Performance Evaluation

Our clients receive quarterly Investment Performance Reports that describe and analyze the performance of the client's investment managers and total asset pool. These reports aggregate manager data into a single report, supply analytical depth not found in quarterly manager or custodial reports, place manager and total-portfolio returns in context of manager and plan universes, and provide an independent appraisal of manager performance.

Performance Analysis
Our performance analysis compares portfolio results to investment expectations and appropriate benchmarks and ranks the performance of the fund's investment managers relative to their peers. All reports include a market environment analysis. In addition, our proprietary systems allow customized reports that meet the specific needs of each client.

Performance Attribution
Performance of domestic equity managers can be attributed to two factors: sector selection and stock selection. We use a buy-and-hold attribution process that can highlight which of the two factors helped or hurt overall performance. This information provides valuable insight over long periods of time. Performance attribution can be useful in evaluating an investment manager's consistency of process over time and to determine the manager's sources of excess return.

Monthly Investment Performance Summary
At the request of the client, we are able to provide monthly Investment Performance Summaries of asset allocation and performance (flash reports), which are generally available within ten business days following the end of each month.