May 30, 2013 - Public Employees Retirement Association of New ...

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Attribution Analysis – 1 year to 31 st March 2013 What worked Europe, Pacific Basin Best performing sectors Consumer Services TUI Travel Banks & Diversified Financials Swedbank, Aeon Credit What did not work Japan & Emerging Markets Worst performing sectors European Semiconductors ST Micro Electronics Pacific Basin Telecoms Singapore Telecom Materials Anglo America, BHP
Current International portfolio Mkt. Cap $bn Dividend Plus % MSCI EAFE Index % +/- % 25 44.7 53.2 -8.4 Dividend Plus Strategy MSCI EAFE Index Dividend Yield (%) 4.6 3.4 Dividend Payout (%) 52.8 44.0 Dividend Growth (%) 6.1 4.7 Total Payout Yield (%) 4.7 2.4 P/E 10.7 12.7 Better Total Return Active Share Measure is 74% Active Share measures the difference in portfolio holdings from the benchmark. Expressed as an overall percentage this means that 74% of our exposures are different to the benchmark, while 26% are the same. So constituent holdings within regions and industries are very different to the broad market. Source: Kleinwort Benson Investors, Datastream, December 31st , 2012 Price/Book 1.5 1.2 Price/Cashflow 7.9 9.0 Weighted Avg. Mkt. Cap $ (bn) Beta 0.97 40.2 47.4 Better Value and Risk ROE (realised, %) 15.8 12.6 Better ROIC (realised, %) 9.0 8.5 Net Debt/ Equity (%) 39.9 44.2 Accruals (%) 3.2 5.0 Profit Surprises (%) -0.9 0.3 Quality Management & Better Balance Sheets 10
Page 1 and 2: 1. Pledge of Allegiance 2. Roll Cal
Page 3: PUBLIC EMPLOYEES RETIREMENT ASSOCIA
Page 33 and 34: Firm overview Global client base Sp
Page 35 and 36: Market overview Asset Class Perform
Page 37 and 38: Dividend Players North America Euro
Page 39: Active Fund Positions v Benchmark R
Page 43 and 44: Current Emerging Markets portfolio
Page 45 and 46: Outlook Economic Economic growth in
Page 47 and 48: Manager Update Memorandum To: Susan
Page 49 and 50: Exhibit 3 Kleinwort Benson Dividend
Page 51 and 52: Exhibit 6 Kleinwort Benson Dividend
Page 53 and 54: Watch List Test As stated in PERA
Page 55 and 56: Presenters Camille Humphries Lee, C
Page 57 and 58: MFS ® overview Integrated Research
Page 59 and 60: A holistic, multi-faceted approach
Page 61 and 62: Global equity capabilities (USD) Co
Page 63 and 64: Blended research capabilities (USD)
Page 65 and 66: Executive summary Performance (%) G
Page 67 and 68: Experienced MFS International Value
Page 69 and 70: Historically consistent performance
Page 71 and 72: Performance results - gross and net
Page 73 and 74: Performance drivers - stocks Relati
Page 75 and 76: Change in portfolio sector weights
Page 77 and 78: Change in region and country weight
Page 79 and 80: Top 10 portfolio holdings 30-Apr-12
Page 81 and 82: Distinguishing characteristics What
Page 83 and 84: Appendix Contents Portfolio investm
Page 85 and 86: Portfolio’s investment guidelines
Page 87 and 88: MFS International Value Composite P
Page 89 and 90: Performance drivers - stocks Relati
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Stock analysis: Analyze rather than
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MFS investment professionals Chairm
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MFS International Value Equity team
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MFS International Value Equity team
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MFS International Value - investing
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Portfolio holdings Equivalent As of
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MFS International Value Equity Comp
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Global equity capabilities (USD) Co
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Blended research capabilities (USD)
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Performance Presentation Report 201
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elieves that most market participan
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Exhibits 5 and 6 are “skill chart
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Exhibit 7 Performance Universe for
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PERA Executive Investment Summary A
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New Mexico PERA Monthly Performance
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Public Employees Retirement Associa
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The information furnished in this r
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