Ivory Day Clear Investment Consulting Have insight! Will share!! ENHANCED INVESTMENT PARTNERS, LLC – EIR ACC Active Overlay SDIC Quantitative Investment

Ivory Day Clear Investment Consulting

Have insight! Will share!!

ENHANCED INVESTMENT PARTNERS, LLC – EIR ACC Active Overlay

SDIC Quantitative Investment Performance Analysis Report (10Y201312)

Complete Report





04/20/23 2

TABLE OF CONTENTS

PAGE Investment Performance Analysis Introduction 3 - 10

Investment Performance Summary of Results 11 - 29

Fidelity to Investment Style (FIT) 30 - 46

Investment Performance Comparisons 47 - 72

Investment Performance Analysis Appendix 73 - 77



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INTRODUCTION

ENHANCED INVESTMENT PARTNERS, LLC. EIR ACC Investment Performance Analysis

Executive Summary Pension fund asset allocation is best done by establishing reasonable risk and return expectations for appropriate asset classes over long, intermediate and short term investment performance horizons. It is important that we evaluate the development and viability of the target and current asset allocation and current managers against the current and expected market environments. Our proprietary asset allocation model was developed internally and is not associated with or dependent on any other organization. It was developed to explicitly address the known problems that plagued other asset allocation models and methodologies. We specifically targeted the following issues (The Dirty Dozen Problems) that had impeded the application of sound asset allocation programs and denied plan sponsors the ability to achieve their long term investment performance goals:

The efficient market conundrum Deficient modeling of alternative asset classes The failure of Capital Market Assumptions (CMA) Unexpected fat tail financial investment returns Investment return correlations are not well understood Standard deviation is not a sufficiently robust measure of risk Investment Horizon mismatch of 10 Years for CMA and 30 years for ARA Means variance and Monte Carlo techniques are not sufficient Financial investment returns are not “normally” distributed The asymmetry of positive and negative returns Singular investment horizons are not sufficient Investment performance period end bias

Our asset allocation program starts with an 80+ year generic study to determine the reasonableness of the Actuarial Return Assumption and / or Minimum Acceptable Return. We then look at results over multiple time periods such as 30, 20, 10 and 5 years rolling quarterly. We then show the performance results over the last 10 years using rolling periods such as 5, 3 and 1 year rolling quarterly. As a result, the analysis that follows is an example of the approach that we take with our clients. All of the work that we do is customized for the specific situations of each client. Our asset allocation methodology is proprietary and designed to minimize the frequency, magnitude and duration of underperformance; especially negative returns. The asset allocation methodology that we have used for RPCTAE since 2000 continues to be appropriate.



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INTRODUCTION

FINANCIAL INVESTMENT ORGANIZATION DESCRIPTION (Who are we?)

Name, Background, History, Experience, Scope, Mission

INVESTMENT MANAGER CLIENTS (Who believes and trusts us?)

Number, Type, Assets, Examples, Locations, Size

INVESTMENT MANAGER CLIENT PROFILES (What do they care about?)

Concerns, Interest, Priorities

INVESTMENT MANAGER DESCRIPTION (What do we do?)

Mission Statement, Goals, Objectives

INVESTMENT MANAGEMENT PHILOSOPHY (What do we believe?)

Simple Statement



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INTRODUCTION

EVIDENCE (Why do we believe it?)

Prove it ! Studies, Exhibits, Statistics, Tables, Results INVESTMENT MANAGEMENT STRATEGY (What do we do about it?)

Approach, Process, Exhibit, Diagram, Flowchart, Example INVESTMENT PERFORMANCE RESULTS (How have we done?)

Investment Horizon, Rolling Periods, Market Cycles, Benchmark Indexes, Peer Universes Risk of Investment, Fidelity to Style, Return on Investment INVESTMENT MANAGEMENT PROFESSIONALS (Who does what?)

Names, Experience, Education, Position, Responsibilities INVESTMENT CLIENT BENEFITS (Why should you care?)

Professional Quality Investment Management, Professional Quality Client Service



04/20/23 6

HUMILITY

The Encyclopedia of Ignorance is much larger than the Encyclopedia of Knowledge.

SKEPTICISM

We are all familiar with optical illusions and understand that often a different perspective will lead to better understanding. Beware of statistical illusions.

INTEREST

We need to understand what the manager is trying to accomplish and how they intend to do it.

THOROUGHNESS

Be sure to look at all of the relevant measures of performance in the context of the manager’s stated strategy and the plan sponsor’s investment needs.

FAIRNESS

Make sure that the Plan Sponsor has appropriate investment horizons and reasonable performance expectations for the Investment Managers .

INTRODUCTION: Measures of Consultant / Sponsor Attitude



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RETURN ON INVESTMENT (Higher is Better)

Positive average excess returns over relevant market / core / style benchmark indexes over multiple rolling periods and investment horizons.

RISK OF INVESTMENT (Smaller Ranges and Larger Values are Better when Excess Returns are Positive)

Reasonable range and average excess return tracking error to relevant benchmark indexes over multiple rolling periods and investment horizons.

EFFICIENCY OF INVESTMENT (Higher is Better)

High information ratio of excess returns relative to appropriate benchmark indexes over multiple rolling periods and investment horizons.

FIDELITY TO STYLE (FIT) (Smaller Spreads and Larger Values are Better)

Appropriate excess return correlations and spreads to relevant benchmark indexes over multiple rolling periods and investment horizons.

PERFORMANCE SUMMARY (Higher is Better)

A combination of the previous four measures that summarizes the total effect that the manager achieves.

INTRODUCTION: Measures of Investment Performance



04/20/23 8

INTRODUCTION: Description of Analysis

ENHANCED INVESTMENT PARTNERS, LLC – EIR ACM Active QUARTERLY RETURNS from 1/1/2004 to 12/31/2013S&P 500 LCM CW INDEX PROXY QUARTERLY RETURNS from 4/1/2010 to 3/31/2011

RUSSELL 3000 ACM CW INDEX PROXY QUARTERLY RETURNS from 1/1/1999 to 3/31/2002

The purpose of this analysis is to look at investment performance in multiple dimensions of returns, risk and efficiency and over multiple time periods from quarterly to 5 years rolling.

Among the benchmarks used for comparisons are the core and style indexes such as thethe S&P 500 Index, Russell Style Indexes, and the Barclays Aggregate Index.

Most exhibits represent a ten year time period divided into rolling periods ending each quarter.

In a ten year time period there are 40 quarters.In a ten year time period there are 37 one year periods rolling quarterly.In a ten year time period there are 29 three year periods rolling quarterly.In a ten year time period there are 21 five year periods rolling quarterly.



04/20/23 9

INTRODUCTION: Asset Allocation Passive Return Tables

PASSIVE ASSET CLASS ALLOCATION MATTERS (10 Years)

ENHANCED INVESTMENT PARTNERS, LLC. EIR ACC PASSIVE ALLOCATION EXAMPLE as of 201312

1 Market / Core Index Actual Index EIR

2 Russell 3000 All Cap Market Index CW Index Market Overlay

Returns Allocation Allocation

3 Russell 1000 Large Cap Value Index CW 7.58% 45.00% 29.25%

4 Russell 2000 Small Cap Value Index CW 8.60% 5.00% 19.75%

5 Russell 1000 Large Cap Growth Index CW 7.83% 45.00% 30.75%

6 Russell 2000 Small Cap Growth Index CW 9.40% 5.00% 20.25%

7 Russell 3000 All Cap Market Index CW 7.89% 7.83% 8.23%

8 10 Year Growth of $1 Billion $2,137,036,456 $2,126,068,679 $2,204,708,547

9 Passive Manager Performance Attribution 86.71% 89.92% 86.91%

10 A B C D E F



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ACTIVE MAINSTREAM MANAGER ALLOCATION, SELECTION & RETENTION MATTERS (10 Years)

ENHANCED INVESTMENT PARTNERS, LLC. EIR ACC ACTIVE ALLOCATION EXAMPLE as of 201312

1 Active Managers Universe Actual Index EIR

2 Wilshire All Cap Neutral Universe Median Market Overlay

Returns Allocation Allocation

3 Wilshire Large Cap Value Median 8.60% 45.00% 29.25%

4 Wilshire Small Cap Value Median 11.74% 5.00% 19.75%

5 Wilshire Large Cap Growth Median 8.86% 45.00% 30.75%

6 Wilshire Small Cap Growth Median 10.85% 5.00% 20.25%

7 Wilshire All Cap Neutral Median 8.50% 8.99% 9.76%

8 10 Year Growth of $1 Billion $2,260,983,442 $2,364,433,252 $2,536,715,886

9 Active Manager Performance Attribution 5.48% 10.08% 13.09%

10 Active Manager Excess Dollars $123,946,986 $238,364,573 $332,007,339

11 A B C D E F

INTRODUCTION: Asset Allocation Active Return Tables





Investment Performance Summary of Results



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Enhanced Investment Partners, LLC. EIR ACC A Enhanced Investment Partners, LLC. EIR ACC A Value AddedValue Added for for Plan ParticipantsPlan Participants

The Bottom Line:10 Year Average = $8.4 Million per YearThe Bottom Line:10 Year Average = $8.4 Million per Year

Cumulative Dollars for Multiple Years Ending 12/31/2013 Include All Cumulative Dollars for Multiple Years Ending 12/31/2013 Include All ShorterShorter Period DollarsPeriod Dollars$100,000,000 1 Year 3 Years 5 Years 10 Years Ending Value = $252,156,614

-$27,200,944 -$39,859,183 -$79,833,519 -$57,072,680 Policy Performance


$0 $0 $0 $0 Policy Performance

$405,160 $0 -$5,350,141 -$11,770,319 Benchmark Index Performance

$0 $0 $0 $0 Benchmark Index Performance

$27,606,103 $39,859,183 $74,483,378 $45,302,361 Benchmark Index Performance

$0 $0 $0 $0 Manager Universe Performance

-$405,160 $0 $5,350,141 $11,770,319 Manager Universe Performance

$27,200,944 $39,859,183 $79,833,519 $57,072,680 Manager Universe Performance

$6,574,636 $1,103,008 -$10,292,973 $26,682,650 Actual Performance


$33,775,579 $40,962,190 $69,540,546 $83,755,330 Actual Performance

*Wilshire AENU Median represents the median of the Wilshire All Equity Neutral Universe. **ARA 8.00% MAR Benchmark: Represents the designated portion of the 88 year return composite of 59.64% S&P 500 Index + 40.36% 91 Day Treasury Bills.

1/1/2004 Beginning Value =

Excess $ Over ARA 8.00% MAR Benchmark**

Excess $ Over Wilshire AENU Median*

Excess $ Over Russell 3000 ACM CW












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SUMMARY OF RESULTS: SUMMARY OF RESULTS: PositivePositive In-BetweenIn-Between NegativeNegative

ENHANCED INVESTMENT PARTNERS, LLC – EIR ACM vs. RUSSELL 3000 ACM CW INDEX Large positive average excess returns relative to the benchmark.

o Positive excess returns relative to the benchmark for 20 of 21 rolling 5 year periods. o Positive excess returns relative to the benchmark for 24 of 29 rolling 3 year periods. o Positive excess returns relative to the benchmark for 26 of 37 rolling 1 year periods.

Low average tracking error and small range relative to the benchmark. Moderately high average information ratio relative to the benchmark. Small positive average excess return correlation range relative to the benchmark. Large positive average performance summary relative to the benchmark.



04/20/23 14

PORTFOLIO Range of Nominal Returns & Risk Statistics (10 Years)

BENCHMARK

100.00% ALLOCATION

S&P 500 LEVEL

0.00% 7.50%

T-BILLS

A B C D E F G H I J K L M N

1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9 YEAR 10 YEAR

COVERAGE NOMINAL ANNUALIZED ANNUALIZED ANNUALIZED ANNUALIZED ANNUALIZED ANNUALIZED ANNUALIZED ANNUALIZED ANNUALIZED ANNUALIZED

LEVEL CALENDAR RETURNS RETURNS RETURNS RETURNS RETURNS RETURNS RETURNS RETURNS RETURNS RETURNS

100.00% QUARTER ROLLING ROLLING ROLLING ROLLING ROLLING ROLLING ROLLING ROLLING ROLLING ROLLING

RETURNS QUARTERLY QUARTERLY QUARTERLY QUARTERLY QUARTERLY QUARTERLY QUARTERLY QUARTERLY QUARTERLY QUARTERLY

1 9.83% 38.28% 28.08% 17.11% 18.93% 21.57% 8.59% 8.26% 9.71% 9.44% 10.16%

2 20.78% 62.97% 41.62% 27.19% 24.91% 21.57% 8.59% 8.26% 9.71% 9.64% 10.16%

3 8.54% 21.66% 15.82% 15.36% 8.75% 5.44% 5.80% 7.50% 8.18% 9.44% 10.16%

4 3.67% 14.19% 12.33% 8.14% 3.47% 3.29% 5.29% 6.78% 7.45% 8.56% 10.16%

5 -1.55% 0.86% 3.21% -2.34% 0.38% 1.56% 4.67% 6.08% 6.53% 8.34% 10.16%

6 -25.46% -39.16% -24.40% -13.47% -6.34% -3.33% 2.09% 4.17% 6.08% 7.41% 10.16%

7 2.91% 11.31% 8.94% 7.38% 5.88% 4.34% 5.26% 6.67% 7.58% 8.68% 10.16%

8 0.29% 1.74% 2.39% 2.04% 1.22% 2.84% 4.99% 6.30% 7.77% 8.99%

9 5.52% 18.08% 13.84% 10.89% 9.37% 6.22% 5.40% 6.94% 8.21% 9.21%

10 40 37 33 29 25 21 17 13 9 5 1

11 46.24% 102.13% 66.02% 40.65% 31.26% 24.89% 6.50% 4.10% 3.63% 2.23% 0.00%

12 18.83% 20.42% 14.69% 10.30% 8.30% 5.13% 1.49% 1.21% 1.14% 0.81% 0.00%

13 67.00% 70.00% 68.00% 62.00% 47.00% 36.00% 79.00% 96.00% 100.00% 100.00% 100.00%

14 0.934 0.561 0.383 0.688 1.707 1.245 0.819 1.028 0.798 4.038 0.000

15 200812 200903 200903 200903 200903 200903 201109 201109 201112 201212 201312

16 12 9 8 8 6 3 0 0 0 0 0

INVESTMENT PERFORMANCE HORIZONS

ONE YEAR TO TEN YEARS ROLLING QUARTERLY

EIP, LLC. EIR ACC A OVERLAY

IVORY DAY JR.

SUMMARY

INVESTMENT

PERFORMANCE

25TH. PERCENTILE

MEDIAN

75TH. PERCENTILE

100TH. PERCENTILE

STATISTICS

1/1/2004 - 12/31/2013

MOST RECENT

1ST. PERCENTILE

NOMINAL RETURNS

ACTUAL 4.34% MAR OCCURRENCE

September 4, 2014

AVERAGE (ERA)

1ST. HALF AVERAGE

2ND. HALF AVERAGE

NUMBER OF PERIODS

PERIOD OF LOWEST RETURNS

PERIODS OF NEGATIVE RETURNS

RANGE OF RETURNS

STANDARD DEVIATION

CORE SKEWNESS



04/20/23 15

BENCHMARK

100.00% ALLOCATION

S&P 500 LEVEL

0.00% 7.50%

T-BILLS



COVERAGE EXCESS ANNUALIZED ANNUALIZED ANNUALIZED ANNUALIZED ANNUALIZED ANNUALIZED ANNUALIZED ANNUALIZED ANNUALIZED ANNUALIZED




1 -0.24% 3.54% 2.71% 0.75% 2.16% 2.41% 1.74% 1.66% 1.95% 1.86% 2.11%

2 3.39% 6.91% 5.86% 3.32% 2.65% 2.68% 2.62% 2.69% 1.97% 2.04% 2.11%

3 1.22% 3.54% 2.71% 2.36% 2.20% 2.06% 2.22% 1.85% 1.95% 1.95% 2.11%

4 0.47% 2.58% 1.95% 1.92% 1.89% 1.74% 1.74% 1.62% 1.78% 1.94% 2.11%

5 -0.12% 1.12% 0.45% 1.19% 1.37% 1.32% 1.34% 1.52% 1.70% 1.88% 2.11%

6 -5.31% -4.28% -0.79% 0.10% 0.71% 0.91% 1.18% 1.41% 1.56% 1.86% 2.11%

7 0.54% 2.03% 1.81% 1.79% 1.82% 1.74% 1.80% 1.81% 1.79% 1.93% 2.11%

8 0.46% 1.73% 1.82% 1.80% 1.87% 2.04% 1.94% 1.73% 1.77% 1.93%

9 0.61% 2.06% 1.69% 1.70% 1.75% 1.48% 1.48% 1.60% 1.83% 1.95%

10 40 37 33 29 25 21 17 13 9 5 1

11 8.70% 11.19% 6.64% 3.22% 1.95% 1.77% 1.44% 1.28% 0.41% 0.18% 0.00%

12 3.20% 2.63% 1.61% 0.81% 0.58% 0.49% 0.47% 0.43% 0.14% 0.06% 0.00%

13 50.00% 65.00% 55.00% 56.00% 67.00% 55.00% 51.00% 32.00% 57.00% 100.00% 100.00%

14 1.270 0.665 0.510 0.599 0.587 0.753 1.193 2.294 2.354 0.169 0.000

15 201109 201203 200903 201109 201209 201109 201209 201209 201209 201312 201312

16 13 7 7 0 0 0 0 0 0 0 0



EXCESS RETURNS OVER RUSSELL 3000 ACM CW INDEX

SUMMARY

INVESTMENT

PERFORMANCE

25TH. PERCENTILE

MEDIAN

75TH. PERCENTILE

100TH. PERCENTILE

STATISTICS

1/1/2004 - 12/31/2013

MOST RECENT

1ST. PERCENTILE

September 4, 2014 IVORY DAY JR.


RANGE OF RETURNS


CORE SKEWNESS



STANDARD DEVIATION

AVERAGE (ERA)

1ST. HALF AVERAGE

2ND. HALF AVERAGE

NUMBER OF PERIODS

PORTFOLIO Range of Excess Returns & Risk Statistics (10 Years)



04/20/23 16

BENCHMARK

100.00% ALLOCATION

S&P 500 LEVEL

0.00% 7.50%

T-BILLS



COVERAGE EXCESS ANNUALIZED ANNUALIZED ANNUALIZED ANNUALIZED ANNUALIZED ANNUALIZED ANNUALIZED ANNUALIZED ANNUALIZED ANNUALIZED




1 7.19% 21.29% 11.35% 6.40% 6.30% 5.54% 4.35% 3.64% 3.68% 3.37% 3.34%

2 11.10% 21.29% 11.35% 6.40% 6.30% 5.54% 4.35% 3.64% 3.68% 3.37% 3.34%

3 1.36% 3.30% 2.41% 2.26% 1.91% 1.56% 1.80% 2.06% 1.48% 2.67% 3.34%

4 0.46% 2.34% 1.31% 1.49% 1.26% 1.37% 1.41% 1.27% 1.43% 1.63% 3.34%

5 -0.10% -0.26% 0.24% 0.89% 1.01% 0.88% 0.96% 1.17% 1.31% 1.56% 3.34%

6 -5.58% -4.32% -1.80% -0.63% 0.34% 0.34% 0.71% 0.92% 1.15% 1.52% 3.34%

7 0.86% 2.43% 1.84% 1.68% 1.64% 1.53% 1.61% 1.67% 1.76% 2.15% 3.34%

8 0.30% 1.16% 1.22% 1.14% 1.23% 1.46% 1.43% 1.33% 1.80% 2.31%

9 1.41% 3.41% 2.34% 2.10% 2.00% 1.63% 1.62% 1.76% 2.13% 2.56%

10 40 37 33 29 25 21 17 13 9 5 1

11 16.68% 25.61% 13.15% 7.03% 5.97% 5.20% 3.64% 2.73% 2.53% 1.85% 0.00%

12 5.03% 4.65% 2.62% 1.37% 1.25% 1.09% 0.91% 0.77% 0.81% 0.75% 0.00%

13 52.00% 62.00% 43.00% 48.00% 44.00% 35.00% 44.00% 39.00% 24.00% 90.00% 100.00%

14 1.609 0.370 1.035 1.298 2.576 0.398 0.873 7.443 0.396 15.899 0.000

15 201109 201203 200903 200903 200903 201109 201109 201109 201209 201212 201312

16 12 10 7 2 0 0 0 0 0 0 0


EXCESS RETURNS OVER WILSHIRE ACM CW INDEX




1ST. HALF AVERAGE

STATISTICS

1/1/2004 - 12/31/2013

25TH. PERCENTILE

MEDIAN

100TH. PERCENTILE

CORE SKEWNESS

2ND. HALF AVERAGE

NUMBER OF PERIODS

SUMMARY

INVESTMENT

PERFORMANCE

AVERAGE (ERA)

IVORY DAY JR.



MOST RECENT

1ST. PERCENTILE

September 4, 2014

75TH. PERCENTILE

RANGE OF RETURNS

STANDARD DEVIATION

PORTFOLIO Range of Excess Returns & Risk Statistics (10 Years)



04/20/23 17

PORTFOLIO RANGE OF NOMINAL RETURNS Quarterly and Annualized Returns Rolling Quarterly

11 Investment Horizons in 10 Years from 1/1/2003 to 12/31/2012

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

1 Q / 40 P 1 Y / 37 P 2 Y / 33 P 3 Y / 29 P 4 Y / 25 P 5 Y / 21 P 6 Y / 17 P 7 Y / 13 P 8 Y / 9 P 9 Y / 5 P 10 Y / 1 P

CURRENT 1ST. PERCENTILE 25TH. PERCENTILE MEDIAN 75TH. PERCENTILE 100TH. PERCENTILE AVERAGE

.



04/20/23 18

PORTFOLIO RANGE OF EXCESS RETURNS vs. RUSSELL 3000 ACM CW INDEX Quarterly and Annualized Returns Rolling Quarterly


-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%



.



04/20/23 19

PORTFOLIO RANGE OF EXCESS RETURNS vs. WILSHIRE 5000 ACM CW INDEXQuarterly and Annualized Returns Rolling Quarterly


-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%



.



04/20/23 20

RANGE OF EXCESS RETURNS vs. RUSSELL 3000 MARKET INDEXAnnualized Five Years Rolling Quarterly

21 Periods in 10 Years from 1/1/2004 to 12/31/2013

CURRENT 1ST. PERCENTILE25TH. PERCENTILE MEDIAN 75TH. PERCENTILE100TH. PERCENTILEAVERAGE (EAR)

SURZ STYLE PURE U.S. ACT -0.12% 0.83% 0.70% 0.46% -0.12% -0.56% 0.30%

SURZ STYLE PURE U.S. ACV 0.74% 3.49% 2.32% 1.77% 1.46% 0.74% 1.92%

SURZ STYLE PURE U.S. ACC -2.41% 1.68% 1.11% 0.71% 0.35% -2.41% 0.36%

SURZ STYLE PURE U.S. ACG 0.15% 0.15% -1.26% -1.55% -2.51% -3.57% -1.87%

WILSHIRE ACV CW -3.15% 1.92% 0.41% 0.15% -0.74% -3.15% -0.24%

WILSHIRE ACM CW -2.97% 0.64% 0.60% 0.52% 0.22% -2.97% 0.17%

WILSHIRE ACG CW -1.22% 2.92% 2.24% 1.28% 0.44% -1.84% 1.19%

RUSSELL 3000 ACV CW -1.65% 1.26% -1.00% -1.25% -1.99% -2.85% -1.33%

RUSSELL 3000 ACM CW 0.00% 0.00% 0.00% 0.00% -0.00% -0.00% -0.00%

RUSSELL 3000 ACG CW 1.56% 2.78% 1.89% 1.12% 0.81% -1.40% 1.20%

EIP, LLC. EIR ACC A 2.41% 2.68% 2.06% 1.74% 1.32% 0.91% 1.74%

EXCESS RETURNS



04/20/23 21

RANGE OF TRACKING ERRORS vs. RUSSELL 3000 MARKET INDEXAnnualized Five Years Rolling Quarterly


CURRENT 1ST. PERCENTILE25TH. PERCENTILE MEDIAN 75TH. PERCENTILE100TH. PERCENTILE AVERAGE

SURZ STYLE PURE U.S. ACT 0.94% 1.24% 1.21% 1.14% 1.12% 0.94% 1.15%


SURZ STYLE PURE U.S. ACC 3.35% 4.13% 3.46% 3.37% 3.31% 3.05% 3.47%

SURZ STYLE PURE U.S. ACG 4.16% 7.47% 7.32% 7.25% 7.15% 4.16% 6.95%

WILSHIRE ACV CW 5.18% 5.18% 4.34% 4.29% 4.24% 3.64% 4.28%

WILSHIRE ACM CW 4.61% 4.61% 0.60% 0.58% 0.56% 0.45% 0.90%

WILSHIRE ACG CW 7.18% 7.18% 5.55% 5.38% 5.10% 4.33% 5.42%

RUSSELL 3000 ACV CW 3.73% 4.80% 4.63% 4.41% 4.34% 3.64% 4.39%

RUSSELL 3000 ACM CW 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

RUSSELL 3000 ACG CW 3.75% 4.74% 4.52% 4.31% 4.26% 3.52% 4.31%

EIP, LLC. EIR ACC A 3.80% 4.22% 4.15% 3.11% 2.92% 2.40% 3.44%

TRACKING ERROR



04/20/23 22

RANGE OF INFORMATION RATIOS vs. RUSSELL 3000 MARKET INDEXAnnualized Five Years Rolling Quarterly



SURZ STYLE PURE U.S. ACT 0.990 0.997 0.996 0.993 0.987 0.983 0.992

SURZ STYLE PURE U.S. ACV 0.985 0.994 0.987 0.984 0.977 0.973 0.983

SURZ STYLE PURE U.S. ACC 0.944 0.984 0.981 0.972 0.967 0.944 0.970

SURZ STYLE PURE U.S. ACG 0.962 0.962 0.922 0.917 0.909 0.899 0.917

WILSHIRE ACV CW 0.921 0.983 0.963 0.960 0.951 0.921 0.957

WILSHIRE ACM CW 0.928 1.001 1.000 0.999 0.998 0.928 0.993

WILSHIRE ACG CW 0.922 0.977 0.969 0.963 0.955 0.922 0.960

RUSSELL 3000 ACV CW 0.948 0.977 0.949 0.946 0.939 0.931 0.945

RUSSELL 3000 ACM CW 1.000 1.000 1.000 1.000 1.000 1.000 1.000

RUSSELL 3000 ACG CW 0.979 0.986 0.977 0.969 0.964 0.952 0.970

EIP, LLC. EIR ACC A 0.987 0.996 0.993 0.989 0.973 0.970 0.984

INFORMATION RATIO



04/20/23 23

RANGE OF CORRELATIONS OF EXCESS RETURNS vs. RUSSELL 3000 MARKET INDEX Five Years Rolling Quarterly



SURZ STYLE PURE U.S. ACT 0.498 0.696 0.658 0.634 0.609 0.493 0.621

SURZ STYLE PURE U.S. ACV 0.256 0.939 0.700 0.644 0.583 0.256 0.634

SURZ STYLE PURE U.S. ACC 0.159 0.339 0.315 0.244 0.149 0.000 0.219

SURZ STYLE PURE U.S. ACG 0.340 0.820 0.662 0.643 0.604 0.340 0.625

WILSHIRE ACV CW 0.667 0.959 0.952 0.948 0.946 0.667 0.929

WILSHIRE ACM CW 0.068 0.686 0.638 0.613 0.596 0.068 0.568

WILSHIRE ACG CW 0.185 0.907 0.847 0.763 0.653 0.185 0.707

RUSSELL 3000 ACV CW 1.000 1.000 1.000 1.000 1.000 0.999 1.000

RUSSELL 3000 ACM CW 0.271 0.435 0.151 0.121 0.080 0.005 0.132

RUSSELL 3000 ACG CW 1.000 1.000 1.000 1.000 1.000 0.999 1.000

EIP, LLC. EIR ACC A 0.386 0.386 0.175 0.128 0.069 0.040 0.151

CORRELATION & SPREAD



04/20/23 24

RANGE OF PERFORMANCE vs. RUSSELL 3000 MARKET INDEX Annualized Five Years Rolling Quarterly



SURZ STYLE PURE U.S. ACT 49.96% 50.35% 38.86% 36.58% 34.53% 30.56% 38.01%


SURZ STYLE PURE U.S. ACC 79.17% 95.09% 84.43% 76.22% 69.72% 66.49% 77.55%

SURZ STYLE PURE U.S. ACG 64.82% 64.82% 36.20% 34.10% 32.13% 16.52% 35.49%

WILSHIRE ACV CW 30.56% 30.56% 5.30% 5.13% 4.62% 3.99% 6.83%

WILSHIRE ACM CW 82.24% 82.24% 38.23% 36.64% 33.96% 29.76% 40.43%

WILSHIRE ACG CW 78.85% 78.85% 35.84% 24.75% 15.62% 9.13% 29.65%

RUSSELL 3000 ACV CW 0.01% 0.07% 0.04% 0.04% 0.03% 0.01% 0.04%

RUSSELL 3000 ACM CW 72.90% 99.49% 91.98% 87.88% 84.90% 56.52% 86.77%

RUSSELL 3000 ACG CW 0.01% 0.07% 0.04% 0.04% 0.04% 0.01% 0.04%

EIP, LLC. EIR ACC A 65.30% 101.32% 98.14% 92.17% 85.56% 65.30% 89.20%

PERFORMANCE SUMMARY



04/20/23 25

RANGE OF EXCESS RETURNS vs. RUSSELL 3000 MARKET INDEXAnnualized Five Years Rolling Quarterly


-4.0%

-3.0%

-2.0%

-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

SURZ STYLE

PURE U.S. ACT

SURZ STYLE

PURE U.S. ACV

SURZ STYLE

PURE U.S. ACC

SURZ STYLE

PURE U.S. ACG

WILSHIRE ACV

CW

WILSHIRE ACM

CW

WILSHIRE ACG

CW

RUSSELL 3000

ACV CW

RUSSELL 3000

ACM CW

RUSSELL 3000

ACG CW

EIP, LLC. EIR

ACC A

CURRENT 1ST. PERCENTILE 25TH. PERCENTILE MEDIAN 75TH. PERCENTILE 100TH. PERCENTILE AVERAGE (EAR)

.



04/20/23 26

RANGE OF TRACKING ERRORS vs. RUSSELL 3000 MARKET INDEXAnnualized Five Years Rolling Quarterly


0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

SURZ STYLE

PURE U.S. ACT

SURZ STYLE

PURE U.S. ACV

SURZ STYLE

PURE U.S. ACC

SURZ STYLE

PURE U.S. ACG

WILSHIRE ACV

CW

WILSHIRE ACM

CW

WILSHIRE ACG

CW

RUSSELL 3000

ACV CW

RUSSELL 3000

ACM CW

RUSSELL 3000

ACG CW

EIP, LLC. EIR ACC

A


.



04/20/23 27

RANGE OF INFORMATION RATIOS vs. RUSSELL 3000 MARKET INDEXAnnualized Five Years Rolling Quarterly


0.700

0.750

0.800

0.850

0.900

0.950

1.000

1.050

SURZ STYLE

PURE U.S. ACT

SURZ STYLE

PURE U.S. ACV

SURZ STYLE

PURE U.S. ACC

SURZ STYLE

PURE U.S. ACG

WILSHIRE ACV

CW

WILSHIRE ACM

CW

WILSHIRE ACG

CW

RUSSELL 3000

ACV CW

RUSSELL 3000

ACM CW

RUSSELL 3000

ACG CW

EIP, LLC. EIR ACC

A


.



04/20/23 28

RANGE OF CORRELATIONS OF EXCESS RETURNS vs. RUSSELL 3000 MARKET INDEXFive Years Rolling Quarterly


-1.000

-0.800

-0.600

-0.400

-0.200

0.000

0.200

0.400

0.600

0.800

1.000

SURZ STYLE

PURE U.S. ACT

SURZ STYLE

PURE U.S. ACV

SURZ STYLE

PURE U.S. ACC

SURZ STYLE

PURE U.S. ACG

WILSHIRE ACV

CW

WILSHIRE ACM

CW

WILSHIRE ACG

CW

RUSSELL 3000

ACV CW

RUSSELL 3000

ACM CW

RUSSELL 3000

ACG CW

EIP, LLC. EIR

ACC A


.



04/20/23 29

RANGE OF PERFORMANCE vs. RUSSELL 3000 MARKET INDEXAnnualized Five Years Rolling Quarterly


0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

120.0%

SURZ STYLE

PURE U.S. ACT

SURZ STYLE

PURE U.S. ACV

SURZ STYLE

PURE U.S. ACC

SURZ STYLE

PURE U.S. ACG

WILSHIRE ACV

CW

WILSHIRE ACM

CW

WILSHIRE ACG

CW

RUSSELL 3000

ACV CW

RUSSELL 3000

ACM CW

RUSSELL 3000

ACG CW

EIP, LLC. EIR

ACC A


.





Fidelity to Investment Style (Fit)



04/20/23 31

-1.000

-0.800

-0.600

-0.400

-0.200

0.000

0.200

0.400

0.600

0.800

1.000

COMBINED

ACV CW

RUSSELL

3000 ACV

CW

SURZ

STYLE

PURE U.S.

ACV

WILSHIRE

ACV CW

COMBINED

ACM CW

RUSSELL

3000 ACM

CW

SURZ

STYLE

PURE U.S.

ACC

WILSHIRE

ACM CW

COMBINED

ACG CW

RUSSELL

3000 ACG

CW

SURZ

STYLE

PURE U.S.

ACG

WILSHIRE

ACG CW

EIP, LLC.

EIR ACC A

RUSSELL

3000 ACV

CW

RUSSELL

3000 ACM

CW

RUSSELL

3000 ACG

CW

CURRENT 1ST. PERCENTILE 25TH. PERCENTILEMEDIAN 75TH. PERCENTILE 100TH. PERCENTILEAVERAGE PERFECT POSITIVE CORRELATION ZERO CORRELATIONPERFECT NEGATIVE CORRELATION

.

RANGE OF SELECTED CORRELATIONS OF NOMINAL RETURNS vs. BENCHMARKSBased on Five Years of Returns Rolling Quarterly




04/20/23 32

SUMMARY OF RESULTS: Don’t Mess with Mr. In Between

1 0.996

2 0.994

3 0.994

4 0.993

5 0.991

6 0.990

7 0.9908 0.989

9 0.988

10 0.988

11 0.987

12 0.985

13 0.985

14 0.984

15 0.984

16 0.983

SURZ STYLE PURE U.S. ACT BENCHMARK

WILSHIRE ACM CW INDEX

RUSSELL 1000 LCM CW INDEX

WILSHIRE LCM CW INDEX

COMBINED LCM CW BENCHMARK

SURZ STYLE PURE U.S. MCT BENCHMARK

EIP, LLC. EIR ACC A OVERLAY VS. NOMINAL 0 BENCHMARK

RUSSELL 2500 SMCM CW INDEX

WILSHIRE SCM CW INDEX

SURZ STYLE PURE U.S. ACC BENCHMARK

WILSHIRE MCM CW INDEX

FIRST QUARTILE AVERAGE NOMINAL RETURN CORRELATIONS

COMBINED ACM CW BENCHMARK

RUSSELL 3000 ACM CW INDEX

S&P 500 LCM CW INDEX

SURZ STYLE PURE U.S. SCC BENCHMARK

RUSSELL 800 MCM CW INDEX

COMBINED MCM CW BENCHMARK



04/20/23 33


17 0.983

18 0.983

19 0.983

20 0.982

21 0.981

22 0.981

23 0.979

24 0.979

25 0.977

26 0.977

27 0.977

28 0.977

29 0.976

30 0.976

31 0.976

32 0.975

RUSSELL 2000 SCG CW INDEX

WILSHIRE SCG CW INDEX

WILSHIRE ACV CW INDEX

SURZ STYLE PURE U.S. SCT BENCHMARK

SURZ STYLE PURE U.S. LCC BENCHMARK

S&P 600 SCG CW INDEX

RUSSELL 800 MCV CW INDEX

COMBINED MCV CW BENCHMARK

COMBINED SCM CW BENCHMARK

S&P 400 MCM CW INDEX

RUSSELL 2500 SMCG CW INDEX

COMBINED ACV CW BENCHMARK

SECOND QUARTILE AVERAGE NOMINAL RETURN CORRELATIONS


COMBINED ACG CW BENCHMARK

S&P 400 MCV CW INDEX

SURZ STYLE PURE U.S. LCT BENCHMARK

COMBINED SCG CW BENCHMARK



04/20/23 34


33 0.974

34 0.974

35 0.974

36 0.974

37 0.974

38 0.973

39 0.972

40 0.972

41 0.970

42 0.970

43 0.969

44 0.968

45 0.968

46 0.967

47 0.965

48 0.963

S&P 600 SCM CW INDEX

COMBINED LCG CW BENCHMARK

WILSHIRE LCV CW INDEX

S&P 500 LCG CW INDEX

RUSSELL 2000 SCM CW INDEX

RUSSELL 1000 LCV CW INDEX

THIRD QUARTILE AVERAGE NOMINAL RETURN CORRELATIONS


WILSHIRE MCV CW INDEX

RUSSELL 3000 ACG CW INDEX

SURZ STYLE PURE U.S. MCC BENCHMARK

WILSHIRE LCG CW INDEX

RUSSELL 3000 ACV CW INDEX

SURZ STYLE PURE U.S. MCV BENCHMARK

SURZ STYLE PURE U.S. ACV BENCHMARK

WILSHIRE ACG CW INDEX

S&P 500 LCV CW INDEX

COMBINED LCV CW BENCHMARK



04/20/23 35


49 0.962

50 0.962

51 0.961

52 0.960

53 0.960

54 0.959

55 0.958

56 0.956

57 0.955

58 0.953

59 0.948

60 0.948

61 0.945

62 0.942

63 0.941

64 0.925

SURZ STYLE PURE U.S. SCV BENCHMARK

S&P 400 MCG CW INDEX

SURZ STYLE PURE U.S. LCG BENCHMARK

RUSSELL 2000 SCV CW INDEX

SURZ STYLE PURE U.S. MCG BENCHMARK

COMBINED SCV CW BENCHMARK

S&P 600 SCV CW INDEX

SURZ STYLE PURE U.S. SCG BENCHMARK

COMBINED MCG CW BENCHMARK

WILSHIRE MCG CW INDEX

WILSHIRE SCV CW INDEX

RUSSELL 800 MCG CW INDEX

SURZ STYLE PURE U.S. ACG BENCHMARK

SURZ STYLE PURE U.S. LCV BENCHMARK

RUSSELL 2500 SMCV CW INDEX

RUSSELL 1000 LCG CW INDEX


FOURTH QUARTILE AVERAGE NOMINAL RETURN CORRELATIONS



04/20/23 36

-1.000

-0.800

-0.600

-0.400

-0.200

0.000

0.200

0.400

0.600

0.800

1.000

COMBINED

ACV CW

RUSSELL

3000 ACV

CW

SURZ STYLE

PURE U.S.

ACV

WILSHIRE

ACV CW

COMBINED

ACM CW

RUSSELL

3000 ACM

CW

SURZ STYLE

PURE U.S.

ACC

WILSHIRE

ACM CW

COMBINED

ACG CW

RUSSELL

3000 ACG

CW

SURZ STYLE

PURE U.S.

ACG

WILSHIRE

ACG CW

EIP, LLC. EIR

ACC A

RUSSELL

3000 ACV

CW

RUSSELL

3000 ACM

CW

RUSSELL

3000 ACG

CW


.

RANGE OF SELECTED CORRELATIONS OF EXCESS RETURNS vs. BENCHMARKSBased on Five Years of Returns Rolling Quarterly




04/20/23 37


1 0.840

2 0.838

3 0.836

4 0.820

5 0.819

6 0.813

7 0.7958 0.780

9 0.771

10 0.760

11 0.726

12 0.704

13 0.701

14 0.700

15 0.699

16 0.695

WILSHIRE SCM CW INDEX

RUSSELL 2500 SMCM CW INDEX

WILSHIRE SCG CW INDEX

RUSSELL 2000 SCG CW INDEX

SURZ STYLE PURE U.S. SCT BENCHMARK

WILSHIRE MCM CW INDEX

EIP, LLC. EIR ACC A OVERLAY VS. RUSSELL 3000 ACM CW INDEX

SURZ STYLE PURE U.S. SCC BENCHMARK

COMBINED MCM CW BENCHMARK

RUSSELL 2500 SMCG CW INDEX

S&P 400 MCV CW INDEX

FIRST QUARTILE AVERAGE EXCESS RETURN CORRELATIONS

COMBINED SCG CW BENCHMARK

COMBINED ACM CW BENCHMARK

SURZ STYLE PURE U.S. SCG BENCHMARK

COMBINED SCM CW BENCHMARK

RUSSELL 2000 SCM CW INDEX

RUSSELL 800 MCM CW INDEX



04/20/23 38


17 0.678

18 0.677

19 0.658

20 0.642

21 0.629

22 0.612

23 0.592

24 0.567

25 0.554

26 0.551

27 0.550

28 0.519

29 0.517

30 0.506

31 0.500

32 0.497

WILSHIRE MCG CW INDEX

COMBINED SCV CW BENCHMARK

WILSHIRE MCV CW INDEX

SURZ STYLE PURE U.S. MCV BENCHMARK

COMBINED ACV CW BENCHMARK

S&P 600 SCV CW INDEX

S&P 400 MCM CW INDEX

S&P 600 SCM CW INDEX

WILSHIRE SCV CW INDEX

COMBINED ACG CW BENCHMARK

RUSSELL 2500 SMCV CW INDEX

SURZ STYLE PURE U.S. SCV BENCHMARK

SECOND QUARTILE AVERAGE EXCESS RETURN CORRELATIONS


RUSSELL 800 MCV CW INDEX

S&P 600 SCG CW INDEX

COMBINED MCV CW BENCHMARK

SURZ STYLE PURE U.S. MCT BENCHMARK



04/20/23 39


33 0.487

34 0.469

35 0.436

36 0.424

37 0.424

38 0.414

39 0.410

40 0.353

41 0.322

42 0.151

43 0.139

44 0.135

45 0.090

46 0.068

47 0.043

48 0.029

SURZ STYLE PURE U.S. LCC BENCHMARK

RUSSELL 1000 LCV CW INDEX

SURZ STYLE PURE U.S. ACC BENCHMARK

WILSHIRE ACM CW INDEX

COMBINED MCG CW BENCHMARK

SURZ STYLE PURE U.S. MCG BENCHMARK

THIRD QUARTILE AVERAGE EXCESS RETURN CORRELATIONS


RUSSELL 3000 ACV CW INDEX

WILSHIRE ACV CW INDEX

SURZ STYLE PURE U.S. ACG BENCHMARK

S&P 500 LCV CW INDEX

RUSSELL 2000 SCV CW INDEX

S&P 400 MCG CW INDEX

RUSSELL 800 MCG CW INDEX

SURZ STYLE PURE U.S. MCC BENCHMARK

SURZ STYLE PURE U.S. ACT BENCHMARK

WILSHIRE ACG CW INDEX



04/20/23 40


49 -0.011

50 -0.014

51 -0.035

52 -0.081

53 -0.150

54 -0.190

55 -0.260

56 -0.260

57 -0.313

58 -0.492

59 -0.567

60 -0.610

61 -0.734

62 -0.738

63 -0.792

64 -0.823

COMBINED LCG CW BENCHMARK

WILSHIRE LCM CW INDEX

COMBINED LCM CW BENCHMARK

S&P 500 LCM CW INDEX

S&P 500 LCG CW INDEX

SURZ STYLE PURE U.S. LCV BENCHMARK

RUSSELL 1000 LCM CW INDEX

SURZ STYLE PURE U.S. LCT BENCHMARK

WILSHIRE LCG CW INDEX

RUSSELL 3000 ACM CW INDEX

RUSSELL 3000 ACG CW INDEX

SURZ STYLE PURE U.S. ACV BENCHMARK

WILSHIRE LCV CW INDEX

RUSSELL 1000 LCG CW INDEX

SURZ STYLE PURE U.S. LCG BENCHMARK

COMBINED LCV CW BENCHMARK


FOURTH QUARTILE AVERAGE EXCESS RETURN CORRELATIONS



04/20/23 41

RANGE OF FIRST QUARTILE CORRELATIONS OF EXCESS RETURNS vs. BENCHMARKSBased on Five Years of Returns Rolling Quarterly21 Periods in 10 Years from 1/1/2004 to 12/31/2013

-1.000

-0.800

-0.600

-0.400

-0.200

0.000

0.200

0.400

0.600

0.800

1.000

COMBINED

SCG CW

COMBINED

ACM CW

WILSHIRE

SCM CW

RUSSELL

2500

SMCM CW

WILSHIRE

SCG CW

RUSSELL

2000 SCG

CW

SURZ

STYLE

PURE U.S.

SCT

SURZ

STYLE

PURE U.S.

SCC

SURZ

STYLE

PURE U.S.

SCG

COMBINED

SCM CW

RUSSELL

2000 SCM

CW

RUSSELL

800 MCM

CW

WILSHIRE

MCM CW

COMBINED

MCM CW

RUSSELL

2500 SMCG

CW

S&P 400

MCV CW


.



04/20/23 42

RANGE OF SECOND QUARTILE CORRELATIONS OF EXCESS RETURNS vs. BENCHMARKSBased on Five Years of Returns Rolling Quarterly21 Periods in 10 Years from 1/1/2004 to 12/31/2013

-1.000

-0.800

-0.600

-0.400

-0.200

0.000

0.200

0.400

0.600

0.800

1.000

RUSSELL

800 MCV CW

S&P 600

SCG CW

COMBINED

MCV CW

SURZ STYLE

PURE U.S.

MCT

S&P 400

MCM CW

S&P 600

SCM CW

WILSHIRE

SCV CW

COMBINED

ACG CW

RUSSELL

2500 SMCV

CW

SURZ STYLE

PURE U.S.

SCV

WILSHIRE

MCG CW

COMBINED

SCV CW

WILSHIRE

MCV CW

SURZ STYLE

PURE U.S.

MCV

COMBINED

ACV CW

S&P 600

SCV CW


.



04/20/23 43

RANGE OF THIRD QUARTILE CORRELATIONS OF EXCESS RETURNS vs. BENCHMARKSBased on Five Years of Returns Rolling Quarterly21 Periods in 10 Years from 1/1/2004 to 12/31/2013

-1.000

-0.800

-0.600

-0.400

-0.200

0.000

0.200

0.400

0.600

0.800

1.000

COMBINED

MCG CW

SURZ STYLE

PURE U.S.

MCG

RUSSELL

2000 SCV

CW

S&P 400

MCG CW

RUSSELL

800 MCG CW

SURZ STYLE

PURE U.S.

MCC

SURZ STYLE

PURE U.S.

ACT

WILSHIRE

ACG CW

SURZ STYLE

PURE U.S.

ACG

S&P 500

LCV CW

RUSSELL

3000 ACV

CW

WILSHIRE

ACV CW

SURZ STYLE

PURE U.S.

LCC

RUSSELL

1000 LCV CW

SURZ STYLE

PURE U.S.

ACC

WILSHIRE

ACM CW


.



04/20/23 44

RANGE OF FOURTH QUARTILE CORRELATIONS OF EXCESS RETURNS vs. BENCHMARKSBased on Five Years of Returns Rolling Quarterly21 Periods in 10 Years from 1/1/2004 to 12/31/2013

-1.000

-0.800

-0.600

-0.400

-0.200

0.000

0.200

0.400

0.600

0.800

1.000

SURZ STYLE

PURE U.S.

LCG

COMBINED

LCV CW

WILSHIRE

LCG CW

RUSSELL

3000 ACM

CW

RUSSELL

3000 ACG

CW

SURZ STYLE

PURE U.S.

ACV

WILSHIRE

LCV CW

RUSSELL

1000 LCG

CW

COMBINED

LCG CW

WILSHIRE

LCM CW

S&P 500

LCG CW

SURZ STYLE

PURE U.S.

LCV

RUSSELL

1000 LCM

CW

SURZ STYLE

PURE U.S.

LCT

COMBINED

LCM CW

S&P 500

LCM CW


.



04/20/23 45

CORRELATION OF EXCESS RETURNS vs. RUSSELL 3000 ACM CW INDEXBased on Annualized Five Years of Returns Rolling Quarterly


-1.500

-1.000

-0.500

0.000

0.500

1.000

1.500

200812 200903 200906 200909 200912 201003 201006 201009 201012 201103 201106 201109 201112 201203 201206 201209 201212 201303 201306 201309 201312 AVERAGE

EIP, LLC. EIR ACC A EXCESS RUSSELL 3000 ACV CWRUSSELL 3000 ACG CW PERFECT POSITIVE CORRELATIONPERFECT NEGATIVE CORRELATION ZERO CORRELATION



04/20/23 46

CORRELATION OF EXCESS RETURNS vs. RUSSELL 3000 ACM CW INDEXBased on Annualized Five Years of Returns Rolling Quarterly


-1.500

-1.000

-0.500

0.000

0.500

1.000

1.500

200812 200903 200906 200909 200912 201003 201006 201009 201012 201103 201106 201109 201112 201203 201206 201209 201212 201303 201306 201309 201312 AVERAGE

EIP, LLC. EIR ACC P EXCESS RUSSELL 1000 LCV CWRUSSELL 2000 SCG CW PERFECT POSITIVE CORRELATIONPERFECT NEGATIVE CORRELATION ZERO CORRELATION





Investment Performance Comparisons



04/20/23 48

SUMMARY OF RESULTS: SUMMARY OF RESULTS: PositivePositive In-BetweenIn-Between NegativeNegative

ENHANCED INVESTMENT PARTNERS, LLC – EIR ACM vs. RUSSELL 3000 ACM CW INDEX Large positive average excess returns relative to the benchmark.(Page 65)

o Positive excess returns relative to the benchmark for 21 of 21 rolling 5 year periods. (Page 60) o Positive excess returns relative to the benchmark for 29 of 29 rolling 3 year periods. (Page 59) o Positive excess returns relative to the benchmark for 30 of 37 rolling 1 year periods. (Page 58)

Low average tracking error and small range relative to the benchmark.(Page 67) Moderately high average information ratio relative to the benchmark.(Page 68) Small positive average excess return correlation range relative to the benchmark.(Page 69) Large positive average performance summary relative to the benchmark.(Page 70)



04/20/23 49

Enhanced Investment Partners, LLC. EIR ACC A Enhanced Investment Partners, LLC. EIR ACC A Value AddedValue Added for for Plan ParticipantsPlan Participants

The Bottom Line:10 Year Average = $8.4 Million per YearThe Bottom Line:10 Year Average = $8.4 Million per Year

Cumulative Dollars for Multiple Years Ending 12/31/2013 Include All Cumulative Dollars for Multiple Years Ending 12/31/2013 Include All ShorterShorter Period DollarsPeriod Dollars$100,000,000 1 Year 3 Years 5 Years 10 Years Ending Value = $252,156,614



$0 $0 $0 $0 Policy Performance

$405,160 $0 -$5,350,141 -$11,770,319 Benchmark Index Performance

$0 $0 $0 $0 Benchmark Index Performance

$27,606,103 $39,859,183 $74,483,378 $45,302,361 Benchmark Index Performance

$0 $0 $0 $0 Manager Universe Performance

-$405,160 $0 $5,350,141 $11,770,319 Manager Universe Performance

$27,200,944 $39,859,183 $79,833,519 $57,072,680 Manager Universe Performance



$33,775,579 $40,962,190 $69,540,546 $83,755,330 Actual Performance

*Wilshire AENU Median represents the median of the Wilshire All Equity Neutral Universe. **ARA 8.00% MAR Benchmark: Represents the designated portion of the 88 year return composite of 59.64% S&P 500 Index + 40.36% 91 Day Treasury Bills.

1/1/2004 Beginning Value =















04/20/23 50

NOMINAL and EXCESS RETURNS vs. MARKET BENCHMARKQuarterly Returns


-30.0%

-20.0%

-10.0%

0.0%

10.0%

20.0%

30.0%

EIP, LLC. EIR ACC A EXCESS EIP, LLC. EIR ACC A RUSSELL 3000 ACM CW



04/20/23 51

NOMINAL and EXCESS RETURNS vs. MARKET BENCHMARKCumulative Quarterly Returns


-50.0%

0.0%

50.0%

100.0%

150.0%

200.0%

EXCESS EIP, LLC. EIR ACC A RUSSELL 3000 ACM CW



04/20/23 52

NOMINAL and EXCESS DOLLARS vs. MARKET BENCHMARKCumulative Quarterly Dollars


$0

$50,000,000

$100,000,000

$150,000,000

$200,000,000

$250,000,000

$300,000,000

EXCESS EIP, LLC. EIR ACC A RUSSELL 3000 ACM CW



04/20/23 53



QUARTERLY

RETURN

PERIODS EIP, LLC. EIR ACC ARUSSELL 3000 ACM CWEXCESS

1 200403 4.03% 2.23% 1.76%

2 200406 1.44% 1.33% 0.11%

3 200409 -0.84% -1.90% 1.08%

4 200412 11.63% 10.16% 1.34%

5 200503 -2.27% -2.20% -0.07%

6 200506 3.15% 2.24% 0.89%

7 200509 4.43% 4.01% 0.40%

8 200512 1.94% 2.04% -0.10%

9 200603 8.13% 5.32% 2.67%

10 200606 -1.77% -1.98% 0.22%

11 200609 4.67% 4.64% 0.02%

12 200612 8.32% 7.12% 1.12%

13 200703 1.82% 1.27% 0.54%

14 200706 5.39% 5.77% -0.35%

15 200709 1.83% 1.55% 0.27%

16 200712 -2.70% -3.34% 0.66%

17 200803 -10.04% -9.52% -0.58%

18 200806 0.48% -1.69% 2.21%

19 200809 -8.36% -8.73% 0.40%

20 200812 -25.46% -22.78% -3.46%



04/20/23 54



21 200903 -11.37% -10.80% -0.64%

22 200906 20.78% 16.82% 3.39%

23 200909 17.67% 16.31% 1.17%

24 200912 5.34% 5.90% -0.53%

25 201003 8.85% 5.94% 2.75%

26 201006 -10.51% -11.32% 0.91%

27 201009 11.28% 11.53% -0.22%

28 201012 14.91% 11.59% 2.98%

29 201103 7.54% 6.38% 1.09%

30 201106 -1.48% -0.03% -1.45%

31 201109 -19.78% -15.28% -5.31%

32 201112 15.20% 12.12% 2.74%

33 201203 12.67% 12.87% -0.17%

34 201206 -3.13% -3.15% 0.01%

35 201209 6.21% 6.24% -0.03%

36 201212 2.35% 0.25% 2.09%

37 201303 12.38% 11.07% 1.18%

38 201306 3.31% 2.69% 0.60%

39 201309 8.44% 6.35% 1.97%

40 201312 9.83% 10.10% -0.24%

41 AVERAGE 2.91% 2.28% 0.62%



04/20/23 55



CUMULATIVE

RETURN


1 200403 4.03% 2.23% 1.76%

2 200406 5.53% 3.59% 1.87%

3 200409 4.64% 1.62% 2.97%

4 200412 16.82% 11.95% 4.35%

5 200503 14.16% 9.48% 4.27%

6 200506 17.76% 11.94% 5.20%

7 200509 22.97% 16.42% 5.63%

8 200512 25.36% 18.80% 5.52%

9 200603 35.55% 25.12% 8.34%

10 200606 33.16% 22.64% 8.57%

11 200609 39.37% 28.33% 8.60%

12 200612 50.96% 37.47% 9.81%

13 200703 53.70% 39.22% 10.41%

14 200706 61.99% 47.25% 10.01%

15 200709 64.96% 49.53% 10.32%

16 200712 60.51% 44.54% 11.05%

17 200803 44.39% 30.78% 10.41%

18 200806 45.08% 28.57% 12.85%

19 200809 32.95% 17.34% 13.30%

20 200812 -0.89% -9.39% 9.38%



04/20/23 56



21 200903 -12.16% -19.17% 8.67%

22 200906 6.09% -5.58% 12.36%

23 200909 24.84% 9.82% 13.67%

24 200912 31.51% 16.30% 13.08%

25 201003 43.15% 23.21% 16.18%

26 201006 28.10% 9.26% 17.24%

27 201009 42.55% 21.86% 16.98%

28 201012 63.81% 35.99% 20.46%

29 201103 76.16% 44.66% 21.78%

30 201106 73.56% 44.62% 20.02%

31 201109 39.24% 22.52% 13.64%

32 201112 60.40% 37.37% 16.76%

33 201203 80.72% 55.05% 16.56%

34 201206 75.06% 50.17% 16.58%

35 201209 85.93% 59.54% 16.54%

36 201212 90.29% 59.94% 18.97%

37 201303 113.85% 77.65% 20.38%

38 201306 120.92% 82.43% 21.10%

39 201309 139.57% 94.01% 23.49%

40 201312 163.13% 113.60% 23.19%

40 AVERAGE 49.49% 31.77% 12.56%



04/20/23 57



CUMULATIVE

$100,000,000


1 200403 $104,031,379 $102,230,100 $1,801,279

2 200406 $105,530,550 $103,589,658 $1,940,892

3 200409 $104,641,193 $101,621,558 $3,019,635

4 200412 $116,815,585 $111,946,207 $4,869,378

5 200503 $114,160,939 $109,483,502 $4,677,437

6 200506 $117,758,138 $111,935,823 $5,822,315

7 200509 $122,974,797 $116,424,562 $6,550,235

8 200512 $125,359,948 $118,799,506 $6,560,441

9 200603 $135,553,744 $125,119,759 $10,433,985

10 200606 $133,155,455 $122,642,263 $10,513,193

11 200609 $139,368,527 $128,332,986 $11,035,540

12 200612 $150,958,014 $137,470,166 $13,487,848

13 200703 $153,701,694 $139,216,175 $14,485,519

14 200706 $161,993,689 $147,248,809 $14,744,880

15 200709 $164,956,379 $149,531,313 $15,425,066

16 200712 $160,506,898 $144,536,817 $15,970,080

17 200803 $144,385,032 $130,777,057 $13,607,975

18 200806 $145,083,481 $128,566,794 $16,516,687

19 200809 $132,951,285 $117,343,041 $15,608,243

20 200812 $99,108,023 $90,612,179 $8,495,844



04/20/23 58



21 200903 $87,837,395 $80,826,154 $7,011,241

22 200906 $106,091,528 $94,421,033 $11,670,495

23 200909 $124,837,798 $109,821,198 $15,016,600

24 200912 $131,508,912 $116,300,539 $15,208,373

25 201003 $143,145,175 $123,208,907 $19,936,268

26 201006 $128,095,056 $109,261,535 $18,833,520

27 201009 $142,550,072 $121,859,500 $20,690,573

28 201012 $163,807,973 $135,985,331 $27,822,642

29 201103 $176,162,175 $144,661,331 $31,500,844

30 201106 $173,563,371 $144,617,788 $28,945,583

31 201109 $139,237,317 $122,521,636 $16,715,681

32 201112 $160,400,412 $137,373,464 $23,026,948

33 201203 $180,723,192 $155,048,071 $25,675,121

34 201206 $175,062,348 $150,170,569 $24,891,779

35 201209 $185,927,212 $159,537,158 $26,390,054

36 201212 $190,290,761 $159,943,659 $30,347,102

37 201303 $213,854,428 $177,649,581 $36,204,847

38 201306 $220,924,933 $182,428,178 $38,496,756

39 201309 $239,572,273 $194,009,083 $45,563,189

40 201312 $263,129,733 $213,603,807 $49,525,926

40 AVERAGE $149,492,920 $131,766,920 $17,726,000



04/20/23 59

NOMINAL and EXCESS RETURNS vs. MARKET BENCHMARKQuarterly Returns (The View from 250 Feet)


-30.0%

-20.0%

-10.0%

0.0%

10.0%

20.0%

30.0%




04/20/23 60

NOMINAL and EXCESS RETURNS vs. MARKET BENCHMARKOne Year Returns Rolling Quarterly (The View from 1000 Feet)


-60.0%

-40.0%

-20.0%

0.0%

20.0%

40.0%

60.0%

80.0%


`



04/20/23 61

NOMINAL and EXCESS RETURNS vs. MARKET BENCHMARKAnnualized Three Year Returns Rolling Quarterly (The View from 3000 Feet)


-20.0%

-15.0%

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%




04/20/23 62

NOMINAL and EXCESS RETURNS vs. MARKET BENCHMARKAnnualized Five Year Returns Rolling Quarterly (The View from 5000 Feet)


-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

200812 200903 200906 200909 200912 201003 201006 201009 201012 201103 201106 201109 201112 201203 201206 201209 201212 201303 201306 201309 201312 AVERAGE




04/20/23 63

NOMINAL and EXCESS STANDARD DEVIATIONS vs. MARKET BENCHMARKBased on Annualized Five Year Returns Rolling Quarterly


0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

200812 200903 200906 200909 200912 201003 201006 201009 201012 201103 201106 201109 201112 201203 201206 201209 201212 201303 201306 201309 201312 AVERAGE




04/20/23 64

NOMINAL and EXCESS EFFICIENCY RATIOS vs. MARKET BENCHMARKBased on Annualized Five Year Statistics Rolling Quarterly


-0.250

-0.200

-0.150

-0.100

-0.050

0.000

0.050

200812 200903 200906 200909 200912 201003 201006 201009 201012 201103 201106 201109 201112 201203 201206 201209 201212 201303 201306 201309 201312 AVERAGE


`



04/20/23 65

NOMINAL and EXCESS SHARPE RATIOS vs. MARKET BENCHMARKBased on Annualized Five Year Statistics Rolling Quarterly


-0.250

-0.200

-0.150

-0.100

-0.050

0.000

0.050

200812 200903 200906 200909 200912 201003 201006 201009 201012 201103 201106 201109 201112 201203 201206 201209 201212 201303 201306 201309 201312 AVERAGE




04/20/23 66

EIP, LLC. EIR ACC A

RUSSELL 3000 ACM CW

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

3.0% 8.0% 13.0% 18.0% 23.0% 28.0%

Annualized Standard Deviation %

An

nu

aliz

ed R

etu

rns

%

More RewardMore Risk

Less RewardLess Risk

Less RewardMore Risk

LARGER SYMBOLSMORE RECENT

SMALLER SYMBOLSMORE DISTANT

MANAGER EFFICIENCY (Return / Standard Deviation) vs. MARKET BENCHMARK Based on Annualized Five Year Returns Rolling Quarterly


More RewardLess Risk



04/20/23 67

EXCESS RETURNS vs. BENCHMARKSBased on Annualized Five Year Returns Rolling Quarterly


-2.0%

-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

200812 200903 200906 200909 200912 201003 201006 201009 201012 201103 201106 201109 201112 201203 201206 201209 201212 201303 201306 201309 201312 AVERAGE

RUSSELL 3000 ACV CW RUSSELL 3000 ACM CW RUSSELL 3000 ACG CW



04/20/23 68

EXCESS DOLLARS vs. BENCHMARKS on Base of $100,000,000Based on Annualized Five Year Returns Rolling Quarterly


$3

$9

$12

$14 $14

$18$18

$18

$22$21

$23

$19

$21$22

$20

$17

$14

$16

$9

$18

$22

$17

$9

$7

$10 $10

$8

$11 $11$11

$14

$12

$11

$5

$6$6 $6 $6

$7

$9

$7

$9

$13

$9

$17

$6

$10

$8

$4

$6$6

$5

$8

$5

$0

($8)

($6)

($8)

($6)

($4)

$1

$3

$6

$2

$4

$3

($10)

($5)

$0

$5

$10

$15

$20

$25

200812 200903 200906 200909 200912 201003 201006 201009 201012 201103 201106 201109 201112 201203 201206 201209 201212 201303 201306 201309 201312 AVERAGE

Millions




04/20/23 69

EXCESS RETURN TRACKING ERROR vs. MARKET BENCHMARKBased on Annualized Five Year Returns Rolling Quarterly


0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

200812 200903 200906 200909 200912 201003 201006 201009 201012 201103 201106 201109 201112 201203 201206 201209 201212 201303 201306 201309 201312 AVERAGE

RUSSELL 3000 ACV CW RUSSELL 3000 ACG CW EIP, LLC. EIR ACC A



04/20/23 70

INFORMATION RATIO vs. MARKET BENCHMARKBased on Annualized Five Year Statistics Rolling Quarterly


0.800

0.850

0.900

0.950

1.000

1.050

200812 200903 200906 200909 200912 201003 201006 201009 201012 201103 201106 201109 201112 201203 201206 201209 201212 201303 201306 201309 201312 AVERAGE

RUSSELL 3000 ACV CW RUSSELL 3000 ACG CW EIP, LLC. EIR ACC A



04/20/23 71

CORRELATION OF EXCESS RETURNS vs. MARKET BENCHMARKBased on Annualized Five Years of Returns Rolling Quarterly


-1.500

-1.000

-0.500

0.000

0.500

1.000

1.500

200812 200903 200906 200909 200912 201003 201006 201009 201012 201103 201106 201109 201112 201203 201206 201209 201212 201303 201306 201309 201312 AVERAGE

EIP, LLC. EIR ACC A EXCESS RUSSELL 3000 ACV CWRUSSELL 3000 ACG CW PERFECT POSITIVE CORRELATIONPERFECT NEGATIVE CORRELATION ZERO CORRELATION



04/20/23 72

PERFORMANCE SUMMARY vs. BENCHMARKSBased on Annualized Five Year Statistics Rolling Quarterly


-60.0%

-40.0%

-20.0%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

120.0%

200812 200903 200906 200909 200912 201003 201006 201009 201012 201103 201106 201109 201112 201203 201206 201209 201212 201303 201306 201309 201312 AVERAGE






Investment Performance Analysis Appendix



04/20/23 74

APPENDIX B

NOMINAL RETURN: The rate of change in asset value due to income received and marketvalue changes caused by capital gains and losses. This is the returnthat we show in our investment performance reports.

PREMIUM RETURN: The geometric difference between the average return and a member of the average return set. It shows how much a return is above or below the average return.

STANDARD DEVIATION: A measure of the range in which the majority of returns are likely to occur most of the time. About 67% of returns will be in the range of the arithmetic average return plus or minus the standard deviation. A minimum of 20 data points are required for the calculation to be statistically valid. Standard deviation is the mostwidely accepted measure for risk in investments. Some risks of investment such as illiquidity and market risk in book value based investments are not captured in standard deviation.

LARGER IS BETTER

LARGER IS BETTER

SMALLER IS BETTER

SUMMARY INVESTMENT PERFORMANCE STATISTICS



04/20/23 75

APPENDIX B

EFFICIENCY RATIO: Return per unit of risk. Nominal return divided by the standard deviationof returns for the same period.

SHARPE RATIO: Excess return per unit of risk. The difference between the nominal returnand the Treasury Bill return divided by the standard deviation.

BETA COEFFICIENT: A measure of return magnitude in relation to a particular index. Intended of be predictive of expected returns. Calculated by regressing one series of returns against another to determine the relationship. Beta roughly represents the return on the fund which has typically accompanied a 1% move in the index. Expected returnequals (beta x index return) + alpha.

ALPHA RETURNS: A measure of Beta(risk adjusted) return which equals excess return when Beta equals 1.

LARGER IS BETTER

LARGER IS BETTER

LARGER IS MORE AGGRESSIVESMALLER IS MORE CONSERVATIVE


LARGER IS BETTER



04/20/23 76

APPENDIX B

CORRELATION: A measure of similarity in the direction of one series of returns comparedto another series of returns. Correlation ranges from +1.000 to -1.000.A correlation of +1.000 means that two return series point the same direction100% of the time periods studied. A correlation of -1.000 means that the tworeturn series point in opposite directions 100% of the time periods studied.A correlation of 0.000 means that there is no correlation between the two series of returns for the time periods studied.

EXCESS RETURNS: A measure of the difference between a manager's return and the returnof a relevant benchmark. The simplest measure of a manager's valueadded.

TRACKING ERROR: The standard deviation of excess returns. A measure of the range ofreturn differences between the manager and the benchmark.

INFORMATION RATIO: A measure of efficiency. Excess return per unit of risk (tracking error).


LARGER IS BETTER

LARGER IS BETTER IF RANGE IS SMALL & EXCESS RETURNS ARE POSITIVE

LARGER IS BETTER



04/20/23 77

Ivory Day Clear Investment Consulting is an independent investment consulting firm and is not affiliated with any brokerage firm. Ivory Day Clear Investment Consulting is solely responsible for preparing this report. The views and opinions expressed in this report are based on Ivory Day Clear Investment Consulting’s internal projections and should not be relied upon as an indication of future market or manager performance. As such, the information in this report will change in the future should any of the economic conditions or market conditions we used to base our capital market projections change.

The performance results include information regarding the historical performance of various indices. An index is an unmanaged, broad-based market index, and investing in the portfolio is not similar to investing in an index. An index is not available for direct investment, and the securities in the index will not match the portfolio’s holdings. In addition, unlike an index, the portfolio’s performance will be affected by fees and expenses.

Returns presented reflect the reinvestment of all dividends, interest and realized gains. Past performance does not guarantee, and is not necessarily indicative of, future results. The investment return and principal value of the investment will fluctuate over time. As with any investment, there can be no assurance that the investment objective will be achieved or that an investor will not lose a portion or all of its investment. All investments carry a certain degree of risk and it is important to review investment objectives, risk tolerance, tax objectives, and liquidity needs before choosing an investment style or manager.

Disclosures





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