Small Cap Opportunities Committee...HubSpot Info technology 72 1.5 Delek US Holdings Energy 71 0.9 2U Info technology 70 1.4 Top relative detractors Company Sector Relative impact

A

A 2001364707/486146_0/486146/375844

Cover-Full Image-InsideWMCNONO

Small Cap Opportunities

Wellington Management Company LLP

Public Employees’ Retirement System of Mississippi

Wellington Management Company LLP

280 Congress Street

Boston, MA 02210

27 August 2018DJ Fitzpatrick, CFA Portfolio ManagerAlexander (Zander) Grant Relationship ManagerWellington Management Company LLP

Copyright © 2018 All Rights Reserved2001364712/486146_0/486146/411291A

A

AgendaTitle Line 2

Section one �� Wellington Management Company llp update

Section two �� Small Cap Opportunities portfolio review

Section three �� Appendix

A Mississippi PERS A27 August 2018 A1

1

Copyright © 2018 All Rights Reserved2000635965/486146_0/G1039/G1039

A Mississippi PERS A27 August 2018

Wellington Management todayTitle Line 2A trusted advisor and strategic partner to clients worldwide

BY THE NUMBERS

BusinessUS$1,068 billion of client assets under management

2,200+ clients

60+ countries in which clients are based

People and portfolios722 investment professionals

17 years of experience, on average

156 partners all active at the firm

Heritage: key dates1928 Wellington Fund – first

US balanced fund

1979 Establishment of private partnership

1994 First long – short strategy launched

2014 First dedicated private equity strategy

As of 30 June 2018

OWNERSHIP MODELLong-term perspective of a private partnership structure

Attract and retain investment talent

Independent: No public shareholders, no outside capital

Interests aligned with clients

BUSINESS MODELSingular focus on investment management

Diversification by asset class, geography, and client type

Research for client benefit only

Commitment to bringing the right resources to each client

INVESTMENT MODELComprehensive capabilities

Rigorous proprietary research

Career analysts

Global resources

Empowered portfolio teams

CULTUREOpen, collaborative

Performance driven

Professional/collegial

High standards, ethics, and integrity

Global diversity and inclusion

Contributors to firm

sustainability

A1 1

Copyright © 2017 All Rights Reserved


Our distinctive strengthsTitle Line 2

2000003949/471568_0/G1039/G1039

Our mission is simple: We seek to exceed the investment objectives and service expectations of our clients worldwide.

A singular focus on investment management

Long-term perspective of a partnership structure

Comprehensive capabilities

Rigorous proprietary research

Open, collaborative culture

A commitment to bringing the right resources to each client

A1 2

Copyright © 2018 All Rights Reserved

1Environmental, social, and corporate governance


Comprehensive capabilitiesTitle Line 2Across traditional and alternative strategies

We combine stability with agility, global reach with local depth, and broad multi-asset skill with deep knowledge to craft solutions tailored to our clients’ needs

2000003970/471568_0/G1039/G1039

Proprietary research

Traditional and alternative strategies

Equities Fixed income Commodities Multi-Asset Currency

Fundamental ESG1 Quantitative Macro Technical Derivatives

A1 3


A

Public Employees’ Retirement System of MississippiTitle Line 2Relationship review

October 2001 Mississippi PERS retained Wellington Management Company llp to manage a Mid Cap Value portfolio

July 2002 Mississippi PERS retained Wellington Management Company llp to manage a Small Cap Opportunities portfolio

May 2010 Mississippi PERS retained Wellington Management Company llp to manage an Emerging Markets Debt portfolio

30 June 2018 Market values

Mid Cap Value $462,318,194

Small Cap Opportunities 470,728,674

Emerging Markets Debt 554,709,283

$1,487,756,151

A Mississippi PERS A27 August 2018 A1 4

2


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Title Line 1Title Line 2Investment team and resourcesSmall Cap Opportunities

Gardiner R. Holland, CFA Investment DirectorManaging Director Dartmouth College (Tuck) 2012, MBA 9 years of professional experience 5 years with Wellington Management

Clinton L. Graham, CFA Portfolio Specialist Vice President University of Pennsylvania (Wharton) 2010, MBA 12 years of professional experience 4 years with Wellington Management

49 Global Industry Analysts Fundamental Research 22 years average professional experience 14 years average with Wellington Management

As of 30 June 2018

Kenneth L. Abrams Equity Portfolio ManagerSenior Managing Director Stanford University 1986, MBA 33 years of professional experience 31 years with Wellington Management

Daniel J. Fitzpatrick, CFA Backup Equity Portfolio ManagerSenior Managing Director Boston College 1996, BS 21 years of professional experience 20 years with Wellington Management

Danielle Williams, CFA Equity Research AnalystManaging Director Johns Hopkins University 1999, BA 19 years of professional experience 3 years with Wellington Management

Paul Elia, CFA Equity Research AnalystVice President Carnegie Mellon University 2003, BS 15 years of professional experience 1 year with Wellington Management

- Mississippi PERS _27 August 2018 A1 5


-

Title Line 1Title Line 2Small Cap OpportunitiesTeam resources

As of 30 June 2018

Small Cap Opportunities Portfolio Kenny AbramsEquity Portfolio Manager

Kenny AbramsConsumer related, health care, aerospace and defense

DJ FitzpatrickConsumer related, information technology, telecom services, transportation

Danielle WilliamsBusiness services, diversified financials

Paul EliaMaterials, industrials, energy, utilities

Global Industry Analysts49 members

27 other equity teams

Macroanalysts5 members

Global Equity Traders21 members



-

Title Line 1Title Line 2Small Cap OpportunitiesInvestment philosophy

We believe

An opportunistic investment approach can result in differentiated sources of alpha, making it less dependent on market environment

Markets, industries, and companies run in cycles. Anticipating fundamental improvements, cyclical rebounds, or short-term mispricings can create opportunities.

Superior management teams are often not valued consistently by the market



-

Title Line 1Title Line 2Small Cap OpportunitiesApproach

We seek to buy companies with superior management and quality of earnings during periods of uncertainty, apathy, or when earnings power is underappreciated

We aim to invest in…• Cyclical companies with strong balance sheets near the trough of their

earnings cycle• Stable companies with attractive ROIC that are ignored or overlooked• Growth stocks when earnings power is underappreciated



-

Title Line 1Title Line 2Small Cap OpportunitiesInvestment process

The characteristics presented are sought during the portfolio management process. Actual experience may not reflect all of these characteristics, or may be outside of stated ranges.

Universe construction

Stock selection

Portfolio construction

Minimum financial hurdles by industry

Key success factors

Input from Global Industry Analysts

Conduct proprietaryfundamentalresearch

Management visits

Equity analystrecommendations

Industry analystrecommendations

Small CapOpportunities Teamanalysis

Risk controls

Buy/sell discipline

Fully invested

Small CapOpportunities

Portfolio

4,000+ small capcompanies

1,000 stocks 500 stocks 90 − 120 stocks



-

Title Line 1Title Line 2Small Cap OpportunitiesPortfolio construction and risk oversight

The characteristics presented are sought during the portfolio management process. Actual experience may not reflect all of these characteristics, or may be outside of stated ranges.

Portfolio construction Risk oversight

Market capTypically companies between USD 300 million and the greater of USD 3 billion, or the top end of the Russell 2000 Index

Sector weightsAttempt to be represented in each broad sector

Typically within ±5% of the benchmark weight, and no more than 2x benchmark weight

Position sizeTypically 0.8 – 2.0%

Number of holdingsTypically 90 – 120

CashTypically less than 3%

DerivativesTo equitize cash, occasionally used to hedge currency exposure

IPOsAllowed

Portfolio managementConduct in-depth fundamental research

Balance company-specific conviction and risk

ESG review

Assess portfolio-level diversification

Product managementIndependent portfolio analysis

Style consistency/factor risks/stress testing

Capacity/business risks

Investments and risk managementResearch and insights on risk and market trends

Risk Advisory Council

Develop new analytics/tools

Line management and senior management review groupsPhilosophy/process/performance/characteristics

Resource assessment

ComplianceActive pre- and post-trade compliance monitoring



-

Title Line 1Title Line 2Small Cap OpportunitiesInvestment returns

Inception date: 31 July 2002 | Sums may not total due to rounding. | Performance returns for periods one year or less are not annualized. | PAST RESULTS ARE NOT NECESSARILY INDICATIVE OF FUTURE RESULTS AND AN INVESTMENT CAN LOSE VALUE.

As of 30 June 2018 (%, USD)

2Q18 1 yr 3 yrs 5 yrs 10 yrsSince inception

Mississippi PERS Small Cap Opportunities (gross)

7.1 21.6 12.7 16.2 14.0 13.7

Russell 2000 7.8 17.6 11.0 12.5 10.6 10.9

Active return (gross vs benchmark) -0.6 4.1 1.8 3.8 3.4 2.8

YTD 2017 2016 2015 2014 2013Mississippi PERS Small Cap Opportunities (gross)

10.2 20.6 18.6 -2.2 8.3 56.5

Russell 2000 7.7 14.6 21.3 -4.4 4.9 38.8

Active return (gross vs benchmark) 2.6 6.0 -2.7 2.2 3.4 17.7

2012 2011 2010 2009 2008Mississippi PERS Small Cap Opportunities (gross)

16.1 -3.1 22.8 48.0 -37.2

Russell 2000 16.3 -4.2 26.9 27.2 -33.8

Active return (gross vs benchmark) -0.2 1.1 -4.1 20.8 -3.4



-

Title Line 1Title Line 2Small Cap Opportunities

Benchmark: Russell 2000. | PAST RESULTS ARE NOT NECESSARILY INDICATIVE OF FUTURE RESULTS AND AN INVESTMENT CAN LOSE VALUE.

Performance review (USD): One year as of 30 June 2018Portfolio: 21.6%; Benchmark: 17.6%

Top relative contributors

Company Sector

Relative impact (bps)

End weight (%)

Haemonetics Health care 85 1.2

Vonage Telecom svcs 77 1.2

HubSpot Info technology 72 1.5

Delek US Holdings Energy 71 0.9

2U Info technology 70 1.4

Top relative detractors

Company Sector


End weight (%)

MACOM Tech Solutions Info technology -63 0.0

LifePoint Health Health care -58 0.8

MiMedx Group Health care -54 0.3

Dermira Health care -49 0.0

QTS Realty Trust Real estate -48 0.0

-150

-100

-50

0

50

100

150

200

250

Sector attribution (bps) Sector allocation Security selection



-

Title Line 1Title Line 2Small Cap OpportunitiesSector positioning

Benchmark: Russell 2000

-6

-4

-2

0

2

4

6

Financials Industrials Materials Telecomsvcs

Infotechnology

Realestate

Consstaples

Utilities Energy Consdiscretionary

Healthcare

Active weights (% of equity)

As of30 June 2018

Portfolio 22.0 18.1 7.3 1.2 14.4 6.7 2.2 2.1 2.8 10.6 12.5

Benchmark 17.9 14.9 4.3 0.7 14.9 7.3 2.8 3.3 5.0 13.3 15.6

31 March 2018 30 June 2018



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Title Line 1Title Line 2Small Cap OpportunitiesTop ten holdings

Sums may not total due to rounding.

As of 30 June 2018

Company Industry Group % of equities

HubSpot Software & svcs 1.5

Insulet Health care equip & svcs 1.5

Chart Industries Capital goods 1.5

TriNet Group Commcl & prof svcs 1.5

Molina Healthcare Health care equip & svcs 1.5

2U Software & svcs 1.4

Carpenter Technology Materials 1.4

Twilio Software & svcs 1.4

New York Times Media 1.3

eHealth Insurance 1.3

Total 14.3

Number of equity names: 108



-

Title Line 1Title Line 2Small Cap OpportunitiesPortfolio characteristics

Benchmark: Russell 2000 | Sums may not total due to rounding. | If access products are held by the portfolio they may not be included in the calculation of characteristic data. Access products are instruments used to gain access to equity markets not otherwise available and may include (but are not limited to) instruments such as warrants, total return swaps, p-notes, or zero strike options. Please refer to the Important Disclosures page for additional information.

As of 30 June 2018Portfolio Benchmark

Size

Asset-weighted market cap (USD, bil) 3.0 2.3

Median market cap (USD, bil) 2.7 0.9

Over USD 5 bil (%) 9 2

USD 2 – 5 bil (%) 59 52

USD 1 – 2 bil (%) 28 28

USD 500 mil – USD 1 bil (%) 3 12

Under USD 500 mil (%) 1 6

Valuation

Projected EPS growth (5-yr, %) 16.8 13.6

Projected P/E (x) 16.5 19.6

Price/book (x) 2.5 2.4

Yield (%) 1.3 1.3

Risk

Historical beta (3-yr, USD) 0.92

Historical R² (3-yr, USD) 0.95

Historical tracking risk (3-yr, USD, %) 3.23

Asset turnover (1-yr, %) 76


3


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Title Line 1Title Line 2Small Cap Opportunities

Benchmark: Russell 2000. | PAST RESULTS ARE NOT NECESSARILY INDICATIVE OF FUTURE RESULTS AND AN INVESTMENT CAN LOSE VALUE.

Performance review (USD): Three months as of 30 June 2018Portfolio: 7.1%; Benchmark: 7.8%

Top relative contributors

Company Sector


End weight (%)

eHealth Financials 40 1.3

Twilio Info technology 34 1.3

Kemper Financials 21 1.0

HMS Holdings Health care 20 1.2

Lindblad Expeditions Cons discretionary 18 1.1

Top relative detractors

Company Sector


End weight (%)

Cloudera Info technology -40 0.8

First Solar Info technology -40 0.8

Callon Petroleum Energy -29 0.9

John Bean Technologies Industrials -27 1.2

Five Point Hldgs LLC Real estate -25 0.6

-100

-80

-60

-40

-20

0

20

40

60

80

100

120

Sector attribution (bps) Sector allocation Security selection

- Mississippi PERS _27 August 2018 A1 A1

Copyright © 2018 All Rights Reserved2001364873/486146_0/486146/G2454A

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Mississippi PERS Emerging Markets DebtTitle Line 2Investment returns (US$) through 30 June 2018

Annualized returns (%)

YTD 1 yr 2 yrs 3 yrs 5 yrs Since inception1

Mississippi PERS Emerging Markets Debt -4.53 -0.24 4.17 5.96 5.96 7.27

JPMorgan EMBI Global Diversified -5.23 -1.60 2.15 4.63 5.15 6.15

Active Return 0.70 1.36 2.02 1.33 0.81 1.12


1Inception date of the Portfolio is 31 May 2010. | Periods of less than one year are not annualized.Portfolio returns are reported gross of all fees and withholding taxes. Index returns do not incur management fees, transaction costs, or other expenses. | Totals may not add due to rounding. | PAST RESULTS ARE NOT NECESSARILY INDICATIVE OF FUTURE RESULTS AND AN INVESTMENT CAN LOSE VALUE.

A1 A2

Copyright © 2018 All Rights Reserved2001364881/486146_0/486146/G2454A

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Mississippi PERS Mid Cap ValueTitle Line 2Investment returns (US$) through 30 June 2018

Annualized returns (%)

YTD 1 yr 2 yrs 3 yrs 5 yrs 10 yrs

Mississippi PERS Mid Cap Value 1.4 11.0 13.5 7.7 11.4 11.3

Mississippi PERS Perf Splice1 -0.2 7.6 11.7 8.8 11.3 10.5

Active Return 1.6 3.4 1.8 -1.1 0.1 0.8


1The custom benchmark consists of Russell 2500 Value from index inception through 30 June 2011; Russell Midcap Value from 1 July 2011 to pres-ent. Inception date of the Portfolio is 31 October 2001. | Periods of less than one year are not annualized.Portfolio returns are reported gross of all fees and withholding taxes. Index returns do not incur management fees, transaction costs, or other expenses. | Totals may not add due to rounding. | PAST RESULTS ARE NOT NECESSARILY INDICATIVE OF FUTURE RESULTS AND AN INVESTMENT CAN LOSE VALUE.

A1 A3

Wellington Management Company LLP Page 1 of

Data last updated on: AUG-04-2018

RMHLDETSCEQ 9

Cash and Cash Equivalents

Equities

Cash

Short-Term Cash Equivalents

Energy

Materials

Energy

Materials

-400,027

5,020,357

344,736

71,888

122,520

102,380

216,440

Security Shares orPar Value Unit Cost Unit Price Cost

Pct Asset Class YieldMarket Value

Mississippi PERS Small Cap Opportunities6865USDAbrams

Holdings Detail by Sector-EquityJuly 31, 2018

1.000

100.000

13.024

21.393

31.320

49.131

16.270

10.760

53.320

31.980

54.770

22.520

-400,027

5,020,357

4,489,992

1,537,879

3,837,298

5,030,070

3,521,393

-400,027

5,029,353

3,709,359

3,833,068

3,918,190

5,607,353

4,874,229

-8.64

108.64

0.92

0.95

0.97

1.39

1.21

1.94

1.89

0.00

1.88

6.00

1.32

0.00

Total Cash and Cash Equivalents 4,620,330

Total Cash

Total Short-Term Cash Equivalents

Total Energy

-400,027

5,020,357

9,865,169

Total Energy 9,865,169

4,629,326

-400,027

5,029,353

11,460,617

11,460,617

-8.64

108.64

2.85

2.85

1.88

1.94

1.89

2.68

2.68

Pct Total

-0.10

1.24

0.91

0.94

0.96

1.38

1.20

1.14

-0.10

1.24

2.81

2.81

Account ID: Reporting Currency Code:

Portfolio Manager:

********

********

********

********

********

********

********

********

********

********

********

US Dollar

COLL US GOV STIF 7BP 1.8855%

Callon Petroleum Co

Delek US Holdings In

Viper Energy Partner

Carpenter Technology

Ferro Corp

********

************

************

************

************

************

************

************

100.00

United States

United States

United States

United States

United States

United States

United States

Country



RMHLDETSCEQ 9

Industrials

Capital Goods

Commercial & Professional Services

207,468

63,642

54,309

148,165

67,053

160,610

172,709

109,095

109,807

176,163

96,833

37,731

51,181

84,336

15,518

69,238

51,925

59,364

105,966





7.068

46.694

59.856

22.148

31.392

23.893

23.621

28.364

34.265

21.118

34.667

60.701

59.940

46.174

82.932

41.755

60.903

48.759

26.736

14.530

69.100

75.600

32.800

44.850

28.550

27.950

33.700

43.960

22.000

78.090

82.340

110.600

47.520

219.420

49.250

85.550

56.930

53.850

1,466,364

2,971,697

3,250,700

3,281,618

2,104,899

3,837,523

4,079,608

3,094,376

3,762,517

3,720,130

3,356,946

2,290,326

3,067,812

3,894,132

1,286,943

2,891,039

3,162,411

2,894,533

2,833,082

3,014,510

4,397,662

4,105,760

4,859,812

3,007,327

4,585,416

4,827,217

3,676,502

4,827,116

3,875,586

7,561,689

3,106,771

5,660,619

4,007,647

3,404,960

3,409,972

4,442,184

3,379,593

5,706,269

0.75

1.09

1.02

1.21

0.75

1.14

1.20

0.91

1.20

0.96

1.88

0.77

1.41

1.00

0.85

0.85

1.10

0.84

1.42

2.07

1.91

0.27

2.44

1.56

0.14

1.15

0.00

0.91

0.00

0.00

2.14

0.36

0.00

0.00

2.27

0.98

0.00

0.00

Total Materials 21,626,741

Total Materials

Total Capital Goods

21,626,741

38,443,763

29,866,653

29,866,653

53,385,675

7.42

7.42

13.26

1.33

1.33

0.59

Pct Total

0.74

1.08

1.01

1.19

0.74

1.13

1.19

0.90

1.19

0.95

1.86

0.76

1.39

0.98

0.84

0.84

1.09

0.83

1.40

7.33

7.33

13.11


Portfolio Manager:

********

********

********

********

********

********

********

Graphic Package Hldg

Methanex Corp

Minerals Tech Inc

Orion Engineered Car

Polyone Corporation

Actuant Corp

Advanced Drainage Sy

Aerojet Rocketdyne

Air Lease Corp

BMC Stock Holdings

Chart Industries Inc

GATX Corp

John Bean Technologi

SPX FLOW Inc

Teledyne Tech Inc

Timken Co

Watts Water Tech Inc

Clean Harbors Inc

TriNet Group Inc

************

************

************

************

United States

Canada

United States

United States

United States

United States

United States

United States

United States

United States

United States

United States

United States

United States

United States

United States

United States

United States

United States

Country



RMHLDETSCEQ 9

Consumer Discretionary

Transportation

Automobiles & Components

Consumer Durables & Apparel

Consumer Services

118,904

56,161

85,319

83,894

167,262

27,992

137,171

77,489

246,790

71,948





26.407

64.583

42.754

53.867

17.163

58.921

28.058

25.981

13.132

40.599

27.050

83.450

43.440

46.100

24.170

112.830

30.500

27.720

14.170

56.030

3,139,901

3,627,044

3,647,689

4,519,157

2,870,670

1,649,322

3,848,777

2,013,266

3,240,739

2,921,029

3,216,353

4,686,635

3,706,257

3,867,513

4,042,723

3,158,337

4,183,716

2,147,995

3,497,014

4,031,246

0.80

1.16

0.92

0.96

1.00

0.78

1.04

0.53

0.87

1.00

0.00

0.00

0.00

2.17

2.15

0.00

1.57

0.00

0.00

2.07

Total Industrials 54,586,013

Total Commercial & Professional Services

Total Transportation

Total Automobiles & Components

Total Consumer Durables & Apparel

8,867,517

7,274,733

4,519,157

13,622,773

74,080,783

12,302,215

8,392,893

3,867,513

17,029,785

18.40

3.06

2.08

0.96

4.23

0.42

0.00

0.00

2.17

0.90

Pct Total

0.79

1.15

0.91

0.95

0.99

0.78

1.03

0.53

0.86

0.99

18.19

3.02

2.06

0.95

4.18


Portfolio Manager:

********

********

********

********

********

********

********

********

********

********

********

Trueblue Inc

Kirby Corp

Spirit Airlines Inc

Tenneco Inc

Acushnet Holdings Co

Deckers Outdoor

La-Z-Boy Inc

Skechers U.S.A. Inc

Tri Pointe Homes Inc

Cheesecake Factory

************

************

************

************

************

************

************

************

United States

United States

United States

United States

United States

United States

United States

United States

United States

United States

Country



RMHLDETSCEQ 9

Consumer Staples

Media

Retailing

Food & Staples Retailing

Household & Personal Products

320,690

41,280

114,836

184,364

401,996

133,042

48,235





9.749

67.928

35.934

13.694

11.942

24.532

49.225

13.240

41.960

35.920

24.800

8.700

35.850

72.850

3,126,343

2,804,073

4,126,460

2,524,738

4,800,613

3,263,851

2,374,345

4,245,936

1,732,109

4,124,909

4,572,227

3,497,365

4,769,556

3,513,920

1.05

0.43

1.02

1.14

0.87

1.18

0.87

0.00

2.15

3.56

0.65

3.91

0.00

2.00

Total Consumer Discretionary

Total Consumer Staples

38,445,184

5,638,196

Total Consumer Services

Total Media

Total Retailing

Total Food & Staples Retailing

Total Household & Personal Products

8,851,444

6,651,198

4,800,613

3,263,851

2,374,345

43,101,091

8,283,475

10,009,291

8,697,136

3,497,365

4,769,556

3,513,920

10.71

2.06

2.49

2.16

0.87

1.18

0.87

1.56

0.85

1.20

2.03

3.91

0.00

2.00

Pct Total

1.04

0.43

1.01

1.12

0.86

1.17

0.86

10.58

2.03

2.46

2.14

0.86

1.17

0.86


Portfolio Manager:

********

********

********

********

********

********

********

********

********

********

********

********

Lindblad Expeditions

Papa John's Intl Inc

Cinemark Holdings In

NY Times Class A

Chico's Fas Inc

Performance Food Grp

Nu Skin Enterprises

************

************

************

************

************

************

************

************

************

United States

United States

United States

United States

United States

United States

United States

Country



RMHLDETSCEQ 9

Health Care

Financials

Health Care Equipment & Services

Pharma, Biotech & Life Sciences

Banks

43,247

408,429

92,558

43,444

180,121

70,294

43,281

64,954

59,364

30,499

132,816

30,764

31,717

202,770

21,896





81.384

4.022

22.254

39.050

18.522

33.521

68.887

58.797

57.647

18.851

13.446

45.812

22.891

10.444

49.388

93.630

3.300

51.480

97.640

23.930

83.160

86.080

64.800

104.090

59.850

5.850

59.540

47.740

4.250

76.720

3,519,634

1,642,782

2,059,803

1,696,509

3,336,192

2,356,291

2,981,504

3,819,079

3,422,132

574,948

1,785,806

1,409,365

726,030

2,117,716

1,081,406

4,049,217

1,347,816

4,764,886

4,241,872

4,310,296

5,845,649

3,725,629

4,209,019

6,179,199

1,825,365

776,974

1,831,689

1,514,170

861,772

1,679,861

1.01

0.33

1.18

1.05

1.07

1.45

0.93

1.05

1.53

0.45

0.19

0.46

0.38

0.21

0.42

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

Total Health Care 32,529,198

Total Health Care Equipment & Services

Total Pharma, Biotech & Life Sciences

25,408,875

7,120,323

47,163,412

40,498,947

6,664,465

11.72

10.06

1.66

0.00

0.00

0.00

Pct Total

0.99

0.33

1.17

1.04

1.06

1.44

0.91

1.03

1.52

0.45

0.19

0.45

0.37

0.21

0.41

11.58

9.95

1.64


Portfolio Manager:

********

********

********

********

********

********

********

********

********

********

Amedisys Inc

Castlight Hlth CL B

Globus Medical Cl A

Haemonetics Corp MA

HMS Holdings Corp

Insulet Corp

LHC Group Inc

LifePoint Hospitals

Molina Healthcare In

Teladoc Inc

Aduro Biotech Inc

Blueprint Medicines

CRISPR Therapeutics

MiMedx Group Inc

Spark Therapeutics

************

************

************

************

************

United States

United States

United States

United States

United States

United States

United States

United States

United States

United States

United States

United States

United States

United States

United States

Country



RMHLDETSCEQ 9

Diversified Financials

Insurance

55,505

113,572

137,646

94,558

114,562

235,593

136,829

42,773

187,637

45,558

106,549

47,677

188,760

424,208

104,046

237,953

119,256

113,897

230,488

91,636

101,021

51,255





36.200

34.127

28.686

43.256

33.156

19.133

30.720

70.077

16.432

52.807

37.827

50.848

20.136

8.110

28.905

17.629

21.995

32.183

15.258

35.671

38.471

40.585

46.600

32.900

30.350

43.150

39.580

20.900

29.310

83.700

22.200

90.800

40.510

81.200

19.590

8.050

39.200

16.810

21.280

38.920

23.740

43.700

41.390

79.800

2,009,292

3,875,882

3,948,540

4,090,218

3,798,431

4,507,537

4,203,325

2,997,409

3,083,307

2,405,785

4,030,382

2,424,278

3,800,854

3,440,490

3,007,413

4,194,899

2,623,006

3,665,505

3,516,881

3,268,765

3,886,380

2,080,203

2,586,533

3,736,519

4,177,556

4,080,178

4,534,364

4,923,894

4,010,458

3,580,100

4,165,541

4,136,666

4,316,300

3,871,372

3,697,808

3,414,874

4,078,603

3,999,990

2,537,768

4,432,871

5,471,785

4,004,493

4,181,259

4,090,149

0.64

0.93

1.04

1.01

1.13

1.22

1.00

0.89

1.03

1.03

1.07

0.96

0.92

0.85

1.01

0.99

0.63

1.10

1.36

0.99

1.04

1.02

0.86

2.07

2.64

2.60

1.42

0.00

0.00

1.67

1.26

0.00

2.27

1.08

6.74

9.94

0.00

7.14

7.71

1.64

0.00

2.61

2.90

1.20

Total Banks

Total Diversified Financials

38,950,109

19,490,940

44,248,109

21,600,416

10.99

5.37

1.33

5.15

Pct Total

0.64

0.92

1.03

1.00

1.11

1.21

0.98

0.88

1.02

1.02

1.06

0.95

0.91

0.84

1.00

0.98

0.62

1.09

1.34

0.98

1.03

1.00

10.87

5.30


Portfolio Manager:

********

********

********

********

********

Ameris Bancorp

BancorpSouth Bank

First Finl Bancorp

First Interstate Ban

National Bank Hldgs

NMI Holdings Inc

Seacoast Bkng FL

South State Corp

Sterling Bancorp/De

Texas Cap Bancshares

Union Bankshares Co

FirstCash Inc

Hannon Armstrong Sus

MFA Financial Inc

PRA Group Inc

Redwood Tr Inc REIT

Solar Capital Ltd

Assured Guaranty Ltd

eHealth Inc

Horace Mann Educator

James River Group Ho

Kemper Corp

************

************

************

************

************

United States

United States

United States

United States

United States

United States

United States

United States

United States

United States

United States

United States

United States

United States

United States

United States

United States

United States

United States

United States

United States

United States

Country



RMHLDETSCEQ 9

Information Technology

Software & Services

Technology Hardware & Equipment

Semiconductors,Semiconductor Eqpmt

68,388

148,355

222,882

13,311

37,464

145,206

186,232

63,538

42,320

55,079

56,219

164,436

53,613

162,709

114,178





38.747

31.434

15.865

13.578

48.413

22.826

10.480

40.028

61.581

26.123

43.390

19.479

49.713

25.076

15.947

75.660

25.320

13.390

26.770

124.100

24.090

11.120

57.890

95.000

54.470

32.140

25.400

39.180

25.180

35.150

2,649,859

4,663,365

3,536,014

180,738

1,813,762

3,314,536

1,951,722

2,543,276

2,606,094

1,438,802

2,439,362

3,203,010

2,665,238

4,080,034

1,820,767

5,174,236

3,756,349

2,984,390

356,335

4,649,282

3,498,013

2,070,900

3,678,215

4,020,400

3,000,153

1,806,879

4,176,674

2,100,557

4,097,013

4,013,357

1.29

0.93

0.74

0.09

1.15

0.87

0.51

0.91

1.00

0.75

0.45

1.04

0.52

1.02

1.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.95

0.80

Total Financials 74,858,782

Total Insurance

Total Software & Services

Total Technology Hardware & Equipment

16,417,733

24,698,168

5,642,372

88,029,083

22,180,558

33,188,273

5,983,553

21.87

5.51

8.24

1.49

2.33

1.57

0.00

0.00

Pct Total

1.27

0.92

0.73

0.09

1.14

0.86

0.51

0.90

0.99

0.74

0.44

1.03

0.52

1.01

0.99

21.62

5.45

8.15

1.47


Portfolio Manager:

********

********

********

********

********

********

********

********

********

2U Inc

Cardtronics PLC

Cloudera Inc

Dropbox Inc - B PIPE

HubSpot Inc

SailPoint Technologi

TrueCar Inc

Twilio Inc-Cl A

Wix.com Ltd

Zendesk Inc

Acacia Communication

Ciena Corp

Ambarella Inc

Cohu Inc

Entegris Inc

************

************

************

************

************

United States

United States

United States

United States

United States

United States

United States

United States

Israel

United States

United States

United States

United States

United States

United States

Country



RMHLDETSCEQ 9

Telecommunication Services

Utilities

Pooled Vehicle

Real Estate

Telecommunication Services

Utilities

63,168

328,671

70,487

220,686

57,131





40.136

4.275

60.496

23.618

166.594

52.350

12.810

59.970

18.570

165.870

2,535,310

1,405,196

4,264,158

5,212,184

9,517,685

3,306,845

4,210,276

4,227,105

4,098,139

9,476,320

0.82

1.05

1.05

1.02

2.35

0.00

0.00

3.17

9.09

1.14

Total Information Technology

Total Telecommunication Services

Total Utilities

Total Pooled Vehicle

41,441,889

1,405,196

9,476,342

9,517,685

Total Semiconductors,Semiconductor Eqpmt

Total Telecommunication Services

Total Utilities

11,101,349

1,405,196

9,476,342

52,689,597

4,210,276

8,325,244

9,476,320

13,517,771

4,210,276

8,325,244

13.09

1.05

2.07

2.35

3.36

1.05

2.07

0.13

0.00

6.08

1.14

0.53

0.00

6.08

Pct Total

0.81

1.03

1.04

1.01

2.33

12.94

1.03

2.04

2.33

3.32

1.03

2.04


Portfolio Manager:

********

********

********

********

********

********

********

********

********

********

********

********

********

********

********

First Solar Inc

Vonage Holdings Corp

Black Hills Corp

Pattern Energy Group

iShares Russ 2000Idx

************

************

************

************

************

************

************

United States

United States

United States

United States

United States

Country

Wellington Management Company LLP Page 9 9of


RMHLDETSCEQ

Real Estate

229,232

133,984

47,422

82,299

33,297

121,983

169,199





13.786

24.018

83.961

47.055

114.867

20.384

24.033

11.190

20.900

95.960

46.750

127.770

30.640

24.390

3,160,229

3,218,008

3,981,615

3,872,598

3,824,724

2,486,539

4,066,360

2,565,106

2,800,266

4,550,615

3,847,478

4,254,358

3,737,559

4,126,764

0.64

0.70

1.13

0.96

1.06

0.93

1.03

0.00

3.64

4.17

3.42

3.29

2.09

4.51

Total Equities 324,000,467

Total Real Estate 24,610,072

Total Real Estate 24,610,072

402,568,697

25,882,145

25,882,145

6.43

6.43

1.32

3.20

3.20

Total Assets 328,620,797 407,198,022

Pct Total

0.63

0.69

1.12

0.94

1.04

0.92

1.01

98.86

6.36

6.36

100.00 1.33


Portfolio Manager:

********

********

********

Five Point Hldgs LLC

Kennedy-Wilson Hldgs

Life Storage Inc

Potlatch Corp

PS Business Pks Inc

Rexford Indus Realty

Xenia Hotels & Resor

********

************

************

Market Value for Fixed Income and Cash Equivalents includes estimated Accrued Interest.Yield number represents Dividend Yield for Equity Securities and Yield to Maturity for Fixed Income Securities.Yield totals are market value weighted averages.* Indicates a non-zero value that rounds to zero.The prices that are provided are indicative prices based on best available market information. All prices are provided in accordance with our Pricing Policy and should not be considered transaction prices to which a security could necessarily be entered into or liquidated. Clients and Custodian banks should independently price these securities and use WMC's recommended prices for informational and/or reconciliation purposes only.This information is confidential and the recipient agrees to use this information solely for the lawful and appropriate purpose(s) intended by the parties.

100.00

United States

United States

United States

United States

United States

United States

United States

Country


-

Title Line 1Title Line 2Important disclosures

Additional performance informationPast results are not necessarily indicative of future results. There can be no assurance nor should it be assumed that future investment performance of any strategy will conform to any performance examples set forth in this material or that the portfolio’s underlying investments will be able to avoid losses. The investment results and any portfolio compositions set forth in this material are provided for illustrative purposes only and may not be indicative of the future investment results or future portfolio composition. The composition, size of, and risks associated with an investment in the strategy may differ substantially from the examples set forth in this material. An investment can lose value.

Impact of feesIllustration of impact of fees: If USD100,000 was invested and experienced a 10% annual return compounded monthly for ten years, its ending value, without giving effect to the deduction of advisory fees, would be USD270,704 with an annualized compounded return of 10.47%. If an advisory fee of 0.95% of average net assets per year were deducted monthly for the ten-year period, the annualized compounded return would be 9.43% and the ending USD value would be USD246,355. Information regarding the firm's advisory fees is available upon request.

Selection of representative accountThe current representative account became effective on 1 March 2003 because it was the least restrictive account at the time of selection. For data shown prior to the current representative account effective date, data of the representative account(s) deemed appropriate for the time period was used. Further information regarding former representative accounts can be provided upon request. Each client account is individually managed; individual holdings will vary for each account and there is no guarantee that a particular account will have the same characteristics as described. Actual results may vary for each client due to specific client guidelines, holdings, and other factors. In limited circumstances, the designated representative account may have changed over time, for reasons including, but not limited to, account termination, imposition of significant investment restrictions, or material asset size fluctuations.

Access productsIf access products are held by the portfolio they may not be included in the calculation of characteristic data. Access products are instruments used to gain access to equity markets not otherwise available and may include (but are not limited to) instruments such as warrants, total return swaps, p-notes, or zero strike options.



-

Title Line 1Title Line 2Important Notice

Wellington Management Company LLP (WMC) is an independently owned investment adviser registered with the US Securities and Exchange Commission (SEC). WMC is also a commodity trading advisor (CTA) registered with the US Commodity Futures Trading Commission. In certain circumstances, WMC provides commodity trading advice to clients in reliance on exemptions from CTA registration. In the US for ERISA clients, WMC is providing this material solely for sales and marketing purposes and not as an investment advice fiduciary under ERISA or the Internal Revenue Code. WMC has a financial interest in offering its products and services and is not committing to provide impartial investment advice or give advice in a fiduciary capacity in connection with those sales and marketing activities. WMC, along with its affiliates (collectively, Wellington Management), provides investment management and investment advisory services to institutions around the world. Located in Boston, Massachusetts, Wellington Management also has offices in Chicago, Illinois; Radnor, Pennsylvania; San Francisco, California; Beijing; Frankfurt; Hong Kong; London; Luxembourg; Singapore; Sydney; Tokyo; Toronto; and Zurich. This material is prepared for, and authorized for internal use by, designated institutional and professional investors and their consultants or for such other use as may be authorized by Wellington Management. This material and/or its contents are current at the time of writing and may not be reproduced or distributed in whole or in part, for any purpose, without the express written consent of Wellington Management. This material is not intended to constitute investment advice or an offer to sell, or the solicitation of an offer to purchase shares or other securities. Investors should always obtain and read an up-to-date investment services description or prospectus before deciding whether to appoint an investment manager or to invest in a fund. Any views expressed herein are those of the author(s), are based on available information, and are subject to change without notice. Individual portfolio management teams may hold different views and may make different investment decisions for different clients.

In Canada, this material is provided by Wellington Management Canada ULC, British Columbia unlimited liability company registered in the provinces of Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, Ontario, Prince Edward Island, Quebec, and Saskatchewan in the categories of Portfolio Manager and Exempt Market Dealer. In the UK, this material is provided by Wellington Management International Limited (WMIL), a firm authorized and regulated by the Financial Conduct Authority (FCA). This material is directed only at persons (Relevant Persons) who are classified as eligible counterparties or professional clients under the rules of the FCA. This material must not be acted on or relied on by persons who are not Relevant Persons. Any investment or investment service to which this material relates is available only to Relevant Persons and will be engaged in only with Relevant Persons. In Germany, this material is provided by Wellington Management International Limited, Niederlassung Deutschland, the German branch of WMIL, which is authorized and regulated by the FCA and in respect of certain aspects of its activities by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin). This material is directed only at persons (Relevant Persons) who are classified as eligible counterparties or professional clients under the German Securities Trading Act. This material does not constitute investment advice, a solicitation to invest in financial instruments or financial analysis within the meaning of Section 34b of the German Securities Trading Act. It does not meet all legal requirements designed to guarantee the independence of financial analyses and is not subject to any prohibition on dealing ahead of the publication of financial analyses. This material does not constitute a prospectus for the purposes of the German Capital Investment Code, the German Securities Sales Prospectus Act or the German Securities Prospectus Act. In Hong Kong, this material is provided to you by Wellington Management Hong Kong Limited (WM Hong Kong), a corporation licensed by the Securities and Futures Commission to conduct Type 1 (dealing in securities), Type 2 (dealing in futures contracts), Type 4 (advising on securities), and Type 9 (asset management) regulated activities, on the basis that you are a Professional Investor as defined in the Securities and Futures Ordinance. By accepting this material you acknowledge and agree that this material is provided for your use only and that you will not distribute or otherwise make this material available to any person. In Singapore, this material is provided for your use only by Wellington Management Singapore Pte Ltd (WM Singapore) (Registration Number 201415544E). WM Singapore is regulated by the Monetary Authority of Singapore under a Capital Markets Services Licence to conduct fund management activities and is an exempt financial adviser. By accepting this material you represent that you are a non-retail investor and that you will not copy, distribute or otherwise make this material available to any person. In Australia, Wellington Management Australia Pty Ltd (WM Australia) (ABN19 167 091 090) has authorized the issue of this material for use solely by wholesale clients (as defined in the Corporations Act 2001). By accepting this material, you acknowledge and agree that this material is provided for your use only and that you will not distribute or otherwise make this material available to any person. Wellington Management Company LLP is exempt from the requirement to hold an Australian financial services licence (AFSL) under the Corporations Act 2001 in respect of financial services. A registered investment adviser regulated by the SEC, among others, is exempt from the need to hold an AFSL for financial services provided to Australian wholesale clients on certain conditions. Financial services provided by Wellington Management Company LLP are regulated by the SEC under the laws and regulatory requirements of the United States, which are different from the laws applying in Australia. In Japan, Wellington Management Japan Pte Ltd (WM Japan) (Registration Number 199504987R) has been registered as a Financial Instruments Firm with registered number: Director General of Kanto Local Finance Bureau (Kin-Sho) Number 428. WM Japan is a member of the Japan Investment Advisers Association (JIAA) and the Investment Trusts Association, Japan (ITA). WMIL, WM Hong Kong, WM Japan, and WM Singapore are also registered as investment advisers with the SEC; however, they will comply with the substantive provisions of the US Investment Advisers Act only with respect to their US clients.

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