European Economic Response to Suppression U.S. Economic Response to - - PowerPoint PPT Presentation

• Chinese COVID-19 Cases
• Chinese Economic Response to Suppression
• European Economic Response to Suppression
• U.S. Economic Response to Suppression (Initial Claims)
• Barron’s U.S. Equity Sectors, Week Ending 3/13
• Barron’s U.S. Equity Sectors, Week Ending 3/20
• TCRS Portfolio Throughout First Quarter 2020
• TCRS Portfolio March 25, 2020
• U.K. Spanish Flu Daily Deaths 1918 - 1919
• Chinese Economic Recovery
• Current Focus

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TCRS Allocation as of: 3/25/2020

12/31/2019 est

Name Ending Market Value % of Port

As-Allocated

$ Over/(Under) Total US Equity 13,692,642,701 28.5%

31.1%

(1,262,406,079) Canada Index Fund 780,708,968 1.6%

2.0%

(184,132,889) International Developed Markets 5,779,709,181 12.0%

13.0%

(491,762,888) International Emerging Markets 1,637,552,550 3.4%

4.0%

(292,131,163) Private Equity 4,051,079,374 8.4%

6.8%

771,114,127 Real Estate 4,435,344,109 9.2%

7.8%

677,204,244 Strategic Lending Aggregate 3,818,024,216 7.9%

6.3%

781,255,173 Total US Fixed Income 13,113,339,871 27.3%

27.2%

46,297,134 Inflation Hedged Bond 169,860,343 0.4%

0.7%

(158,407,134) Total Short Term 593,688,978 1.2%

1.0%

112,969,475 State of Tennessee - TCRS 48,071,950,291 100.0%

100.0%

Tennessee - Promise Rel$ wgt stocks (2,230,433,019) Treasury Managed Fund (6.59) Rel$ wgtg IE (968,026,940)

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Spanish Flu – 1918 – 1919 U.K. Deaths per Thousand

Clear Seasonal Pattern – Summer Lull Source: Wikipedia

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Source: WSJ 2020-03-26

Current Focus

• Adjusting to the crisis and to our workforce working remotely
• Teams focused and in crisis-fighting mode
• Monitoring cash flow needs carefully
• Evaluating re-balance strategies
• Delaying Investment Policy Discussion
• Aladdin implementation in the Fixed Income portfolio
• Alternative Asset Consultant Selection and Engagement

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