HomeMy WebLinkAboutHighland Investment ReviewSebastian Police Officers' Pension Fund
Investment Review
Period Ending
March 31, 2021
land Capital
MANAGEMENT, LLC
An Argent Company
Sebastian Police Officers' Pension Fund
Commentary
Total Return Summary and Portfolio Allocation
Performance Returns for Various Periods
Equity Sector Allocation and Returns
Top Ten Holdings
International ADR Country Allocation
Fixed Income Characteristics Noff
Portfolio Holdings
Purchases and Sales
Page f
Page 7,
Page 8
Page 9
Page 10
Page 12
Page 13
Page 17
Page 28
Period Ending 3/31/2021
Hi Wand Capital
MANAGEMENT, LLC
An Argent Company
Sebastian Police Officers' Pension Fund
1Q21 Equity Commentary
Period Ending 3/31/2021
After a strong year for the equity market in 2020, the market continued its It is our view that market returns in 2021 will be a battle between strong
move higher in the new year by gaining another 6.17% in Q1. The move earnings growth and potential valuation compression driven by higher
was primarily driven by improving earnings outlooks (estimates are up interest rates. The markets have benefited from low rates which increase
5.7% since 12/31), rising consumer confidence, and building optimism for the present value of cash flows, but that tide is beginning to turn. Inflation
stronger GDP as the economy re -opens and more Americans receive the expectations influence interest rates, and commodity prices have moved
Covid 19 vaccines. The roughly 75% gain off the Covid induced market lows higher in the new year with WTI crude up 25%, copper +13%, and lumber
of 3/23/2020 caps the best 12-month market rally in 75 years. The +32%. Supply chains were disrupted by Covid, and we continue to see
economy has entered a better place as evidenced by the 33% GDP growth supply chain pressures as evidenced by semiconductor shortages for the
of Q3 and the 4.3% GDP growth in Q4. With the $1.9 Trillion Covid relief auto business, and the recent container ship blockage of the Suez Canal.
bill being passed in March, and the additional payments hitting most
Americans bank accounts, economists have upped their forecasts for 2021 The first quarter market returns continued to show the cyclical rotation that
GDP. The Conference Board consensus forecast is now for growth of
5.5%. That number could prove to be low as it is not uncommon now to
see full year GDP estimates of 8% or better. With infrastructure bills being
discussed, the likelihood of even further government stimulus is highly
plausible. The jobs picture also continues to show meaningful signs of
improvement as the unemployment rate has fallen to 6% as of the March
jobs report. There are still approximately 9.5 million jobs that have not
been recovered, but the Fed is intent on delivering on their employment
mandate. As such, we continue to see the Fed as being very
accommodative in their monetary policy, and even while inflation and
interest rates are on the rise, the Fed sees those issues as transient. As a
result of the Covid crisis the Fed balance sheet has ballooned to $7.7
trillion, and the national debt has risen to $28 trillion, or roughly $224,000
per taxpayer. While the crisis was an unprecedented situation and
required unusual actions to combat an economic disaster, we continue to
feel that we will look back at this time as a watershed event that changed
the secular trend of abnormally depressed interest rates.
began in earnest in Q4 of 2020 as Value outperformed Growth, and small
cap bested large cap. The Russell 1000 Value index gained 11.2% in Q1
versus the Growth index at 0.94%, and the small cap index returned 12.69%
versus the S&P 500 return of 6.17%. The best performing sectors in the
quarter were cyclicals with Energy (+29.3%), Financials (+15.4%), and
Industrials (+11.0%). The poorest performing sectors were Consumer
Staples (+0.5%), Technology (+1.7%), and Utilities (+1.9%). An improving
economic outlook and rising rates favors the value and cyclical sectors. The
market was in a "risk on" mode in Q1 as defensive sectors such as Staples
and Utilities were out of favor. Previously high -flying names such as Apple,
Tesla, and Amazon detracted from market returns in Q1, while more
pedestrian names like Exxon, JP Morgan, and Bank of America were additive
to index returns. Market volatility did pickup somewhat in the quarter and
was driven by both retail investors (Robinhood) and institutional hedge
funds (Archegos). It's a testament to the markets resiliency that the
liquidation of over $30 billion in stocks from an over leveraged Archegos did
not result in any major market disruption.
Hi�hland Capital
MANAGEMENT, LLC
An Argent Cam pany
Sebastian Police Officers' Pension Fund
1Q21 Equity Commentary
What can we expect in the months ahead? It is now consensus thinking
that we will see the strongest economy in our generation over the next
several months. The pent-up demand after a year of restrictions, income
replacement provided by the government, and now the additional
Period Ending 3/31/2021
But it is also possible for rates and the market to rise simultaneously.
Since 1990 there have been 7 periods of rising interest rates with the
average rate increase being 1.8% and the current increase so far being
1.17%. We should see rates move higher. However, during those periods of
stimulus of fiscal spending will result in tremendous demand for goods and rising rates, the S&P 500 produced positive returns in all periods, ranging
services. We are already seeing high frequency indicators such as Open
Table seated diners showing strong improvement with late March in
person diners just 21% below the comparable period in 2019. Airports are
also coming back to life with TSA daily numbers showing travelers at 1.4
million daily versus roughly 810,000 in early January of 2021. Demand will
not be lacking but will the supply chain be able to keep up with that
demand, and what will be the subsequent impact on inflation and thereby
interest rates? Both the rate of increase in Treasury yields as well as the
absolute level of rates will matter. The markets would prefer a more
orderly rise in interest rates. A sudden jump tends to portend that the Fed
is behind the curve and will have to move to catch up. Where we land on
interest rates will determine how well markets do over the remainder of
2021. We know that supplier deliveries are facing longer lead times, and
this historically leads to higher prices. The US trade weighted dollar has
declined roughly 6% over the past year. This makes imports more
expensive and import prices are up 3% over the past year, the largest 12-
month advance since October of 2018. And don't forget the previously
mentioned increases in commodity prices. All of this points to at least
modestly higher interest rates over the coming months, and the potential
that rising interest rates will cap or possibly compress market valuations.
We all know that lower inflation rates are associated with higher price
earnings multiples for the market. Historically inflation rates of 0-2% have
given rise to stock market P/E multiples just over 18X earnings. An inflation
rate of 2-4% has led to a slightly lower multiple of 17.4X. Current inflation
numbers are still below 2%, but the markets P/E ratio is over 20X.
from a low of 1.8% to a high of 28.3%, and averaging 17%. The real risk to
financial assets is not the specter of higher inflation itself, but when
central banks make it clear they are ready to stop it. We are far from that
with the Fed publicly stating they are willing to allow inflation to run hot for
some time, keeping in mind that since the Great Recession the Fed has been
trying to increase inflation unsuccessfully. Higher interest rates do increase
the risk in the equity market, but with a market awash in liquidity (M2
growing at 24%) we still expect the strength of earnings growth in 2021 to
trump the impact of higher rates. As such, we would continue to expect the
more cyclical areas of the market such as Energy, Financials, Industrials and
Consumer Discretionary to lead, while the more defensive sectors such as
Consumer Staples and Utilities should lag. Where does the Technology
sector fit into this? Higher rates could be a headwind for Tech as their
valuations have benefited from values being discounted at near zero rates.
But we think this could be similar to 2013 when rates rose and Tech also
participated in the market rise, but just not to the same degree as the more
cyclical sectors.
Valuation: The market is currently trading at a P/E multiple of 21.6X
forward 12-month earnings, above both the 5 and 10 year averages of
17.8X and 15.9X respectively. The current price to cash flow multiple of
15.9X is well above the long-term average of 10.8X. Valuation metrics
continue to look stretched, which creates impetus for the market to
produce the robust earnings growth that is expected in order to lower those
Hi�hland Capital
MANAGEMENT, LLC
An Argent Cam pany
Sebastian Police Officers' Pension Fund
1Q21 Equity Commentary
valuation multiples. We expect this to occur. Earnings are now beginning
to lap the weak periods of early Covid lockdowns, and Q1 2021 earnings
are projected to grow by over 23%. Full year 2021 eps are now expected to
increase by 25.4%. This is impressive given that in the early months of the
pandemic it was believed that it would take several years for the market to
recover to 2019 pre -Pandemic earnings levels. If the 2021 earnings
materialize, then we will eclipse 2019 earnings by 7%. The picture should
continue to improve into 2022 as well, with earnings growing another
15%. One of the risks to achievement of these earnings could be the new
potential tax hikes outlined in the infrastructure plan. This could serve as a
drag on growth in 2022 as infrastructure money tends to be spent more
slowly over time, whereas new taxes are paid in the year enacted. This will
bear careful watching over the next several months as higher corporate
tax rates could result in negative earnings revisions, and 2022 earnings
that are not as robust as currently projected.
Period Ending 3/31/2021
Like most of you, we are encouraged by the improving availability of
vaccines for the US population. We are hopeful that we can reach a level of
"herd immunity" perhaps by this summer. While it will still take some time
for things to return to normal or whatever the new normal might look like,
we are nevertheless making progress. We are hopeful that we can return to
meeting with many of you in person, and we will begin to reach out to you
in the upcoming months.
Hi�hland Capital
MANAGEMENT, LLC
An Argent Cam pany
Sebastian Police Officers' Pension Fund
1Q21 Large Cap Value Equity Commentary
Large Cap Value returns continued their strong pace during the first
quarter as the strategy of aligning portfolios toward the forthcoming
economic recovery proved to be profitable. Characteristics like interest
rate sensitivity, economic cyclicality and favoring small cap companies
within a benchmark all were consistent paths to outperformance.
Beginning in the fall, we strategically began rotating our portfolio market
cap downward in response to our model. At the time of this writing, the
weighted market cap stands at $133 Billion versus $1516illion for the
Index.
As another marker of where we are in the business cycle, the future
outlook for the cyclical companies, as measured by forward 12 month
profit growth shows that the Value index currently has higher Growth
projections than the Growth index.
Bloomberg Forward 12 Month Average Profit Growth Ests.
Sector Russ1000Value Russ1000Growth
Energy
417.00%
53.60%
Comm Servs
2869.00%
4287.00%
Cons Discr
1.40%
84.20%
Materials
96.00%
13.80%
Financials
43.90%
71.30%
Real Estate
41.70%
28.10%
Industrials
37.30%
16.50%
Consumer Staples
26.70%
14.40%
Info Technology
20.60%
-12.40%
Health Care
5.80%
16.80%
Utilities
3.90%
48.50%
Universe Average
70.10%
39.80%
Period Ending 3/31/2021
In response to the table, we took the opportunity during the
quarter to increase our position in the Energy sector with
purchases of ConocoPhillips. We took a new position in Freeport
McMoRan Copper and FMC corporation to take advantage of
favorable outlook in the Materials sector. Lastly, we took
positions in 1-31-larris and United Airlines to fill out our weighting
in the Industrial sector. To fund the rotation, we took profits in
Alliance Data, Cisco, DXC Technologies and Thermo Fisher to
reflect the deteriorating outlook for Technology. We think it likely
that cyclical conditions will continue to improve throughout the
summer and would continue to rotate even more aggressively in
response to a subsequent change in the model.
a Hi�hland Capital
MANAGEMENT, LLC
An Argent Cam pany
Sebastian Police Officers' Pension Fund
Period Ending 3/31/2021
1Q21 Fixed Income Portfolio Manager Commentary
Treasury yields rose sharply in the first quarter, largely related to many goods has already created pockets of inflation.
the brightening economic outlook due to the improving COVID-19
backdrop and further fiscal stimulus. Since the pandemic hit the
markets in 2020, the last concern on investors' minds was the
potential of inflation. At various points in 2020, the market was
The Federal Reserve met on March 17th and kept short term interest
rates unchanged along with the Fed's asset purchase program of
Treasuries and mortgage -backed securities. Seven of 18 officials
predicted higher interest rates by the end of 2023 compared with
pricing in close to zero inflation for the next five years. After positive only five during the last meeting in December of 2020. In the
developments related to vaccines and increased government forecasts released, Fed policy makers projected that the economy
stimulus the bond market is finally pricing in the risk of inflation.
Between the $935 billion spending bill passed in late December and
the $1.9 trillion package in March, the US economy should see a
would grow 6.5% in 2021. That would be the fastest increase since
1983. Additionally, the global economy is expected to grow 6.4% in
2021 after contracting 3.3% in 2020, the worst global recession since
stunning 15% (of GDP) worth of fiscal support. This does not include World War II. Europe appears to be somewhat of a wild card, as the
the multi trillion CARES act passed in 2020. Federal Reserve recovery is slower due to vaccination delays and fiscal stimulus that is
Chairman Jerome Powell believes prices will rise this year. However, less aggressive compared to the United States. Heading into the
he has played down the risk of inflation getting to unwanted levels. second quarter of 2021, households have accumulated excess savings
According to Powell, "Our best view is that the effect on inflation of as much as 8-10% of GDP. Some of the excess savings is related to
will be neither particularly large nor persistent." New York President transfer of payments from the US government. However, a large part
John Williams has a similar sentiment as Powell.. He said, "I see the
US economy recovering really nicely over the next couple of years"
but "I don't see inflationary pressures really building during that
time." The Fed is essentially saying 2021 will be a transitory year for
inflation and upcoming years will trend back towards acceptable
levels. Even though recent inflation data paints a picture in which
investors need to pay close attention going forward. The February
Institute for Supply Management (ISM) increased to a very solid
reading of 60.8 which was the highest reading in three years.
However, the price component was the highest level since July
2008. Indicating that supply chain disruptions and the shortage of
is related to the widespread lockdowns creating downward pressure
on consumption. From the 3rd quarter of 2019 to 3Q 2020, US
household net worth increased approximately $5.2 trillion. Currency
and savings deposits rose $2.3 trillion which was the fastest three-
month gain in history.
The 10-year Treasury ended 2020 yielding only 0.93% and increased
81 basis points during the first three months of the year to reach
1.74%. Front end rates have been anchored close to zero as the
Treasury curve continued to steepen. The 2-year Treasury increased
only 3 basis points during the quarter ending at 0.16%. Another
reason for the increase in rates in 2021 is the amount of supply
Y�hnWand Capital
MANAGEMENT, LLC
An Argent Cam pany
Sebastian Police Officers' Pension Fund
Period Ending 3/31/2021
1Q21 Fixed Income Portfolio Manager Commentary
hitting the markets. According to Bloomberg, global government Last quarter we wrote about the distinct possibility of negative
issuance is up 79% year-to-date as the US has already issued $4.1 returns in the Treasury market in 2021. We believe yields are rising
trillion this year. Most bond indices generated negative returns in
the quarter. The Bloomberg Barclays Aggregate decreased -3.37%
during the quarter. The Bloomberg Barclays Intermediate US
for the right reasons, based on an improved economic outlook.
Riskier assets in the bond market face a 'Goldilocks' scenario with a
combination of strong economic growth and massive policy support
Gov/Credit index decreased -1.86% during the quarter. The Treasury (both fiscal and monetary). The US government has a vested interest
index was down -1.54% in March and finished the quarter down - to keep short term interest rates low for the foreseeable future.
4.25%, the largest quarterly decline since 1980. Verizon's $25 billion Thirty-four percent of US outstanding debt matures every single year
9-part deal to purchase spectrum assets was the largest corporate and 56% rolls off in three years. The US has shed approximately 9
deal of the quarter and tied Boeing for the sixth largest deal on
record.
The Biden administration is considering increasing corporate taxes
from 21% to 28%. After corporate taxes were recently lowered,
banks and some insurance companies decreased exposure to
municipal bonds. Higher tax rates will incentivize these investor
groups to increase exposure to the space. As Treasury yields have
moved up in 2021, the muni market has been very resilient. The
Bloomberg Barclays Muni index was only down -0.35% during the
quarter outperforming most other bond markets. Historically, tax-
exempt bonds outperform when Treasuries are selling off which
happened this quarter. Additionally, in light of fiscal support, S&P
has upgraded its sector view of the muni market. The rating agency
said that "The revision of sector views back to stable from negative
reflects a marked improvement in economic conditions as well as the
receipt of additional federal stimulus."
million jobs since the start of the pandemic and the Federal Reserve
will remain highly accommodative until the employment gap has
been closed. This leaves longer term inflation expectations as the key
unknown variable for fixed income returns in 2021.
Hi�hland Capital
MANAGEMENT, LLC
An Argent Cam pany
Sebastian Police Officers' Pension Fund
Total Return Summary
Asset Allocation
Period Ending 3/31/2021
o Cash
v Cash
u Value
v Value
u Growth
u International
J Fixed Income
Cash
$798,805
7.3%
Value
$3,674,288
33.7%
Growth
$1,606,988
14.7 %
International
$840,864
7.7%
Fixed Income
Total
$3,974,286
$10,895,231
36.5%
00
u International
J Fixed Income
Cash
$753,404
7.8%
Value
$4,131,224
42.7%
International
$890,969
9.2%
Fixed Income
$3,898,797
40.3%
1—h Wand Capital
MANAGEMENT, LLC
An Argent Company
Sebastian Police Officers' Pension Fund
Performance Returns for Various Periods
10% 0% 10% 20% -10% 0% 10% 20% 30% 40%
Value Value j
International
r�
L Fixed Income
Value
14.05%
R1000V
11.24%
International
5.50%
MSCI EAFE
3.61%
MSCI ACWI ex US
3.49%
Fixed Income
-1.85%
* BBCAG
-3.37 %
*BBCGC
-4.28%
*Source: Bl000mberg
Index Services Limited
International
Fixed Income
31.63%
29.31 %
24.73 %
20.27%
21.10%
-0.82 %
-2.73%
-3.50%
Period Ending 3/31/2021
0% 5% 10% 15%
Value I
International I ��
Fixed Income
11.44 %
11,72%
9.30%
9.37%
9.76%
3.69%
3.10%
3.36%
7Wand Capital
$ MANAGEMENT, LLC
An Argent Company
Sebastian Police Officers' Pension Fund
Period Ending 3/31/2021
Domestic Equity Sector Allocation vs. R1000V
30% -------------------------------------------------------------------
25.5
25% -------------------------------------------------------------------
20.6
20%-------------------------------------------------------------------- ------------------------------------
------------------------ 13.5 - - - -
---------------------------------------------
11.8 12.6
10.4 9.5 9.2
10%------------------------ ---- - - -- ---- --- ---- --
6.5 - - - - 6.0
5/0 4.3 5.1 -- 4.8 -- -- 4_6 5.0 3.2�j
4.3
0% — -
ENERGY MATERIALS INDUSTRIALS CONS. CONSUMER HEALTH CARE FINANCIALS INFO. TECH. COMM. SERV. UTILITIES REAL ESTATE
DISCRETION STAPLES
Domestic Equity Quarterly Sector Returns vs. R1000V
9.99 9.1
.-
ENERGY MATERIALS INDUSTRIALS CONS. CONSUMER HEALTH CARE FINANCIALS INFO. TECH. COMM. SERV. UTILITIES REAL ESTATE
DISCRETION STAPLES
o Account V R1000V
7Wand Capital
9 MANAGEMENT, LLC
An Argent Company
Sebastian Police Officers' Pension Fund
NTOP TEN HOLDINGS LJOTHER HOLDINGS
Top Ten Domestic Equity Holdings
wTOP TEN HOLDINGS V OTHER HOLDINGS
JP MORGAN CHASE & CO
3.02
20.60
BERKSHIRE HATHAWAY INC-CL B
2.53
10.18
JOHNSON & JOHNSON
2.34
5.08
JPMORGAN CHASE & CO
2.43
20.66
BANK OF AMERICA CORP
2.31
28.25
JOHNSON & JOHNSON
1.97
5.08
BERKSHIRE HATHAWAY INC
2.26
10.18
WALT DISNEY CO/THE
1.75
1.84
WALT DISNEY CO
1.95
1.84
BANK OF AMERICA CORP
1.57
28.28
PROCTER & GAMBLE CO
1.85
-2.10
INTEL CORP
1.38
29.22
CHEVRON CORP
1.78
25.71
COMCAST CORP-CLASS A
1.29
3.74
CITIGROUP INC
1.71
18.87
VERIZON COMMUNICATIONS
1.27
0.04
GOLDMAN SACHS GROUP
1.64
24.48
EXXON MOBIL CORP
1.24
37.77
ANTHEM INC
1.63
12.15
CISCO SYSTEMS INC
1.15
16.50
Period Ending 3/31/2021
t�
w TOP TEN HOLDINGS tJOTHER HOLDINGS
Security
Weight %
•
APPLE INC
5.72
-7.81
IMICROSOFT CORP
5.27
6.25
IAMAZON.COM INC
3.93
-5.00
IFACEBOOK INC-A
2.10
7.82
(ALPHABET INC-CL A
1.84
17.68
(ALPHABET INC-CL C
1.77
18.08
ITESLA INC
1.52
-5.35
IBERKSHIRE HATHAWAY INC CL-B
1.44
10.18
1JPMORGAN CHASE & CO
1.38
20.66
IJOHNSON &JOHNSON
1.28
5.08
1-h Wand Capital
10 MANAGEMENT, LLC
An Argent Company
Sebastian Police Officers' Pension Fund
Top Ten International Equity Holdings
62.26
e
NTOP TEN HOLDINGS tJOTHER HOLDINGS
oTOP TEN HOLDINGS w OTHER HOLDINGS
Period Ending 3/31/2021
89.42
W TOP TEN HOLDINGS Li OTHER HOLDINGS
SONY CORP
7.20
4.86
NESTLE
1.98
-5.34
NESTLE
1.79
STMICROELECTRONICS NV -NY SHS
5.24
3.36
ASML HLDG
1.59
26.58
ASML HLDG
1.43
SIEMENS AG SPONS ADR
4.20
16.97
ROCHE HOLDING GENUSS
1.40
-4.73
ROCHE HOLDING GENUSS
1.26
KONINKLUKE PHILIPS ELECTRS
3.92
5.28
NOVARTIS
1.17
-6.01
NOVARTIS
1.06
HITACHI LIMITED
3.56
16.44
LVMH MOET HENNESSY
1.14
7.30
LVMH MOET HENNESSY
1.03
KYOCERA CORP
3.02
3.94
TOYOTA MOTOR CORP
1.01
0.96
TOYOTA MOTOR CORP
0.92
TAIWAN SEMICONDUCTOR MFG
2.85
8.82
UNILEVER PLC (GB)
0.90
-6.62
UNILEVER PLC (GB)
0.82
DAIMLER AG
2.76
27.30
AIA GROUP
0.90
-0.08
AIA GROUP
0.81
GLAXOSMITHKLINE PLC ADR
2.58
-1.65
SOFTBANK GROUP CORP
0.81
10.09
SOFTBANK GROUP CORP
0.73
HONDA MOTOR CO LTD
2.41
7.61
SONY CORP
0.81
4.86
SONY CORP
0.73
-4.73
-6.01
7.30
-6.62
7Wand Capital
11 MANAGEMENT, LLC
An Argent Company
Sebastian Police Officers' Pension Fund
0.0%
BELGIUM 2.2%
BERMUDA 0.8%
International Equity Country Allocation
5.0% 10.0% 15.0%
CANADA
1.6%
CHINA
GERMANY
IRELAND
2.6%
JAPAN
LIBERIA
2.1%
LUXEMBOURG
0.5%
NETHERLANDS
—k—
NORWAY
0.3%
PANAMA
V 0.5%
SWEDEN
SWITZERLAND
3.2%
TAIWAN
2.8%
UNITED KINGDOM
UNITED STATES
EMG.MARKETS
1.8%
CASH
5.8%
4.4%
6.1%
8.7%
11.0%
12.1%
14.2%
Period Ending 3/31/2021
20.0%
19.4%
25.0%
1—h Wand Capital
12 MANAGEMENT, LLC
An Argent Company
Sebastian Police Officers' Pension Fund
*Source: Bloomberg Index Services Limited
Fixed Income Sector Allocation
Yield: 2.38%
Fixed Income Portfolio Bloomberg Barclays Capital
Government/Credit Index
v Corporate Bonds w US Treasuries
L1 Gov't Sponsored Li Mortgage Pools
Other
Corporate Bonds
37.3%
US Treasuries
0.3%
Gov't Sponsored
3.9%
Mortgage Pools
40.9%
Other
Total00
17.6%
,
o Corporate Bonds
Gov't Sponsored
L9 US Treasuries
Corporate Bonds
38.1%
US Treasuries
53.2%
Gov't Sponsored
8.8%
Total00
,
13
Period Endine 3/31/2021
Bloomberg Barclays
Capital Aggregate Index
o Corporate Bonds Lj US Treasuries
LA Gov't Sponsored LJ CMBS
TABS J US MBS
Corporate Bonds
26.7%
US Treasuries
37.3%
Gov't Sponsored
6.2%
CMBS
2.2 %
ABS
0.3 %
US MBS
27.4%
Other
Total00
0.0%
,
Hi Wand Capital
MANAGEMENT, LLC
An Argent Company
Sebastian Police Officers' Pension Fund
Source: Bloomberg Index Services Limited
Fixed Income Portfolio
o Aaa U Aa IJ A J Baa J Other
Bond Quality Allocation
Bloomberg Barclays Capital
Government/Credit Index
W Aaa W Aa u A a Baa J Other
Period Ending 3/31/2021
Bloomberg Barclays
Capital Aggregate Index
FA Aaa LJ Aa u A J Baa J Other
Aaa
53.9%
Aaa
58.3%
Aaa
70.5%
Aa
10.2%
Aa
4.4 %
Aa
3.3 %
A
22.1%
A
16.1%
A
11.4%
Baa
2.7%
Baa
21.2%
Baa
14.9%
Other
11.2%
Other
0.0%
Other
0.0%
1—h Wand Capital
14 MANAGEMENT, LLC
An Argent Company
Sebastian Police Officers' Pension Fund
Source: Bloomber Index Services Limited
Fixed Income Portfolio
Bond Maturity Allocation
Bloomberg Barclays Capital
Government/Credit Index
Period Ending 3/31/2021
Average Maturity: 8.38 Years
Bloomberg Barclays
Capital Aggregate Index
o <3 Yrs u 3-5 Yrs
L.1 5-7 Yrs
o <3 Yrs V 3-5 Yrs
a 5-7 Yrs
o <3 Yrs
3-5 Yrs a 5-7 Yrs
7-10 Yrs J >10 Yrs
Li 7-10 Yrs J >10 Yrs
=i 7-10 Yrs
>10 Yrs
<3 Yrs
17.2%
<3 Yrs
26.8%
<3 Yrs
20.2%
3-5 Yrs
13.5%
3-5 Yrs
21.1%
3-5 Yrs
27.6%
5-7 Yrs
15.0%
5-7 Yrs
13.3%
5-7 Yrs
19.7%
7-10 Yrs
9.3%
7-10 Yrs
12.4%
7-10 Yrs
14.0%
>10 Yrs
44.9%
>10 Yrs
26.4%
>10 Yrs
18.5%
1—h Wand Capital
15 MANAGEMENT, LLC
An Argent Company
Sebastian Police Officers' Pension Fund
Source: Bloomberg Index Services Limited
Fixed Income Portfolio
Duration Allocation
Bloomberg Barclays
Capital Gov/Credit Index
W <3 Yrs W 3-5 Yrs
L9 5-7 Yrs
W <3 Yrs W 3-5 Yrs
a 5-7 Yrs
u 7-10 Yrs J >10 Yrs
u 7-10 Yrs J >10 Yrs
<3 Yrs
29.2%
<3 Yrs
28.2%
3-5 Yrs
34.4%
3-5 Yrs
22.1%
5-7 Yrs
16.9%
5-7 Yrs
14.7%
7-10 Yrs
3.3%
7-10 Yrs
9.9%
>10 Yrs
16.2%
>10 Yrs
25.1%
Period Ending 3/31/2021
Bloomberg Barclays
Capital Aggregate Index
W <3 Yrs W 3-5 Yrs a 5-7 Yrs
u 7-10 Yrs J >10 Yrs
<3 Yrs 26.9%
3-5 Yrs 29.3 %
5-7 Yrs 17.9%
7-10 Yrs 8.3%
>10 Yrs 17.6%
1.8% Portfolio Duration vs. Index Duration (Ratio) - Index Acct
1.4%
1.0% A" t l t S
0.6% —
0.2%
3/31/2019 6/30/2019 9/30/2019 12/31/2019 3/31/2020 6/30/2020 9/30/2020 12/31/2020 3/31/2021
Highland Capital
16 MANAGEMENT, LLC
An Argent Company
Sebastian Police Officers' Pension Fund
CASH AND EQUIVALENTS (USD)
CASH
COMMON STOCK (USD)
Energy
709 CHEVRON CORP
1148 CONOCOPHILLIPS
2072 MARATHON OIL CORP
480 MURPHY OIL CORP
390 OCCIDENTAL PETE CORP DEL
Materials
198 CORTEVA INC
390 EASTMAN CHEMICAL CO
190 FMC CORPORATION
1660 FREEPORT McMORAN COPPER & GOLD INC
465 LYONDELLBASELL INDUSTRIES N V
360 NEWMONT MINING CORPORATION
941 OLIN CORP
660 WESTROCK COMPANY
Industrials
260 BOEING CO
295 CARRIER GLOBAL CORP
245 CUMMINS INC
380 EATON CORP PLC
250 FORTIVE CORP
250 HONEYWELL INTL INC
240 L3HARRIS TECHNOLOGIES INC
310 MASTEC INC
233 NORFOLK SOUTHERN CORP
113 NORTHROP GRUMMAN CORP
152 OTIS WORLDWIDE CORPORATION
657 RAYTHEON TECHNOLOGIES CORP
905 UNITED AIRLINES HOLDINGS INC
Portfolio Holdings
753,403.80 753,403.80 7.8 1.7
112.62
79,849.09
104.79
74,296.11
0.8
4.9
48.49
55,668.26
52.97
60,809.56
0.6
3.2
19.89
41,206.49
10.68
22,128.96
0.2
1.1
39.28
18,855.02
16.41
7,876.80
0.1
3.0
61.30
23,906.83
26.62
10,381.80
0.1
0.2-
219,485.70
175,493.20
1.8
3.5
35.05
6,940.87
46.62
9,230.76
0.1
1.1
83.28
32,478.65
110.12
42,946.80
0.4
2.5
108.92
20,694.71
110.61
21,015.90
0.2
0.6
27.95
46,398.99
32.93
54,663.80
0.6
0.9
90.18
41,934.18
104.05
48,383.25
0.5
4.0
63.65
22,914.05
60.27
21,697.20
0.2
3.7
18.33
17,248.03
37.97
35,729.77
0.4
2.1
38.85
25,641.47
52.05
34,353.00
0.4
1.5
-------------------------------------------------------------------------
214,251.00
268,020.50
2.8
2.2
165.12
42,930.63
254.72
66,227.20
0.7
0.0
24.25
7,154.50
42.22
12,454.90
0.1
1.1
177.22
43,417.97
259.11
63,481.95
0.7
2.1
70.94
26,957.64
138.28
52,546.40
0.5
2.2
61.23
15,306.99
70.64
17,660.00
0.2
0.4
157.07
39,268.73
217.07
54,267.50
0.6
1.7
180.01
43,202.28
202.68
48,643.20
0.5
2.0
54.13
16,778.85
93.70
29,047.00
0.3
0.0
113.09
26,349.93
268.52
62,565.16
0.6
1.5
298.17
33,692.74
323.64
36,571.32
0.4
1.8
65.38
9,938.23
68.45
10,404.40
0.1
1.2
65.91
43,305.07
77.27
50,766.39
0.5
2.5
53.03
-------------------------------------------------------------------------
47,995.25
57.54
52,073.70
0.5
0.0
396,298.80
556,709.10
5.8
1.4
Period Ending 3/31/2021
Hihland Capital
17 MANAGEMENT, LLC
An Argent Com Pang
Sebastian Police Officers' Pension Fund
Consumer Discretionary
100 CAPRI HOLDINGS LTD
1380 FORD MOTOR CO
725 GENERAL MOTORS CO
335 HILTON WORLDWIDE HOLDINGS INC
180 HOME DEPOT INC
909 LAS VEGAS SANDS CORP
921 PULTE GROUP INC
178 TARGET CORP
Consumer Staples
305 INGREDION INC
303 PEPSICO INC
571 PROCTER & GAMBLE CO
1397 US FOODS HOLDING CORP
885 WALGREENS BOOTS ALLIANCE INC
Health Care
430 ABBVIE INC
190 ANTHEM INC
761 BRISTOL-MYERS SQUIBB CO
75 CIGNA CORP
596 CVS HEALTH CORPORATION
200 HCA HEALTHCARE INC
220 JAZZ PHARMACEUTICALS PLC
596 JOHNSON & JOHNSON
190 LABRATORY CORPORATION OF AMERICA HOL[
35 THERMO FISHER SCIENTIFIC INC
68 UNITEDHEALTH GROUP INC
Financials
235 AMERICAN EXPRESS CO
1126 AMERICAN INTERNATIONAL GROUP INC
Portfolio Holdings
34.68
3,468.17
51.00
5,100.00
0.1
0.0
12.18
16,803.49
12.25
16,905.00
0.2
0.0
39.00
28,272.69
57.46
41,658.50
0.4
0.0
81.40
27,267.90
120.92
40,508.20
0.4
0.0
229.55
41,319.29
305.25
54,945.00
0.6
2.2
55.86
50,774.56
60.76
55,230.84
0.6
0.0
31.70
29,193.93
52.44
48,297.24
0.5
1.1
102.67
18,275.62
198.07
35,256.46
0.4
1.4
-------------------------------------------------------------------------
215,375.60
297,901.20
3.1
0.7
93.48
28,511.59
89.92
27,425.60
0.3
2.8
120.35
36,466.54
141.45
42,859.35
0.4
2.9
92.60
52,872.75
135.43
77,330.53
0.8
2.3
25.99
36,304.92
38.12
53,253.64
0.6
0.0
45.11
39,919.71
54.90
48,586.50
0.5
3.4
-------------------------------------------------------------------------
194,075.50
249,455.60
2.6
2.2
112.16
48,226.95
108.22
46,534.60
0.5
4.8
253.17
48,101.72
358.95
68,200.50
0.7
1.3
48.67
37,038.88
63.13
48,041.93
0.5
3.1
43.43
3,256.88
241.74
18,130.50
0.2
1.7
56.22
33,504.92
75.23
44,837.08
0.5
2.7
90.19
18,038.92
188.34
37,668.00
0.4
0.0
155.35
34,177.55
164.37
36,161.40
0.4
0.0
138.23
82,383.10
164.35
97,952.60
1.0
2.5
195.85
37,211.03
255.03
48,455.70
0.5
0.0
323.24
11,313.46
456.38
15,973.30
0.2
0.2
292.35
-------------------------------------------------------------------------
19,879.88
372.07
25,300.76
0.3
1.3
373,133.30
487,256.40
5.0
1.8
106.19
24,955.64
141.44
33,238.40
0.3
1.2
40.17
45,226.27
46.21
52,032.46
0.5
2.8
18
Period Ending 3/31/2021
Hihland Capital
MANAGEMENT, LLC
An Argent Com Pang
Sebastian Police Officers' Pension Fund
Portfolio Holdings
260 AMERIPRISE FINANCIAL INC
165.21
42,955.20
232.45
60,437.00
0.6
1.8
2492 BANK OF AMERICA CORP
24.34
60,665.74
38.69
96,415.48
1.0
1.9
370 BERKSHIRE HATHAWAY INC
180.49
66,779.58
255.47
94,523.90
1.0
0.0
60 BLACKROCK INC
643.15
38,589.02
753.96
45,237.60
0.5
2.2
235 CHUBB LIMITED
144.98
34,070.08
157.97
37,122.95
0.4
2.0
982 CITIGROUP INC
56.56
55,545.96
72.75
71,440.50
0.7
2.8
756 CITIZENS FINANCIAL GROUP INC
35.47
26,814.20
44.15
33,377.40
0.3
3.5
183 CME GROUP INC
171.27
31,341.93
204.23
37,374.09
0.4
1.8
210 GOLDMAN SACHS GROUP INC
232.98
48,924.91
327.00
68,670.00
0.7
1.5
268 HANOVER INSURANCE GROUP
126.59
33,926.27
129.46
34,695.28
0.4
2.2
829 JP MORGAN CHASE & CO
87.35
72,415.64
152.23
126,198.70
1.3
2.4
340 LINCOLN NATL CORP IND
51.90
17,647.09
62.27
21,171.80
0.2
2.7
320 NASDAQ STK MKT INC
98.06
31,378.07
147.46
47,187.20
0.5
1.3
2525 REGIONS FINANCIAL CORP
15.14
38,234.34
20.66
52,166.50
0.5
3.0
666 TRUIST FINANCIAL CORP
42.28
28,157.87
58.32
38,841.12
0.4
3.1
851 US BANCORP
46.15
39,270.45
55.31
47,068.81
0.5
3.0
1407 WELLS FARGO CO
53.78
75,675.30
39.07
54,971.49
0.6
1.0
------------------------------------------------------------------------•
812,573.60
1,052,171.00
10.9
2.0
Information Technology
50 ACCENTURE PLC
420 ALLIANCE DATA SYSTEMS CORP
100 BROADCOM INC
1094 CORNING INC
365.9998 DELL TECHNOLOGIES INC
233 FIDELITY NATIONAL INFORMATION SERVICES
2586 HEWLETT PACKARD ENTERPRISE CO
265 MICRON TECHNOLOGY INC
363 ORACLE CORP
240 QORVO INC
230 SKYWORKS SOLUTIONS INC
250 TEXAS INSTRUMENTS INC
Communication Services
405 ACTIVISION BLIZZARD INC
1384 AT&T INC
203.40
10,170.13
276.25
13,812.50
0.1
1.3
71.30
29,944.91
112.09
47,077.80
0.5
0.7
377.97
37,796.92
463.66
46,366.00
0.5
3.1
28.74
31,439.63
43.51
47,599.94
0.5
2.2
68.15
24,941.08
88.15
32,262.88
0.3
0.0
118.60
27,633.62
140.61
32,762.13
0.3
1.1
13.15
33,995.12
15.74
40,703.64
0.4
3.0
44.23
11,721.40
88.21
23,375.65
0.2
0.0
50.23
18,234.12
70.17
25,471.71
0.3
1.4
174.67
41,921.56
182.70
43,848.00
0.5
0.0
109.09
25,090.52
183.48
42,200.40
0.4
1.1
154.12
38,529.37
188.99
47,247.50
0.5
2.2
-------------------------------------------------------------------------
331,418.40
442,728.20
4.6
1.5
58.95
23,874.24
93.00
37,665.00
0.4
1.6
35.96
49,764.83
30.27
41,893.68
0.4
6.9
19
Period Ending 3/31/2021
Hihland Capital
MANAGEMENT, LLC
An Argent COM Pang
Sebastian Police Officers' Pension Fund
Portfolio Holdings
698 COMCAST CORP
42.26
29,499.52
54.11
37,768.78
0.4
1.8
250 ELECTRONIC ARTS INC
131.45
32,861.30
135.37
33,842.50
0.3
0.5
125 FOX CORP
91.78
11,472.05
34.93
4,366.25
0.0
1.3
1120 VERIZON COMMUNICATIONS INC
56.32
63,077.45
58.15
65,128.00
0.7
4.3
564.9995 WALT DISNEY CO
117.12
66,170.05
184.52
104,253'70
1.1
0.0
-------------------------------------------------------------------------
276,719.50
324,917.90
3.4
2.2
Utilities
370 AMERICAN ELEC PWR INC
73.40
27,156.24
84.70
31,339.00
0.3
3.5
398 DOMINION ENERGY INC
85.44
34,004.98
75.96
30,232.08
0.3
3.3
441 DUKE ENERGY CORP
77.68
34,258.40
96.53
42,569.73
0.4
4.0
1080 EXELON CORP
40.95
44,229.67
43.74
47,239.20
0.5
3.5
520 NEXTERA ENERGY INC
57.20
29,744.88
75.61
39,317.20
0.4
2.0
-------------------------------------------------------------------------
169,394.20
190,697.20
2.0
3.3
Real Estate
210 BOSTON PROPERTIES INC
95.72
20,101.52
101.26
21,264.60
0.2
3.9
470 GAMING AND LEISURE PROPERTIES INC
41.61
19,554.87
42.43
19,942.10
0.2
6.1
220 JONES LANG LASALLE INC
137.35
30,218.04
179.04
39,388.80
0.4
0.0
183 PROLOGIS INC
71.92
13,162.03
106.00
19,398.00
0.2
2.4
900 WEYERHAEUSER CO
29.18
26,263.01
35.60
32,040.00
0.3
1.9
-------------------------------------------------------------------------
---------------------------------------------
109,299.50
132,033.50
----------------
1.4
---------
2.4
---
3,312,025.00
4,177,383.00
43.2
1.9
INTERNATIONAL EQUITY (USD)
Energy
635 BP PLC SPONSORED ADR
300 OVINTIV INC
200 ROYAL DUTCH SHELL PLC - ADR B
Materials
183 ARCELORMITTAL S A
545 BARRICK GOLD CORP
285 CRH PLC ADR ONE ADR REPSTG ONE ORD SHS
50 LINDE PLC
34.28
21,766.94
24.35
15,462.25
0.2
5.1
58.09
17,428.01
23.82
7,146.00
0.1
1.6
65.08
13,016.36
36.83
7,366.00
0.1
3.6
-------------------------------------------------------------------------
52,211.31
29,974.25
0.3
3.9
45.61
8,346.23
29.17
5,338.11
0.1
0.0
12.43
6,774.45
19.80
10,791.00
0.1
1.8
24.24
6,908.05
46.98
13,389.30
0.1
0.9
177.60
8,879.80
280.14
14,007.00
0.1
1.5
-------------------------------------------------------------------------
30,908.53
43,525.41
0.4
1.2
Period Ending 3/31/2021
Hihland Capital
20 MANAGEMENT, LLC
An Argent Com Pang
Sebastian Police Officers' Pension Fund Period Ending 3/31/2021
Portfolio Holdings
Industrials
150 ATLAS COPCO AB
52.69
7,902.95
61.12
9,168.00
0.1
1.2
65 COPA HOLDINGS SA CL A
110.89
7,207.68
80.79
5,251.35
0.1
0.0
714 KONINKLIJKE PHILIPS ELECTRS N V SPON ADR
29.15
20,816.10
57.03
40,719.42
0.4
1.5
125 SENSATA TECHNOLOGIES HOLDING PLC
55.53
6,940.82
57.95
7,243.75
0.1
0.0
530 SIEMENS AG SPONS ADR
58.17
--------------------------------------------------------------
30,831.74
82.30
43,616.88
0.5
----------
1.9-
73,699.29
105,999.40
1.1
1.5
Consumer Discretionary
320 DAIMLERAG
85.24
27,277.20
89.49
28,636.80
0.3
1.5
830 HONDA MOTOR CO LTD ADR
35.59
29,542.69
30.20
25,066.00
0.3
2.9
325 INTERCONTINENTAL HOTELS ADR
47.83
15,544.12
68.90
22,392.50
0.2
0.0
200 JD.COM INC
29.85
5,969.90
84.33
16,866.00
0.2
0.0
255 ROYAL CARIBBEAN CRUISES LTD
76.38
19,477.89
85.61
21,830.55
0.2
0.0
705 SONY GROUP CORPORATION - ADR
24.17
17,041.84
106.01
74,737.05
0.8
0.4
200 YUM CHINA HOLDINGS INC
46.71
9,342.82
59.21
11,842.00
0.1
0.8
-------------------------------------------------------------------------
124,196.50
201,370.90
2.1
0.8
Consumer Staples
360 ANHEUSER-BUSCH INBEV NV SPN ADR
113.80
40,968.23
62.85
22,626.00
0.2
0.0
115 DIAGEO PLC SPONSORED ADR NEW
123.61
14,214.91
164.21
18,884.15
0.2
1.9
120 MOWI ASA
13.64
1,637.10
24.78
2,973.60
0.0
0.0
290 UNILEVER PLC
41.32
11,982.90
55.83
16,190.70
0.2
3.7
-------------------------------------------------------------------------
68,803.14
60,674.45
0.6
1.6
Health Care
750 GLAXOSMITHKLINE PLC ADR
39.62
29,712.45
35.69
26,767.50
0.3
6.9
100 NOVARTIS AG ADR
93.04
9,303.78
85.48
8,548.00
0.1
2.6
180 SMITH AND NEPHEW PLC SPON ADR
37.47
-------------------------------------------------------------------------
6,743:93
37.90
6,822.00
0.1
2.4
45,760.16
42,137.50
0.4
5.3
Financials
675 AEGON N V ORD AMER REG ADR
7.54
5,090.47
4.73
3,192.75
0.0
0.0
1175 CREDIT SUISSE GROUP
20.20
23,739.87
10.60
12,455.00
0.1
1.1
325 DEUTSCHE BANK AG
31.91
10,370.74
12.00
3,900.00
0.0
0.0
1035 ING GROEP N V
14.40
14,900.70
12.23
12,658.05
0.1
2.0
21
Hihland Capital
MANAGEMENT, LLC
An Argent Com Pang
Sebastian Police Officers' Pension Fund
325 INVESCO LTD
200 PRUDENTIAL PLC SPON ADR
250 TORONTO DOMINION BK ONT NEW (USD)
775 UBS GROUP AG
Information Technology
400 HITACHI LIMITED
490 KYOCERA CORP
50 NXP SEMICONDUCTOR NV
200 SAP SE
1420 STMICROELECTRONICS NV -NY SHS
250 TAIWAN SEMICONDUCTOR MFG
Portfolio Holdings
36.72
11,934.53
25.22
8,196.50
0.1
2.5
40.02
8,004.00
42.69
8,538.00
0.1
0.5
57.17
14,291.29
65.21
16,302.50
0.2
4.8
20.09
15,570.50
15.53
12,035.75
0.1
1.2
-------------------------------------------------------------------------
103,902.10
77,278.55
0.8
2.0
62.76
25,104.00
92.45
36,980.00
0.4
1.8
49.36
24,184.21
64.08
31,399.20
0.3
1.6
100.56
5,028.22
201.34
10,067.00
0.1
0.7
80.33
16,065.47
122.79
24,558.00
0.3
1.0
8.84
12,559.46
38.33
54,428.60
0.6
0.4
52.56
13,138.83
118.28
29,570.00
0.3
1.2
-------------------------------------------------------------------------
96,080.19
187,002.80
1.9
1.1
Communication Services
50 ALIBABA GROUP HOLDING ADR
170.99
8,549.50
226.73
11,336.50
0.1
0.0
80 BAIDU INC ADR
176.84
14,146.81
217.55
17,404.00
0.2
0.0
1501QIYIINC
22.09
3,313.98
16.62
2,493.00
0.0
0.0
770 NIPPON TELEG & TEL CORP
14.45
11,125.70
25.91
19,950.70
0.2
3.1
300 SOFTBANK GROUP CORP
23.41
7,023.74
42.56
12,768.00
0.1
0.4
264 VODAFONE GROUP PLC
35.25
9,305.84
18.43
4,865.52
0.1
5.8
------------------------------------------------------------------------•
53,465.57
68,817.72
0.7
1.4
Utilities
158 NATIONAL GRID GROUP PLC SPONSORED ADR
Equitys ETF
350 iSHARES MSCI EMERGING MKT IN
CORPORATE BONDS (USD)
70.86 11,195.37 59.24 9,359.92 0.1 3.8
43.43 15,202.25 53.34 18,669.00 0.2 1.9
-------------------------------------------------------------------------
675,424.40 844,809.90 8.7 1.6
Period Ending 3/31/2021
20000 SUMITOMO MITSUI FINL GRP
100.00
20,000.00
100.50
20,100.90
0.2
2.0
Al
55000 BANK OF MONTREAL
99.81
54,896.05
100.68
55,371.58
0.6
1.9
Aa2
35000 AMERICAN HONDA FINANCE
99.80
34,930.00
100.63
35,220.08
0.4
1.7
A3
25000 BLACKROCK INC
103.95
25,987.75
103.60
25,899.52
0.3
3.3
Aa3
40000 CANADIAN IMPERIAL BK COMM SR NT
100.58
40,230.80
102.69
41,077.84
0.4
2.5
Aa2
22
2.060% 7/14/21
1.900% 8/27/21
1.700% 9/9/21
3.380% 6/1/22
2.550% 6/16/22
Hihland Capital
MANAGEMENT, LLC
An Argent COM Pang
Sebastian Police Officers' Pension Fund
Portfolio Holdings
Period Ending 3/31/2021
35000
GILEAD SCIENCES INC
101.83
35,639.45
103.45
36,207.57
0.4
3.1
A3
3.250%
9/1/22
20000
FRANKLIN RES INC SR NT
102.16
20,431.60
103.45
20,690.06
0.2
2.7
A2
2.800%
9/15/22
40000
PECO ENERGY CO
98.84
39,538.00
102.36
40,943.40
0.4
2.3
Aa3
2.380%
9/15/22
35000
GOLDMAN SACHS GROUP INC
100.00
35,000.00
100.34
35,117.88
0.4
1.0
A2
0.990%
10/31/22
40000
PNC FINANCIAL SERVICES GROUP INC
101.59
40,638.00
103.83
41,532.76
0.4
2.7
A3
2.850%
11/9/22
30000
AT&T BROADBAND CORP
134.68
40,403.70
114.66
34,398.06
0.4
8.2
A3
9.460%
11/15/22
35000
WESTPAC BANKING CORP
100.00
35,000.00
100.45
35,157.50
0.4
2.2
Aa3
2.220%
1/13/23
50000
ATHENE GLOBAL FUNDING 144A
99.97
49,985.50
100.92
50,460.50
0.5
1.2
NR
1.200%
10/13/23
25000
XCEL ENERGY INC
99.91
24,976.50
99.90
24,974.72
0.3
0.5
Baal
0.500%
10/15/23
25000
PROASSURANCE CORP
107.50
26,875.00
108.25
27,061.60
0.3
4.9
Baa3
5.300%
11/15/23
35000
BANK OF AMERICA CORP
100.00
35,000.00
100.98
35,344.29
0.4
1.0
A2
1.020%
3/5/24
40000
ATHENE GLOBAL FUNDING
100.78
40,314.00
105.34
42,134.16
0.4
2.6
NR
2.750%
6/25/24
45000
GA GLOBAL FUNDING TRUST 144A
99.89
44,949.60
99.83
44,923.05
0.5
1.0
NR
1.000%
7/8/24
10000
EMERSON ELECTRIC CO
99.68
9,968.40
107.63
10,763.27
0.1
2.9
A2
3.150%
6/1/25
25000
BOEING CO
129.16
32,291.25
118.32
29,579.55
0.3
6.1
Baal
7.250%
6/15/25
40000
CUMMINS INC
99.82
39,927.20
98.39
39,356.36
0.4
0.8
A2
0.750%
9/l/25
35000
NORTHERN TRUST CORP
104.64
36,624.35
111.51
39,026.85
0.4
3.5
A2
3.950%
10/30/25
20000
STATE STREET CORP
100.00
20,000.00
105.16
21,031.64
0.2
2.2
Al
2.350%
ll/1/25
25000
FS KKR CAPITAL CORP
98.83
24,707.50
99.15
24,786.30
0.3
3.4
Baa3
3.400%
1/15/26
40000
FIDUS INVESTMENT CORP
100.00
40,000.00
101.56
40,624.40
0.4
4.7
NR
4.750%
1/31/26
25000
MONROE CAPITAL CORP
99.44
24,860.50
101.12
25,279.05
0.3
4.7
NR
4.750%
2/15/26
70000
WELLS FARGO & CO
105.20
73,640.00
111.12
77,781.90
0.8
3.7
A3
4.100%
6/3/26
40000
NATIONAL AUSTRLIA BK/NY
99.27
39,709.20
104.96
41,982.12
0.4
2.4
Aa3
2.500%
7/12/26
40000
SUMITOMO MITSUI FINANCIAL GROUP INC
100.00
40,000.00
104.81
41,925.20
0.4
2.5
Al
2.630%
7/14/26
54000
JPMORGAN CHASE & CO
100.00
54,000.00
97.63
52,719.28
0.5
1.1
A2
1.050%
11/19/26
38000
RELIANCE STAND LIFE II
99.72
37,894.36
104.60
39,747.43
0.4
2.6
A2
2.750%
1/21/27
40000
BLACKROCK INC
99.59
39,838.00
109.07
43,626.56
0.5
2.9
Aa3
3.200%
3/15/27
40000
BANK OF AMERICA CORP
110.40
44,161.60
107.46
42,982.16
0.4
3.0
A2
3.250%
10/21/27
40000
MANULIFE FINANCIAL CORP
100.00
40,000.00
109.81
43,924.28
0.5
3.7
NR
4.060%
2/24/32
20000
FIRST UNION CORP
123.80
24,759.40
131.94
26,388.90
0.3
5.0
A3
6.550%
10/15/35
50000
MICROSOFT CORP
99.61
49,806.50
110.71
55,355.30
0.6
3.1
Aaa
3.450%
8/8/36
35000
JOHNSON AND JOHNSON SR BIND CALL
99.70
34,896.05
108.49
37,971.01
0.4
3.1
Aaa
3.400%
1/15/38
13000
SOUTHERN CALIF EDISON CO
140.26
18,234.45
129.73
16,865.28
0.2
4.7
A3
6.050%
3/15/39
8000
MANULIFE FINANCIAL CORP SR
99.64
7,971.60
130.61
10,448.54
0.1
4.1
NR
5.380%
3/4/46
6000
DUKE ENERGY CAROLINAS LLC
99.65
5,978.82
107.61
6,456.47
0.1
3.6
Aa2
3.880%
3/15/46
16000
SAN DIEGO GAS & ELECTRIC CO
99.55
15,928.64
105.87
16,938.93
0.2
3.5
A2
3.750%
6/1/47
30000
COMMONSPIRIT HEALTH
100.00
30,000.00
105.44
31,631.85
0.3
3.6
A2
3.820%
10/1/49
Hihland Capital
23 MANAGEMENT, LLC
An Argent Com Pang
Sebastian Police Officers' Pension Fund
Portfolio Holdings
Period Ending 3/31/2021
40000 MEMORIAL SLOAN-KETTERING
100.00
40,000.00
95.47
38,186.76
0.4
3.1
Aa3
2.960%
1/1/50
20000 KKR GROUP FINANCE CO VII
99.47
19,894.80
98.98
19,796.64
0.2
3.7
NR
3.630%
2/25/50
29000 PRUDENTIAL FINANCIAL INC
99.76
28,931.27
115.40
33,465.91
0.3
3.8
A3
4.350%
2/25/50
43000 CALIFORNIA ENDOWMENT
100.00
43,000.00
91.67
39,417.76
0.4
2.7
Aaa
2.500%
4/1/51
35000 ENTERGY ARKANSAS LLC
99.60
34,861.75
88.15
30,853.69
0.3
3.0
A2
2.650%
6/15/51
40000 INTEL CORP
99.34
39,736.40
94.08
37,632.40
0.4
3.3
Al
3.100%
2/15/60
Accrued Interest
-------------------------------------------------------------------------
7,594.58
0.1
1,636,418.00
1,670,756.00
17.3
2.9
MUNICIPAL BONDS (USD)
35000 WASHINGTON ST
109.51
38,328.15
105.84
37,045.05
0.4
4.4
Aaa
4.640%
8/1/22
30000 UNIV OF NC CHAPEL HIL
101.04
30,312.00
102.50
30,750.90
0.3
1.9
Aaa
2.000%
12/1/22
25000 COMMONWEALTH FING AUTH PA
100.00
25,000.00
107.32
26,829.25
0.3
5.3
Al
5.650%
6/1/24
15000 SAN FRANCISCO CA CITY & CNTY PUB UTILS
100.00
15,000.00
108.83
16,324.95
0.2
3.4
Aa2
3.700%
11/1/32
6000 METRO GOVT NASH & DAVD CNTY TN WTR & :
134.47
8,067.96
145.21
8,712.54
0.1
4.5
Aa2
6.570%
7/1/37
35000 SAN FRANCISCO CALIF CITY & CNTY CMNTY
97.21
34,023.85
105.43
36,899.10
0.4
3.6
NR
3.750%
9/1/37
20000 MIAMI-DADE CNTY FLA AVIATION
100.00
20,000.00
104.45
20,891.00
0.2
3.6
NR
3.730%
10/1/37
10000 VIRGINIA PORT AUTH PORT FAC
100.00
10,000.00
103.40
10,340.20
0.1
4.3
Al
4.480%
7/1/45
25000 UNIV OF TEXAS TX PERM UNIV FND REV
100.00
25,000.00
109.94
27,485.25
0.3
3.1
Aaa
3.380%
7/1/47
Accrued Interest
211.00
0.0
-------------------------------------------------------------------------
205,732.00
215,489.20
2.2
3.7
GOVERNMENT BONDS (USD)
12000 US TREASURYN/B
96.18
11,541.09
94.41
11,328.74
0.1
1.2
Aaa
1.130%
2/15/31
Accrued Interest
17.25
0.0
-------------------------------------------------------------------------
11,541.09
11,345.99
0.1
1.2
GOVERNMENT SPONSORED BOND (USD)
40000 PROVINCE OF QUEBEC
99.74
39,897.60
101.77
40,706.40
0.4
2.3
Aaa
2.380%
1/31/22
40000 MANITOBA PROV OF
99.23
39,692.80
104.65
41,858.80
0.4
2.0
Aa2
2.130%
6/22/26
18000 FNMA
135.47
24,384.95
146.90
26,442.27
0.3
3.8
Aaa
5.630%
7/15/37
43000 TENNESSEE VALLEY AUTH
137.08
58,943.80
150.33
64,641.08
0.7
3.6
Aaa
5.380%
4/1/56
Accrued Interest
1,761.46
0.0
-------------------------------------------------------------------------
162,919.20
175,410.00
1.8
3.0
Hihland Capital
24 MANAGEMENT, LLC
An Argent Conn Pang
Sebastian Police Officers' Pension Fund
Portfolio Holdings
Period Ending 3/31/2021
MORTGAGE POOLS (LISD)
0.46
FGCI #G12205
96.88
0.45
104.90
0.48
0.0
4.3
Aaa
4.500%
6/15/21
35000
FHMS KBX1 Al
99.69
34,890.63
106.80
37,380.29
0.4
2.7
Aaa
2.920%
9/25/24
9335.81
FN AD4398
106.25
9,919.30
106.42
9,935.25
0.1
3.8
Aaa
4.000%
6/1/25
31650.19
FN AM9049
102.66
32,491.06
103.18
32,656.43
0.3
3.0
Aaa
3.050%
6/25/25
19407.91
FHMS KJ 17 A2
102.00
19,796.01
107.28
20,819.87
0.2
2.8
Aaa
2.980%
11/25/25
75000
FHMS KCO3 A2
102.01
76,510.15
106.79
80,092.23
0.8
3.3
Aaa
3.500%
1/25/26
35000
FHMS KG01 A7
103.00
36,048.64
107.33
37,566.07
0.4
2.7
Aaa
2.880%
4/25/26
33562.34
FHMS K068 Al
102.00
34,233.32
106.79
35,842.89
0.4
2.8
Aaa
2.950%
2/25/27
57000
FHMS K068 A2
103.00
58,708.12
110.41
62,935.69
0.7
2.9
Aaa
3.240%
8/25/27
50000
FHMS KHG1 A3
110.48
55,242.19
108.26
54,128.45
0.6
3.1
Aaa
3.340%
12/25/27
9014.02
FN MA1387
103.69
9,346.41
106.03
9,557.98
0.1
2.8
Aaa
3.000%
3/25/28
40000
FN AN9038
100.66
40,262.50
109.76
43,903.94
0.5
3.2
Aaa
3.460%
5/1/28
100000
SUET 2021-1A A3
100.00
99,998.35
99.25
99,250.40
1.0
0.8
Aaa
0.830%
8/21/28
30000
FN 109515
104.34
31,303.13
111.20
33,359.56
0.3
3.6
Aaa
3.990%
9/1/28
20000
FN 387873
102.66
20,531.25
112.00
22,399.47
0.2
3.3
Aaa
3.750%
11/1/28
32000
FN BL0484
105.99
33,917.50
112.21
35,905.95
0.4
3.8
Aaa
4.220%
11/1/28
18000
FHMS K088 A2
103.00
18,539.21
113.64
20,454.31
0.2
3.2
Aaa
3.690%
1/25/29
43547.85
FN BL1409
103.84
45,221.68
110.32
48,041.09
0.5
3.4
Aaa
3.800%
1/25/29
37000
FHLMC MF KG01
103.00
38,109.45
107.88
39,914.88
0.4
2.7
Aaa
2.940%
4/25/29
8410.19
FHR 4823 LV
103.31
8,688.79
99.99
8,409.68
0.1
4.0
Aaa
4.000%
10/15/29
18782.11
FG J34676
105.50
19,815.13
105.74
19,860.08
0.2
2.8
Aaa
3.000%
7/1/31
23220.94
FN A57986
103.06
23,932.08
104.07
24,166.54
0.2
2.4
Aaa
2.500%
9/1/31
12348.2
FG G30701
111.00
13,706.50
113.19
13,976.65
0.1
4.4
Aaa
5.000%
11/1/31
28033.72
FN AS8448
99.50
27,893.71
102.88
28,841.30
0.3
1.9
Aaa
2.000%
12/25/31
9630.82
FN MA0976
103.12
9,931.71
106.94
10,299.10
0.1
3.3
Aaa
3.500%
2/25/32
20380.68
G2 784739
102.12
20,813.57
106.26
21,656.84
0.2
3.8
Aaa
4.000%
5/20/34
19317.24
FHR 3342 PZ
104.94
20,271.03
112.02
21,639.80
0.2
4.5
Aaa
5.000%
6/15/37
15000
FNR 2017 134VD
94.00
14,100.00
106.80
16,019.54
0.2
2.8
Aaa
3.000%
4/20/38
2354.72
FN 889579
109.39
2,575.84
118.88
2,799.33
0.0
5.0
Aaa
6.000%
5/1/38
2858.44
G2 4194
106.13
3,033.52
113.26
3,237.37
0.0
4.9
Aaa
5.500%
7/20/38
1133.4
GNMA 4195
99.89
1,132.16
117.73
1,334.33
0.0
5.1
Aaa
6.000%
7/20/38
8334.01
GNMA4447
104.81
8,735.08
113.96
9,497.80
0.1
4.4
Aaa
5.000%
5/20/39
12738.58
G2 4496
109.58
13,958.70
113.07
14,403.75
0.1
4.4
Aaa
5.000%
7/20/39
42567.66
HINTT 2020-AA
99.98
42,561.19
100.90
42,949.89
0.4
1.4
Aaa
1.390%
10/9/39
6345.17
FNR 2010-64 KA
103.05
6,538.46
105.64
6,702.92
0.1
4.3
Aaa
4.500%
6/25/40
5225.76
FG A95828
104.89
5,481.10
112.41
5,874.31
0.1
4.0
Aaa
4.500%
12/15/40
1-h-Wand Capital
25 MANAGEMENT, LLC
An Argent Company
Sebastian Police Officers' Pension Fund
Portfolio Holdings
Period Ending 3/31/2021
13916.78
FN 783307
101.38
14,108.18
110.65
15,398.58
0.2
3.6
Aaa
4.000%
4/15/41
825.6
FHR 4667 DA
103.70
856.17
100.00
825.63
0.0
3.5
Aaa
3.500%
6/15/41
14229.76
FNR 2012-6 MA
103.41
14,714.46
101.77
14,481.78
0.1
3.9
Aaa
4.000%
10/25/41
4538.37
GN AW7430
104.65
4,749.27
112.08
5,086.77
0.1
4.0
Aaa
4.500%
1/25/42
5253.67
FNR 2012 110K1
99.00
5,201.13
103.27
5,425.44
0.1
2.9
Aaa
3.000%
3/20/42
23497.65
FNR 2012-90 DA
100.31
23,571.08
100.22
23,548.41
0.2
1.5
Aaa
1.500%
3/25/42
16901.77
FN MA 3024
102.16
17,266.01
104.43
17,651.19
0.2
3.4
Aaa
3.500%
6/1/42
3866.19
FN MA1136
102.12
3,948.30
104.31
4,032.88
0.0
3.4
Aaa
3.500%
8/25/42
10000
FNR 2013-111 PL
102.12
10,212.50
102.67
10,266.95
0.1
1.9
Aaa
2.000%
12/25/42
11773.03
GNR 2013-100 ME
99.11
11,668.38
103.23
12,153.29
0.1
2.2
Aaa
2.250%
2/20/43
1549.84
FN 2017 13 CA
100.09
1,551.31
100.18
1,552.58
0.0
2.5
Aaa
2.500%
10/25/43
21254.41
FN 2015 2PA
98.92
21,025.26
103.27
21,949.79
0.2
2.2
Aaa
2.250%
3/25/44
4544.55
FHR 4710 0,A
102.16
4,642.51
101.25
4,601.35
0.0
3.5
Aaa
3.500%
4/15/44
18758.23
FHR 4388 MC
99.50
18,664.84
104.30
19,564.21
0.2
2.4
Aaa
2.500%
7/15/44
637.3
FHR 4832 DA
103.17
657.52
100.26
638.95
0.0
4.5
Aaa
4.500%
11/15/44
12012.69
FNR 2016-90 CA
96.25
11,562.21
103.49
12,432.13
0.1
2.9
Aaa
3.000%
2/25/45
13121.15
FNR 2016 31 PC
97.45
12,786.54
103.93
13,636.70
0.1
2.9
Aaa
3.000%
3/25/45
10962.43
FHR 4546 TH
95.41
10,458.85
103.43
11,338.12
0.1
2.4
Aaa
2.500%
12/15/45
8257.16
FNR 2017 56 PA
98.84
8,161.67
104.60
8,636.80
0.1
2.9
Aaa
3.000%
12/25/45
100000
CLIF2021-1AA
100.00
99,998.12
97.66
97,657.06
1.0
1.7
NR
1.640%
2/18/46
99329.41
TMCL 21-1A
99.97
99,299.10
97.02
96,373.19
1.0
2.7
Aaa
2.620%
2/20/46
5799.52
GNR 2017 59P
97.97
5,681.67
101.27
5,873.30
0.1
3.0
Aaa
3.000%
4/20/46
10195.45
G2 MA3725
98.06
9,997.82
102.98
10,499.37
0.1
2.9
Aaa
3.000%
6/20/46
11434.66
FN MA2743
101.31
11,584.57
102.54
11,725.41
0.1
2.9
Aaa
3.000%
9/25/46
2839.04
FN MA2777
101.00
2,867.45
102.55
2,911.29
0.0
2.9
Aaa
3.000%
10/25/46
30000
FNR 2017-55 HW
93.47
28,040.63
103.93
31,179.51
0.3
2.9
Aaa
3.000%
11/25/46
4380.42
FN BE2951
101.81
4,459.68
103.48
4,532.94
0.0
2.9
Aaa
3.000%
1/25/47
5873.98
FHR 4682 LD
94.86
5,571.88
104.77
6,154.14
0.1
2.6
Aaa
2.750%
5/15/47
4962.21
FNR 2018 69 PA
99.32
4,928.45
101.42
5,032.57
0.1
3.5
Aaa
3.500%
5/25/47
5400.49
GNR 2017 991E
100.31
5,417.48
104.44
5,640.39
0.1
2.6
Aaa
2.750%
6/20/47
13090.31
FHR 4713 YH
93.94
12,296.71
103.12
13,499.05
0.1
2.4
Aaa
2.500%
7/15/47
18855.3
FHR 2017 72 GH
99.19
18,702.10
99.00
18,666.36
0.2
2.5
Aaa
2.500%
8/25/47
21816.65
GNR 2017 134PT
98.31
21,448.22
105.62
23,043.34
0.2
2.4
Aaa
2.500%
9/20/47
4519.56
FG T65441
98.94
4,471.56
104.10
4,704.74
0.0
2.9
Aaa
3.000%
10/1/47
40000
FNR 2018 1 HB
95.66
38,262.50
101.77
40,707.82
0.4
2.5
Aaa
2.500%
1/20/48
16029.54
FNR 2018-11 KE
98.84
15,844.27
102.73
16,467.52
0.2
1.9
Aaa
2.000%
3/25/48
28000
FNR 2018 59D
94.75
26,530.00
107.78
30,177.49
0.3
2.8
Aaa
3.000%
4/20/48
1-h-Wand Capital
26 MANAGEMENT, LLC
An Argent Company
Sebastian Police Officers' Pension Fund
36000 GNR 2019-133 EB
10015.93 GNR 2019-162 GA
26603.02 GNMA 18-26 AD
14145.48 GNR 2013-17 AC
100000 MHELA 20211 A1A
34000 SORT 2021-1A Al
Accrued Interest
TOTAL PORTFOLIO
Portfolio Holdings
92.50
33,300.00
98.43
35,434.92
0.4
2.0
100.00
10,015.93
102.20
10,236.63
0.1
2.9
98.56
26,220.94
102.89
27,372.37
0.3
2.4
98.25
13,897.95
101.37
14,338.82
0.1
1.8
99.95
99,951.12
96.52
96,517.00
1.0
1.8
99.98
33,993.53
99.60
33,864.87
0.4
1.5
-------------------------------------------------------------------------
4,150.26
0.0
1,766,826.00
1,825,796.00
18.9
2.6
-------------------------------------------------------------------------
8,524,289.00
9,674,395.00
100.0
2.2
8,524,289.00
9,674,395.00 100.0 2.2
Period Ending 3/31/2021
Aaa
2.000%
4/20/49
Aaa
3.000%
10/20/49
Aaa
2.500%
3/16/52
Aaa
1.790%
5/16/53
Aaa
1.750%
1/25/61
Aaa
1.530%
3/15/61
Hi Wand Capital
27 MANAGEMENT, LLC
An Argent Company
Sebastian Police Officers' Pension Fund
Purchases
Period Ending 3/31/2021
BAC
2/11/21
2/18/21
100,000.00 MHELA 20211 A1A
99.95
99,951.12
0.00
0.00
1.750% Due 01-25-61
2/10/21
2/22/21
100,000.00 SCFET 2021-1A A3
100.00
99,998.35
0.00
0.00
0.830% Due 08-21-28
199,949.50
0.00
0.00
BANK OF AMERICA
BB
2/8/21
2/23/21
200,000.00 KENNAMETAL INC
99.94
199,878.00
0.00
0.00
2.800% Due 03-01-31
BARCLAYS-EQ
1/29/21
2/2/21
39.00 CROWDSTRIKE HOLDINGS INC
216.28
8,435.03
0.04
1.56
2/26/21
3/2/21
110.00 QORVO INC
174.76
19,223.66
0.04
4.40
3/11/21
3/15/21
130.00 QORVO INC
174.60
22,697.90
0.04
5.20
1/22/21
1/26/21
37.00 QUIDEL CORP
233.68
8,646.15
0.04
1.48
---------
--------------------
59,002.74
----------------
0.04
----•
12.64
GS
3/15/21
3/18/21
300,000.00 CHARLES SCHWAB CORP
100.00
300,000.00
0.00
0.00
4.000% Due 06-01-26
3/5/21
3/31/21
100,000.00 LPSLT 2021-2GS A
99.99
99,991.04
0.00
0.00
2.220% Due 03-20-48
3/16/21
3/24/21
300,000.00 SBIC 2021-10A 1
100.00
300,000.00
0.00
0.00
1.667% Due 01-10-31
3/10/21
3/18/21
34,000.00 SORT 2021-1A Al
99.98
33,993.53
0.00
0.00
1.530% Due 03-15-61
--------------------------------------------------
733,984.60
0.00
0.00
Jones Trading
2/17/21
2/19/21
286.00 BRISTOL-MYERS SQUIBB CO
60.55
17,316.36
0.01
2.86
1/5/21
1/7/21
500.00 CONOCOPHILLIPS
42.40
21,200.15
0.01
5.00
3/11/21
3/15/21
190.00 FMC CORPORATION
108.92
20,694.71
0.01
1.90
2/2/21
2/4/21
1,296.00 FREEPORT McMORAN COPPER & GOLD IN
28.02
36,319.36
0.01
12.96
2/3/21
2/5/21
240.00 L3HARRIS TECHNOLOGIES INC
180.01
43,202.28
0.01
2.40
1/22/21
1/26/21
647.00 SLM CORP
13.25
8,571.84
0.01
6.47
1/21/21
1/25/21
480.00 UNITED AIRLINES HOLDINGS INC
42.76
-------------------------------------------------•
20,523.94
0.01
4.80
167,828.60
0.01
36.39
28
Hihland Capital
MANAGEMENT, LLC
An Argent Com Pang
Sebastian Police Officers' Pension Fund
Purchases
1P MORGAN BB
3/2/21
3/5/21
40,000.00 BRIXMOR OPERATING PART
2.250% Due 04-01-28
3/4/21
3/5/21
12,000.00 US TREASURY N/B
1.125% Due 02-15-31
JP MORGAN_O
1/13/21
1/21/21
46,000.00 AVOLON HOLDINGS FNDG LTD
2.125% Due 02-21-26
1/20/21
1/27/21
43,000.00 CALIFORNIA ENDOWMENT
2.498% Due 04-01-51
JPMORGAN
2/16/21
3/3/21
350,000.00 EXPEDIA GROUP INC
2.950% Due 03-15-31
MORGAN STANLEY
3/2/21
3/15/21
100,000.00 BJETS 2021-1A A
2.162% Due 04-15-36
MUFG SECURITIES AMER
2/17/21
2/25/21
100,000.00 CLIF 2021-1A A
1.640% Due 02-18-46
RAYMOND JAMES
1/15/21
1/25/21
45,000.00 MONROE CAPITAL CORP
4.750% Due 02-15-26
REDI
12/31/20
1/5/21
88.00 CIGNA CORP
2/17/21
2/19/21
95.00 CLOUDFLARE INC
3/9/21
3/11/21
36.00 SQUARE INC
29
Period Ending 3/31/2021
99.82
39,926.80
0.00
0.00
96.18
11,541.09
0.00
0.00
------------
-------------------------------------
51,467.89
0.00
0.00
98.80
45,447.54
0.00
0.00
100.00
43,000.00
0.00
0.00
88,447.54
0.00
0.00
99.08
346,783.50
0.00
0.00
100.00
99,999.09
0.00
0.00
100.00
99,998.12
0.00
0.00
99.44
44,748.90
0.00
0.00
207.52
18,261.83
0.01
0.88
82.84
7,869.41
0.01
0.95
224.80
8,092.65
0.01
0.36
--------------------------------------------------
34,223.89
0.01
2.19
Hihland Capital
MANAGEMENT, LLC
An Argent Com Pang
Sebastian Police Officers' Pension Fund
Royal Bank of Canada
2/2/21
STEPHENS
3/23/21
STIFEL BB
2/5/21
strategas
1/14/21
2/2/21
WELLS
3/31/21
1/19/21
PURCHASESSUBTOTAL
Purchases
2/10/21
100,000.00 TMCL 21-1A
2.620% Due 02-20-46
3/26/21
67,000.00 RBB BANCORP
4.000% Due 04-01-31
2/9/21
25,000.00 PROASSURANCE CORP
5.300% Due 11-15-23
1/19/21
430.00 ABBVIE INC
2/4/21
364.00 FREEPORT McMORAN COPPER & GOLD IN
4/8/21
45,000.00 GA GLOBAL FUNDING TRUST 144A
1.000% Due 07-08-24
1/26/21
50,000.00 NATIONAL HEALTH INVESTOR
3.000% Due 02-01-31
30
Period Ending 3/31/2021
99.97
99,969.49
0.00
0.00
100.00
67,000.00
0.00
0.00
107.50
26,875.00
0.00
0.00
112.16
48,226.95
0.03
12.90
27.69
--------------------------------------------------
10,079.63
0.03
10.92
58,306.58
0.03
23.82
99.89
44,949.60
0.00
0.00
99.20
49,598.00
0.00
0.00
--------------------------------------------------
94,547.60
0.00
0.00
--------------------------------------------------
2,473,011.00
0.00
75.04
0.00
75.04
Hi Wand Capital
MANAGEMENT, LLC
An Argent Com Pang
Sebastian Police Officers' Pension Fund
Sales
3/1/21
3/1/21
40,000.00 BURLINGTON NORTH SANTA FE LLC SE BC
100.00
40,000.00
4.100% Due 06-01-21
1/8/21
1/8/21
150,000.00 FNMA
100.00
150,000.00
0.750% Due 07-08-25
190,000.00
BAC
1/20/21
1/21/21
35,000.00 US TREASURYN/B
125.26
43,840.23
3.000% Due 05-15-45
BARCLAYS-EQ
2/2/21
2/4/21
75.00 AXON ENTERPRISE INC
166.10
12,457.30
2/2/21
2/4/21
78.00 DUPONT DE NEMOURS INC
72.92
5,688.11
2/2/21
2/4/21
10.00 DUPONT DE NEMOURS INC
72.92
729.24
1/12/21
1/14/21
110.00 DXC TECHNOLOGY CO
28.29
3,111.93
2/2/21
2/4/21
170.00 MCDONALDS CORP
211.65
35,980.02
2/2/21
2/4/21
10.00 MCDONALDS CORP
211.65
2,116.47
1/14/21
1/19/21
310.00 PFIZER INC
36.77
11,398.48
1/14/21
1/19/21
53.00 PFIZER INC
36.77
1,948.77
2/17/21
2/19/21
30.00 SERVICENOW INC
576.63
17,298.95
1/5/21
1/7/21
200.00 TARGET CORP
180.54
36,108.26
2/3/21
2/5/21
60.00 THERMO FISHER SCIENTIFIC INC
501.52
30,091.02
2/17/21
2/19/21
21.00 TWILIO INC
403.43
8,472.11
165,400.70
BARCLAYS MARKET
AXESS
3/26/21
3/30/21
40,000.00 HONEYWELL INTERNATIONAL
100.09
40,035.20
0.483% Due 08-16-22
CITICORP
3/3/21
3/15/21
100,000.00 BJETS 2021-1A A
100.20
100,203.10
2.162% Due 04-15-36
COWEN & CO
3/9/21
3/11/21
215.00 MEDALLIA INC
28.96
6,226.12
31
Period Ending 3/31/2021
0.00 0.00
0.00 0.00
0.04
3.00
0.04
3.12
0.04
0.40
0.04
4.40
0.04
6.80
0.04
0.40
0.04
12.40
0.04
2.12
0.04
1.20
0.04
8.00
0.04
2.40
0.04
0.84
0.04
45.08
0.00 0.00
0.00 0.00
0.03 6.45
Hihland Capital
MANAGEMENT, LLC
An Argent Com Pang
Sebastian Police Officers' Pension Fund
Sales
Period Ending 3/31/2021
FTN FINANCIAL
3/16/21 3/24/21 300,000.00 SBIC 2021-10A 1 100.22 300,656.30 0.00 0.00
1.667% Due 01-10-31
GS
3/16/21 3/31/21 100,000.00 LPSLT 2021-2GS A 100.20 100,199.20 0.00 0.00
2.220% Due 03-20-48
Jefferies LLC
2/8/21
2/23/21
200,000.00 KENNAMETAL INC
100.94
201,882.00
0.00
0.00
2.800% Due 03-01-31
Jones Trading
12/31/20
1/5/21
111.00 BRIGHT SCHOLAR EDUCATION HOLDINGS
5.79
642.77
0.01
1.11
1/4/21
1/6/21
91.00 BRIGHT SCHOLAR EDUCATION HOLDINGS
5.79
526.84
0.01
0.91
1/4/21
1/6/21
100.00 BRIGHT SCHOLAR EDUCATION HOLDINGS
5.79
578.95
0.01
1.00
2/26/21
3/2/21
155.00 CISCO SYS INC
45.52
7,056.17
0.01
1.55
2/26/21
3/2/21
450.00 CISCO SYS INC
45.52
20,485.65
0.01
4.50
2/26/21
3/2/21
76.00 CISCO SYS INC
45.52
3,459.80
0.01
0.76
3/11/21
3/15/21
150.00 GRAPHIC PACKAGING HOLDING CO
17.41
2,612.19
0.01
1.50
3/11/21
3/15/21
185.00 GRAPHIC PACKAGING HOLDING CO
17.41
3,221.70
0.01
1.85
3/11/21
3/15/21
1,100.00 GRAPHIC PACKAGING HOLDING CO
17.41
19,156.08
0.01
11.00
3/11/21
3/15/21
603.00 GRAPHIC PACKAGING HOLDING CO
17.41
10,501.01
0.01
6.03
3/11/21
3/15/21
240.00 GRAPHIC PACKAGING HOLDING CO
17.41
4,179.51
0.01
2.40
1/27/21
1/29/21
215.00 MEDALLIA INC
47.48
10,208.55
0.01
2.15
3/10/21
3/12/21
180.00 OSHKOSH CORP
112.89
20,320.74
0.01
1.80
3/10/21
3/12/21
18.00 OSHKOSH CORP
112.89
2,032.07
0.01
0.18
3/10/21
3/12/21
20.00 OSHKOSH CORP
112.89
2,257.86
0.01
0.20
1/14/21
1/19/21
547.00 PFIZER INC
36.82
20,141.90
0.01
5.47
1/14/21
1/19/21
350.00 PFIZER INC
36.82
12,887.87
0.01
3.50
1/14/21
1/19/21
169.00 PFIZER INC
36.82
6,223.00
0.01
1.69
1/14/21
1/19/21
50.00 PFIZER INC
36.82
1,841.12
0.01
0.50
1/7/21
1/11/21
89.00 PROOFPOINT
134.33
11,955.60
0.01
0.89
-------------------------------------------------
160,289.40
0.01
48.99
32
Hihland Capital
MANAGEMENT, LLC
An Argent Com Pang
Sebastian Police Officers' Pension Fund
Sales
Period Ending 3/31/2021
MARKET AXESS MARKET AXE55
1/14/21
1/21/21
46,000.00 AVOLON HOLDINGS FNDG LTD
98.94
45,512.86
0.00
0.00
2.125% Due 02-21-26
2/19/21
2/23/21
30,000.00 BLACKSTONE/GSO SECURED
104.50
31,349.10
0.00
0.00
3.650% Due 07-14-23
3/3/21
3/5/21
40,000.00 BRIXMOR OPERATING PART
99.84
39,937.20
0.00
0.00
2.250% Due 04-01-28
3/19/21
3/23/21
25,000.00 FS KKR CAPITAL CORP
99.25
24,811.75
0.00
0.00
3.400% Due 01-15-26
1/20/21
1/26/21
50,000.00 NATIONAL HEALTH INVESTOR
100.01
50,004.00
0.00
0.00
3.000% Due 02-01-31
191,614.90
0.00
0.00
REDI
3/26/21
3/30/21
100.00 ALLIANCE DATA SYSTEMS CORP
116.15
11,615.04
0.01
1.00
2/17/21
2/19/21
88.00 DATADOG INC
102.63
9,031.34
0.01
0.88
3/10/21
3/12/21
37.00 QUIDEL CORP
129.61
4,795.42
0.01
0.37
1/12/21
1/14/21
90.00 VONTIER CORPORATION
34.47
3,101.95
0.01
0.90
1/12/21
1/14/21
10.00 VONTIER CORPORATION
34.47
344.66
0.01
0.10
28,888.41
0.01
3.25
SEELAUS
3/15/21
3/18/21
300,000.00 CHARLES SCHWAB CORP
100.25
300,750.00
0.00
0.00
4.000% Due 06-01-26
2/5/21
2/9/21
20,000.00 MONROE CAPITAL CORP
100.87
20,175.00
0.00
0.00
4.750% Due 02-15-26
320,925.00
0.00
0.00
STIFEL
2/16/21
3/3/21
350,000.00 EXPEDIA GROUP INC
99.65
348,761.00
0.00
0.00
2.950% Due 03-15-31
STIFEL BB
3/24/21
3/26/21
67,000.00 RBB BANCORP
100.87
67,586.25
0.00
0.00
4.000% Due 04-01-31
33
Hihland Capital
MANAGEMENT, LLC
An Argent Com Pang
Sebastian Police Officers' Pension Fund
Sales
Period Ending 3/31/2021
strategas
1/12/21
1/14/21
32.95 VIATRIS INC
18.36
605.13
0.03
0.99
1/12/21
1/14/21
74.45 VIATRIS INC
18.36
1,367.16
0.03
2.23
1/12/21
1/14/21
43.43 VIATRIS INC
18.36
797.51
0.03
1.30
1/12/21
1/14/21
20.97 VIATRIS INC
18.36
385.08
0.03
0.63
1/12/21
1/14/21
6.20 VIATRIS INC
18.36
113.93
0.03
0.19
--------------------------------------------------
3,268.81
0.03
5.34
WELLS FARGO MARKET AXESS
3/24/21
3/26/21
39,000.00 AMERICAN HONDA FINANCE
100.32
39,125.58
0.00
0.00
0.576% Due 05-10-23
--------------------------------------------------
SALES SUBTOTAL
2,308,902.00
0.00
109.11.
0.00
109.11
Hi Wand Capital
34 MANAGEMENT, LLC
An Argent Company
,
i
r
1
J
4
6075 Poplar Avenue, Suite 703, Memphis, TN 38119
Tel: 407-839-8440 1 Fax: 407-841-2814