investment philosophy will generally invest in high quality securities such as US Treasuries Agency Debentures Agency Guaranteed Mortgage-Backed securities and Investment Grade Corporate Bonds The Fixed Income-Unconstrained Bond product utilizes a domestic fixed income strategy that has the flexibility to adapt to changing markets without sector or duration constraints while maintaining a high-quality focus The flexibility to adapt to changing market conditions without limitation to the constraints of a specific index may result from time to time in the concentration of one or more sectors The portfolios do not contain derivatives and do not employ leverage The Bloomberg Barclays US Treasury Bellwether 3-Month Index a cash proxy is provided for comparative purposes The composite is not managed against an Index The minimum portfolio size for inclusion in the composite has been $05 million since inception The composite creation date is January 1 2014 Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays UST Bellwether 3-Month Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays UST Bellwether 3-Month Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2009 | 134 | 131 | 02 | NM | - | - | 2 | 2 | 1939 | lt 1 | |||||||||||
2010 | 83 | 80 | 02 | NM | - | - | 2 | 3 | 2382 | lt 1 | |||||||||||
2011 | 41 | 39 | 01 | NM | - | - | 2 | 3 | 2704 | lt 1 | |||||||||||
2012 | 126 | 123 | 01 | NM | 41 | 00 | 2 | 3 | 3227 | lt 1 | |||||||||||
2013 | 13 | 11 | 01 | NM | 41 | 00 | 2 | 3 | 3387 | lt 1 | |||||||||||
2014 | 32 | 28 | 01 | NM | 29 | 00 | 2 | 5 | 4962 | lt 1 | |||||||||||
2015 | 13 | 11 | 01 | NM | 22 | 00 | 2 | 5 | 6340 | lt 1 | |||||||||||
2016 | 31 | 28 | 04 | NM | 16 | 01 | 2 | 5 | 8016 | lt 1 | |||||||||||
2017 | 16 | 13 | 09 | NM | 15 | 01 | 2 | 5 | 10071 | lt 1 | |||||||||||
2018 | 15 | 13 | 19 | NM | 09 | 02 | 2 | 5 | 12590 | lt 1 | |||||||||||
2019 | 35 | 32 | 23 | NM | 04 | 02 | 2 | 6 | 14997 | lt 1 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US 1-3 Year GovrsquotCredit Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US 1-3 Year GovrsquotCredit Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2013 | 06 | 06 | 02 | NM | - | - | 3 | 92 | 3387 | 3 | |||||||||||
2014 | 20 | 19 | 08 | NM | - | - | 1 | 72 | 4962 | 1 | |||||||||||
2015 | 11 | 11 | 07 | NM | - | - | 2 | 98 | 6340 | 2 | |||||||||||
2016 | 26 | 25 | 13 | NM | 11 | 08 | 1 | 165 | 8016 | 2 | |||||||||||
2017 | 16 | 16 | 08 | NM | 10 | 07 | 3 | 286 | 10071 | 3 | |||||||||||
2018 | 18 | 17 | 16 | NM | 07 | 08 | 4 | 396 | 12590 | 3 | |||||||||||
2019 | 41 | 40 | 40 | NM | 05 | 09 | 3 | 157 | 14997 | 1 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US GovernmentCredit Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US GovernmentCredit Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2005 | 30 | 29 | 24 | NM | - | - | 1 | 101 | 4152 | 2 | |||||||||||
2006 | 40 | 38 | 38 | NM | - | - | 2 | 105 | 3025 | 3 | |||||||||||
2007 | 84 | 82 | 72 | NM | - | - | 2 | 9 | 2215 | lt 1 | |||||||||||
2008 | 68 | 65 | 57 | NM | - | - | 3 | 15 | 1538 | lt 1 | |||||||||||
2009 | 88 | 85 | 45 | NM | - | - | 3 | 15 | 1939 | lt 1 | |||||||||||
2010 | 81 | 78 | 66 | NM | - | - | 2 | 11 | 2382 | lt 1 | |||||||||||
2011 | 61 | 59 | 87 | NM | 38 | 34 | 2 | 13 | 2704 | lt 1 | |||||||||||
2012 | 115 | 112 | 48 | NM | 34 | 30 | 2 | 14 | 3227 | lt 1 | |||||||||||
2013 | -02 | -05 | -24 | NM | 37 | 32 | 2 | 12 | 3387 | lt 1 | |||||||||||
2014 | 85 | 82 | 60 | NM | 32 | 30 | 1 | 6 | 4962 | lt 1 | |||||||||||
2015 | 08 | 06 | 02 | NM | 36 | 33 | 3 | 93 | 6340 | 1 | |||||||||||
2016 | 30 | 28 | 31 | NM | 38 | 35 | 4 | 138 | 8016 | 2 | |||||||||||
2017 | 42 | 40 | 40 | NM | 36 | 33 | 5 | 145 | 10071 | 1 | |||||||||||
2018 | 06 | 04 | -04 | NM | 30 | 32 | 5 | 163 | 12590 | 1 | |||||||||||
2019 | 89 | 87 | 97 | 05 | 30 | 33 | 10 | 484 | 14997 | 3 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US Intermediate Aggregate Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US Intermediate Aggregate Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2008 | 54 | 51 | 49 | NM | - | - | 4 | 136 | 1538 | 9 | |||||||||||
2009 | 115 | 112 | 65 | NM | - | - | 5 | 130 | 1939 | 7 | |||||||||||
2010 | 73 | 70 | 62 | 01 | - | - | 7 | 201 | 2382 | 8 | |||||||||||
2011 | 40 | 38 | 60 | 03 | 33 | 23 | 9 | 203 | 2704 | 8 | |||||||||||
2012 | 89 | 86 | 36 | 01 | 30 | 19 | 11 | 235 | 3227 | 7 | |||||||||||
2013 | 11 | 09 | -10 | 01 | 31 | 20 | 16 | 250 | 3387 | 7 | |||||||||||
2014 | 53 | 51 | 41 | 01 | 24 | 20 | 16 | 269 | 4962 | 5 | |||||||||||
2015 | 17 | 16 | 12 | 01 | 24 | 21 | 18 | 267 | 6340 | 4 | |||||||||||
2016 | 32 | 30 | 20 | 01 | 25 | 21 | 20 | 287 | 8016 | 4 | |||||||||||
2017 | 22 | 20 | 23 | 01 | 23 | 20 | 22 | 331 | 10071 | 3 | |||||||||||
2018 | 16 | 14 | 09 | 01 | 19 | 21 | 23 | 379 | 12590 | 3 | |||||||||||
2019 | 59 | 57 | 67 | 01 | 16 | 20 | 26 | 462 | 14997 | 3 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US 1-3 Year Govrsquot Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US 1-3 Year Govrsquot Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2004 | 29 | 27 | 11 | NM | - | - | 1 | 22 | 4710 | lt 1 | |||||||||||
2005 | 26 | 25 | 17 | NM | - | - | 1 | 42 | 4152 | lt 1 | |||||||||||
2006 | 46 | 45 | 41 | NM | - | - | 1 | 44 | 3025 | 1 | |||||||||||
2007 | 71 | 69 | 71 | NM | - | - | 1 | 47 | 2215 | 2 | |||||||||||
2008 | 73 | 71 | 67 | NM | - | - | 1 | 50 | 1538 | 3 | |||||||||||
2009 | 23 | 22 | 14 | NM | - | - | 1 | 51 | 1939 | 3 | |||||||||||
2010 | 28 | 27 | 24 | NM | - | - | 1 | 56 | 2382 | 2 | |||||||||||
2011 | 33 | 31 | 16 | NM | 12 | 10 | 1 | 56 | 2704 | 2 | |||||||||||
2012 | 15 | 13 | 05 | NM | 10 | 07 | 1 | 29 | 3227 | lt 1 | |||||||||||
2013 | 04 | 03 | 04 | NM | 09 | 05 | 2 | 64 | 3387 | 2 | |||||||||||
2014 | 15 | 14 | 06 | NM | 09 | 04 | 1 | 55 | 4962 | 1 | |||||||||||
2015 | 11 | 09 | 06 | NM | 11 | 06 | 1 | 55 | 6340 | 1 | |||||||||||
2016 | 19 | 18 | 09 | NM | 11 | 08 | 1 | 56 | 8016 | 1 | |||||||||||
2017 | 14 | 13 | 05 | NM | 10 | 08 | 2 | 67 | 10071 | 1 | |||||||||||
2018 | 16 | 15 | 16 | NM | 08 | 09 | 2 | 68 | 12590 | 1 | |||||||||||
2019 | 23 | 22 | 36 | NM | 03 | 10 | 2 | 66 | 14997 | lt 1 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US 1-3 Year Govrsquot Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US 1-3 Year Govrsquot Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2009 | 64 | 63 | 11 | NM | - | - | 1 | 80 | 1939 | 4 | |||||||||||
2010 | 32 | 30 | 24 | NM | - | - | 2 | 72 | 2382 | 3 | |||||||||||
2011 | 25 | 22 | 16 | NM | - | - | 2 | 74 | 2704 | 3 | |||||||||||
2012 | 52 | 50 | 05 | 01 | 13 | 07 | 6 | 196 | 3227 | 6 | |||||||||||
2013 | 12 | 10 | 04 | NM | 14 | 05 | 2 | 27 | 3387 | 1 | |||||||||||
2014 | 21 | 19 | 06 | NM | 12 | 04 | 2 | 27 | 4962 | 1 | |||||||||||
2015 | 12 | 12 | 06 | NM | 12 | 06 | 1 | 1 | 6340 | lt1 | |||||||||||
2016 | 24 | 23 | 09 | NM | 11 | 08 | 3 | 40 | 8016 | 1 | |||||||||||
2017 | 16 | 14 | 05 | NM | 10 | 08 | 1 | 29 | 10071 | lt1 | |||||||||||
2018 | 16 | 15 | 16 | NM | 07 | 09 | 4 | 122 | 12590 | 1 | |||||||||||
2019 | 35 | 34 | 36 | NM | 04 | 10 | 4 | 87 | 14997 | 1 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US Intermediate GovrsquotCredit Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US Intermediate GovrsquotCredit Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
1988 | 24 | 23 | 23 | NM | - | - | 1 | 30 | 80 | 38 | |||||||||||
1989 | 158 | 152 | 128 | NM | - | - | 2 | 31 | 157 | 20 | |||||||||||
1990 | 103 | 98 | 92 | NM | - | - | 5 | 37 | 207 | 18 | |||||||||||
1991 | 179 | 173 | 147 | NM | - | - | 5 | 66 | 311 | 21 | |||||||||||
1992 | 79 | 74 | 72 | 03 | - | - | 7 | 85 | 470 | 18 | |||||||||||
1993 | 114 | 109 | 88 | NM | - | - | 1 | 7 | 741 | 1 | |||||||||||
1994 | -38 | -43 | -19 | NM | - | - | 4 | 38 | 1079 | 4 | |||||||||||
1995 | 167 | 161 | 153 | NM | - | - | 3 | 42 | 1490 | 3 | |||||||||||
1996 | 40 | 35 | 41 | 01 | - | - | 11 | 84 | 1785 | 5 | |||||||||||
1997 | 79 | 74 | 79 | 01 | - | - | 14 | 289 | 2219 | 13 | |||||||||||
1998 | 86 | 81 | 84 | 02 | - | - | 15 | 400 | 3543 | 11 | |||||||||||
1999 | -01 | -06 | 04 | 04 | - | - | 12 | 284 | 3893 | 7 | |||||||||||
2000 | 105 | 99 | 101 | 02 | - | - | 11 | 189 | 3704 | 5 | |||||||||||
2001 | 87 | 82 | 90 | 03 | - | - | 11 | 172 | 3496 | 5 | |||||||||||
2002 | 98 | 93 | 98 | 02 | - | - | 9 | 154 | 3280 | 5 | |||||||||||
2003 | 42 | 37 | 43 | 03 | - | - | 12 | 166 | 4628 | 4 | |||||||||||
2004 | 39 | 34 | 30 | 02 | - | - | 14 | 223 | 4710 | 5 | |||||||||||
2005 | 24 | 19 | 16 | 01 | - | - | 18 | 294 | 4152 | 7 | |||||||||||
2006 | 44 | 41 | 41 | 01 | - | - | 18 | 307 | 3025 | 10 | |||||||||||
2007 | 83 | 80 | 74 | 01 | - | - | 19 | 340 | 2215 | 15 | |||||||||||
2008 | 54 | 51 | 51 | 02 | - | - | 19 | 269 | 1538 | 17 | |||||||||||
2009 | 109 | 106 | 52 | 05 | - | - | 28 | 443 | 1939 | 23 | |||||||||||
2010 | 73 | 71 | 59 | 02 | - | - | 32 | 495 | 2382 | 21 | |||||||||||
2011 | 37 | 34 | 58 | 01 | 35 | 26 | 34 | 623 | 2704 | 23 | |||||||||||
2012 | 96 | 94 | 39 | 02 | 32 | 22 | 34 | 651 | 3227 | 20 | |||||||||||
2013 | 12 | 10 | -09 | 02 | 33 | 21 | 32 | 556 | 3387 | 16 | |||||||||||
2014 | 47 | 45 | 31 | 02 | 24 | 19 | 38 | 774 | 4962 | 16 | |||||||||||
2015 | 15 | 13 | 11 | 01 | 23 | 21 | 42 | 825 | 6340 | 13 | |||||||||||
2016 | 31 | 29 | 21 | 02 | 24 | 22 | 48 | 1057 | 8016 | 13 | |||||||||||
2017 | 23 | 21 | 21 | 01 | 22 | 21 | 51 | 1145 | 10071 | 11 | |||||||||||
2018 | 13 | 11 | 09 | 01 | 19 | 21 | 57 | 1284 | 12590 | 10 | |||||||||||
2019 | 61 | 59 | 68 | 02 | 16 | 20 | 72 | 1577 | 14997 | 11 |
Performance DisclosureFIXED INCOME ndash SHORT DURATION OPPORTUNISTIC COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite
Total Return ( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US
1-3 Year Govrsquot Index Return
()
Composite Dispersion
() Composite
()
Bloomberg Barclays US
1-3 Year Govrsquot Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm Assets
2009 64 63 11 NM - - 1 80 1939 4 2010 32 30 24 NM - - 2 72 2382 3 2011 25 22 16 NM - - 2 74 2704 3 2012 52 50 05 01 13 07 6 196 3227 6 2013 12 10 04 NM 14 05 2 27 3387 1 2014 21 19 06 NM 12 04 2 27 4962 1 2015 12 12 06 NM 12 06 1 1 6340 lt1 2016 24 23 09 NM 11 08 3 40 8016 1 2017 16 14 05 NM 10 08 1 29 10071 lt1 2018 16 15 16 NM 07 09 4 122 12590 1 2019 35 34 36 NM 04 10 4 87 14997 1
Inception (4109) through 123109 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Opportunistic Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Opportunistic investment product utilizes high-quality securities The portfolios generally utilize Treasuries Federal Agency debentures and Agency-Guaranteed 15-year Mortgage-Backed securities The portfolios may invest opportunistically in high quality domestic Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate with a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of April 1 2009 to date the minimum portfolio size for inclusion in the composite was $10 million The composite creation date is January 1 2010
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees and include incentive fees that are entered when earned The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION OPPORTUNISTIC COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (4109) through 123109 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Opportunistic Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Opportunistic investment product utilizes high-quality securities The portfolios generally utilize Treasuries Federal Agency debentures and Agency-Guaranteed 15-year Mortgage-Backed securities The portfolios may invest opportunistically in high quality domestic Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate with a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product For the period of April 1 2009 to date the minimum portfolio size for inclusion in the composite was $10 million The composite creation date is January 1 2010
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees and include incentive fees that are entered when earned The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance In addition some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION GOVERNMENT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US
1-3 Year Govrsquot Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US
1-3 Year Govrsquot Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm Assets
2004 29 27 11 NM - - 1 22 4710 lt 1 2005 26 25 17 NM - - 1 42 4152 lt 1 2006 46 45 41 NM - - 1 44 3025 1 2007 71 69 71 NM - - 1 47 2215 2 2008 73 71 67 NM - - 1 50 1538 3 2009 23 22 14 NM - - 1 51 1939 3 2010 28 27 24 NM - - 1 56 2382 2 2011 33 31 16 NM 12 10 1 56 2704 2 2012 15 13 05 NM 10 07 1 29 3227 lt 1 2013 04 03 04 NM 09 05 2 64 3387 2 2014 15 14 06 NM 09 04 1 55 4962 1 2015 11 09 06 NM 11 06 1 55 6340 1 2016 19 18 09 NM 11 08 1 56 8016 1 2017 14 13 05 NM 10 08 2 67 10071 1 2018 16 15 16 NM 08 09 2 68 12590 1 2019 23 22 36 NM 03 10 2 66 14997 lt 1
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Government Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Government investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchases Treasuries Federal Agency debentures and Agency-Guaranteed Mortgage-Backed securities The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is October 1 2004
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 014 of the first $25 million 012 of the next $25 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION GOVERNMENT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Government Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Government investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchases Treasuries Federal Agency debentures and Agency-Guaranteed Mortgage-Backed securities The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is October 1 2004
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 014 of the first $25 million 012 of the next $25 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME - INTERMEDIATE AGGREGATE COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US Intermediate Aggregate
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US Intermediate Aggregate Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm Assets
2008 54 51 49 NM - - 4 136 1538 9 2009 115 112 65 NM - - 5 130 1939 7 2010 73 70 62 01 - - 7 201 2382 8 2011 40 38 60 03 33 23 9 203 2704 8 2012 89 86 36 01 30 19 11 235 3227 7 2013 11 09 -10 01 31 20 16 250 3387 7 2014 53 51 41 01 24 20 16 269 4962 5 2015 17 16 12 01 24 21 18 267 6340 4 2016 32 30 20 01 25 21 20 287 8016 4 2017 22 20 23 01 23 20 22 331 10071 3 2018 16 14 09 01 19 21 23 379 12590 3 2019 59 57 67 01 16 20 26 462 14997 3
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate Aggregate Index
The composite benchmark is the Bloomberg Barclays US Intermediate Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2008
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME - INTERMEDIATE AGGREGATE COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate Aggregate Index
The composite benchmark is the Bloomberg Barclays US Intermediate Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2008
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash GOVERNMENTCREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US
GovernmentCredit Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US
GovernmentCredit Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm
Assets 2005 30 29 24 NM - - 1 101 4152 2 2006 40 38 38 NM - - 2 105 3025 3 2007 84 82 72 NM - - 2 9 2215 lt 1 2008 68 65 57 NM - - 3 15 1538 lt 1 2009 88 85 45 NM - - 3 15 1939 lt 1 2010 81 78 66 NM - - 2 11 2382 lt 1 2011 61 59 87 NM 38 34 2 13 2704 lt 1 2012 115 112 48 NM 34 30 2 14 3227 lt 1 2013 -02 -05 -24 NM 37 32 2 12 3387 lt 1 2014 85 82 60 NM 32 30 1 6 4962 lt 1 2015 08 06 02 NM 36 33 3 93 6340 1 2016 30 28 31 NM 38 35 4 138 8016 2 2017 42 40 40 NM 36 33 5 145 10071 1 2018 06 04 -04 NM 30 32 5 163 12590 1 2019 89 87 97 05 30 33 10 484 14997 3
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income- GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2006
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash GOVERNMENTCREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income- GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2006
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION GOVERNMENTCREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US 1-3 Year GovrsquotCredit
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US 1-3 Year GovrsquotCredit
Index () Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets Period End (US$ mil)
of Firm
Assets 2013 06 06 02 NM - - 3 92 3387 3
2014 20 19 08 NM - - 1 72 4962 1 2015 11 11 07 NM - - 2 98 6340 2 2016 26 25 13 NM 11 08 1 165 8016 2 2017 16 16 08 NM 10 07 3 286 10071 3 2018 18 17 16 NM 07 08 4 396 12590 3 2019 41 40 40 NM 05 09 3 157 14997 1
Inception (10113) through 123113 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration GovernmentCredit investment product will generally invest in high quality securities such as US Treasuries Agency debentures 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION GOVERNMENTCREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (10113) through 123113 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration GovernmentCredit investment product will generally invest in high quality securities such as US Treasuries Agency debentures 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash UNCONSTRAINED BOND COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite
Total Return ( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays
UST Bellwether 3-Month
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays
UST Bellwether 3-Month
Index ()
Number of Portfolios
Composite Assets
Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm
Assets 2009 134 131 02 NM - - 2 2 1939 lt 1
2010 83 80 02 NM - - 2 3 2382 lt 1 2011 41 39 01 NM - - 2 3 2704 lt 1 2012 126 123 01 NM 41 00 2 3 3227 lt 1 2013 13 11 01 NM 41 00 2 3 3387 lt 1 2014 32 28 01 NM 29 00 2 5 4962 lt 1 2015 13 11 01 NM 22 00 2 5 6340 lt 1 2016 31 28 04 NM 16 01 2 5 8016 lt 1 2017 16 13 09 NM 15 01 2 5 10071 lt 1 2018 15 13 19 NM 09 02 2 5 12590 lt 1 2019 35 32 23 NM 04 02 2 6 14997 lt 1
Inception (4109) through 43009 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Unconstrained Bond Composite is comprised only of fully discretionary fee paying portfolios including those portfolios no longer with the firm The Fixed Income-Unconstrained Bond investment philosophy will generally invest in high quality securities such as US Treasuries Agency Debentures Agency Guaranteed Mortgage-Backed securities and Investment Grade Corporate Bonds The Fixed Income-Unconstrained Bond product utilizes a domestic fixed income strategy that has the flexibility to adapt to changing markets without sector or duration constraints while maintaining a high-quality focus The flexibility to adapt to changing market conditions without limitation to the constraints of a specific index may result from time to time in the concentration of one or more sectors The portfolios do not contain derivatives and do not employ leverage
The Bloomberg Barclays US Treasury Bellwether 3-Month Index a cash proxy is provided for comparative purposes The composite is not managed against an Index The minimum portfolio size for inclusion in the composite has been $05 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash UNCONSTRAINED BOND COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP Inception (4109) through 43009 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays The GHampA Fixed Income-Unconstrained Bond Composite is comprised only of fully discretionary fee paying portfolios including those portfolios no longer with the firm The Fixed Income-Unconstrained Bond investment philosophy will generally invest in high quality securities such as US Treasuries Agency Debentures Agency Guaranteed Mortgage-Backed securities and Investment Grade Corporate Bonds The Fixed Income-Unconstrained Bond product utilizes a domestic fixed income strategy that has the flexibility to adapt to changing markets without sector or duration constraints while maintaining a high-quality focus The flexibility to adapt to changing market conditions without limitation to the constraints of a specific index may result from time to time in the concentration of one or more sectors The portfolios do not contain derivatives and do not employ leverage The Bloomberg Barclays US Treasury Bellwether 3-Month Index a cash proxy is provided for comparative purposes The composite is not managed against an Index The minimum portfolio size for inclusion in the composite has been $05 million since inception The composite creation date is January 1 2014 Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays UST Bellwether 3-Month Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays UST Bellwether 3-Month Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2009 | 134 | 131 | 02 | NM | - | - | 2 | 2 | 1939 | lt 1 | |||||||||||
2010 | 83 | 80 | 02 | NM | - | - | 2 | 3 | 2382 | lt 1 | |||||||||||
2011 | 41 | 39 | 01 | NM | - | - | 2 | 3 | 2704 | lt 1 | |||||||||||
2012 | 126 | 123 | 01 | NM | 41 | 00 | 2 | 3 | 3227 | lt 1 | |||||||||||
2013 | 13 | 11 | 01 | NM | 41 | 00 | 2 | 3 | 3387 | lt 1 | |||||||||||
2014 | 32 | 28 | 01 | NM | 29 | 00 | 2 | 5 | 4962 | lt 1 | |||||||||||
2015 | 13 | 11 | 01 | NM | 22 | 00 | 2 | 5 | 6340 | lt 1 | |||||||||||
2016 | 31 | 28 | 04 | NM | 16 | 01 | 2 | 5 | 8016 | lt 1 | |||||||||||
2017 | 16 | 13 | 09 | NM | 15 | 01 | 2 | 5 | 10071 | lt 1 | |||||||||||
2018 | 15 | 13 | 19 | NM | 09 | 02 | 2 | 5 | 12590 | lt 1 | |||||||||||
2019 | 35 | 32 | 23 | NM | 04 | 02 | 2 | 6 | 14997 | lt 1 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US 1-3 Year GovrsquotCredit Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US 1-3 Year GovrsquotCredit Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2013 | 06 | 06 | 02 | NM | - | - | 3 | 92 | 3387 | 3 | |||||||||||
2014 | 20 | 19 | 08 | NM | - | - | 1 | 72 | 4962 | 1 | |||||||||||
2015 | 11 | 11 | 07 | NM | - | - | 2 | 98 | 6340 | 2 | |||||||||||
2016 | 26 | 25 | 13 | NM | 11 | 08 | 1 | 165 | 8016 | 2 | |||||||||||
2017 | 16 | 16 | 08 | NM | 10 | 07 | 3 | 286 | 10071 | 3 | |||||||||||
2018 | 18 | 17 | 16 | NM | 07 | 08 | 4 | 396 | 12590 | 3 | |||||||||||
2019 | 41 | 40 | 40 | NM | 05 | 09 | 3 | 157 | 14997 | 1 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US GovernmentCredit Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US GovernmentCredit Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2005 | 30 | 29 | 24 | NM | - | - | 1 | 101 | 4152 | 2 | |||||||||||
2006 | 40 | 38 | 38 | NM | - | - | 2 | 105 | 3025 | 3 | |||||||||||
2007 | 84 | 82 | 72 | NM | - | - | 2 | 9 | 2215 | lt 1 | |||||||||||
2008 | 68 | 65 | 57 | NM | - | - | 3 | 15 | 1538 | lt 1 | |||||||||||
2009 | 88 | 85 | 45 | NM | - | - | 3 | 15 | 1939 | lt 1 | |||||||||||
2010 | 81 | 78 | 66 | NM | - | - | 2 | 11 | 2382 | lt 1 | |||||||||||
2011 | 61 | 59 | 87 | NM | 38 | 34 | 2 | 13 | 2704 | lt 1 | |||||||||||
2012 | 115 | 112 | 48 | NM | 34 | 30 | 2 | 14 | 3227 | lt 1 | |||||||||||
2013 | -02 | -05 | -24 | NM | 37 | 32 | 2 | 12 | 3387 | lt 1 | |||||||||||
2014 | 85 | 82 | 60 | NM | 32 | 30 | 1 | 6 | 4962 | lt 1 | |||||||||||
2015 | 08 | 06 | 02 | NM | 36 | 33 | 3 | 93 | 6340 | 1 | |||||||||||
2016 | 30 | 28 | 31 | NM | 38 | 35 | 4 | 138 | 8016 | 2 | |||||||||||
2017 | 42 | 40 | 40 | NM | 36 | 33 | 5 | 145 | 10071 | 1 | |||||||||||
2018 | 06 | 04 | -04 | NM | 30 | 32 | 5 | 163 | 12590 | 1 | |||||||||||
2019 | 89 | 87 | 97 | 05 | 30 | 33 | 10 | 484 | 14997 | 3 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US Intermediate Aggregate Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US Intermediate Aggregate Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2008 | 54 | 51 | 49 | NM | - | - | 4 | 136 | 1538 | 9 | |||||||||||
2009 | 115 | 112 | 65 | NM | - | - | 5 | 130 | 1939 | 7 | |||||||||||
2010 | 73 | 70 | 62 | 01 | - | - | 7 | 201 | 2382 | 8 | |||||||||||
2011 | 40 | 38 | 60 | 03 | 33 | 23 | 9 | 203 | 2704 | 8 | |||||||||||
2012 | 89 | 86 | 36 | 01 | 30 | 19 | 11 | 235 | 3227 | 7 | |||||||||||
2013 | 11 | 09 | -10 | 01 | 31 | 20 | 16 | 250 | 3387 | 7 | |||||||||||
2014 | 53 | 51 | 41 | 01 | 24 | 20 | 16 | 269 | 4962 | 5 | |||||||||||
2015 | 17 | 16 | 12 | 01 | 24 | 21 | 18 | 267 | 6340 | 4 | |||||||||||
2016 | 32 | 30 | 20 | 01 | 25 | 21 | 20 | 287 | 8016 | 4 | |||||||||||
2017 | 22 | 20 | 23 | 01 | 23 | 20 | 22 | 331 | 10071 | 3 | |||||||||||
2018 | 16 | 14 | 09 | 01 | 19 | 21 | 23 | 379 | 12590 | 3 | |||||||||||
2019 | 59 | 57 | 67 | 01 | 16 | 20 | 26 | 462 | 14997 | 3 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US 1-3 Year Govrsquot Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US 1-3 Year Govrsquot Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2004 | 29 | 27 | 11 | NM | - | - | 1 | 22 | 4710 | lt 1 | |||||||||||
2005 | 26 | 25 | 17 | NM | - | - | 1 | 42 | 4152 | lt 1 | |||||||||||
2006 | 46 | 45 | 41 | NM | - | - | 1 | 44 | 3025 | 1 | |||||||||||
2007 | 71 | 69 | 71 | NM | - | - | 1 | 47 | 2215 | 2 | |||||||||||
2008 | 73 | 71 | 67 | NM | - | - | 1 | 50 | 1538 | 3 | |||||||||||
2009 | 23 | 22 | 14 | NM | - | - | 1 | 51 | 1939 | 3 | |||||||||||
2010 | 28 | 27 | 24 | NM | - | - | 1 | 56 | 2382 | 2 | |||||||||||
2011 | 33 | 31 | 16 | NM | 12 | 10 | 1 | 56 | 2704 | 2 | |||||||||||
2012 | 15 | 13 | 05 | NM | 10 | 07 | 1 | 29 | 3227 | lt 1 | |||||||||||
2013 | 04 | 03 | 04 | NM | 09 | 05 | 2 | 64 | 3387 | 2 | |||||||||||
2014 | 15 | 14 | 06 | NM | 09 | 04 | 1 | 55 | 4962 | 1 | |||||||||||
2015 | 11 | 09 | 06 | NM | 11 | 06 | 1 | 55 | 6340 | 1 | |||||||||||
2016 | 19 | 18 | 09 | NM | 11 | 08 | 1 | 56 | 8016 | 1 | |||||||||||
2017 | 14 | 13 | 05 | NM | 10 | 08 | 2 | 67 | 10071 | 1 | |||||||||||
2018 | 16 | 15 | 16 | NM | 08 | 09 | 2 | 68 | 12590 | 1 | |||||||||||
2019 | 23 | 22 | 36 | NM | 03 | 10 | 2 | 66 | 14997 | lt 1 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US 1-3 Year Govrsquot Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US 1-3 Year Govrsquot Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2009 | 64 | 63 | 11 | NM | - | - | 1 | 80 | 1939 | 4 | |||||||||||
2010 | 32 | 30 | 24 | NM | - | - | 2 | 72 | 2382 | 3 | |||||||||||
2011 | 25 | 22 | 16 | NM | - | - | 2 | 74 | 2704 | 3 | |||||||||||
2012 | 52 | 50 | 05 | 01 | 13 | 07 | 6 | 196 | 3227 | 6 | |||||||||||
2013 | 12 | 10 | 04 | NM | 14 | 05 | 2 | 27 | 3387 | 1 | |||||||||||
2014 | 21 | 19 | 06 | NM | 12 | 04 | 2 | 27 | 4962 | 1 | |||||||||||
2015 | 12 | 12 | 06 | NM | 12 | 06 | 1 | 1 | 6340 | lt1 | |||||||||||
2016 | 24 | 23 | 09 | NM | 11 | 08 | 3 | 40 | 8016 | 1 | |||||||||||
2017 | 16 | 14 | 05 | NM | 10 | 08 | 1 | 29 | 10071 | lt1 | |||||||||||
2018 | 16 | 15 | 16 | NM | 07 | 09 | 4 | 122 | 12590 | 1 | |||||||||||
2019 | 35 | 34 | 36 | NM | 04 | 10 | 4 | 87 | 14997 | 1 |
Performance DisclosureFIXED INCOME ndash SHORT DURATION GOVERNMENT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US
1-3 Year Govrsquot Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US
1-3 Year Govrsquot Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm Assets
2004 29 27 11 NM - - 1 22 4710 lt 1 2005 26 25 17 NM - - 1 42 4152 lt 1 2006 46 45 41 NM - - 1 44 3025 1 2007 71 69 71 NM - - 1 47 2215 2 2008 73 71 67 NM - - 1 50 1538 3 2009 23 22 14 NM - - 1 51 1939 3 2010 28 27 24 NM - - 1 56 2382 2 2011 33 31 16 NM 12 10 1 56 2704 2 2012 15 13 05 NM 10 07 1 29 3227 lt 1 2013 04 03 04 NM 09 05 2 64 3387 2 2014 15 14 06 NM 09 04 1 55 4962 1 2015 11 09 06 NM 11 06 1 55 6340 1 2016 19 18 09 NM 11 08 1 56 8016 1 2017 14 13 05 NM 10 08 2 67 10071 1 2018 16 15 16 NM 08 09 2 68 12590 1 2019 23 22 36 NM 03 10 2 66 14997 lt 1
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Government Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Government investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchases Treasuries Federal Agency debentures and Agency-Guaranteed Mortgage-Backed securities The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is October 1 2004
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 014 of the first $25 million 012 of the next $25 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION GOVERNMENT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration Government Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration Government investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchases Treasuries Federal Agency debentures and Agency-Guaranteed Mortgage-Backed securities The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year Government Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is October 1 2004
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 014 of the first $25 million 012 of the next $25 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME - INTERMEDIATE AGGREGATE COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US Intermediate Aggregate
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US Intermediate Aggregate Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm Assets
2008 54 51 49 NM - - 4 136 1538 9 2009 115 112 65 NM - - 5 130 1939 7 2010 73 70 62 01 - - 7 201 2382 8 2011 40 38 60 03 33 23 9 203 2704 8 2012 89 86 36 01 30 19 11 235 3227 7 2013 11 09 -10 01 31 20 16 250 3387 7 2014 53 51 41 01 24 20 16 269 4962 5 2015 17 16 12 01 24 21 18 267 6340 4 2016 32 30 20 01 25 21 20 287 8016 4 2017 22 20 23 01 23 20 22 331 10071 3 2018 16 14 09 01 19 21 23 379 12590 3 2019 59 57 67 01 16 20 26 462 14997 3
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate Aggregate Index
The composite benchmark is the Bloomberg Barclays US Intermediate Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2008
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME - INTERMEDIATE AGGREGATE COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate Aggregate Index
The composite benchmark is the Bloomberg Barclays US Intermediate Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2008
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash GOVERNMENTCREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US
GovernmentCredit Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US
GovernmentCredit Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm
Assets 2005 30 29 24 NM - - 1 101 4152 2 2006 40 38 38 NM - - 2 105 3025 3 2007 84 82 72 NM - - 2 9 2215 lt 1 2008 68 65 57 NM - - 3 15 1538 lt 1 2009 88 85 45 NM - - 3 15 1939 lt 1 2010 81 78 66 NM - - 2 11 2382 lt 1 2011 61 59 87 NM 38 34 2 13 2704 lt 1 2012 115 112 48 NM 34 30 2 14 3227 lt 1 2013 -02 -05 -24 NM 37 32 2 12 3387 lt 1 2014 85 82 60 NM 32 30 1 6 4962 lt 1 2015 08 06 02 NM 36 33 3 93 6340 1 2016 30 28 31 NM 38 35 4 138 8016 2 2017 42 40 40 NM 36 33 5 145 10071 1 2018 06 04 -04 NM 30 32 5 163 12590 1 2019 89 87 97 05 30 33 10 484 14997 3
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income- GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2006
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash GOVERNMENTCREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income- GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2006
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION GOVERNMENTCREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US 1-3 Year GovrsquotCredit
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US 1-3 Year GovrsquotCredit
Index () Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets Period End (US$ mil)
of Firm
Assets 2013 06 06 02 NM - - 3 92 3387 3
2014 20 19 08 NM - - 1 72 4962 1 2015 11 11 07 NM - - 2 98 6340 2 2016 26 25 13 NM 11 08 1 165 8016 2 2017 16 16 08 NM 10 07 3 286 10071 3 2018 18 17 16 NM 07 08 4 396 12590 3 2019 41 40 40 NM 05 09 3 157 14997 1
Inception (10113) through 123113 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration GovernmentCredit investment product will generally invest in high quality securities such as US Treasuries Agency debentures 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION GOVERNMENTCREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (10113) through 123113 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration GovernmentCredit investment product will generally invest in high quality securities such as US Treasuries Agency debentures 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash UNCONSTRAINED BOND COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite
Total Return ( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays
UST Bellwether 3-Month
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays
UST Bellwether 3-Month
Index ()
Number of Portfolios
Composite Assets
Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm
Assets 2009 134 131 02 NM - - 2 2 1939 lt 1
2010 83 80 02 NM - - 2 3 2382 lt 1 2011 41 39 01 NM - - 2 3 2704 lt 1 2012 126 123 01 NM 41 00 2 3 3227 lt 1 2013 13 11 01 NM 41 00 2 3 3387 lt 1 2014 32 28 01 NM 29 00 2 5 4962 lt 1 2015 13 11 01 NM 22 00 2 5 6340 lt 1 2016 31 28 04 NM 16 01 2 5 8016 lt 1 2017 16 13 09 NM 15 01 2 5 10071 lt 1 2018 15 13 19 NM 09 02 2 5 12590 lt 1 2019 35 32 23 NM 04 02 2 6 14997 lt 1
Inception (4109) through 43009 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Unconstrained Bond Composite is comprised only of fully discretionary fee paying portfolios including those portfolios no longer with the firm The Fixed Income-Unconstrained Bond investment philosophy will generally invest in high quality securities such as US Treasuries Agency Debentures Agency Guaranteed Mortgage-Backed securities and Investment Grade Corporate Bonds The Fixed Income-Unconstrained Bond product utilizes a domestic fixed income strategy that has the flexibility to adapt to changing markets without sector or duration constraints while maintaining a high-quality focus The flexibility to adapt to changing market conditions without limitation to the constraints of a specific index may result from time to time in the concentration of one or more sectors The portfolios do not contain derivatives and do not employ leverage
The Bloomberg Barclays US Treasury Bellwether 3-Month Index a cash proxy is provided for comparative purposes The composite is not managed against an Index The minimum portfolio size for inclusion in the composite has been $05 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash UNCONSTRAINED BOND COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP Inception (4109) through 43009 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays The GHampA Fixed Income-Unconstrained Bond Composite is comprised only of fully discretionary fee paying portfolios including those portfolios no longer with the firm The Fixed Income-Unconstrained Bond investment philosophy will generally invest in high quality securities such as US Treasuries Agency Debentures Agency Guaranteed Mortgage-Backed securities and Investment Grade Corporate Bonds The Fixed Income-Unconstrained Bond product utilizes a domestic fixed income strategy that has the flexibility to adapt to changing markets without sector or duration constraints while maintaining a high-quality focus The flexibility to adapt to changing market conditions without limitation to the constraints of a specific index may result from time to time in the concentration of one or more sectors The portfolios do not contain derivatives and do not employ leverage The Bloomberg Barclays US Treasury Bellwether 3-Month Index a cash proxy is provided for comparative purposes The composite is not managed against an Index The minimum portfolio size for inclusion in the composite has been $05 million since inception The composite creation date is January 1 2014 Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays UST Bellwether 3-Month Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays UST Bellwether 3-Month Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2009 | 134 | 131 | 02 | NM | - | - | 2 | 2 | 1939 | lt 1 | |||||||||||
2010 | 83 | 80 | 02 | NM | - | - | 2 | 3 | 2382 | lt 1 | |||||||||||
2011 | 41 | 39 | 01 | NM | - | - | 2 | 3 | 2704 | lt 1 | |||||||||||
2012 | 126 | 123 | 01 | NM | 41 | 00 | 2 | 3 | 3227 | lt 1 | |||||||||||
2013 | 13 | 11 | 01 | NM | 41 | 00 | 2 | 3 | 3387 | lt 1 | |||||||||||
2014 | 32 | 28 | 01 | NM | 29 | 00 | 2 | 5 | 4962 | lt 1 | |||||||||||
2015 | 13 | 11 | 01 | NM | 22 | 00 | 2 | 5 | 6340 | lt 1 | |||||||||||
2016 | 31 | 28 | 04 | NM | 16 | 01 | 2 | 5 | 8016 | lt 1 | |||||||||||
2017 | 16 | 13 | 09 | NM | 15 | 01 | 2 | 5 | 10071 | lt 1 | |||||||||||
2018 | 15 | 13 | 19 | NM | 09 | 02 | 2 | 5 | 12590 | lt 1 | |||||||||||
2019 | 35 | 32 | 23 | NM | 04 | 02 | 2 | 6 | 14997 | lt 1 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US 1-3 Year GovrsquotCredit Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US 1-3 Year GovrsquotCredit Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2013 | 06 | 06 | 02 | NM | - | - | 3 | 92 | 3387 | 3 | |||||||||||
2014 | 20 | 19 | 08 | NM | - | - | 1 | 72 | 4962 | 1 | |||||||||||
2015 | 11 | 11 | 07 | NM | - | - | 2 | 98 | 6340 | 2 | |||||||||||
2016 | 26 | 25 | 13 | NM | 11 | 08 | 1 | 165 | 8016 | 2 | |||||||||||
2017 | 16 | 16 | 08 | NM | 10 | 07 | 3 | 286 | 10071 | 3 | |||||||||||
2018 | 18 | 17 | 16 | NM | 07 | 08 | 4 | 396 | 12590 | 3 | |||||||||||
2019 | 41 | 40 | 40 | NM | 05 | 09 | 3 | 157 | 14997 | 1 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US GovernmentCredit Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US GovernmentCredit Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2005 | 30 | 29 | 24 | NM | - | - | 1 | 101 | 4152 | 2 | |||||||||||
2006 | 40 | 38 | 38 | NM | - | - | 2 | 105 | 3025 | 3 | |||||||||||
2007 | 84 | 82 | 72 | NM | - | - | 2 | 9 | 2215 | lt 1 | |||||||||||
2008 | 68 | 65 | 57 | NM | - | - | 3 | 15 | 1538 | lt 1 | |||||||||||
2009 | 88 | 85 | 45 | NM | - | - | 3 | 15 | 1939 | lt 1 | |||||||||||
2010 | 81 | 78 | 66 | NM | - | - | 2 | 11 | 2382 | lt 1 | |||||||||||
2011 | 61 | 59 | 87 | NM | 38 | 34 | 2 | 13 | 2704 | lt 1 | |||||||||||
2012 | 115 | 112 | 48 | NM | 34 | 30 | 2 | 14 | 3227 | lt 1 | |||||||||||
2013 | -02 | -05 | -24 | NM | 37 | 32 | 2 | 12 | 3387 | lt 1 | |||||||||||
2014 | 85 | 82 | 60 | NM | 32 | 30 | 1 | 6 | 4962 | lt 1 | |||||||||||
2015 | 08 | 06 | 02 | NM | 36 | 33 | 3 | 93 | 6340 | 1 | |||||||||||
2016 | 30 | 28 | 31 | NM | 38 | 35 | 4 | 138 | 8016 | 2 | |||||||||||
2017 | 42 | 40 | 40 | NM | 36 | 33 | 5 | 145 | 10071 | 1 | |||||||||||
2018 | 06 | 04 | -04 | NM | 30 | 32 | 5 | 163 | 12590 | 1 | |||||||||||
2019 | 89 | 87 | 97 | 05 | 30 | 33 | 10 | 484 | 14997 | 3 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US Intermediate Aggregate Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US Intermediate Aggregate Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2008 | 54 | 51 | 49 | NM | - | - | 4 | 136 | 1538 | 9 | |||||||||||
2009 | 115 | 112 | 65 | NM | - | - | 5 | 130 | 1939 | 7 | |||||||||||
2010 | 73 | 70 | 62 | 01 | - | - | 7 | 201 | 2382 | 8 | |||||||||||
2011 | 40 | 38 | 60 | 03 | 33 | 23 | 9 | 203 | 2704 | 8 | |||||||||||
2012 | 89 | 86 | 36 | 01 | 30 | 19 | 11 | 235 | 3227 | 7 | |||||||||||
2013 | 11 | 09 | -10 | 01 | 31 | 20 | 16 | 250 | 3387 | 7 | |||||||||||
2014 | 53 | 51 | 41 | 01 | 24 | 20 | 16 | 269 | 4962 | 5 | |||||||||||
2015 | 17 | 16 | 12 | 01 | 24 | 21 | 18 | 267 | 6340 | 4 | |||||||||||
2016 | 32 | 30 | 20 | 01 | 25 | 21 | 20 | 287 | 8016 | 4 | |||||||||||
2017 | 22 | 20 | 23 | 01 | 23 | 20 | 22 | 331 | 10071 | 3 | |||||||||||
2018 | 16 | 14 | 09 | 01 | 19 | 21 | 23 | 379 | 12590 | 3 | |||||||||||
2019 | 59 | 57 | 67 | 01 | 16 | 20 | 26 | 462 | 14997 | 3 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US 1-3 Year Govrsquot Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US 1-3 Year Govrsquot Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2004 | 29 | 27 | 11 | NM | - | - | 1 | 22 | 4710 | lt 1 | |||||||||||
2005 | 26 | 25 | 17 | NM | - | - | 1 | 42 | 4152 | lt 1 | |||||||||||
2006 | 46 | 45 | 41 | NM | - | - | 1 | 44 | 3025 | 1 | |||||||||||
2007 | 71 | 69 | 71 | NM | - | - | 1 | 47 | 2215 | 2 | |||||||||||
2008 | 73 | 71 | 67 | NM | - | - | 1 | 50 | 1538 | 3 | |||||||||||
2009 | 23 | 22 | 14 | NM | - | - | 1 | 51 | 1939 | 3 | |||||||||||
2010 | 28 | 27 | 24 | NM | - | - | 1 | 56 | 2382 | 2 | |||||||||||
2011 | 33 | 31 | 16 | NM | 12 | 10 | 1 | 56 | 2704 | 2 | |||||||||||
2012 | 15 | 13 | 05 | NM | 10 | 07 | 1 | 29 | 3227 | lt 1 | |||||||||||
2013 | 04 | 03 | 04 | NM | 09 | 05 | 2 | 64 | 3387 | 2 | |||||||||||
2014 | 15 | 14 | 06 | NM | 09 | 04 | 1 | 55 | 4962 | 1 | |||||||||||
2015 | 11 | 09 | 06 | NM | 11 | 06 | 1 | 55 | 6340 | 1 | |||||||||||
2016 | 19 | 18 | 09 | NM | 11 | 08 | 1 | 56 | 8016 | 1 | |||||||||||
2017 | 14 | 13 | 05 | NM | 10 | 08 | 2 | 67 | 10071 | 1 | |||||||||||
2018 | 16 | 15 | 16 | NM | 08 | 09 | 2 | 68 | 12590 | 1 | |||||||||||
2019 | 23 | 22 | 36 | NM | 03 | 10 | 2 | 66 | 14997 | lt 1 |
Performance DisclosureFIXED INCOME - INTERMEDIATE AGGREGATE COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US Intermediate Aggregate
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US Intermediate Aggregate Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm Assets
2008 54 51 49 NM - - 4 136 1538 9 2009 115 112 65 NM - - 5 130 1939 7 2010 73 70 62 01 - - 7 201 2382 8 2011 40 38 60 03 33 23 9 203 2704 8 2012 89 86 36 01 30 19 11 235 3227 7 2013 11 09 -10 01 31 20 16 250 3387 7 2014 53 51 41 01 24 20 16 269 4962 5 2015 17 16 12 01 24 21 18 267 6340 4 2016 32 30 20 01 25 21 20 287 8016 4 2017 22 20 23 01 23 20 22 331 10071 3 2018 16 14 09 01 19 21 23 379 12590 3 2019 59 57 67 01 16 20 26 462 14997 3
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate Aggregate Index
The composite benchmark is the Bloomberg Barclays US Intermediate Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2008
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME - INTERMEDIATE AGGREGATE COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Intermediate Aggregate Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Intermediate Aggregate investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US Intermediate Aggregate Index
The composite benchmark is the Bloomberg Barclays US Intermediate Aggregate Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2008
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income Net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash GOVERNMENTCREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US
GovernmentCredit Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US
GovernmentCredit Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm
Assets 2005 30 29 24 NM - - 1 101 4152 2 2006 40 38 38 NM - - 2 105 3025 3 2007 84 82 72 NM - - 2 9 2215 lt 1 2008 68 65 57 NM - - 3 15 1538 lt 1 2009 88 85 45 NM - - 3 15 1939 lt 1 2010 81 78 66 NM - - 2 11 2382 lt 1 2011 61 59 87 NM 38 34 2 13 2704 lt 1 2012 115 112 48 NM 34 30 2 14 3227 lt 1 2013 -02 -05 -24 NM 37 32 2 12 3387 lt 1 2014 85 82 60 NM 32 30 1 6 4962 lt 1 2015 08 06 02 NM 36 33 3 93 6340 1 2016 30 28 31 NM 38 35 4 138 8016 2 2017 42 40 40 NM 36 33 5 145 10071 1 2018 06 04 -04 NM 30 32 5 163 12590 1 2019 89 87 97 05 30 33 10 484 14997 3
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income- GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2006
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash GOVERNMENTCREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income- GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2006
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION GOVERNMENTCREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US 1-3 Year GovrsquotCredit
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US 1-3 Year GovrsquotCredit
Index () Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets Period End (US$ mil)
of Firm
Assets 2013 06 06 02 NM - - 3 92 3387 3
2014 20 19 08 NM - - 1 72 4962 1 2015 11 11 07 NM - - 2 98 6340 2 2016 26 25 13 NM 11 08 1 165 8016 2 2017 16 16 08 NM 10 07 3 286 10071 3 2018 18 17 16 NM 07 08 4 396 12590 3 2019 41 40 40 NM 05 09 3 157 14997 1
Inception (10113) through 123113 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration GovernmentCredit investment product will generally invest in high quality securities such as US Treasuries Agency debentures 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION GOVERNMENTCREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (10113) through 123113 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration GovernmentCredit investment product will generally invest in high quality securities such as US Treasuries Agency debentures 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash UNCONSTRAINED BOND COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite
Total Return ( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays
UST Bellwether 3-Month
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays
UST Bellwether 3-Month
Index ()
Number of Portfolios
Composite Assets
Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm
Assets 2009 134 131 02 NM - - 2 2 1939 lt 1
2010 83 80 02 NM - - 2 3 2382 lt 1 2011 41 39 01 NM - - 2 3 2704 lt 1 2012 126 123 01 NM 41 00 2 3 3227 lt 1 2013 13 11 01 NM 41 00 2 3 3387 lt 1 2014 32 28 01 NM 29 00 2 5 4962 lt 1 2015 13 11 01 NM 22 00 2 5 6340 lt 1 2016 31 28 04 NM 16 01 2 5 8016 lt 1 2017 16 13 09 NM 15 01 2 5 10071 lt 1 2018 15 13 19 NM 09 02 2 5 12590 lt 1 2019 35 32 23 NM 04 02 2 6 14997 lt 1
Inception (4109) through 43009 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Unconstrained Bond Composite is comprised only of fully discretionary fee paying portfolios including those portfolios no longer with the firm The Fixed Income-Unconstrained Bond investment philosophy will generally invest in high quality securities such as US Treasuries Agency Debentures Agency Guaranteed Mortgage-Backed securities and Investment Grade Corporate Bonds The Fixed Income-Unconstrained Bond product utilizes a domestic fixed income strategy that has the flexibility to adapt to changing markets without sector or duration constraints while maintaining a high-quality focus The flexibility to adapt to changing market conditions without limitation to the constraints of a specific index may result from time to time in the concentration of one or more sectors The portfolios do not contain derivatives and do not employ leverage
The Bloomberg Barclays US Treasury Bellwether 3-Month Index a cash proxy is provided for comparative purposes The composite is not managed against an Index The minimum portfolio size for inclusion in the composite has been $05 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash UNCONSTRAINED BOND COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP Inception (4109) through 43009 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays The GHampA Fixed Income-Unconstrained Bond Composite is comprised only of fully discretionary fee paying portfolios including those portfolios no longer with the firm The Fixed Income-Unconstrained Bond investment philosophy will generally invest in high quality securities such as US Treasuries Agency Debentures Agency Guaranteed Mortgage-Backed securities and Investment Grade Corporate Bonds The Fixed Income-Unconstrained Bond product utilizes a domestic fixed income strategy that has the flexibility to adapt to changing markets without sector or duration constraints while maintaining a high-quality focus The flexibility to adapt to changing market conditions without limitation to the constraints of a specific index may result from time to time in the concentration of one or more sectors The portfolios do not contain derivatives and do not employ leverage The Bloomberg Barclays US Treasury Bellwether 3-Month Index a cash proxy is provided for comparative purposes The composite is not managed against an Index The minimum portfolio size for inclusion in the composite has been $05 million since inception The composite creation date is January 1 2014 Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays UST Bellwether 3-Month Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays UST Bellwether 3-Month Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2009 | 134 | 131 | 02 | NM | - | - | 2 | 2 | 1939 | lt 1 | |||||||||||
2010 | 83 | 80 | 02 | NM | - | - | 2 | 3 | 2382 | lt 1 | |||||||||||
2011 | 41 | 39 | 01 | NM | - | - | 2 | 3 | 2704 | lt 1 | |||||||||||
2012 | 126 | 123 | 01 | NM | 41 | 00 | 2 | 3 | 3227 | lt 1 | |||||||||||
2013 | 13 | 11 | 01 | NM | 41 | 00 | 2 | 3 | 3387 | lt 1 | |||||||||||
2014 | 32 | 28 | 01 | NM | 29 | 00 | 2 | 5 | 4962 | lt 1 | |||||||||||
2015 | 13 | 11 | 01 | NM | 22 | 00 | 2 | 5 | 6340 | lt 1 | |||||||||||
2016 | 31 | 28 | 04 | NM | 16 | 01 | 2 | 5 | 8016 | lt 1 | |||||||||||
2017 | 16 | 13 | 09 | NM | 15 | 01 | 2 | 5 | 10071 | lt 1 | |||||||||||
2018 | 15 | 13 | 19 | NM | 09 | 02 | 2 | 5 | 12590 | lt 1 | |||||||||||
2019 | 35 | 32 | 23 | NM | 04 | 02 | 2 | 6 | 14997 | lt 1 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US 1-3 Year GovrsquotCredit Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US 1-3 Year GovrsquotCredit Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2013 | 06 | 06 | 02 | NM | - | - | 3 | 92 | 3387 | 3 | |||||||||||
2014 | 20 | 19 | 08 | NM | - | - | 1 | 72 | 4962 | 1 | |||||||||||
2015 | 11 | 11 | 07 | NM | - | - | 2 | 98 | 6340 | 2 | |||||||||||
2016 | 26 | 25 | 13 | NM | 11 | 08 | 1 | 165 | 8016 | 2 | |||||||||||
2017 | 16 | 16 | 08 | NM | 10 | 07 | 3 | 286 | 10071 | 3 | |||||||||||
2018 | 18 | 17 | 16 | NM | 07 | 08 | 4 | 396 | 12590 | 3 | |||||||||||
2019 | 41 | 40 | 40 | NM | 05 | 09 | 3 | 157 | 14997 | 1 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US GovernmentCredit Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US GovernmentCredit Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2005 | 30 | 29 | 24 | NM | - | - | 1 | 101 | 4152 | 2 | |||||||||||
2006 | 40 | 38 | 38 | NM | - | - | 2 | 105 | 3025 | 3 | |||||||||||
2007 | 84 | 82 | 72 | NM | - | - | 2 | 9 | 2215 | lt 1 | |||||||||||
2008 | 68 | 65 | 57 | NM | - | - | 3 | 15 | 1538 | lt 1 | |||||||||||
2009 | 88 | 85 | 45 | NM | - | - | 3 | 15 | 1939 | lt 1 | |||||||||||
2010 | 81 | 78 | 66 | NM | - | - | 2 | 11 | 2382 | lt 1 | |||||||||||
2011 | 61 | 59 | 87 | NM | 38 | 34 | 2 | 13 | 2704 | lt 1 | |||||||||||
2012 | 115 | 112 | 48 | NM | 34 | 30 | 2 | 14 | 3227 | lt 1 | |||||||||||
2013 | -02 | -05 | -24 | NM | 37 | 32 | 2 | 12 | 3387 | lt 1 | |||||||||||
2014 | 85 | 82 | 60 | NM | 32 | 30 | 1 | 6 | 4962 | lt 1 | |||||||||||
2015 | 08 | 06 | 02 | NM | 36 | 33 | 3 | 93 | 6340 | 1 | |||||||||||
2016 | 30 | 28 | 31 | NM | 38 | 35 | 4 | 138 | 8016 | 2 | |||||||||||
2017 | 42 | 40 | 40 | NM | 36 | 33 | 5 | 145 | 10071 | 1 | |||||||||||
2018 | 06 | 04 | -04 | NM | 30 | 32 | 5 | 163 | 12590 | 1 | |||||||||||
2019 | 89 | 87 | 97 | 05 | 30 | 33 | 10 | 484 | 14997 | 3 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US Intermediate Aggregate Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US Intermediate Aggregate Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2008 | 54 | 51 | 49 | NM | - | - | 4 | 136 | 1538 | 9 | |||||||||||
2009 | 115 | 112 | 65 | NM | - | - | 5 | 130 | 1939 | 7 | |||||||||||
2010 | 73 | 70 | 62 | 01 | - | - | 7 | 201 | 2382 | 8 | |||||||||||
2011 | 40 | 38 | 60 | 03 | 33 | 23 | 9 | 203 | 2704 | 8 | |||||||||||
2012 | 89 | 86 | 36 | 01 | 30 | 19 | 11 | 235 | 3227 | 7 | |||||||||||
2013 | 11 | 09 | -10 | 01 | 31 | 20 | 16 | 250 | 3387 | 7 | |||||||||||
2014 | 53 | 51 | 41 | 01 | 24 | 20 | 16 | 269 | 4962 | 5 | |||||||||||
2015 | 17 | 16 | 12 | 01 | 24 | 21 | 18 | 267 | 6340 | 4 | |||||||||||
2016 | 32 | 30 | 20 | 01 | 25 | 21 | 20 | 287 | 8016 | 4 | |||||||||||
2017 | 22 | 20 | 23 | 01 | 23 | 20 | 22 | 331 | 10071 | 3 | |||||||||||
2018 | 16 | 14 | 09 | 01 | 19 | 21 | 23 | 379 | 12590 | 3 | |||||||||||
2019 | 59 | 57 | 67 | 01 | 16 | 20 | 26 | 462 | 14997 | 3 |
Performance DisclosureFIXED INCOME ndash GOVERNMENTCREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US
GovernmentCredit Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US
GovernmentCredit Index ()
Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm
Assets 2005 30 29 24 NM - - 1 101 4152 2 2006 40 38 38 NM - - 2 105 3025 3 2007 84 82 72 NM - - 2 9 2215 lt 1 2008 68 65 57 NM - - 3 15 1538 lt 1 2009 88 85 45 NM - - 3 15 1939 lt 1 2010 81 78 66 NM - - 2 11 2382 lt 1 2011 61 59 87 NM 38 34 2 13 2704 lt 1 2012 115 112 48 NM 34 30 2 14 3227 lt 1 2013 -02 -05 -24 NM 37 32 2 12 3387 lt 1 2014 85 82 60 NM 32 30 1 6 4962 lt 1 2015 08 06 02 NM 36 33 3 93 6340 1 2016 30 28 31 NM 38 35 4 138 8016 2 2017 42 40 40 NM 36 33 5 145 10071 1 2018 06 04 -04 NM 30 32 5 163 12590 1 2019 89 87 97 05 30 33 10 484 14997 3
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income- GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2006
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash GOVERNMENTCREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Historical information not required prior to 2011 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income- GovernmentCredit investment philosophy utilizes high-quality US investment grade fixed income securities To help control risk the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The duration exposure is generally managed within a +- 10 band around the Bloomberg Barclays US GovernmentCredit Index
The composite benchmark is the Bloomberg Barclays US GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is April 1 2006
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 018 of the next $50 million 015 of the next $100 million and 012 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash SHORT DURATION GOVERNMENTCREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US 1-3 Year GovrsquotCredit
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US 1-3 Year GovrsquotCredit
Index () Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets Period End (US$ mil)
of Firm
Assets 2013 06 06 02 NM - - 3 92 3387 3
2014 20 19 08 NM - - 1 72 4962 1 2015 11 11 07 NM - - 2 98 6340 2 2016 26 25 13 NM 11 08 1 165 8016 2 2017 16 16 08 NM 10 07 3 286 10071 3 2018 18 17 16 NM 07 08 4 396 12590 3 2019 41 40 40 NM 05 09 3 157 14997 1
Inception (10113) through 123113 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration GovernmentCredit investment product will generally invest in high quality securities such as US Treasuries Agency debentures 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION GOVERNMENTCREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (10113) through 123113 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration GovernmentCredit investment product will generally invest in high quality securities such as US Treasuries Agency debentures 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash UNCONSTRAINED BOND COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite
Total Return ( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays
UST Bellwether 3-Month
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays
UST Bellwether 3-Month
Index ()
Number of Portfolios
Composite Assets
Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm
Assets 2009 134 131 02 NM - - 2 2 1939 lt 1
2010 83 80 02 NM - - 2 3 2382 lt 1 2011 41 39 01 NM - - 2 3 2704 lt 1 2012 126 123 01 NM 41 00 2 3 3227 lt 1 2013 13 11 01 NM 41 00 2 3 3387 lt 1 2014 32 28 01 NM 29 00 2 5 4962 lt 1 2015 13 11 01 NM 22 00 2 5 6340 lt 1 2016 31 28 04 NM 16 01 2 5 8016 lt 1 2017 16 13 09 NM 15 01 2 5 10071 lt 1 2018 15 13 19 NM 09 02 2 5 12590 lt 1 2019 35 32 23 NM 04 02 2 6 14997 lt 1
Inception (4109) through 43009 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Unconstrained Bond Composite is comprised only of fully discretionary fee paying portfolios including those portfolios no longer with the firm The Fixed Income-Unconstrained Bond investment philosophy will generally invest in high quality securities such as US Treasuries Agency Debentures Agency Guaranteed Mortgage-Backed securities and Investment Grade Corporate Bonds The Fixed Income-Unconstrained Bond product utilizes a domestic fixed income strategy that has the flexibility to adapt to changing markets without sector or duration constraints while maintaining a high-quality focus The flexibility to adapt to changing market conditions without limitation to the constraints of a specific index may result from time to time in the concentration of one or more sectors The portfolios do not contain derivatives and do not employ leverage
The Bloomberg Barclays US Treasury Bellwether 3-Month Index a cash proxy is provided for comparative purposes The composite is not managed against an Index The minimum portfolio size for inclusion in the composite has been $05 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash UNCONSTRAINED BOND COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP Inception (4109) through 43009 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays The GHampA Fixed Income-Unconstrained Bond Composite is comprised only of fully discretionary fee paying portfolios including those portfolios no longer with the firm The Fixed Income-Unconstrained Bond investment philosophy will generally invest in high quality securities such as US Treasuries Agency Debentures Agency Guaranteed Mortgage-Backed securities and Investment Grade Corporate Bonds The Fixed Income-Unconstrained Bond product utilizes a domestic fixed income strategy that has the flexibility to adapt to changing markets without sector or duration constraints while maintaining a high-quality focus The flexibility to adapt to changing market conditions without limitation to the constraints of a specific index may result from time to time in the concentration of one or more sectors The portfolios do not contain derivatives and do not employ leverage The Bloomberg Barclays US Treasury Bellwether 3-Month Index a cash proxy is provided for comparative purposes The composite is not managed against an Index The minimum portfolio size for inclusion in the composite has been $05 million since inception The composite creation date is January 1 2014 Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays UST Bellwether 3-Month Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays UST Bellwether 3-Month Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2009 | 134 | 131 | 02 | NM | - | - | 2 | 2 | 1939 | lt 1 | |||||||||||
2010 | 83 | 80 | 02 | NM | - | - | 2 | 3 | 2382 | lt 1 | |||||||||||
2011 | 41 | 39 | 01 | NM | - | - | 2 | 3 | 2704 | lt 1 | |||||||||||
2012 | 126 | 123 | 01 | NM | 41 | 00 | 2 | 3 | 3227 | lt 1 | |||||||||||
2013 | 13 | 11 | 01 | NM | 41 | 00 | 2 | 3 | 3387 | lt 1 | |||||||||||
2014 | 32 | 28 | 01 | NM | 29 | 00 | 2 | 5 | 4962 | lt 1 | |||||||||||
2015 | 13 | 11 | 01 | NM | 22 | 00 | 2 | 5 | 6340 | lt 1 | |||||||||||
2016 | 31 | 28 | 04 | NM | 16 | 01 | 2 | 5 | 8016 | lt 1 | |||||||||||
2017 | 16 | 13 | 09 | NM | 15 | 01 | 2 | 5 | 10071 | lt 1 | |||||||||||
2018 | 15 | 13 | 19 | NM | 09 | 02 | 2 | 5 | 12590 | lt 1 | |||||||||||
2019 | 35 | 32 | 23 | NM | 04 | 02 | 2 | 6 | 14997 | lt 1 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US 1-3 Year GovrsquotCredit Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US 1-3 Year GovrsquotCredit Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2013 | 06 | 06 | 02 | NM | - | - | 3 | 92 | 3387 | 3 | |||||||||||
2014 | 20 | 19 | 08 | NM | - | - | 1 | 72 | 4962 | 1 | |||||||||||
2015 | 11 | 11 | 07 | NM | - | - | 2 | 98 | 6340 | 2 | |||||||||||
2016 | 26 | 25 | 13 | NM | 11 | 08 | 1 | 165 | 8016 | 2 | |||||||||||
2017 | 16 | 16 | 08 | NM | 10 | 07 | 3 | 286 | 10071 | 3 | |||||||||||
2018 | 18 | 17 | 16 | NM | 07 | 08 | 4 | 396 | 12590 | 3 | |||||||||||
2019 | 41 | 40 | 40 | NM | 05 | 09 | 3 | 157 | 14997 | 1 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US GovernmentCredit Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US GovernmentCredit Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2005 | 30 | 29 | 24 | NM | - | - | 1 | 101 | 4152 | 2 | |||||||||||
2006 | 40 | 38 | 38 | NM | - | - | 2 | 105 | 3025 | 3 | |||||||||||
2007 | 84 | 82 | 72 | NM | - | - | 2 | 9 | 2215 | lt 1 | |||||||||||
2008 | 68 | 65 | 57 | NM | - | - | 3 | 15 | 1538 | lt 1 | |||||||||||
2009 | 88 | 85 | 45 | NM | - | - | 3 | 15 | 1939 | lt 1 | |||||||||||
2010 | 81 | 78 | 66 | NM | - | - | 2 | 11 | 2382 | lt 1 | |||||||||||
2011 | 61 | 59 | 87 | NM | 38 | 34 | 2 | 13 | 2704 | lt 1 | |||||||||||
2012 | 115 | 112 | 48 | NM | 34 | 30 | 2 | 14 | 3227 | lt 1 | |||||||||||
2013 | -02 | -05 | -24 | NM | 37 | 32 | 2 | 12 | 3387 | lt 1 | |||||||||||
2014 | 85 | 82 | 60 | NM | 32 | 30 | 1 | 6 | 4962 | lt 1 | |||||||||||
2015 | 08 | 06 | 02 | NM | 36 | 33 | 3 | 93 | 6340 | 1 | |||||||||||
2016 | 30 | 28 | 31 | NM | 38 | 35 | 4 | 138 | 8016 | 2 | |||||||||||
2017 | 42 | 40 | 40 | NM | 36 | 33 | 5 | 145 | 10071 | 1 | |||||||||||
2018 | 06 | 04 | -04 | NM | 30 | 32 | 5 | 163 | 12590 | 1 | |||||||||||
2019 | 89 | 87 | 97 | 05 | 30 | 33 | 10 | 484 | 14997 | 3 |
Performance DisclosureFIXED INCOME ndash SHORT DURATION GOVERNMENTCREDIT COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite Total Return
( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays US 1-3 Year GovrsquotCredit
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays US 1-3 Year GovrsquotCredit
Index () Number of Portfolios
Composite Assets Period End (US$ mil)
Total Firm Assets Period End (US$ mil)
of Firm
Assets 2013 06 06 02 NM - - 3 92 3387 3
2014 20 19 08 NM - - 1 72 4962 1 2015 11 11 07 NM - - 2 98 6340 2 2016 26 25 13 NM 11 08 1 165 8016 2 2017 16 16 08 NM 10 07 3 286 10071 3 2018 18 17 16 NM 07 08 4 396 12590 3 2019 41 40 40 NM 05 09 3 157 14997 1
Inception (10113) through 123113 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration GovernmentCredit investment product will generally invest in high quality securities such as US Treasuries Agency debentures 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash SHORT DURATION GOVERNMENTCREDIT COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Inception (10113) through 123113 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Short Duration GovernmentCredit Composite is comprised only of fully discretionary fee paying institutional portfolios including those portfolios no longer with the firm The Fixed Income-Short Duration GovernmentCredit investment product will generally invest in high quality securities such as US Treasuries Agency debentures 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single ldquoArdquo The portfolios do not contain derivatives and do not employ leverage The portfolios will generally operate within a duration range of 025 to 225 years
The composite benchmark is the Bloomberg Barclays US 1-3 Year GovernmentCredit Index The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product The minimum portfolio size for inclusion in the composite has been $20 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 016 of the first $25 million 014 of the next $25 million 012 of the next $50 million 011 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Performance DisclosureFIXED INCOME ndash UNCONSTRAINED BOND COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite
Total Return ( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays
UST Bellwether 3-Month
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays
UST Bellwether 3-Month
Index ()
Number of Portfolios
Composite Assets
Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm
Assets 2009 134 131 02 NM - - 2 2 1939 lt 1
2010 83 80 02 NM - - 2 3 2382 lt 1 2011 41 39 01 NM - - 2 3 2704 lt 1 2012 126 123 01 NM 41 00 2 3 3227 lt 1 2013 13 11 01 NM 41 00 2 3 3387 lt 1 2014 32 28 01 NM 29 00 2 5 4962 lt 1 2015 13 11 01 NM 22 00 2 5 6340 lt 1 2016 31 28 04 NM 16 01 2 5 8016 lt 1 2017 16 13 09 NM 15 01 2 5 10071 lt 1 2018 15 13 19 NM 09 02 2 5 12590 lt 1 2019 35 32 23 NM 04 02 2 6 14997 lt 1
Inception (4109) through 43009 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Unconstrained Bond Composite is comprised only of fully discretionary fee paying portfolios including those portfolios no longer with the firm The Fixed Income-Unconstrained Bond investment philosophy will generally invest in high quality securities such as US Treasuries Agency Debentures Agency Guaranteed Mortgage-Backed securities and Investment Grade Corporate Bonds The Fixed Income-Unconstrained Bond product utilizes a domestic fixed income strategy that has the flexibility to adapt to changing markets without sector or duration constraints while maintaining a high-quality focus The flexibility to adapt to changing market conditions without limitation to the constraints of a specific index may result from time to time in the concentration of one or more sectors The portfolios do not contain derivatives and do not employ leverage
The Bloomberg Barclays US Treasury Bellwether 3-Month Index a cash proxy is provided for comparative purposes The composite is not managed against an Index The minimum portfolio size for inclusion in the composite has been $05 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash UNCONSTRAINED BOND COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP Inception (4109) through 43009 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays The GHampA Fixed Income-Unconstrained Bond Composite is comprised only of fully discretionary fee paying portfolios including those portfolios no longer with the firm The Fixed Income-Unconstrained Bond investment philosophy will generally invest in high quality securities such as US Treasuries Agency Debentures Agency Guaranteed Mortgage-Backed securities and Investment Grade Corporate Bonds The Fixed Income-Unconstrained Bond product utilizes a domestic fixed income strategy that has the flexibility to adapt to changing markets without sector or duration constraints while maintaining a high-quality focus The flexibility to adapt to changing market conditions without limitation to the constraints of a specific index may result from time to time in the concentration of one or more sectors The portfolios do not contain derivatives and do not employ leverage The Bloomberg Barclays US Treasury Bellwether 3-Month Index a cash proxy is provided for comparative purposes The composite is not managed against an Index The minimum portfolio size for inclusion in the composite has been $05 million since inception The composite creation date is January 1 2014 Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays UST Bellwether 3-Month Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays UST Bellwether 3-Month Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2009 | 134 | 131 | 02 | NM | - | - | 2 | 2 | 1939 | lt 1 | |||||||||||
2010 | 83 | 80 | 02 | NM | - | - | 2 | 3 | 2382 | lt 1 | |||||||||||
2011 | 41 | 39 | 01 | NM | - | - | 2 | 3 | 2704 | lt 1 | |||||||||||
2012 | 126 | 123 | 01 | NM | 41 | 00 | 2 | 3 | 3227 | lt 1 | |||||||||||
2013 | 13 | 11 | 01 | NM | 41 | 00 | 2 | 3 | 3387 | lt 1 | |||||||||||
2014 | 32 | 28 | 01 | NM | 29 | 00 | 2 | 5 | 4962 | lt 1 | |||||||||||
2015 | 13 | 11 | 01 | NM | 22 | 00 | 2 | 5 | 6340 | lt 1 | |||||||||||
2016 | 31 | 28 | 04 | NM | 16 | 01 | 2 | 5 | 8016 | lt 1 | |||||||||||
2017 | 16 | 13 | 09 | NM | 15 | 01 | 2 | 5 | 10071 | lt 1 | |||||||||||
2018 | 15 | 13 | 19 | NM | 09 | 02 | 2 | 5 | 12590 | lt 1 | |||||||||||
2019 | 35 | 32 | 23 | NM | 04 | 02 | 2 | 6 | 14997 | lt 1 |
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays US 1-3 Year GovrsquotCredit Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays US 1-3 Year GovrsquotCredit Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2013 | 06 | 06 | 02 | NM | - | - | 3 | 92 | 3387 | 3 | |||||||||||
2014 | 20 | 19 | 08 | NM | - | - | 1 | 72 | 4962 | 1 | |||||||||||
2015 | 11 | 11 | 07 | NM | - | - | 2 | 98 | 6340 | 2 | |||||||||||
2016 | 26 | 25 | 13 | NM | 11 | 08 | 1 | 165 | 8016 | 2 | |||||||||||
2017 | 16 | 16 | 08 | NM | 10 | 07 | 3 | 286 | 10071 | 3 | |||||||||||
2018 | 18 | 17 | 16 | NM | 07 | 08 | 4 | 396 | 12590 | 3 | |||||||||||
2019 | 41 | 40 | 40 | NM | 05 | 09 | 3 | 157 | 14997 | 1 |
Performance DisclosureFIXED INCOME ndash UNCONSTRAINED BOND COMPOSITE (Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP
Year End
Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets
Gross Composite
Total Return ( US$)
Net Composite Total Return
( US$)
Bloomberg Barclays
UST Bellwether 3-Month
Index Return ()
Composite Dispersion
() Composite
()
Bloomberg Barclays
UST Bellwether 3-Month
Index ()
Number of Portfolios
Composite Assets
Period End (US$ mil)
Total Firm Assets
Period End (US$ mil)
of Firm
Assets 2009 134 131 02 NM - - 2 2 1939 lt 1
2010 83 80 02 NM - - 2 3 2382 lt 1 2011 41 39 01 NM - - 2 3 2704 lt 1 2012 126 123 01 NM 41 00 2 3 3227 lt 1 2013 13 11 01 NM 41 00 2 3 3387 lt 1 2014 32 28 01 NM 29 00 2 5 4962 lt 1 2015 13 11 01 NM 22 00 2 5 6340 lt 1 2016 31 28 04 NM 16 01 2 5 8016 lt 1 2017 16 13 09 NM 15 01 2 5 10071 lt 1 2018 15 13 19 NM 09 02 2 5 12590 lt 1 2019 35 32 23 NM 04 02 2 6 14997 lt 1
Inception (4109) through 43009 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays
The GHampA Fixed Income-Unconstrained Bond Composite is comprised only of fully discretionary fee paying portfolios including those portfolios no longer with the firm The Fixed Income-Unconstrained Bond investment philosophy will generally invest in high quality securities such as US Treasuries Agency Debentures Agency Guaranteed Mortgage-Backed securities and Investment Grade Corporate Bonds The Fixed Income-Unconstrained Bond product utilizes a domestic fixed income strategy that has the flexibility to adapt to changing markets without sector or duration constraints while maintaining a high-quality focus The flexibility to adapt to changing market conditions without limitation to the constraints of a specific index may result from time to time in the concentration of one or more sectors The portfolios do not contain derivatives and do not employ leverage
The Bloomberg Barclays US Treasury Bellwether 3-Month Index a cash proxy is provided for comparative purposes The composite is not managed against an Index The minimum portfolio size for inclusion in the composite has been $05 million since inception The composite creation date is January 1 2014
Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation
GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results
The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary
Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
FIXED INCOME ndash UNCONSTRAINED BOND COMPOSITE ( Disclosure Presentation as of December 31 2019) Garcia Hamilton amp Associates LP Inception (4109) through 43009 NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year Source Bloomberg Barclays The GHampA Fixed Income-Unconstrained Bond Composite is comprised only of fully discretionary fee paying portfolios including those portfolios no longer with the firm The Fixed Income-Unconstrained Bond investment philosophy will generally invest in high quality securities such as US Treasuries Agency Debentures Agency Guaranteed Mortgage-Backed securities and Investment Grade Corporate Bonds The Fixed Income-Unconstrained Bond product utilizes a domestic fixed income strategy that has the flexibility to adapt to changing markets without sector or duration constraints while maintaining a high-quality focus The flexibility to adapt to changing market conditions without limitation to the constraints of a specific index may result from time to time in the concentration of one or more sectors The portfolios do not contain derivatives and do not employ leverage The Bloomberg Barclays US Treasury Bellwether 3-Month Index a cash proxy is provided for comparative purposes The composite is not managed against an Index The minimum portfolio size for inclusion in the composite has been $05 million since inception The composite creation date is January 1 2014 Garcia Hamilton amp Associates LP (GHampA) claims compliance with the Global Investment Performance Standards (GIPSreg) and has prepared and presented this report in compliance with the GIPS standards GHampA has been independently verified for the periods January 1 1993 through December 31 2015 by Ashland Partners amp Company LLP and from January 1 2016 through December 31 2018 by ACA Performance Services LLC The verification reports are available upon request 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 firmrsquos policies and procedures are designed to calculate and present performance in compliance with the GIPS standards Verification does not ensure the accuracy of any specific composite presentation GHampA is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30 2010 was known as Davis Hamilton Jackson amp Associates GHampA has chosen not to claim compliance prior to January 1 1993 A complete list and description of firm composites is available upon request Past performance is no guarantee of future results The US dollar is the currency used to express performance Returns presented above are gross and net of management fees and include the reinvestment of all income The net of fees performance results are calculated based on actual fees The management fee schedule for this composite is as follows 025 of the first $25 million 020 of the next $25 million 016 of the next $50 million 014 of the next $100 million and 010 of the balance Actual investment advisory fees incurred by clients may vary Additional information regarding policies for valuing portfolios calculating performance and preparing compliant presentations are available upon request Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end
Year End | Annual Composite Performance Results | Standard Deviation (3-yr) | Composite Assets | Firm Assets | |||||||||||||||||
Gross Composite Total Return ( US$) | Net Composite Total Return ( US$) | Bloomberg Barclays UST Bellwether 3-Month Index Return () | Composite Dispersion () | Composite () | Bloomberg Barclays UST Bellwether 3-Month Index () | Number of Portfolios | Composite Assets Period End (US$ mil) | Total Firm Assets Period End (US$ mil) | of Firm Assets | ||||||||||||
2009 | 134 | 131 | 02 | NM | - | - | 2 | 2 | 1939 | lt 1 | |||||||||||
2010 | 83 | 80 | 02 | NM | - | - | 2 | 3 | 2382 | lt 1 | |||||||||||
2011 | 41 | 39 | 01 | NM | - | - | 2 | 3 | 2704 | lt 1 | |||||||||||
2012 | 126 | 123 | 01 | NM | 41 | 00 | 2 | 3 | 3227 | lt 1 | |||||||||||
2013 | 13 | 11 | 01 | NM | 41 | 00 | 2 | 3 | 3387 | lt 1 | |||||||||||
2014 | 32 | 28 | 01 | NM | 29 | 00 | 2 | 5 | 4962 | lt 1 | |||||||||||
2015 | 13 | 11 | 01 | NM | 22 | 00 | 2 | 5 | 6340 | lt 1 | |||||||||||
2016 | 31 | 28 | 04 | NM | 16 | 01 | 2 | 5 | 8016 | lt 1 | |||||||||||
2017 | 16 | 13 | 09 | NM | 15 | 01 | 2 | 5 | 10071 | lt 1 | |||||||||||
2018 | 15 | 13 | 19 | NM | 09 | 02 | 2 | 5 | 12590 | lt 1 | |||||||||||
2019 | 35 | 32 | 23 | NM | 04 | 02 | 2 | 6 | 14997 | lt 1 |
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