Frederick County, Maryland - Deferred Compensation Plan
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Frederick County, Maryland Deferred Compensation Plan Quarterly Performance Report as of September 30, 2022
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TABLE OF CONTENTS EXHIBITS Marquette Update ............................................................................................................................. I Market Environment .......................................................................................................................... II Portfolio Overview ........................................................................................................................... III Investment Managers ....................................................................................................................... IV
DISCLOSURE
Marquette Associates, Inc. (“Marquette”) has prepared this document for the exclusive use by the client or third party for which it was
prepared. The information herein was obtained from various sources, including but not limited to third party investment managers, the client's
custodian(s) accounting statements, commercially available databases, and other economic and financial market data sources.
The sources of information used in this document are believed to be reliable. Marquette has not independently verified all of the information in
this document and its accuracy cannot be guaranteed. Marquette accepts no liability for any direct or consequential losses arising from its use.
The information provided herein is as of the date appearing in this material only and is subject to change without prior notice. Thus, all such
information is subject to independent verification and we urge clients to compare the information set forth in this statement with the statements
you receive directly from the custodian in order to ensure accuracy of all account information. Past performance does not guarantee future
results and investing involves risk of loss. No graph, chart, or formula can, in and of itself, be used to determine which securities or investments
to buy or sell.
Forward‐looking statements, including without limitation any statement or prediction about a future event contained in this presentation, are
based on a variety of estimates and assumptions by Marquette, including, but not limited to, estimates of future operating results, the value of
assets and market conditions. These estimates and assumptions, including the risk assessments and projections referenced, are inherently
uncertain and are subject to numerous business, industry, market, regulatory, geo‐political, competitive, and financial risks that are outside of
Marquette's control. There can be no assurance that the assumptions made in connection with any forward‐looking statement will prove
accurate, and actual results may differ materially.
The inclusion of any forward‐looking statement herein should not be regarded as an indication that Marquette considers forward‐looking
statements to be a reliable prediction of future events. The views contained herein are those of Marquette and should not be taken as financial
advice or a recommendation to buy or sell any security. Any forecasts, figures, opinions or investment techniques and strategies described are
intended for informational purposes only. They are based on certain assumptions and current market conditions, and although accurate at the
time of writing, are subject to change without prior notice. Opinions, estimates, projections, and comments on financial market trends
constitute our judgment and are subject to change without notice. Marquette expressly disclaims all liability in respect to actions taken based
on any or all of the information included or referenced in this document. The information is being provided based on the understanding that
each recipient has sufficient knowledge and experience to evaluate the merits and risks of investing.
Marquette is an independent investment adviser registered under the Investment Advisers Act of 1940, as amended. Registration does not
imply a certain level of skill or training. More information about Marquette including our investment strategies, fees and objectives can be found
in our ADV Part 2, which is available upon request.
4
Marquette Update
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Marquette Update 4Q 2022
QUARTERLY RESEARCH
$349B 99% 36th Live Q3 2022 Market Insights Webinar: 10/27
Available on YouTube 10/28
assets under advisement client retention rate year in business
Letter from the Director of Research: 10/27
Follow us on YouTube Twitter LinkedIn
Subscribe to email alerts at MarquetteAssociates.com
100% 24 130+
employee-owned full-time partners employees
RECENT HIRES
Michael McGuire Eddie Arrieta Artem Rozenshteyn
Director of Portfolio Research Associate Performance Analyst
Solutions, Vice President
Griffin Gildea Caroline O’Sullivan
Ryan P. Tracy, CFP® Research Associate Performance Analyst
Vice President
Thomas Neuhardt Devon Waskiewicz
Ibrahim Rashid Research Associate Performance Analyst
Research Analyst, ESG
Katie Marsh Jake Wilson
Catherine Hillier Client Analyst Performance Analyst
Research Analyst
Alejandro Mendez
Akwasi Sarpong Performance Analyst
Assoc. Research Analyst
Firm and client statistics as of June 30, 2022. Client retention rate calculated
2012–2021. Marquette is an independent investment adviser registered under the
Investment Advisers Act of 1940, as amended. Registration does not imply a certain
level of skill or training. More information about Marquette including our investment
strategies, fees and objectives can be found in our ADV Part 2, available by request.
2022 Investment Symposium — Thank you!
We truly enjoyed hosting this year’s Symposium on September 23rd — it was great to see so many of you in Chicago and hear from so many of you that watched
the livestream. We’ve published the flash talks by our research team to our website if you’d like to watch, rewatch, or share with a colleague. Until next year!
INDEPENDENT INVESTMENT CONSULTING
7
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Market Environment
U.S. Economy
The economy rebounded in Q3, with real GDP U.S. Real GDP Growth
growth of 2.6%. Net exports accounted for the 12.5% 3Q20 was 33.8
10.0% (capped for scaling purposes)
entire rebound, contributing 2.8% to the headline 7.5%
number, and offset a slowdown in consumer 5.0%
2.5%
spending and a deep contraction in residential 0.0%
investment. -2.5%
-5.0%
-7.5%
2Q20 was -31.2
The contraction in residential investment follows a -10.0%
(capped for scaling purposes)
-12.5%
double-digit contraction in Q1 as rising mortgage
Q3 2019
Q4 2019
Q1 2020
Q2 2020
Q3 2020
Q4 2020
Q1 2021
Q2 2021
Q3 2021
Q4 2021
Q1 2022
Q2 2022
Q3 2022
Q4 2022
Q1 2023
Q2 2023
Q3 2023
rates pressure the housing market. According to
the National Association of Realtors, housing
affordability is at its lowest level since 1989. Quarterly Year-Over-Year
U.S. Leading Economic Indicators and U.S. Recessions
While economic growth was positive in Q3, the
economy seems to be in a precarious position. 10%
Through August, The Conference Board’s U.S.
6-Month Change
5%
Leading Economic Indicators Index had declined
0%
2.7% over the previous six months. A decline of
this magnitude has consistently signaled a pending -5%
economic recession dating back to the mid-70s.
-10%
Further, economists now forecast growth to slow in
Q4 before turning negative again in both Q1 and -15%
Q2 of 2023.
Recessions U.S. LEI 6-month Change
Sources: Refinitiv and The Wall Street Journal. In the “Real GDP Growth” chart, striped bars
reflect economist estimates from The Wall Street Journal Economic Forecasting Survey.
10U.S. Economy
Despite the cloudy economic outlook, the Federal Historical Fed Rate Hiking Cycles: Increase in Fed Funds Rate
Reserve appears steadfast in its commitment to 6% 1983-1984
1986-1989
bring down inflation via tighter monetary policy. In
Percentage Points
5% 1994-1995
fact, the current rate-hiking cycle has been the 1999-2000
4% 2004-2006
most aggressive in decades, with Federal Reserve 2015-2018
Chairman Powell acknowledging that policy 3% Current
tightening will bring “some pain to households and 2%
businesses.”
1%
To date, the labor market has withstood tighter 0%
Federal Reserve policy. While job gains have 0 4 8 12 16 20 24 28 32 36
slowed in recent months, the average monthly Number of Months
nonfarm payroll report showed a gain of
Personal Savings Rate
approximately 372,000 jobs in Q3.
35%
Continued strength in the labor market is of 30%
utmost importance if the economy is to skirt a 25%
recession. With consumers continuing to dip into 20%
their savings to support expenditures, there is little 15%
room for an acceleration in consumer spending
10%
absent employment-driven income growth in the
coming quarters. 5%
0%
Sep-02 Sep-06 Sep-10 Sep-14 Sep-18 Sep-22
Savings Rate Median
Source: Refinitiv
11Global Economy
Outside the U.S., similar dynamics are playing out Citigroup Inflation Surprise Indices
across the global economy, with inflation data 300
refusing to moderate as quickly as most 250
economists and policymakers expect, particularly 200
Index Level
in Continental Europe and the U.K. 150
100 Inflation data above expectations
With inflation elevated across much of the world,
50
global central banks are in the midst of a historic
rate hiking cycle. According to the Bank for 0
-50 Inflation data below expectations
International Settlements, the number of central
banks hiking rates less those cutting rates was Sep-19 Sep-20 Sep-21 Sep-22
near 20 in August, leaving it near the highest Europe Japan Emerging Markets U.K.
levels on record.
Global Central Banks Hiking Rates Less Those Cutting Rates
35
These hiking cycles have put upward pressure on
intermediate- and long-term yields across the 25
globe, particularly in developed market 15
economies. 10-year government bond rates in 5
Germany and the U.K., for example, ended the -5
quarter near their highest levels in more than a -15
decade. -25
-35
Sources: Bank for International Settlements and Refinitiv
12Global Asset Class Performance
Global equities ended Q3 firmly in the red for the third Asset Class Returns: Select Asset Class Performance
consecutive quarter as rising interest rates and the
uncertain economic outlook weighed on investor U.S. Equities -4.5%
-17.6%
sentiment. U.S. equities outperformed their
international developed and emerging market Int'l Equities -25.1%
-9.4%
counterparts. U.S. dollar strength exacerbated losses
Emg Mkt Equities -11.6%
for unhedged U.S.-based investors, with the greenback -28.1%
detracting approximately 5.8 and 3.4 percentage -4.8%
U.S. Bonds -14.6%
points, respectively, from international developed and
emerging markets returns. Bank Loans 1.2%
-2.6%
Fixed income returns were poor during Q3, with -0.6%
High-Yield Bonds -14.1%
investment-grade bonds lagging due to their longer
duration. Sub-investment grade debt performance was Int'l Bonds -10.2%
-28.3%
mixed, with high yield posting a slightly negative return,
while bank loans were in the black due to their floating- Emg Mkt Bonds -4.6%
-24.3%
rate characteristics.
TIPS -5.1%
-11.6%
Inflation-sensitive assets returns were also in the red.
TIPS slightly underperformed nominal bonds, while Commodities -4.1%
11.8%
commodities fell amid demand concerns and a stronger
Global Listed Inf. -9.0%
U.S. dollar. REITs ended Q3 well behind the broad U.S. -6.2%
equity market. Finally, global listed infrastructure U.S. REITs -10.8%
-16.3%
equities lagged global equities by approximately 2.5
percentage points. -40% -30% -20% -10% 0% 10% 20%
Q3 1 Year
Source: Markov Processes International
13U.S. Equity Markets
Most economic sectors posted negative returns for Sector Returns
the quarter, with Communications Services and Comm Svcs -40.2%
-12.6% Q3
REITs the worst performers. Consumer Cons. Discretionary -24.6%
3.7% 1 Year
Discretionary and Energy, on the other hand, were Cons. Staples -6.5%
-1.1%
the only two sectors to post positive returns in Q3. Energy 3.3%
43.5%
-3.0%
Financials -17.9%
-4.7%
Health Care
Value stocks lagged growth stocks during the -8.4%
-3.2%
Industrials -14.9%
quarter, with the latter benefitting from Info Tech -22.8%
-5.7%
outperformance within mid-cap and small-cap Materials
-6.9%
-12.7%
stocks. In fact, small-cap growth was the lone style REITs -10.8%
-16.4%
to finish the quarter in the black. Across the Utilities -5.8%
5.4%
capitalization spectrum, small caps were the best -60% -40% -20% 0% 20% 40% 60%
performers, followed by mid caps then large caps.
Forward P/E vs. 10-Year Real Interest Rates
Rising interest rates have pressured equity 25 -2%
24
valuations this year as markets continue to price in 23
the Federal Reserve’s monetary tightening. Year-to- 22 -1%
Forward P/E
Interest Rate
21
date, equity valuations have contracted more than 20 0%
30% (i.e., more than market prices have declined). 19
18
17 1%
16
15
14 2%
Sep-18 Sep-19 Sep-20 Sep-21 Sep-22
MSCI U.S. IMI Fwd P/E (LHS)
10-year Real Interest Rate (RHS; inverted scale)
Sources: Markov Processes International and Refinitiv
14U.S. Equity Markets
The U.S. equity market has experienced one of its S&P 500 Companies Citing “Recession” on Earnings Calls
worst starts to any calendar year in its history amid 250
rising interest rates and concerns over a possible 200
economic recession.
150
According to FactSet, 240 companies in the S&P
100
500 cited the term “recession” during their
earnings calls for the second quarter, marking the 50
highest number going back to at least 2010 (i.e.,
eclipsing the level seen amid the pandemic). 0
Q1 2010
Q3 2010
Q1 2011
Q3 2011
Q1 2012
Q3 2012
Q1 2013
Q3 2013
Q1 2014
Q3 2014
Q1 2015
Q3 2015
Q1 2016
Q3 2016
Q1 2017
Q3 2017
Q1 2018
Q3 2018
Q1 2019
Q3 2019
Q1 2020
Q3 2020
Q1 2021
Q3 2021
Q1 2022
If the economy does enter a recession, earnings
are likely to come under pressure. According to
Earnings Contractions Amid Economic Recessions
FactSet, the median earnings contraction
Months of Quarters of EPS
coinciding with a recession is nearly 19%, based on Peak Month Trough Month
Contraction EPS Decline Change
data from the last 10 economic recessions. Aug 1957 Apr 1958 8 4 -17.0%
Apr 1960 Feb 1961 10 7 -11.7%
To-date, equity analysts are not expecting a Dec 1969 Nov 1970 11 5 -12.9%
decline in earnings of this magnitude as the Nov 1973 Mar 1975 16 4 -14.8%
Jan 1980 Jul 1980 6 4 -4.6%
forward 12-month earnings per share (“EPS”) Jul 1981 Nov 1982 16 4 -19.1%
estimate for the S&P 500 Index has remained Jul 1990 Mar 1991 8 5 -36.7%
relatively unchanged since the beginning of the Mar 2011 Nov 2011 8 5 -54.0%
Dec 2007 Jun 2009 18 7 -91.9%
year.
Feb 2020 Apr 2020 2 4 -32.5%
Average -29.5%
Median -18.7%
Sources: FactSet and Refinitiv
15U.S. Fixed Income
Interest rates continued to rise in Q3, with shorter- Yield Curve
dated issues experiencing the largest increase. 5%
Various segments across the curve remain inverted
4%
amid the prospects of tighter monetary policy and
economic uncertainty. 3%
Yield
2%
The bond market remained under pressure during
the quarter, with the Bloomberg Aggregate Bond 1%
Index returning -4.8%. Year-to-date, the index has 0%
posted a return of -14.6%, putting it on pace for its 0 5 10 15 20 25 30
worst calendar year since the inception of the Maturity (Year)
index in the mid-1970s. Sep-22 Jun-22 Sep-21
High Yield Spread
Sub-investment grade debt outperformed their
2,000 bp
investment-grade counterparts. High yield slightly 1,800 bp
outperformed amid a slight tightening in spreads 1,600 bp
and due to its shorter duration compared to 1,400 bp
1,200 bp
OAS
investment-grade bonds. Bank Loans, on the other 1,000 bp
hand, were one of the few asset classes to post a 800 bp
600 bp
positive return in Q3 as their floating-rate 400 bp
characteristics shielded the asset class from rising 200 bp
0 bp
rates.
OAS Avg
Source: Refinitiv
16Global Index Returns
DOMESTIC EQUITY QTR YTD 1 Year 3 Year 5 Year 10 Year
S&P 500 Index (4.9) (23.9) (15.5) 8.2 9.2 11.7
Russell 3000 Index (4.5) (24.6) (17.6) 7.7 8.6 11.4
Russell 3000 Growth Index (3.4) (30.6) (23.0) 10.2 11.6 13.4
Russell 3000 Value Index (5.6) (18.0) (11.8) 4.4 5.1 9.1
Russell TOP 200 Index (5.0) (24.7) (16.4) 9.0 10.0 12.1
Russell TOP 200 Growth Index (4.2) (30.5) (21.0) 12.2 13.3 14.5
Russell TOP 200 Value Index (6.0) (16.3) (10.2) 4.3 5.5 9.1
Russell 1000 Index (4.6) (24.6) (17.2) 7.9 9.0 11.6
Russell 1000 Growth Index (3.6) (30.7) (22.6) 10.7 12.2 13.7
Russell 1000 Value Index (5.6) (17.8) (11.4) 4.4 5.3 9.2
Russell Mid-Cap Index (3.4) (24.3) (19.4) 5.2 6.5 10.3
Russell Mid-Cap Growth Index (0.7) (31.5) (29.5) 4.3 7.6 10.9
Russell Mid-Cap Value Index (4.9) (20.4) (13.6) 4.5 4.8 9.4
Russell 2000 Index (2.2) (25.1) (23.5) 4.3 3.6 8.6
Russell 2000 Growth Index 0.2 (29.3) (29.3) 2.9 3.6 8.8
Russell 2000 Value Index (4.6) (21.1) (17.7) 4.7 2.9 7.9
DOMESTIC EQUITY BY SECTOR (MSCI)
Communication Services (12.6) (39.4) (40.2) (0.5) 3.0 4.7
Consumer Discretionary 3.7 (31.3) (24.6) 9.5 11.4 13.5
Consumer Staples (6.5) (12.1) (1.1) 6.1 7.4 9.4
Energy 3.3 34.8 43.5 14.2 5.6 2.7
Financials (3.0) (21.7) (17.9) 4.5 5.0 10.9
Health Care (4.7) (15.2) (8.4) 11.6 9.6 13.5
Industrials (3.2) (21.5) (14.9) 4.1 5.0 10.6
Information Technology (5.7) (32.5) (22.8) 13.7 15.8 16.6
Materials (6.9) (23.5) (12.7) 7.6 4.9 8.3
Real Estate (10.8) (28.0) (16.4) (1.1) 4.1 6.7
Utilities (5.8) (6.9) 5.4 2.9 7.4 9.8
Source: Markov Processes International
17Global Index Returns
INTERNATIONAL/GLOBAL EQUITY QTR YTD 1 Year 3 Year 5 Year 10 Year
MSCI EAFE (Net) (9.4) (27.1) (25.1) (1.8) (0.8) 3.7
MSCI EAFE Growth (Net) (8.5) (33.0) (30.3) (1.5) 0.7 4.7
MSCI EAFE Value (Net) (10.2) (21.1) (20.2) (2.8) (2.7) 2.4
MSCI EAFE Small Cap (Net) (9.8) (32.1) (32.1) (2.2) (1.8) 5.3
MSCI AC World Index (Net) (6.8) (25.6) (20.7) 3.7 4.4 7.3
MSCI AC World Index Growth (Net) (5.9) (32.2) (27.5) 5.4 6.6 8.9
MSCI AC World Index Value (Net) (7.7) (19.1) (14.0) 1.3 1.7 5.4
MSCI Europe ex UK (Net) (9.9) (31.7) (27.8) (1.7) (1.3) 4.2
MSCI United Kingdom (Net) (10.8) (18.7) (14.1) (1.7) (1.1) 1.9
MSCI Pacific ex Japan (Net) (8.8) (18.7) (18.8) (1.4) 0.6 2.9
MSCI Japan (Net) (7.7) (26.4) (29.3) (2.6) (0.6) 4.8
MSCI Emerging Markets (Net) (11.6) (27.2) (28.1) (2.1) (1.8) 1.0
Source: Markov Processes International
18Global Index Returns
FIXED INCOME QTR YTD 1 Year 3 Year 5 Year 10 Year
Merrill Lynch 3-month T-Bill 0.5 0.6 0.6 0.6 1.1 0.7
Barclays Intermediate Gov't./Credit (3.1) (9.6) (10.1) (1.6) 0.4 1.0
Barclays Aggregate Bond (4.8) (14.6) (14.6) (3.3) (0.3) 0.9
Barclays Short Government (0.6) (2.0) (2.2) 0.1 0.9 0.7
Barclays Intermediate Government (3.1) (8.6) (9.2) (1.7) 0.2 0.6
Barclays Long Government (9.6) (28.8) (26.6) (8.5) (1.6) 0.6
Barclays Investment Grade Corp. (5.1) (18.7) (18.5) (3.7) 0.0 1.7
Barclays High Yield Corp. Bond (0.6) (14.7) (14.1) (0.5) 1.6 3.9
Credit Suisse Leveraged Loan 1.2 (3.3) (2.6) 2.1 3.0 3.7
JPMorgan Global ex US Bond (10.2) (27.0) (28.3) (10.0) (5.2) (3.2)
JPMorgan Emerging Market Bond (4.6) (23.9) (24.3) (7.2) (2.6) 1.1
INFLATION SENSITIVE
Consumer Price Index 0.2 6.5 8.2 5.0 3.8 2.5
BC TIPS (5.1) (13.6) (11.6) 0.8 2.0 1.0
Commodities (4.1) 13.6 11.8 13.5 7.0 (2.1)
Gold (7.9) (9.3) (5.7) 2.8 4.2 (1.5)
REITs (10.8) (27.9) (16.3) (1.1) 4.1 7.0
FTSE EPRA/NAREIT Global REITs (11.1) (29.1) (20.5) (6.0) (0.3) 3.2
NCREIF ODCE* 0.4 12.4 21.0 11.4 9.3 9.9
NCREIF Farmland** 1.5 4.1 9.7 6.1 6.1 9.5
NCREIF Timberland** 1.9 5.1 12.0 5.0 4.3 5.7
*Data are preliminary.
**Data are as of June 30, 2022.
Source: Markov Processes International
19Disclosure
Marquette Associates, Inc. (“Marquette”) has prepared this document for the exclusive use by the client or third party for which it was prepared. The information herein
was obtained from various sources, including but not limited to third party investment managers, the client's custodian(s) accounting statements, commercially available
databases, and other economic and financial market data sources.
The sources of information used in this document are believed to be reliable. Marquette has not independently verified all of the information in this document and its
accuracy cannot be guaranteed. Marquette accepts no liability for any direct or consequential losses arising from its use. The information provided herein is as of the
date appearing in this material only and is subject to change without prior notice. Thus, all such information is subject to independent verification and we urge clients to
compare the information set forth in this statement with the statements you receive directly from the custodian in order to ensure accuracy of all account information.
Past performance does not guarantee future results and investing involves risk of loss. No graph, chart, or formula can, in and of itself, be used to determine which
securities or investments to buy or sell.
Forward‐looking statements, including without limitation any statement or prediction about a future event contained in this presentation, are based on a variety of
estimates and assumptions by Marquette, including, but not limited to, estimates of future operating results, the value of assets and market conditions. These estimates
and assumptions, including the risk assessments and projections referenced, are inherently uncertain and are subject to numerous business, industry, market, regulatory,
geopolitical, competitive, and financial risks that are outside of Marquette's control. There can be no assurance that the assumptions made in connection with any
forward‐looking statement will prove accurate, and actual results may differ materially.
The inclusion of any forward‐looking statement herein should not be regarded as an indication that Marquette considers forward‐looking statements to be a reliable
prediction of future events. The views contained herein are those of Marquette and should not be taken as financial advice or a recommendation to buy or sell any
security. Any forecasts, figures, opinions or investment techniques and strategies described are intended for informational purposes only. They are based on certain
assumptions and current market conditions, and although accurate at the time of writing, are subject to change without prior notice. Opinions, estimates, projections,
and comments on financial market trends constitute our judgment and are subject to change without notice. Marquette expressly disclaims all liability in respect to
actions taken based on any or all of the information included or referenced in this document. The information is being provided based on the understanding that each
recipient has sufficient knowledge and experience to evaluate the merits and risks of investing.
About Marquette Associates
Marquette was founded in 1986 with the sole objective of providing investment consulting at the highest caliber of service. Our expertise is grounded
in our commitment to client service — our team aims to be a trusted partner and as fiduciaries, our clients’ interests and objectives are at the center of
everything we do. Our approach brings together the real-world experience of our people and our dedication to creativity and critical thinking in order
to empower our clients to meet their goals. For more information, please visit www.MarquetteAssociates.com.
20Portfolio Overview
Frederick County Deferred Compensation Plan Observations & Looking Ahead
As of September 30, 2022
Observations
Plan assets as of September 30, 2022 were $87.7 million
Target Date Funds as of September 30, 2022: 25.8% of Plan assets
Active equity manager performance
Most active equity managers underperformed their respective benchmarks
Active fixed income manager performance
Dodge & Cox outperformed its benchmark
Target Date Funds
Performance was mixed as funds closer to the target retirement date underperformed, while the funds further away from
the target retirement date largely outperformed
Longer-term results are strong across the series
Looking Ahead
Fiduciary Education
Investment Lineup Review
22Frederick County Deferred Compensation Plan Manager Status
As of September 30, 2022
23Frederick County Deferred Compensation Plan Allocation Summary
As of September 30, 2022
Asset Class Market Value % of Portfolio
_
Total Plan $87,691,655 100.0%
U.S. Equity $34,606,120 39.5%
BlackRock Equity Dividend Large-Cap Value $7,184,205 8.2%
BlackRock Equity Index Large-Cap Core $5,434,058 6.2%
T.Rowe Price Growth Stock Large-Cap Growth $9,177,072 10.5%
John Hancock Disciplined Value Mid-Cap Mid-Cap Value $1,968,127 2.2%
BlackRock Mid Cap Equity Index Mid-Cap Core $2,713,709 3.1%
Empower T. Rowe Price Mid Cap Growth Mid-Cap Growth $2,797,721 3.2%
Allspring Special Small Cap Value A Small-Cap Value $369,161 0.4%
BlackRock Russell 2000 Index Small-Cap Core $2,302,385 2.6%
Wasatch Core Growth Small-Cap Growth $2,659,684 3.0%
Non-U.S. Equity $7,171,302 8.2%
Hartford Schroders Intl Multi-Cap Value Non-U.S. Large-Cap Value $1,471,215 1.7%
Fidelity Total International Index Non-U.S. Large-Cap Core $2,968,499 3.4%
American Funds EuroPacific Growth Non-U.S. Large-Cap Growth $2,731,587 3.1%
U.S. Fixed Income $22,851,758 26.1%
Dodge & Cox Income Core Plus Fixed Income $5,885,416 6.7%
BlackRock U.S. Debt Index Core Fixed Income $2,280,128 2.6%
BlackRock U.S. Treasury Inflation Pro Secs TIPS $2,103,395 2.4%
Empower Guaranteed Fixed Stable Value $3,231,436 3.7%
Empower Guaranteed Government Stable Value $9,351,383 10.7%
Balanced $453,476 0.5%
Empower SF Balanced Trust Balanced Fund $453,476 0.5%
Target Date $22,608,999 25.8%
American Funds 2010 Target Date Retire R6 Target Date $797,475 0.9%
American Funds 2015 Target Date Retire R6 Target Date $1,018,209 1.2%
American Funds 2020 Target Date Retire R6 Target Date $3,003,267 3.4%
American Funds 2025 Target Date Retire R6 Target Date $2,347,050 2.7%
American Funds 2030 Target Date Retire R6 Target Date $4,068,599 4.6%
American Funds 2035 Target Date Retire R6 Target Date $2,806,552 3.2%
American Funds 2040 Target Date Retire R6 Target Date $3,598,251 4.1%
American Funds 2045 Target Date Retire R6 Target Date $1,818,555 2.1%
American Funds 2050 Target Date Retire R6 Target Date $2,056,973 2.3%
American Funds 2055 Target Date Retire R6 Target Date $578,053 0.7%
American Funds 2060 Target Date Retire R6 Target Date $478,681 0.5%
American Funds 2065 Target Date Retire R6 Target Date $37,334 0.0%
XXXXX
24Frederick County Deferred Compensation Plan Performance Summary (Net)
As of September 30, 2022
3 Mo YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs
_
U.S. Equity
BlackRock Equity Dividend -6.5 -14.9 -11.2 4.3 5.4 8.4
Russell 1000 Value -5.6 -17.8 -11.4 4.4 5.3 9.2
Large Value MStar MF Rank 76 35 71 79 70 83
BlackRock Equity Index -4.9 -24.0 -15.6 8.0 9.1 --
S&P 500 -4.9 -23.9 -15.5 8.2 9.2 --
Large Cap MStar MF Rank 49 51 47 28 29 --
T.Rowe Price Growth Stock -3.3 -38.8 -35.9 3.5 6.7 11.4
Russell 1000 Growth -3.6 -30.7 -22.6 10.7 12.2 13.7
Large Growth MStar MF Rank 26 89 83 84 87 59
John Hancock Disciplined Value Mid-Cap -4.5 -18.1 -11.9 5.2 4.9 10.3
Russell MidCap Value -4.9 -20.4 -13.6 4.5 4.8 9.4
Mid-Cap Value MStar MF Rank 39 50 59 53 48 8
BlackRock Mid Cap Equity Index -2.5 -21.5 -15.3 6.0 5.8 --
S&P 400 MidCap -2.5 -21.5 -15.2 6.0 5.8 --
Mid Cap MStar MF Rank 32 37 36 35 50 --
Empower T. Rowe Price Mid Cap Growth -4.1 -28.6 -25.3 2.7 6.3 11.1
Russell MidCap Growth -0.7 -31.5 -29.5 4.3 7.6 10.9
Mid-Cap Growth MStar MF Rank 84 23 22 74 75 34
Allspring Special Small Cap Value A -8.5 -22.9 -17.6 2.5 3.0 8.8
Russell 2000 Value -4.6 -21.1 -17.7 4.7 2.9 7.9
Small Value MStar MF Rank 96 89 88 91 66 42
BlackRock Russell 2000 Index -2.2 -25.2 -23.6 4.1 3.4 --
Russell 2000 -2.2 -25.1 -23.5 4.3 3.6 --
Small Cap MStar MF Rank 33 54 63 66 70 --
Wasatch Core Growth -5.8 -35.2 -31.5 5.2 8.2 10.9
Russell 2000 Growth 0.2 -29.3 -29.3 2.9 3.6 8.8
Small Growth MStar MF Rank 99 75 65 44 29 24
25Frederick County Deferred Compensation Plan Performance Summary (Net)
As of September 30, 2022
3 Mo YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs
_
Non-U.S. Equity
Hartford Schroders Intl Multi-Cap Value -12.0 -23.1 -20.8 -0.9 -1.6 3.3
MSCI ACWI ex USA Value -10.4 -21.0 -20.0 -2.1 -2.1 1.9
Foreign Large Value MStar MF Rank 73 40 35 38 34 33
Fidelity Total International Index -10.4 -27.1 -25.6 -1.4 -0.8 --
MSCI ACWI ex USA IMI -9.7 -26.9 -25.7 -1.3 -0.8 --
Foreign MStar MF Rank 56 33 39 51 45 --
American Funds EuroPacific Growth -9.3 -32.1 -32.9 -1.2 -0.2 4.5
MSCI ACWI ex USA Growth -9.4 -31.8 -30.2 -1.4 0.2 4.0
Foreign Large Growth MStar MF Rank 44 32 49 62 64 42
U.S. Fixed Income
Dodge & Cox Income -4.0 -13.2 -13.6 -1.7 0.7 1.9
Bloomberg US Aggregate TR -4.8 -14.6 -14.6 -3.3 -0.3 0.9
Intermediate Core Plus Bond MStar MF Rank 26 13 16 17 13 11
BlackRock U.S. Debt Index -4.8 -14.6 -14.7 -3.4 -0.4 0.7
Bloomberg US Aggregate TR -4.8 -14.6 -14.6 -3.3 -0.3 0.9
Intermediate Core Bond MStar MF Rank 67 41 41 77 80 83
BlackRock U.S. Treasury Inflation Pro Secs -5.2 -13.6 -11.6 0.8 1.9 --
Bloomberg US TIPS TR -5.1 -13.6 -11.6 0.8 2.0 --
Inflation-Protected Bond MStar MF Rank 57 62 55 54 41 --
Empower Guaranteed Fixed
Empower Guaranteed Government
Balanced
Empower SF Balanced Trust -5.3 -20.7 -17.6 -- -- --
Custom GW Balanced Trust Benchmark -5.3 -19.9 -16.7 -- -- --
Target Date
American Funds 2010 Target Date Retire R6 -5.2 -14.6 -11.3 1.9 3.0 4.9
Morningstar Lifetime Mod 2010 TR USD -5.1 -18.2 -15.8 0.6 2.5 3.9
Target Date 2000-2010 MStar MF Rank 81 1 1 4 6 1
American Funds 2015 Target Date Retire R6 -5.4 -15.9 -12.4 2.1 3.2 5.4
Morningstar Lifetime Mod 2015 TR USD -5.6 -20.1 -17.5 0.3 2.4 4.2
Target Date 2015 Mstar MF Rank 73 5 1 1 7 1
26Frederick County Deferred Compensation Plan Performance Summary (Net)
As of September 30, 2022
3 Mo YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs
_
American Funds 2020 Target Date Retire R6 -5.5 -16.8 -13.2 2.2 3.4 6.0
Morningstar Lifetime Mod 2020 TR USD -6.0 -21.7 -18.9 0.2 2.5 4.6
Target Date 2020 Mstar MF Rank 69 4 4 1 5 1
American Funds 2025 Target Date Retire R6 -5.6 -18.6 -14.9 2.9 4.0 7.0
Morningstar Lifetime Mod 2025 TR USD -6.3 -22.9 -19.9 0.3 2.6 5.2
Target Date 2025 Mstar MF Rank 53 19 14 1 2 1
American Funds 2030 Target Date Retire R6 -5.6 -20.5 -16.4 3.3 4.4 7.7
Morningstar Lifetime Mod 2030 TR USD -6.4 -23.8 -20.5 0.6 2.9 5.9
Target Date 2030 Mstar MF Rank 38 25 12 1 1 1
American Funds 2035 Target Date Retire R6 -5.6 -22.6 -18.1 4.3 5.2 8.4
Morningstar Lifetime Mod 2035 TR USD -6.4 -24.3 -20.7 1.2 3.3 6.5
Target Date 2035 Mstar MF Rank 26 35 19 1 1 1
American Funds 2040 Target Date Retire R6 -5.6 -24.2 -19.6 4.5 5.3 8.6
Morningstar Lifetime Mod 2040 TR USD -6.4 -24.5 -20.8 1.8 3.6 6.8
Target Date 2040 Mstar MF Rank 21 52 40 1 1 1
American Funds 2045 Target Date Retire R6 -5.6 -24.9 -20.2 4.5 5.4 8.6
Morningstar Lifetime Mod 2045 TR USD -6.4 -24.7 -20.8 2.1 3.7 6.9
Target Date 2045 Mstar MF Rank 18 49 48 6 1 1
American Funds 2050 Target Date Retire R6 -5.5 -25.5 -21.0 4.3 5.3 8.6
Morningstar Lifetime Mod 2050 TR USD -6.4 -24.8 -20.9 2.2 3.7 6.9
Target Date 2050 Mstar MF Rank 9 57 61 6 1 1
American Funds 2055 Target Date Retire R6 -5.5 -26.0 -21.6 4.1 5.1 8.5
Morningstar Lifetime Mod 2055 TR USD -6.5 -24.9 -21.0 2.1 3.6 6.8
Target Date 2055 Mstar MF Rank 12 82 70 8 7 1
American Funds 2060 Target Date Retire R6 -5.4 -26.1 -21.8 4.0 5.1 --
Morningstar Lifetime Mod 2060 TR USD -6.6 -25.0 -21.2 2.0 3.5 --
Target Date 2060 Mstar MF Rank 11 86 71 17 11 --
American Funds 2065 Target Date Retire R6 -5.4 -26.1 -21.8 -- -- --
Morningstar Lifetime Mod 2065 TR USD -6.7 -25.0 -21.3 -- -- --
Target Date 2065+ Mstar MF Rank 14 87 63 -- -- --
XXXXX
27Frederick County Deferred Compensation Plan Fee Summary
As of September 30, 2022
28Frederick County Deferred Compensation Plan Statistics Summary
As of September 30, 2022
5 Years Ending September 30, 2022
Anlzd Standard
Sharpe Ratio Beta Tracking Error Information Ratio
Deviation
_
BlackRock Equity Dividend 17.2% 0.2 0.9 3.6% 0.0
Russell 1000 Value 18.1% 0.2 -- -- --
BlackRock Equity Index 18.0% 0.4 0.8 12.5% 0.0
S&P 500 18.1% 0.5 -- -- --
T.Rowe Price Growth Stock 21.3% 0.3 1.0 4.4% -1.3
Russell 1000 Growth 20.4% 0.5 -- -- --
John Hancock Disciplined Value Mid-Cap 20.3% 0.2 1.0 3.4% 0.0
Russell MidCap Value 20.8% 0.2 -- -- --
BlackRock Mid Cap Equity Index 22.6% 0.2 0.8 15.0% 0.0
S&P 400 MidCap 21.4% 0.2 -- -- --
Empower T. Rowe Price Mid Cap Growth 19.4% 0.3 0.9 5.1% -0.2
Russell MidCap Growth 21.4% 0.3 -- -- --
Allspring Special Small Cap Value A 21.7% 0.1 0.9 4.3% 0.0
Russell 2000 Value 23.4% 0.1 -- -- --
BlackRock Russell 2000 Index 25.0% 0.1 0.8 18.3% 0.0
Russell 2000 22.8% 0.1 -- -- --
Wasatch Core Growth 22.8% 0.3 0.9 6.8% 0.7
Russell 2000 Growth 23.5% 0.1 -- -- --
Hartford Schroders Intl Multi-Cap Value 17.6% -0.2 1.0 3.9% 0.1
MSCI ACWI ex USA Value 17.9% -0.2 -- -- --
Fidelity Total International Index 16.6% -0.1 1.0 1.6% 0.0
MSCI ACWI ex USA IMI 16.7% -0.1 -- -- --
American Funds EuroPacific Growth 17.8% -0.1 1.1 4.0% -0.1
MSCI ACWI ex USA Growth 16.2% -0.1 -- -- --
Dodge & Cox Income 4.7% -0.1 0.9 2.1% 0.5
Bloomberg US Aggregate TR 4.8% -0.3 -- -- --
BlackRock U.S. Debt Index 5.2% -0.3 0.8 3.7% 0.0
Bloomberg US Aggregate TR 4.8% -0.3 -- -- --
BlackRock U.S. Treasury Inflation Pro Secs 5.4% 0.2 0.7 4.1% 0.0
Bloomberg US TIPS TR 5.7% 0.2 -- -- --
Empower SF Balanced Trust -- -- -- -- --
Custom GW Balanced Trust Benchmark -- -- -- -- --
29Frederick County Deferred Compensation Plan Statistics Summary
As of September 30, 2022
5 Years Ending September 30, 2022
Anlzd Standard
Sharpe Ratio Beta Tracking Error Information Ratio
Deviation
_
American Funds 2010 Target Date Retire R6 7.6% 0.3 0.9 1.8% 0.3
Morningstar Lifetime Mod 2010 TR USD 8.5% 0.2 -- -- --
American Funds 2015 Target Date Retire R6 8.3% 0.3 0.9 2.0% 0.4
Morningstar Lifetime Mod 2015 TR USD 9.3% 0.1 -- -- --
American Funds 2020 Target Date Retire R6 8.8% 0.3 0.8 2.2% 0.4
Morningstar Lifetime Mod 2020 TR USD 10.2% 0.1 -- -- --
American Funds 2025 Target Date Retire R6 10.1% 0.3 0.9 2.2% 0.6
Morningstar Lifetime Mod 2025 TR USD 11.3% 0.1 -- -- --
American Funds 2030 Target Date Retire R6 11.7% 0.3 0.9 2.0% 0.8
Morningstar Lifetime Mod 2030 TR USD 12.7% 0.1 -- -- --
American Funds 2035 Target Date Retire R6 13.8% 0.3 1.0 1.8% 1.0
Morningstar Lifetime Mod 2035 TR USD 14.2% 0.2 -- -- --
American Funds 2040 Target Date Retire R6 14.9% 0.3 1.0 2.0% 0.9
Morningstar Lifetime Mod 2040 TR USD 15.4% 0.2 -- -- --
American Funds 2045 Target Date Retire R6 15.2% 0.3 0.9 2.4% 0.7
Morningstar Lifetime Mod 2045 TR USD 16.2% 0.2 -- -- --
American Funds 2050 Target Date Retire R6 15.5% 0.3 0.9 2.6% 0.6
Morningstar Lifetime Mod 2050 TR USD 16.4% 0.2 -- -- --
American Funds 2055 Target Date Retire R6 15.6% 0.3 0.9 2.7% 0.6
Morningstar Lifetime Mod 2055 TR USD 16.5% 0.2 -- -- --
American Funds 2060 Target Date Retire R6 15.6% 0.3 0.9 2.8% 0.6
Morningstar Lifetime Mod 2060 TR USD 16.5% 0.1 -- -- --
American Funds 2065 Target Date Retire R6 -- -- -- -- --
Morningstar Lifetime Mod 2065 TR USD 16.5% 0.1 -- -- --
XXXXX
30Investment Managers
31Frederick County DC Plan BlackRock Equity Dividend
As of September 30, 2022
Description:
The investment seeks long-term total return and current income.
The fund seeks to achieve its objective by investing primarily in a diversified portfolio of equity securities. Under normal circumstances, it will invest at least 80% of its assets in
equity securities and at least 80% of its assets in dividend paying securities. The fund may invest in securities of companies with any market capitalization, but will generally focus
on large cap securities. It may also invest in convertible securities and non-convertible preferred stock. The fund may invest up to 25% of its total assets in securities of foreign
issuers.
Portfolio Fund Information as of August 31, 2022 Equity Characteristics Within Mutual Funds as of August 31, 2022
Ticker MCDVX Russell 1000
Portfolio
Morningstar Category Large Value Value
Average Market Cap ($mm) 58,073.54 Average Market Cap (Billions) 58.07 144.04
Net Assets ($mm) 334.76 Price To Earnings 11.84 15.11
% Assets in Top 10 Holdings 28.96 Price To Book 1.69 2.36
Total Number of Holdings 97 Return On Equity 17.84 16.86
Manager Name Tony DeSpirito Dividend Yield 2.79% 2.28%
Manager Tenure 8 Beta (3 Year) 0.93 1.00
Expense Ratio 1.68% R-Squared (3 Year) 0.96 1.00
Closed to New Investors No
Top Holdings as of August 31, 2022 Sector Allocation as of August 31, 2022
BLACKROCK LIQUIDITY T-FUND INSTL 5.9% BASIC MATERIALS 1.1%
WELLS FARGO & CO 3.2% COMMUNICATION SERVICES 6.4%
CITIGROUP INC 2.9% CONSUMER CYCLICAL 6.4%
BP PLC 2.7% CONSUMER DEFENSIVE 8.2%
MEDTRONIC PLC 2.5% ENERGY 9.5%
ENTERPRISE PRODUCTS PARTNERS LP 2.5% FINANCIAL SERVICES 23.2%
GENERAL MOTORS CO 2.5% HEALTHCARE 21.7%
CISCO SYSTEMS INC 2.4% INDUSTRIALS 5.5%
ELEVANCE HEALTH INC 2.3% REAL ESTATE 0.0%
AMERICAN INTERNATIONAL GROUP INC 2.1% TECHNOLOGY 14.2%
UTILITIES 3.9%
32Frederick County DC Plan BlackRock Equity Index
As of September 30, 2022
33Frederick County DC Plan T.Rowe Price Growth Stock
As of September 30, 2022
Description:
The investment seeks long-term capital growth through investments in stocks.
The fund will normally invest at least 80% of its net assets (including any borrowings for investment purposes) in the common stocks of a diversified group of growth companies.
While most assets will typically be invested in U.S. common stocks, the fund may invest in foreign stocks in keeping with the fund's objective. The fund is non-diversified.
Portfolio Fund Information as of September 30, 2022 Equity Characteristics Within Mutual Funds as of September 30, 2022
Ticker PRGFX Russell 1000
Portfolio
Morningstar Category Large Growth Growth
Average Market Cap ($mm) 278,230.30 Average Market Cap (Billions) 278.23 708.69
Net Assets ($mm) 11,947.31 Price To Earnings 22.65 25.03
% Assets in Top 10 Holdings 57.25 Price To Book 5.05 9.06
Total Number of Holdings 71 Return On Equity 32.17 44.23
Manager Name Joseph B. Fath Dividend Yield 0.64% 1.11%
Manager Tenure 9 Beta (3 Year) 1.03 1.00
Expense Ratio 0.63% R-Squared (3 Year) 0.96 1.00
Closed to New Investors No
Top Holdings as of September 30, 2022 Sector Allocation as of September 30, 2022
MICROSOFT CORP 12.3% BASIC MATERIALS 0.4%
AMAZON.COM INC 11.4% COMMUNICATION SERVICES 11.4%
APPLE INC 9.6% CONSUMER CYCLICAL 27.5%
ALPHABET INC CLASS A 4.4% CONSUMER DEFENSIVE 0.0%
UNITEDHEALTH GROUP INC 3.9% ENERGY 0.0%
ALPHABET INC CLASS C 3.8% FINANCIAL SERVICES 4.6%
RIVIAN AUTOMOTIVE INC CLASS A 3.6% HEALTHCARE 12.6%
TESLA INC 3.5% INDUSTRIALS 4.9%
INTUIT INC 2.4% REAL ESTATE 0.0%
VISA INC CLASS A 2.4% TECHNOLOGY 38.6%
UTILITIES 0.0%
34Frederick County DC Plan John Hancock Disciplined Value Mid-Cap
As of September 30, 2022
Description:
The investment seeks long-term growth of capital with current income as a secondary objective.
Under normal circumstances, the fund seeks to achieve its investment objectives by investing at least 80% of its net assets (including borrowings for investment purposes) in a
diversified portfolio consisting primarily of equity securities, such as common stocks, of issuers with medium market capitalizations, and identified by the manager as having value
characteristics. It may also invest up to 20% of its total assets in foreign currency-denominated securities.
Portfolio Fund Information as of September 30, 2022 Equity Characteristics Within Mutual Funds as of September 30, 2022
Ticker JVMAX Russell MidCap
Portfolio
Morningstar Category Mid-Cap Value Value
Average Market Cap ($mm) 17,690.97 Average Market Cap (Billions) 17.69 17.94
Net Assets ($mm) 1,219.58 Price To Earnings 11.67 13.36
% Assets in Top 10 Holdings 16.88 Price To Book 2.13 2.12
Total Number of Holdings 135 Return On Equity 22.86 14.58
Manager Name Steven L. Pollack Dividend Yield 2.49% 2.39%
Manager Tenure 21 Beta (3 Year) 0.95 1.00
Expense Ratio 1.10% R-Squared (3 Year) 0.98 1.00
Closed to New Investors No
Top Holdings as of September 30, 2022 Sector Allocation as of September 30, 2022
AMERIPRISE FINANCIAL INC 2.3% BASIC MATERIALS 4.6%
AUTOZONE INC 2.1% COMMUNICATION SERVICES 1.0%
CENTERPOINT ENERGY INC 1.8% CONSUMER CYCLICAL 14.9%
HUNTINGTON BANCSHARES INC 1.6% CONSUMER DEFENSIVE 1.9%
FIFTH THIRD BANCORP 1.6% ENERGY 8.2%
EAST WEST BANCORP INC 1.5% FINANCIAL SERVICES 16.9%
KEYCORP 1.5% HEALTHCARE 8.1%
SLB 1.5% INDUSTRIALS 21.0%
DOVER CORP 1.5% REAL ESTATE 6.3%
EATON CORP PLC 1.5% TECHNOLOGY 11.7%
UTILITIES 5.4%
35Frederick County DC Plan BlackRock Mid Cap Equity Index
As of September 30, 2022
36Frederick County DC Plan Empower T. Rowe Price Mid Cap Growth
As of June 30, 2022
Description:
The investment seeks long-term capital appreciation.
The fund will, under normal circumstances, invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of mid-
capitalization (“mid cap”) companies. For purposes of the 80% policy, the manager considers mid cap companies to be those whose market capitalization falls within the range of
the Russell MidCap ® Growth Index at the time of initial purchase.
Portfolio Fund Information as of June 30, 2022 Equity Characteristics Within Mutual Funds as of June 30, 2022
Ticker MXMGX Russell MidCap
Portfolio
Morningstar Category Mid-Cap Growth Growth
Average Market Cap ($mm) 16,132.28 Average Market Cap (Billions) 16.13 21.77
Net Assets ($mm) 669.13 Price To Earnings 19.53 24.28
% Assets in Top 10 Holdings 23.67 Price To Book 3.08 6.47
Total Number of Holdings 132 Return On Equity 19.68 23.89
Manager Name Brian W.H. Berghuis Dividend Yield 0.62% 0.81%
Manager Tenure 25 Beta (3 Year) 0.88 1.00
Expense Ratio 1.02% R-Squared (3 Year) 0.94 1.00
Closed to New Investors No
Top Holdings as of June 30, 2022 Sector Allocation as of June 30, 2022
HOLOGIC INC 3.1% BASIC MATERIALS 3.5%
CATALENT INC 2.8% COMMUNICATION SERVICES 2.4%
TEXTRON INC 2.7% CONSUMER CYCLICAL 15.5%
MICROCHIP TECHNOLOGY INC 2.4% CONSUMER DEFENSIVE 3.5%
FEDERAL HOME LOAN BANKS 1.01% 2.3% ENERGY 1.6%
BALL CORP 2.2% FINANCIAL SERVICES 6.3%
INGERSOLL RAND INC 2.2% HEALTHCARE 26.1%
AGILENT TECHNOLOGIES INC 2.1% INDUSTRIALS 16.2%
TELEFLEX INC 2.1% REAL ESTATE 1.0%
FORTINET INC 1.8% TECHNOLOGY 24.0%
UTILITIES 0.0%
37Frederick County DC Plan Allspring Special Small Cap Value A
As of September 30, 2022
Description:
The investment seeks long-term capital appreciation.
Under normal circumstances, the fund invests: at least 80% of the fund's net assets in equity securities of small-capitalization companies. It invests principally in equity securities of
small-capitalization companies, which the managers define as companies with market capitalizations within the range of the Russell 2000® Index at the time of purchase.
Portfolio Fund Information as of September 30, 2022 Equity Characteristics Within Mutual Funds as of September 30, 2022
Ticker ESPAX Russell 2000
Portfolio
Morningstar Category Small Value Value
Average Market Cap ($mm) 2,107.32 Average Market Cap (Billions) 2.11 2.21
Net Assets ($mm) 646.41 Price To Earnings 8.31 9.54
% Assets in Top 10 Holdings 27.52 Price To Book 1.45 1.48
Total Number of Holdings 120 Return On Equity 17.14 5.88
Manager Name James M. Tringas Dividend Yield 2.47% 2.49%
Manager Tenure 21 Beta (3 Year) 0.91 1.00
Expense Ratio 1.24% R-Squared (3 Year) 0.97 1.00
Closed to New Investors No
Top Holdings as of September 30, 2022 Sector Allocation as of September 30, 2022
MUELLER INDUSTRIES INC 4.1% BASIC MATERIALS 15.2%
INNOSPEC INC 3.3% COMMUNICATION SERVICES 0.5%
FRANKLIN ELECTRIC CO INC 3.1% CONSUMER CYCLICAL 10.7%
J&J SNACK FOODS CORP 2.9% CONSUMER DEFENSIVE 10.0%
ALLSPRING GOVERNMENT MMKT SELECT 2.8% ENERGY 7.3%
EAGLE MATERIALS INC 2.7% FINANCIAL SERVICES 15.0%
UMB FINANCIAL CORP 2.5% HEALTHCARE 5.2%
CSW INDUSTRIALS INC 2.3% INDUSTRIALS 28.1%
AVIENT CORP 2.1% REAL ESTATE 3.4%
MATIV HOLDINGS INC 1.8% TECHNOLOGY 3.8%
UTILITIES 0.7%
38Frederick County DC Plan BlackRock Russell 2000 Index
As of September 30, 2022
39Frederick County DC Plan Wasatch Core Growth
As of September 30, 2022
Description:
The investment seeks long-term growth of capital; income is a secondary objective.
The fund invests primarily in smaller growing companies at reasonable prices. It may invest up to 20% of the fund’s total assets in the equity securities (typically common stock) of
foreign companies (companies that are incorporated in any country outside the United States and whose securities principally trade outside the United States). Securities issued by
companies incorporated outside the United States whose securities are principally traded in the United States are not defined as foreign companies and are not subject to this
limitation.
Portfolio Fund Information as of September 30, 2022 Equity Characteristics Within Mutual Funds as of September 30, 2022
Ticker WGROX Russell 2000
Portfolio
Morningstar Category Small Growth Growth
Average Market Cap ($mm) 3,944.14 Average Market Cap (Billions) 3.94 3.03
Net Assets ($mm) 1,357.02 Price To Earnings 17.92 15.39
% Assets in Top 10 Holdings 31.09 Price To Book 2.57 3.46
Total Number of Holdings 57 Return On Equity 17.82 2.86
Manager Name J.B. Taylor Dividend Yield 0.78% 0.85%
Manager Tenure 22 Beta (3 Year) 0.93 1.00
Expense Ratio 1.17% R-Squared (3 Year) 0.91 1.00
Closed to New Investors Yes
Top Holdings as of September 30, 2022 Sector Allocation as of September 30, 2022
BANK OZK 3.5% BASIC MATERIALS 4.5%
ENSIGN GROUP INC 3.4% COMMUNICATION SERVICES 0.0%
FIVE BELOW INC 3.4% CONSUMER CYCLICAL 13.9%
HEALTHEQUITY INC 3.2% CONSUMER DEFENSIVE 3.3%
RBC BEARINGS INC 3.2% ENERGY 1.5%
KADANT INC 3.2% FINANCIAL SERVICES 18.5%
MORNINGSTAR INC 3.0% HEALTHCARE 15.1%
ICON PLC 2.8% INDUSTRIALS 22.1%
PAYLOCITY HOLDING CORP 2.7% REAL ESTATE 1.5%
TREX CO INC 2.7% TECHNOLOGY 19.8%
UTILITIES 0.0%
40Frederick County DC Plan Hartford Schroders Intl Multi-Cap Value
As of September 30, 2022
Description:
The investment seeks long-term capital appreciation.
The fund normally invests at least 80% of its total assets in a diversified portfolio of equity securities, or derivative investments that provide exposure to equity securities, of
companies located outside of the United States that the fund's sub-advisers consider to offer attractive valuations. It invests in a variety of countries throughout the world including
emerging market countries and may, from time to time, invest more than 25% of its assets in any one country or group of countries. The fund may invest in companies of any
market capitalization.
Portfolio Fund Information as of September 30, 2022 Equity Characteristics Within Mutual Funds as of September 30, 2022
Ticker SIDRX MSCI ACWI ex
Portfolio
Morningstar Category Foreign Large Value USA Value
Average Market Cap ($mm) 18,373.42 Average Market Cap (Billions) 18.37 60.35
Net Assets ($mm) 634.23 Price To Earnings 7.50 8.51
% Assets in Top 10 Holdings 15.34 Price To Book 1.04 1.69
Total Number of Holdings 556 Return On Equity 19.61 12.04
Manager Name Justin Abercrombie Dividend Yield 6.20% 5.38%
Manager Tenure 16 Beta (3 Year) 0.95 1.00
Expense Ratio 0.75% R-Squared (3 Year) 0.95 1.00
Closed to New Investors No
Top Holdings as of September 30, 2022 Sector Allocation as of September 30, 2022
MS LIQ TREAS SEC PORT INST C S MS LIQ TREAS SEC PORT INST 3.5% BASIC MATERIALS 8.9%
MSCI EAFE NTR (USD) - STND INDEX FUTURE DEC22 1.8% COMMUNICATION SERVICES 14.1%
SHELL PLC 1.3% CONSUMER CYCLICAL 10.3%
KDDI CORP 1.3% CONSUMER DEFENSIVE 3.8%
NOVARTIS AG 1.3% ENERGY 11.4%
ROCHE HOLDING AG 1.3% FINANCIAL SERVICES 22.0%
EQUINOR ASA 1.2% HEALTHCARE 10.3%
ONO PHARMACEUTICAL CO LTD 1.2% INDUSTRIALS 6.4%
ASTRAZENECA PLC 1.2% REAL ESTATE 1.4%
SANOFI SA 1.2% TECHNOLOGY 8.2%
UTILITIES 3.3%
41Frederick County DC Plan Fidelity Total International Index
As of September 30, 2022
Description:
The investment seeks to provide investment results that correspond to the total return of foreign developed and emerging stock markets.
The fund normally invests at least 80% of assets in securities included in the MSCI ACWI (All Country World Index) ex USA Investable Market Index and in depositary receipts
representing securities included in the index. The MSCI ACWI (All Country World Index) ex USA Investable Market Index is a market capitalization-weighted index designed to
measure the investable equity market performance for global investors of large, mid, and small-cap stocks in developed and emerging markets, excluding the U.S.
Portfolio Fund Information as of September 30, 2022 Equity Characteristics Within Mutual Funds as of September 30, 2022
Ticker FTIHX MSCI ACWI ex
Portfolio
Morningstar Category Foreign Large Blend USA IMI
Average Market Cap ($mm) 22,845.74 Average Market Cap (Billions) 22.85 61.45
Net Assets ($mm) 7,726.57 Price To Earnings 10.47 11.24
% Assets in Top 10 Holdings 12.05 Price To Book 1.32 2.32
Total Number of Holdings 5,098 Return On Equity 17.52 14.43
Manager Name Louis Bottari Dividend Yield 4.29% 3.67%
Manager Tenure 6 Beta (3 Year) 0.99 1.00
Expense Ratio 0.06% R-Squared (3 Year) 0.99 1.00
Closed to New Investors No
Top Holdings as of September 30, 2022 Sector Allocation as of September 30, 2022
FIDELITY REVERE STR TR 3.2% BASIC MATERIALS 8.6%
TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD 1.4% COMMUNICATION SERVICES 6.0%
NESTLE SA 1.3% CONSUMER CYCLICAL 11.1%
MSCI EAFE INDEX FUTURE DEC 22 1.3% CONSUMER DEFENSIVE 8.7%
ROCHE HOLDING AG 1.0% ENERGY 6.0%
TENCENT HOLDINGS LTD 0.9% FINANCIAL SERVICES 19.4%
SHELL PLC 0.8% HEALTHCARE 9.6%
SAMSUNG ELECTRONICS CO LTD 0.8% INDUSTRIALS 12.9%
ASTRAZENECA PLC 0.7% REAL ESTATE 3.5%
ASML HOLDING NV 0.7% TECHNOLOGY 10.9%
UTILITIES 3.3%
42Frederick County DC Plan American Funds EuroPacific Growth
As of September 30, 2022
Description:
The investment seeks long-term growth of capital.
The fund invests primarily in common stocks of issuers in Europe and the Pacific Basin that the investment adviser believes have the potential for growth. Growth stocks are stocks
that the investment adviser believes have the potential for above-average capital appreciation. It normally will invest at least 80% of its net assets in securities of issuers in Europe
and the Pacific Basin. The fund may invest a portion of its assets in common stocks and other securities of companies in emerging markets.
Portfolio Fund Information as of September 30, 2022 Equity Characteristics Within Mutual Funds as of September 30, 2022
Ticker RERGX MSCI ACWI ex
Portfolio
Morningstar Category Foreign Large Growth USA Growth
Average Market Cap ($mm) 46,727.61 Average Market Cap (Billions) 46.73 81.70
Net Assets ($mm) 59,021.46 Price To Earnings 14.25 17.02
% Assets in Top 10 Holdings 21.79 Price To Book 2.29 3.11
Total Number of Holdings 375 Return On Equity 20.35 18.35
Manager Name Carl M. Kawaja Dividend Yield 3.21% 2.03%
Manager Tenure 21 Beta (3 Year) 1.09 1.00
Expense Ratio 0.46% R-Squared (3 Year) 0.95 1.00
Closed to New Investors No
Sector Allocation as of September 30, 2022
BASIC MATERIALS 8.0%
Top Holdings as of September 30, 2022 COMMUNICATION SERVICES 3.0%
RELIANCE INDUSTRIES LTD 3.1% CONSUMER CYCLICAL 12.7%
NOVO NORDISK A/S CLASS B 2.9% CONSUMER DEFENSIVE 7.4%
LVMH MOET HENNESSY LOUIS VUITTON SE 2.5% ENERGY 9.9%
ASML HOLDING NV 2.4% FINANCIAL SERVICES 13.2%
DAIICHI SANKYO CO LTD 2.2% HEALTHCARE 15.1%
TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD 2.0% INDUSTRIALS 13.0%
CANADIAN NATURAL RESOURCES LTD 1.9% REAL ESTATE 0.7%
AIA GROUP LTD 1.7% TECHNOLOGY 15.8%
AIRBUS SE 1.7% UTILITIES 1.3%
KOTAK MAHINDRA BANK LTD 1.5%
Top Regions as of September 30, 2022
EUROZONE 23.6%
ASIA EMERGING 17.0%
EUROPE EXEURO 12.2%
JAPAN 11.7%
ASIA DEVELOPED 10.0%
43Frederick County DC Plan Dodge & Cox Income
As of September 30, 2022
Description:
The investment seeks a high and stable rate of current income, consistent with long-term preservation of capital; a secondary objective is capital appreciation.
The fund invests in a diversified portfolio of bonds and other debt securities. The fund will invest at least 80% of its total assets in (1) investment-grade debt securities and (2) cash
equivalents. "Investment grade" means securities rated Baa3 or higher by Moody's Investors Service, or BBB- or higher by Standard & Poor's Ratings Group or Fitch Ratings, or
equivalently rated by any nationally recognized statistical rating organization, or, if unrated, deemed to be of similar quality by Dodge & Cox.
Portfolio Fund Information as of September 30, 2022 Fund Characteristics as of September 30, 2022
Ticker DODIX Sharpe Ratio (3 Year) -0.39
Morningstar Category Intermediate Core-Plus Bond Average Duration 5.50
Average Market Cap ($mm) Average Coupon 3.55%
Net Assets ($mm) 54,308.66 Average Effective Maturity 10.50
% Assets in Top 10 Holdings 16.90 R-Squared (3 Year) 0.85
Total Number of Holdings 1,222 Alpha (3 Year) 0.13%
Manager Name Dana M. Emery Beta (3 Year) 0.98
Manager Tenure 34
Expense Ratio 0.41%
Closed to New Investors No
Credit Quality as of September 30, 2022 Fixed Income Sectors as of September 30, 2022
AAA 49.2% GOVERNMENT 12.9%
AA 4.8% MUNICIPAL 2.0%
A 7.2% CORPORATE 39.4%
BBB 28.7% SECURITIZED 43.5%
BB 9.4% CASH & EQUIVALENTS 2.3%
B 0.7% DERIVATIVE 0.0%
Below B 0.0%
Not Rated 0.0%
44Frederick County DC Plan BlackRock U.S. Debt Index
As of September 30, 2022
45Frederick County DC Plan BlackRock U.S. Treasury Inflation Pro Secs
As of September 30, 2022
46Frederick County DC Plan Empower SF Balanced Trust
As of June 30, 2022
47Frederick County DC Plan American Funds Target Date Funds
As of September 30, 2022
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