Item No. 9:
Annual Presentation by Vontobel Asset Management, Inc. – Emerging Markets
Equity Manager (May 11, 2016, Regular Retirement Board Meeting)
INVESTMENT MANAGER SUMMARY Firm Name
Manager Tenure with Fund
Investment Strategy/Vehicle
Contract Expiration
MANAGEMENT
Vontobel Asset Management, Inc.
3.5 Years
Emerging Markets Equity
10/31/2018
ASSETS
Total Firm AUM (03/31/2016)
Total Firm Assets in Strategy (03/31/2016)
Total Assets Managed for WPERP (03/31/2016)
$44.4 Billion
$25.4 Billion
RP - $232.5 Million
HP - $38.7 Million
PERFORMANCE
As of 03/31/2016
Calendar
Y-T-D
Vontobel Emerging Markets (gross)
3.04%
Vontobel Emerging Markets (est. net)
2.89%
MSCI Emerging Markets IMI ND
5.04%
Difference (net of fees)
-2.15%
Schedule
FEES
59 bps on all assets
WATCH STATUS
N/A
9
1 Year
-6.79%
-7.34%
-11.66%
4.32%
3 Year
-1.93%
-2.49%
-4.27%
1.78%
Inception
-1.12%
-1.69%
-4.23%
2.54%
Emerging Markets Equity
Annual Portfolio Review for the Accounts of:
Los Angeles Water & Power Employees'
Retirement Plan
Presented by:
Ben Falcone, Director
Senior Portfolio Adviser
Evelyn Orley, Director
Institutional Clients North America
May 11, 2016
High Quality Growth At Sensible Prices
Vontobel Asset Management, Inc.
1540 Broadway, 38th floor
New York, NY 10036
(212) 415-7000 | www.vusa.com
Representing Vontobel Asset Management, Inc.
Mr. Ben Falcone, Director, Senior Portfolio Adviser
Mr. Falcone joined Vontobel Asset Management, Inc. in March 2015. As a Senior Portfolio Adviser, he is
responsible for communicating the firm’s views, investment philosophy, methodology, portfolio performance
and positioning, as well as risk management. He also represents the firm’s portfolio managers to
institutional clients and consultants. Prior to joining Vontobel, Mr. Falcone was a portfolio manager from
2010 to 2014 at Echo Point Investment Management LLC, an institutional long-only international equity
asset management firm. Echo Point was a lift out of Morgan Stanley Investment Management, where he
worked from 2008 to 2010. Prior to Morgan Stanley, he spent a decade at Black Rock Inc. and Merrill
Lynch Asset Management as an equity research analyst on the Global Small Cap Fund from 1999 to 2008.
Mr. Falcone began his financial career in 1996 at Merrill Lynch Asset Management in the operations and
client servicing department. He received a B.A. in Business Economics from The College of Wooster and
holds the Chartered Financial Analyst (CFA) designation, as well as the Series 7 and 63 licenses.
Ms. Evelyn Orley, Director, Institutional Clients, North America
Ms. Orley joined Vontobel Asset Management, Inc. in March 2013 and is based in San Diego, California.
She is responsible for developing and servicing new client relationships in the mid- and western United
States. She serves as the initial and ongoing point of contact for her clients, ensuring that all their needs
are met. She also builds and maintains relationships with the institutional consultant community. Prior to
joining Vontobel, Ms. Orley worked at Hansberger Global Investors for nine years in a similar role. Ms.
Orley began her financial career in 1998 at Freeman Associates Investment Management. Previously, she
spent seven years as a professional golfer competing on the LPGA, European and Asian golf tours earning
two victories, at the Swiss and Singapore Open. She also has experience working at a sports marketing
company in South Florida. Ms. Orley received a B.A. in Political Science from Duke University and holds a
Series 7 license.
FOR INSTITUTIONAL INVESTOR USE ONLY / NOT FOR PUBLIC VIEWING OR DISTRIBUTION
Page 2
Los Angeles Water & Power Employees’ Retirement Plan
Part I:
Company Overview
Part II:
Investment Process and Discipline
Part III:
Market Overview
Part IV:
Performance Review
Part V:
Portfolio Review and Characteristics
Part VI:
Appendix
Fee Schedule
Glossary of Investment Terms
Disclaimer
FOR INSTITUTIONAL INVESTOR USE ONLY / NOT FOR PUBLIC VIEWING OR DISTRIBUTION
Page 3
Organizational Overview
About Vontobel
Vontobel Holding AG, Zurich, Switzerland
 Established in 1924 and Swiss exchange-listed since 1986
 Dedicated to private banking, investment banking and asset
management
 1,500 employees worldwide with 22 international locations
Vontobel Asset Management
 Dedicated to a multi-boutique model
 Five autonomous investment boutiques, each of which is highly
specialized, with a unique investment process and philosophy:
 Quality Growth
 Multi-Asset Class
 Fixed Income
 Global Thematic
 Alternatives
Vontobel Asset Management, Inc., New York
 Quality Growth Boutique
 Established in 1984 as a subsidiary of Vontobel Holding AG
 SEC-registered investment adviser
 Dedicated to institutional and intermediary clients worldwide
 Long-only global equity portfolios
Source: Vontobel Asset Management, Inc.
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Page 4
Vontobel Asset Management, Inc.
Firm Update as of March 31, 2016
Total Assets Under Management = US$44.4 Billion
Business Highlights / Organizational Update
Vontobel Announces New CIO, Matthew Benkendorf
In March 2016, Matthew Benkendorf was appointed Chief Investment
Officer of Vontobel Asset Management, Inc., assuming responsibilities
from Rajiv Jain, who announced he is leaving the firm as of May 31, 2016.
Matthew is responsible for the oversight and strategic implementation of
the firm’s assets under management and is the lead Portfolio Manager of
Vontobel’s Global Equity, International Equity, Emerging Markets Equity
and U.S. Equity investment strategies.
Vontobel Announces Lead Portfolio Managers for Europe and Far
East Strategies
Investment Strategies (US$ Millions)
$25,469 Emerging Markets Equity
$6,730
International Equity
$8,805
Global Equity
$1,392
U.S. Equity
$1,166
European Equity
$809
Far East Equity
In March 2016, Donny Kranson, formerly deputy Portfolio Manager of the
European Equity strategy, was promoted to lead European Equity Portfolio
Manager, and Brian Bandsma, formerly deputy Portfolio Manager of the
Far East Equity strategy, was promoted to lead Far East Equity Portfolio
Manager.
Research Analyst Promotion
Davit Khachatryan joined Vontobel Asset Management, Inc. in March 2015
as a research associate, and became a research analyst in March 2016.
Source: Vontobel Asset Management, Inc.
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Page 5
Organizational Overview
Investment Organization
FOR INSTITUTIONAL INVESTOR USE ONLY / NOT FOR PUBLIC VIEWING OR DISTRIBUTION
Page 6
Organizational Overview
Client Service Team
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Page 7
Los Angeles Water & Power Employees’ Retirement Plan
Part I:
Company Overview
Part II:
Investment Process and Discipline
Part III:
Market Overview
Part IV:
Performance Review
Part V:
Portfolio Review and Characteristics
Part VI:
Appendix
Fee Schedule
Glossary of Investment Terms
Disclaimer
FOR INSTITUTIONAL INVESTOR USE ONLY / NOT FOR PUBLIC VIEWING OR DISTRIBUTION
Page 8
Page 9
Investment Approach
Objective
 Target return: At least 2-3% net of fees above annual benchmark rate of
return over a full market cycle with lower-than-market volatility
Investment Principles
 Long-term focus on protecting and growing your assets
 Uncover powerful businesses with built-in competitive advantages
 Patience to let these companies grow their profits over the long term
 High-conviction, benchmark unconstrained portfolio
 Common sense diversification based on understanding real business
drivers
FOR INSTITUTIONAL INVESTOR USE ONLY / NOT FOR PUBLIC VIEWING OR DISTRIBUTION
Page 9
Page 10
Investment Approach
Investment Philosophy
We believe
Consistent and sustainable earnings growth drives consistent returns and leads to outperformance
Source: FactSet, MSCI, Vontobel.
Based on all companies within the MSCI All Country World Index, excluding outliers (top 15% and bottom 15% for each year).
Total return represents annual returns using year-end holdings for 20 years through December 31, 2014.
FOR INSTITUTIONAL INVESTOR USE ONLY / NOT FOR PUBLIC VIEWING OR DISTRIBUTION
Page 10
Investment Approach
Advantages of Style
 Aim to generate investment results as consistent and predictable as the earnings
of the underlying companies
EPS Growth Rate
Vontobel Seeks Consistent Earnings Growth
Emerging Markets EPS Growth vs Benchmark*
Consistent Earnings Growth Compounds Faster
Emerging Markets Cumulative EPS Growth**
50%
$1,000
40%
$800
30%
$600
20%
$400
10%
$200
0%
-10%
$0
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Vontobel EME
MSCI EM
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Vontobel EME
MSCI EM
Source: FactSet
Past performance is not indicative of future results. For full disclosure and for further information regarding comparison to an index, see last page.
Please refer to the end of this presentation for a table of the gross and net returns for this composite.
* Emerging Markets Equity Representative Account versus MSCI Emerging Markets Index. The growth rates are calculated as a weighted average of the full year’s EPS progression for the companies held in the portfolio and
benchmark as of calendar year end excluding outliers. These figures are calculated in local currency and ex-cash.
** The graph represents the cumulative growth of $100 based on earnings growth.
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Page 11
Investment Approach
Emerging Markets Equity Investment Process Overview
Screen & Idea Generation
Analyze past
results
~15,000 securities
Passing high hurdle rates
 Net profits > $50
million
 Low-to-moderate
leverage (high interest
coverage)
 High ROE/ ROA
Price
~300 (investment universe)
Understanding the
business and quality of
earnings
 Defensible franchise
 Consistent and durable
business
 Pricing power
 Low-to-moderate need
for capital
 Free Cash flow
 Stable earnings and
operating margins
Analyze future
opportunities
 Coherent business
strategy
Replicate and exceed past
success
 Ability to sustain
growth
 Ability to maintain high
ROE with…
 …low-to-moderate
leverage
 Ability to earn high
ROE on a growing
equity base
Portfolio Construction
~50-90 positions
Sensible Price
Benchmark unconstrained
 We develop and
maintain five-year
profit forecasts for
each actual and
prospective investment
that we monitor
 Avoid the artificial and
backward-looking
constraints of index
weightings
 We seek to buy and
hold shares selling
below our appraisal of
their fundamental
business value
 Common sense risk
diversification/dependabilit
y of income stream
 Initial position size
depends on degree of
conviction and price
 Transparent
accounting
Profitable & stable
Predictable, sustainable growth at a sensible price
High conviction
The approximate number of companies is provided as of the date of this presentation and is not necessarily indicative of the approximate number of companies on any other date.
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Page 12
Investment Approach
Valuation: Price is what you pay…Value is what you get
Assumptions
EPS growth
estimate 8% p.a.
(vs. 12% p.a. for
past 5 years)
Terminal multiple 15x
(10.5x-18.6x
historical range;
15.1x currently)
Vontobel EPS
estimate
Vontobel
EPS
estimate
Discount rate 6%
Terminal multiple
Terminal
multipleonon
year 55 earnings
year
earningsestimate
estimate
Vontobel
Current
Price
Vontobel Fundamental
Current
Price
Intrinsic
Value
Business Value
(PV+PV Div)
3250
44.08
Legend:
FV = Future Value
PV = Present Value
Div= Dividends
R$ = Brazilian Real
A = Actual
Undervalued/Margin
Discount of Safety
171.1
2.94
2340
32.9
19.0
15
xx
82.5
2.0
Discount ~30%
81
8.6
1.8
68.8
2009 0(a) 2010
Year
Year 1
2014
Year
5
FV
FV
PV
PV
PV Div
PV
Div
2421
42
1929
29
For illustrative purposes, to demonstrate the process
Legend: FV = Future Value / PV = Present Value / Div = Dividends
For illustrative purposes to demonstrate the process
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Page 13
Investment Approach
Sell Discipline
Sell Discipline
 Better alternative identified
 Price target met
 Deterioration in fundamentals
 Major merger/acquisition-related activity
 Portfolio considerations
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Page 14
Investment Approach
Emerging Markets Equity Portfolio Construction
Cash Fully invested
Position Size Maximum 7%
Number of Stocks ~ 50 – 90
Sector At least five sectors at all times
Country Maximum 20% absolute overweight relative to MSCI
Emerging Markets Index with no minimum
Volatility No tracking error restrictions
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Page 15
Investment Approach
Risk Management
We believe the main sources of risk are stock specific, i.e.,
 Did we get the company fundamentals right?
 Did we buy at the right price?
How do we manage risk?
 Diversification/dependability of income stream
Northfield multi-factor risk model to monitor unintended factor bias
Risk characteristics over last five years ending 3/31/16*
Alpha 5.9% p.a.
Beta 0.7
Standard Deviation 15.1% p.a. versus 18.8% p.a. Index*
Source: FactSet
* Based on gross performance of the Emerging Markets Equity Composite versus the MSCI Emerging Markets Index (Total Return Gross Dividends).
Past performance is not indicative of future results. For full disclosure and for further information regarding comparison to an index, see last page.
Please refer to the end of this presentation for a table of the gross and net returns for this composite.
FOR INSTITUTIONAL INVESTOR USE ONLY / NOT FOR PUBLIC VIEWING OR DISTRIBUTION
Page 16
Los Angeles Water & Power Employees’ Retirement Plan
Investment Guidelines
Objective
On an annual basis, Vontobel is expected to outperform the MSCI EM IMI ND Index, net of fees, to be measured over
a market cycle of three-to-five years. In addition, a second objective is that, over a five year market cycle, realized
tracking error should not exceed 10.00% versus the MSCI EM IMI ND Index.
Benchmark
Morgan Stanley Capital International Emerging Markets Investable Market Index ND (“MSCI EM IMI ND”).
Guidelines
Portfolio shall be comprised of securities of non-U.S. domiciled companies doing business in emerging markets with
minimum market capitalizations of $100 million. Up to 25% of the portfolio may be comprised of non-Index countries.
No more than 7% of the lesser of cost or market value of the portfolio shall be invested in any one issue. No issue
shall be purchased in the portfolio if more than 10% of the outstanding shares of that company are held by Vontobel in
the total of all accounts. Cash and equivalents shall not exceed 10% of the portfolio.
Permitted Investments
Currency hedging up to a maximum of 25% of the portfolio value (notional) is permitted for defensive purposes.
Currency hedging shall be effected through the use of forward currency contracts and put and call options. Equity
instruments wih registration rights are fully permissible. Those instruments without registration rights must not exceed
10% of the lesser of cost or market value of any single international equity portfolio.
Restrictions
Turnover in the portfolio shall not exceed 100% in any twelve month period. Turnover shall be defined as the total
dollar value of the lesser of purchases or sales divided by the market vale of the portfolio at the beginning of the
period.
FOR INSTITUTIONAL INVESTOR USE ONLY / NOT FOR PUBLIC VIEWING OR DISTRIBUTION
Page 17
Los Angeles Water & Power Employees’ Retirement Plan
Part I:
Company Overview
Part II:
Investment Process and Discipline
Part III:
Market Overview
Part IV:
Performance Review
Part V:
Portfolio Review and Characteristics
Part VI:
Appendix
Fee Schedule
Glossary of Investment Terms
Disclaimer
FOR INSTITUTIONAL INVESTOR USE ONLY / NOT FOR PUBLIC VIEWING OR DISTRIBUTION
Page 18
Emerging Markets Equity
Market Review for First Quarter 2016
• After a difficult 2015, emerging equity markets rallied, outpacing
developed markets. The MSCI Emerging Markets Index returned
5.71% in USD for the first quarter of 2016.
MSCI Emerging Markets Sector Performance (%) 1Q 2016
Materials
Energy
• Emerging market equity performance was driven by stronger
commodity prices, a sharp rise in many emerging market
currencies and lower expectations for U.S. rate increases.
• Despite a deep recession in Brazil, investors’ hope for political
change, combined with a surge in metals and energy stocks, drove
Brazilian equities to new levels. Emerging Asia, including Thailand,
Malaysia, and Indonesia, also performed well on positive economic
data. Chinese stocks declined, mainly due to fears of a
deteriorating economy and currency weakness, but were
exacerbated by the removal of selling restrictions in mainland
markets.
• Unlike other emerging markets, Indian equities were negatively
impacted by the rebound in commodities. Indian equity markets
struggled as a lack of progress on reforms and concerns
surrounding bad bank debts weighed on investor sentiment.
• Materials and Energy were the best performing sectors, while
Health Care was the only sector with negative performance.
Utilities
Telecom. Svcs
Con. Stap.
Info. Tech.
Financials
Con. Disc.
Industrials
Health Care
-2.00
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
16.00
18.00
MSCI Emerging Markets Country Performance (%) 1Q 2016
Brazil
Peru
Colombia
China
Egypt
Greece
-15.00
-10.00
-5.00
0.00
5.00
10.00
15.00
20.00
25.00
30.00
35.00
Source: Northern Trust and MSCI
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Page 19
Emerging Markets Equity
Outlook as of March 31, 2016
• We continue to find opportunities in the Consumer Staples and Financial Services sectors.
• Despite a rally in emerging markets late in the quarter, we continued to decrease our exposure to lower conviction and lower liquidity
companies relative to other names in the portfolio, as we have found fewer opportunities, greater risks and persistent structural headwinds in
emerging markets.
• In our view, the rally in Brazilian equities was premature, given the deteriorating economic and political environment; however, we do maintain
conviction in our select Brazilian holdings.
• In China, we continue to hold e-commerce and Internet names as we believe the secular opportunity in this area of the market is intact. That
said, we believe underlying weakness in the earnings of Chinese companies is pervasive.
• India’s central bank cut its interest rates, as markets expected, and announced steps to increase liquidity in the country’s banking system.
Although the Indian equity market has been softer, we are confident in our exposures.
• Our portfolio benefited from a weakening U.S. dollar over the quarter, specifically in our multinational holdings in the Consumer Staples
sector.
• Cyclical, lower quality stocks outperformed in the second half of the quarter, creating a challenging environment for our high quality style.
However, we remain committed to our investment discipline and seek to generate competitive returns, with less risk than the market, through
careful stock selection over a full market cycle.
FOR INSTITUTIONAL INVESTOR USE ONLY / NOT FOR PUBLIC VIEWING OR DISTRIBUTION
Page 20
Los Angeles Water & Power Employees’ Retirement Plan
Part I:
Company Overview
Part II:
Investment Process and Discipline
Part III:
Market Overview
Part IV:
Performance Review
Part V:
Portfolio Review and Characteristics
Part VI:
Appendix
Fee Schedule
Glossary of Investment Terms
Disclaimer
FOR INSTITUTIONAL INVESTOR USE ONLY / NOT FOR PUBLIC VIEWING OR DISTRIBUTION
Page 21
Page 22
LA Water And Power Emp. Retirement, Disability And Death Benefit Plan
Trailing Performance (%) for Periods Ending March 31, 2016 - USD
8.00
6.00
4.00
2.00
0.00
-2.00
-4.00
-6.00
-8.00
-10.00
-12.00
-14.00
QTD
1 Year
2 Year
3 Year
Since
Inception*
Gross Performance
3.16
-6.67
-0.31
-1.86
-1.05
Net Performance
3.01
-7.23
-0.89
-2.39
-1.54
MSCI Emerging Markets IMI (ND)
5.04
-11.66
-5.76
-4.27
-4.23
Excess Returns**
-2.03
4.43
4.88
1.88
2.68
Emerging Markets Equity Composite - Gross Performance
2.52
-7.12
-0.57
-1.90
-1.10
Emerging Markets Equity Composite - Net Performance
2.37
-8.03
-1.58
-2.92
-2.13
MSCI Emerging Markets (ND)
5.71
-12.03
-6.00
-4.50
-4.64
*Inception Date: January 1, 2013
**Excess returns are the difference between the portfolio’s net performance and the benchmark (MSCI EM IMI (ND)).
Effective January 2016, the portfolio net-of-fees rates of return are calculated based on the fee schedule. All net returns that were previously calculated on a cash basis are linked to the returns being calculated under the new
methodology, reflecting daily accrual of fees.
The composite‘s gross rates of return are presented before the deduction of investment management fees, other investment-related fees, and after the deduction of foreign withholding taxes, brokerage commissions and
transaction costs. An investor’s actual return will be reduced by investment advisory fees. The composite‘s net rates of return are presented after the deduction of investment management fees, brokerage commissions,
transaction costs, other investment-related fees and foreign withholding taxes.
Returns greater than one year are annualized. Past performance is not indicative of future results. For full disclosure and for further information regarding comparison to an index, see appendix. Please refer to the end of this
presentation for a table of the gross and net returns for this composite.
Source: Northern Trust.
FOR INSTITUTIONAL INVESTOR USE ONLY / NOT FOR PUBLIC VIEWING OR DISTRIBUTION
Page 23
LA Water And Power Emp. Retiree Health Benefits Fund
Trailing Performance (%) for Periods Ending March 31, 2016 - USD
8.00
6.00
4.00
2.00
0.00
-2.00
-4.00
-6.00
-8.00
-10.00
-12.00
-14.00
QTD
1 Year
2 Year
3 Year
Since
Inception*
Gross Performance
3.17
-6.65
-0.31
-1.87
-1.05
Net Performance
3.02
-7.23
-0.90
-2.40
-1.55
MSCI Emerging Markets IMI (ND)
5.04
-11.66
-5.76
-4.27
-4.23
Excess Returns**
-2.01
4.43
4.86
1.86
2.67
Emerging Markets Equity Composite - Gross Performance
2.52
-7.12
-0.57
-1.90
-1.10
Emerging Markets Equity Composite - Net Performance
2.37
-8.03
-1.58
-2.92
-2.13
MSCI Emerging Markets (ND)
5.71
-12.03
-6.00
-4.50
-4.64
*Inception Date: January 1, 2013
**Excess returns are the difference between the portfolio’s net performance and the benchmark (MSCI EM IMI (ND)).
Effective January 2016, the portfolio net-of-fees rates of return are calculated based on the fee schedule. All net returns that were previously calculated on a cash basis are linked to the returns being calculated under the new
methodology, reflecting daily accrual of fees.
The composite‘s gross rates of return are presented before the deduction of investment management fees, other investment-related fees, and after the deduction of foreign withholding taxes, brokerage commissions and
transaction costs. An investor’s actual return will be reduced by investment advisory fees. The composite‘s net rates of return are presented after the deduction of investment management fees, brokerage commissions,
transaction costs, other investment-related fees and foreign withholding taxes.
Returns greater than one year are annualized. Past performance is not indicative of future results. For full disclosure and for further information regarding comparison to an index, see appendix. Please refer to the end of this
presentation for a table of the gross and net returns for this composite.
Source: Northern Trust.
FOR INSTITUTIONAL INVESTOR USE ONLY / NOT FOR PUBLIC VIEWING OR DISTRIBUTION
Page 24
Vontobel Emerging Markets Equity Composite*
Quartile Performance – Periods Ending March 31, 2016 USD
* Vontobel Global Emerging Markets Equity Composite’s Inception Date: 10/31/92
Returns greater than one year are annualized. Performance is not indicative of future results.
Please refer to the end of this presentation for a table of the gross and net returns for this composite.
eVestment Emerging Mkts All Cap Equity Universe are equity products that invest primarily in small, mid, and/or large capitalization stocks in emerging market countries. The expected benchmark for this universe is the MSCI EM.
Source: eVestment
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Page 25
LA Water And Power Emp. Retirement, Disability And Death Benefit Plan
Allocation Review
12/31/15
12/31/15
Allocation by Region
3/31/16
3/31/16
Market Cap Range Breakdow n as of 3/31/16
($Mil)*
Portfolio**
MSCI EM IMI**
Large Cap: > 16,808
75.9
42.3
Portfolio
MSCI Emerging
Markets IMI ND
Portfolio
MSCI Emerging
Markets IMI ND
% Europe
17.3
0.0
18.6
0.0
Mid Cap: 5,491 - 16,808
16.0
27.8
% Asia / Pacific
6.0
0.0
6.5
0.0
Small Cap: < 5,491
1.7
29.9
% North America
0.0
0.0
1.0
0.0
Cash & Cash Equivalents
6.5
0.0
% Emerging Markets
70.9
100.0
63.0
100.0
100%
100%
% Middle East
0.0
0.0
0.0
0.0
% Cash & Cash Equivalents
5.8
0.0
11.0
0.0
% Foreign Exchange
0.0
0.0
0.0
0.0
100%
100%
100%
100%
12/31/15
1/31/16
2/29/16
3/31/16
% Equity
94.2
94.6
95.2
89.0
% Cash & Cash Equivalents
5.8
5.4
4.8
11.0
% Foreign Exchange
0.0
0.0
0.0
0.0
100%
100%
100%
100%
Total
Allocation by Asset Type
Total
Total
Portfolio: LA Water And Power Emp. Retirement, Disability And Death Benefit Plan
For allocation information on this page, any India positions held through participating shares in the Vontobel India Fund are treated as if they are held directly.
Source: Northern Trust/Factset
Please note that the cash level in the portfolio in the allocation by region report is 11% as of 3.31.16 due to greater than normal outflows relating to the Vontobel India Fund, of which LA Water is invested. As of April 22, 2016, the
cash level of LA Water’s portfolio including any India positions held through participating shares in the Vontobel India Fund is 2.9%.
*Source of Market Cap size breakpoints: Lipper International Universe.
**Source: FactSet
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Page 26
LA Water And Power Emp. Retirement, Disability And Death Benefit Plan
Sector Allocation as of March 31, 2016
Sector Allocation
as of 03/31/2016
Portfolio
Weight
Benchmark
Weight
Difference*
6.2
10.9
-4.7
38.6
8.2
30.5
0.5
6.8
-6.3
15.8
26.1
-10.3
Health Care
2.6
3.5
-0.9
Industrials
2.3
8.0
-5.7
14.8
20.2
-5.3
Materials
2.5
7.2
-4.7
Telecom Services
2.1
6.1
-4.0
Utilities
3.8
3.2
0.6
11.0
0.0
11.0
Foreign Exchange
0.0
0.0
0.0
Total
100
100
Consumer Discretionary
Consumer Staples
Energy
Financials
Information Technology
Cash & Cash Equivalents
* Allocation differences between the LA Water And Power EMP. Retirement, Disability And Death Benefit Plan's portfolio vs. MSCI Emerging Markets IMI ND.
The holdings are based on the actual portfolio. For information on this page, any India positions held through participating shares in the
India Fund are treated as if they are held directly.
Please note that the cash level in the portfolio in the allocation report is 11% as of 3.31.16 due to greater than normal outflows relating to the Vontobel India Fund, of which LA Water is invested. As of April 22, 2016, the
cash level of LA Water’s portfolio including any India positions held through participating shares in the Vontobel India Fund is 2.9%.
Source: Northern Trust
FOR INSTITUTIONAL INVESTOR USE ONLY / NOT FOR PUBLIC VIEWING OR DISTRIBUTION
Page 27
LA Water And Power Emp. Retirement, Disability And Death Benefit Plan
Country Allocation as of March 31, 2016
Country Allocation
as of 03/31/2016
Brazil
Chile
China
Colombia
Czech Republic
Egypt
Greece
Hong Kong
Hungary
India
Indonesia
Malaysia
Mexico
Morocco
Netherlands
Peru
Philippines
Poland
Qatar
Republic of Korea
Russian Federation
Singapore
South Africa
Taiwan
Thailand
Turkey
United Arab Emirates
United Kingdom
United States
Cash & Cash Equivalents
Foreign Exchange
Total
Portfolio
Weight
5.5
0.0
6.7
0.0
0.0
0.0
0.0
6.5
0.0
19.3
6.6
1.2
6.9
0.0
5.2
0.0
0.0
0.0
0.0
5.5
0.0
0.0
4.8
3.2
3.2
0.0
0.0
13.4
1.0
11.0
0.0
100
Benchmark
Weight
6.0
1.2
23.6
0.5
0.2
0.2
0.4
0.0
0.3
8.4
2.7
3.5
4.4
0.0
0.0
0.3
1.4
1.3
0.9
16.1
3.3
0.0
7.0
13.1
2.4
1.5
0.9
0.0
0.0
0.0
0.0
100
Difference*
-0.5
-1.2
-16.9
-0.5
-0.2
-0.2
-0.4
6.5
-0.3
10.9
4.0
-2.3
2.5
0.0
5.2
-0.3
-1.4
-1.3
-0.9
-10.6
-3.3
0.0
-2.2
-9.9
0.7
-1.5
-0.9
13.4
1.0
11.0
0.0
* Allocation differences between the LA Water And Power EMP. Retirement, Disability And Death Benefit Plan's portfolio vs. MSCI Emerging Markets IMI ND.
The holdings are based on the actual portfolio. For information on this page, any India positions held through participating shares in the
India Fund are treated as if they are held directly.
Please note that the cash level in the portfolio in the allocation report is 11% as of 3.31.16 due to greater than normal outflows relating to the Vontobel India Fund, of which LA Water is invested. As of April 22, 2016, the
cash level of LA Water’s portfolio including any India positions held through participating shares in the Vontobel India Fund is 2.9%.
Source: Northern Trust
FOR INSTITUTIONAL INVESTOR USE ONLY / NOT FOR PUBLIC VIEWING OR DISTRIBUTION
Page 28
LA Water And Power Emp. Retirement, Disability And Death Benefit Plan
Sector Attribution for 1 Year Ending March 31, 2016 - USD
Geom etric Performance Attribution
1 Year Ending 3/31/16
4.0
Consumer Staples
3.0
Stock Selection
2.0
Information Technology
1.0
Financials
Materials
Utilities
Energy
0.0
Industrials
Consumer Discretionary
-1.0
Telecom Services
Health Care
-2.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
Asset Allocation
Benchmark: MSCI Emerging Markets IMI ND
For information on this page, any India positions held through participating shares in the India Fund are treated as if they are held directly. Based on cumulative gross performance. Please note that attribution is calculated externally by Northern
Trust based on daily transactions. Past performance is not indicative of future results. The size of a sphere represents the average sector weight in the portfolio over the period. Asset Allocation and Stock Selection are defined, among other
terms, on a Disclaimer page in the Appendix.
Contribution includes cash holdings.
Source: Northern Trust/ Vontobel
FOR INSTITUTIONAL INVESTOR USE ONLY / NOT FOR PUBLIC VIEWING OR DISTRIBUTION
Page 29
LA Water And Power Emp. Retirement, Disability And Death Benefit Plan
Sector Attribution Analysis for 1 Year Ending March 31, 2016 - USD
Acct.
Average
Weight
Index
Average
Weight
Acct.
Base
Returns
Index
Base
Returns
Acct.
Contribution
to Return
Index
Contribution
to Return
Relative
Asset
Allocation
Relative
Stock
Selection
Total
Mgmt.
Effect
Total
Equity
Consumer Discretionary
100.00
94.12
6.75
100.00
100.00
10.55
-6.71
3.27
-17.21
-11.66
5.04
-10.97
-6.71
-6.49
-1.43
-11.66
-11.63
-1.10
2.58
-0.34
-0.03
3.05
-1.30
-0.57
5.61
-1.64
-0.60
Consumer Staples
36.52
8.31
2.90
-4.87
1.37
-0.39
1.82
2.91
4.78
Energy
0.63
6.95
-0.38
-7.64
-0.05
-0.50
-0.29
0.04
-0.25
Financials
21.91
27.16
-12.24
-15.03
-3.07
-4.40
0.35
0.61
0.97
Health Care
4.19
3.45
-24.85
-6.18
-1.20
-0.26
0.07
-0.96
-0.89
Industrials
0.80
8.25
--
-15.00
-0.04
-1.30
0.25
-0.16
0.09
Information Technology
15.19
18.56
-7.69
-10.38
-1.45
-1.71
-0.20
0.63
0.43
Materials
2.33
7.22
8.99
-8.64
0.31
-0.60
-0.10
0.37
0.27
Telecom Services
3.95
6.30
-20.95
-15.47
-1.17
-1.00
0.09
-0.19
-0.10
Utilities
3.14
3.26
3.58
-11.08
0.22
-0.37
0.02
0.44
0.46
Cash & Cash Equivalents
4.59
0.00
-0.94
--
-0.03
0.00
0.69
0.00
0.69
Foreign Exchange
0.00
0.00
--
--
-0.08
0.00
-0.09
0.00
-0.09
-0.10
-0.03
Sector Attribution Analysis
(1 Year Ending 3/31/16) Gross US$
Residual
-0.10
Benchmark: MSCI Emerging Markets IMI ND
For information on this page, any India positions held through participating shares in the Vontobel India Fund are treated as if they are held directly. The Fund performance is based on a daily valuation calculation methodology.
Performance provided are based on gross returns. Past performance is not indicative of future results. Total Management Effect is defined, among other terms, on a Disclaimer page in the Appendix.
Source: Northern Trust
FOR INSTITUTIONAL INVESTOR USE ONLY / NOT FOR PUBLIC VIEWING OR DISTRIBUTION
Page 30
LA Water And Power Emp. Retirement, Disability And Death Benefit Plan
Country Attribution Analysis for 1
First
Year
Quarter
Ending2016
March
- USD
31, 2016
(Continued)
- USD
Country Attribution Analysis
(1 Year Ending 3/31/16) Gross US$
Total
Equity
Brazil
Chile
China
Colombia
Czech Republic
Egypt
Greece
Hong Kong
Hungary
India
Indonesia
Malaysia
Mexico
Morocco
Netherlands
Peru
Philippines
Poland
Qatar
Republic of Korea
Russian Federation
Singapore
South Africa
Taiw an
Thailand
Turkey
United Arab Emirates
United Kingdom
United States
Cash & Cash Equivalents
Foreign Exchange
Residual
Acct.
Average
Weight
Index
Average
Weight
100.00
95.41
8.70
0.00
7.59
0.00
0.00
0.00
0.00
6.24
0.00
25.53
5.82
2.01
7.00
0.00
2.35
0.00
0.00
0.00
0.00
4.07
0.10
0.54
5.03
3.47
5.28
0.02
0.00
11.55
0.12
4.59
0.00
100.00
100.00
6.05
1.23
24.38
0.47
0.18
0.27
0.36
0.00
0.23
8.45
2.51
3.34
4.38
0.00
0.00
0.34
1.41
1.40
0.91
15.73
3.31
0.00
7.24
13.12
2.45
1.44
0.80
0.00
0.00
0.00
0.00
Acct.
Base
Returns
-6.71
-6.84
-12.56
--11.39
-----5.07
--11.99
4.25
-9.38
-6.34
------0.62
---21.06
7.45
-14.70
--19.19
--0.94
--
Index
Base
Returns
Acct.
Contribution
to Return
Index
Contribution
to Return
Relative
Asset
Allocation
Relative
Stock
Selection
-11.66
-11.66
-12.26
-6.94
-17.93
-10.92
-8.88
-29.57
-40.14
-37.96
-13.04
-13.84
-7.31
-5.07
---7.29
-11.10
-11.78
-12.54
-5.00
1.99
--17.21
-8.74
-12.51
-2.56
-5.55
-----
-6.71
-11.66
-11.65
-0.78
-0.06
-5.04
-0.05
-0.02
-0.10
-0.18
0.00
0.07
-1.18
-0.31
-0.20
-0.17
0.00
0.00
-0.02
-0.16
-0.17
-0.12
-0.66
0.12
0.00
-1.25
-1.05
-0.28
-0.01
-0.04
0.00
0.00
0.00
0.00
-0.02
3.77
3.17
-0.30
-0.06
1.35
0.01
-0.01
0.07
0.15
0.44
-0.10
-0.19
0.31
-0.23
0.20
0.00
0.19
-0.01
-0.01
0.00
0.01
-0.83
-0.46
0.02
0.03
-0.35
-0.19
-0.14
-0.06
3.42
-0.01
0.69
-0.09
1.85
1.85
0.21
0.00
0.23
0.00
0.00
0.00
0.00
0.00
0.00
0.30
0.89
0.06
-0.12
0.00
0.00
0.00
0.00
0.00
0.00
-0.02
-0.03
0.00
-0.15
0.54
-0.03
-0.01
0.00
0.00
0.00
0.00
0.00
-1.46
0.00
-1.50
0.00
0.00
0.00
0.00
-0.39
0.00
-3.29
0.58
-0.26
-0.37
0.00
0.22
0.00
0.00
0.00
0.00
-0.03
-0.03
-0.17
-1.19
0.18
-1.06
0.00
0.00
2.15
0.10
-0.03
-0.08
-0.08
Total
Mgmt.
Effect
5.61
5.08
-0.10
-0.06
1.59
0.01
-0.01
0.07
0.15
0.44
-0.10
0.11
1.20
-0.18
0.08
0.00
0.19
-0.01
-0.01
0.00
0.01
-0.85
-0.49
0.02
-0.12
0.18
-0.22
-0.16
-0.06
3.42
-0.01
0.69
-0.09
-0.08
Benchmark: MSCI Emerging Markets IMI ND
For information on this page, any India positions held through participating shares in the Vontobel India Fund are treated as if they are held directly. The Fund performance is based on a daily valuation calculation methodology.
Performance provided are based on gross returns. Past performance is not indicative of future results. Total Management Effect is defined, among other terms, on a Disclaimer page in the Appendix.
Source: Northern Trust
FOR INSTITUTIONAL INVESTOR USE ONLY / NOT FOR PUBLIC VIEWING OR DISTRIBUTION
Page 31
Los Angeles Water & Power Employees’ Retirement Plan
Currency Impact for 1 Year Ending March 31, 2016
LA Water and Power Emp. Retirement,
Disability And Death Benefit Plan
LA Water and Power Emp. Retiree Health
Benefit Fund
Acct. Local
Returns
Acct.
Base Returns
Difference
Returns
-0.53
-6.67
-6.14
Acct. Local
Returns
Acct.
Base Returns
Difference
Returns
-0.51
-6.65
-6.15
Performance returns provided are based on cumulative gross returns. Past performance is not indicative of future results.
Source: Northern Trust
FOR INSTITUTIONAL INVESTOR USE ONLY / NOT FOR PUBLIC VIEWING OR DISTRIBUTION
Page 32
LA Water And Power Emp. Retirement, Disability And Death Benefit Plan
Top and Bottom 10 Contributors for 1 Year Ending March 31, 2016 - USD
Portfolio
Average
Weight
Base
Return
Portfolio
Contribution
to Return
Portfolio
Average
Weight
Base
Return
BRIT AMERN TOB PLC CONSTK
6.23
16.86
0.93
SABMILLER PLC ORD USD0.10
3.75
18.44
0.64
HOUSING DEVEL FIN INR2
5.07
-19.79
-1.04
ADR BAIDU INC SPONSORED ADR
1.23
--
-0.92
H M SAMPOERNA IDR100
0.70
--
0.41
SUN PHARMACEUTICAL EQ-INR 1
2.29
-24.19
-0.76
RANDGOLD RESOURCES ORD USD0.05
0.76
32.26
0.32
MTN GROUP LTD ZAR0.0001
0.77
--
-0.70
TELEKOMUNIKASI SER'B'IDR50
ADR NETEASE INC SPONSORED ADR ADR
EACH REPR 25 COM STK USD0.0001
ADR RANDGOLD RES LTD ADR
1.93
16.30
0.31
ADVANCED INFO SERV THB1(ALIEN MKT)
0.91
--
-0.63
1.21
37.70
0.31
CIELO SA COM NPV
2.15
-15.63
-0.45
0.80
31.99
0.26
BB SEGURIDADE PART COM NPV
0.59
--
-0.43
TENCENT HLDGS LIMITED COMMON STOCK
2.18
7.80
0.23
CIPLA INR2
1.20
-32.32
-0.43
POWER ASSETS HLDGS NPV
3.04
3.88
0.22
ADR VIPSHOP HLDGS LTD SPONSORED ADR
0.46
--
-0.41
INFOSYS LIMITED
1.00
--
0.19
KASIKORNBANK PLC THB10 (ALIEN MKT)
0.62
--
-0.41
Top Contributors (%)
Company Name
Bottom Contributors (%)
Company Name
Portfolio
Contribution
to Return
Continued on the next page
Contribution summary results are calculated based on the period in which a specific security was held in the LA Water And Power Emp.
EMP. Retirement,
Retirement, Disability And Death Benefit Plan. The Fund’s
Fund’s performance is based on aa daily
daily valuation
valuation
calculation methodology. For information about how contribution was calculated, or to obtain a list showing the contribution of each holding to the fund’s overall performance, please contact a Vontobel representative. The holdings do not
represent all of the securities purchased, sold, or recommended for advisory clients. For information on this page, any India positions held through participating shares in the India Fund are treated as if they are held directly. Provided are
the top 3
and
contributors
bottom 10for
contributors
the given period.
for the given
Past performance
period. Past performance
is not indicative
is not
of future
indicative
results.
of future
Performance
results. Performance
provided are based
provided
onare
gross
based
returns.
on gross returns.
Source: Northern Trust/Vontobel
FOR INSTITUTIONAL INVESTOR USE ONLY / NOT FOR PUBLIC VIEWING OR DISTRIBUTION
Page 33
LA Water And Power Emp. Retirement, Disability And Death Benefit Plan
Recent Purchases for First Quarter 2016
Recent Purchases*
LAS VEGAS SANDS CORP COM STK
Country
United States
Sector
Consumer
Discretionary
Rationale
Las Vegas Sands owns and operates several casinos and hotels in Las Vegas, Singapore,
Macau and elsewhere. Macau is regarded as the largest gaming market in the world and is the
only market in China to offer legalized casino gaming. Approximately one billion people are
estimated to live within a three-hour flight from Macau. Sands has captured a meaningful share
of the overall market.
Continued on the next page
* Purchases provided are the new purchases with positions greater than 50 basis points in the LA Water And Power EMP.
Emp. Retirement,
Retirement, Disability
Disability And
And Death
Death Benefit
Benefit Plan
Plan portfolio
portfolio for
for the
the period.
period. The
The holdings
holdings do
do not
not represent
represent all
all of
of the
the
securities purchased, sold, or recommended for advisory clients. For information on this page, any India positions purchased or sold through participating shares in the India Fund are not included.
Source: Northern Trust/Vontobel
FOR INSTITUTIONAL INVESTOR USE ONLY / NOT FOR PUBLIC VIEWING OR DISTRIBUTION
Page 34
LA Water And Power Emp. Retirement, Disability And Death Benefit Plan
Recent Sales for First Quarter 2016
Recent Sale
BB SEGURIDADE PART COM NPV
Country
Brazil
Sector
Financials
Rationale
We reallocated capital to better near-term opportunities.
ADR AUTOHOME INC SPONSORED ADR REPST
China
Information
Technology
We reallocated capital to better near-term opportunities.
ADR BITAUTO HLDGS LTD SPONSORED ADS ADR China
Information
Technology
We reallocated capital to better near-term opportunities.
ADR VIPSHOP HLDGS LTD SPONSORED ADR
China
Consumer
Discretionary
We reallocated capital to better near-term opportunities.
CHINA RESOURCES BE NPV
China
Consumer Staples
We reallocated capital to better near-term opportunities.
TSINGTAO BREWERY 'H'CNY1
China
Consumer Staples
We reallocated capital to better near-term opportunities.
SANDS CHINA LTD USD0.01
Hong Kong
Consumer
Discretionary
We reallocated capital to better near-term opportunities.
MTN GROUP LTD ZAR0.0001
South Africa
Telecommunication
Services
MTN Group is facing a potentially large fine in Nigeria. Additionally, the depreciation of the South
African rand and the Nigerian niara weighed on the stock.
ADVANCED INFO SERV THB1(ALIEN MKT)
Thailand
Telecommunication
Services
We reallocated capital to better near-term opportunities.
BANGKOK BANK THB10(ALIEN MKT)
Thailand
Financials
We reallocated capital to better near-term opportunities.
Continued on the next page
Sales provided are the complete sales in the LA Water And Power EMP.
Emp. Retirement,
Retirement, Disability And Death Benefit Plan
Plan portfolio for
for the
the period.
period. The
The holdings
holdings do
do not
not represent
represent all
all of
of the
the securities
securities purchased,
purchased, sold, or
or recommended for advisory
clients. For information on this page, any India positions purchased or sold through participating shares in the India Fund are not included.
Source: Northern Trust/Vontobel
FOR INSTITUTIONAL INVESTOR USE ONLY / NOT FOR PUBLIC VIEWING OR DISTRIBUTION
Page 35
Los Angeles Water & Power Employees’ Retirement Plan
Part I:
Company Overview
Part II:
Investment Process and Discipline
Part III:
Market Overview
Part IV:
Performance Review
Part V:
Portfolio Review and Characteristics
Part VI:
Appendix
Fee Schedule
Glossary of Investment Terms
Disclaimer
FOR INSTITUTIONAL INVESTOR USE ONLY / NOT FOR PUBLIC VIEWING OR DISTRIBUTION
Page 36
LA Water And Power Emp. Retirement, Disability And Death Benefit Plan
Portfolio Snapshot as of March 31, 2016
Top Ten Holdings*
% of Portfolio
Country
1
British American Tobacco p.l.c.
6.7
United Kingdom
2
HDFC Bank Limited
5.2
India
3
Housing Development Finance Corporation Limited
4.7
India
4
SABMiller plc
4.4
United Kingdom
5
ITC Limited
4.0
India
6
Power Assets Holdings Limited
3.6
Hong Kong
7
Fomento Economico Mexicano SAB de CV
3.5
Mexico
8
Naspers Limited
3.4
South Africa
9
Tencent Holdings Ltd.
3.4
China
10
Unilever NV
3.1
Netherlands
Total
42.0
1 Year Ending 3/31/16 Top Changes
Weight Change (%)
1
Unilever NV**
3.1
2
Heineken NV**
2.1
3
Infosys Limited**
2.0
1 Year Ending 3/31/16 Bottom Changes
Weight Change (%)
1
Baidu, Inc.**
-2.9
2
Sands China Ltd.**
-1.8
3
Souza Cruz S.A.**
-1.4
*The Top Ten Holdings are based on the LA Water And Power Emp. Retirement, Disability And Death Benefit Plan portfolio. The securities identified and described do not represent all of the securities purchased, sold or recommended for
client accounts. The reader should not assume that an investment in the securities identified was or will be profitable. There can be no assurances that any investments identified will remain in the portfolio at the time this presentation is
received. The Top 10 Holdings are inclusive of cash.
** New or closed position.
Weight Change Percentage are estimates and includes cash. Indian positions held through participating shares in the Vontobel India Fund are treated as if they are held directly.
Source: FactSet
FOR INSTITUTIONAL INVESTOR USE ONLY / NOT FOR PUBLIC VIEWING OR DISTRIBUTION
Page 37
Period Ending March 31, 2016
Country Exposure Holdings Report
Base Currency: USD
Accruals
Market Value
Cost
% of
Cost
Unrealized
Gain/Loss
Market
w/Accruals
% of
Total
Brazil
0.00
12,773,376.48
15,470,799.84
7.25%
-2,697,423.36
12,773,376.48
5.50%
China
0.00
15,562,015.76
12,983,540.95
6.08%
2,578,474.81
15,562,015.76
6.69%
Hong Kong
0.00
15,006,402.42
13,271,836.29
6.22%
1,734,566.13
15,006,402.42
6.46%
India
0.00
58,088,212.53
47,685,042.04
22.35%
10,403,170.49
58,088,212.53
24.99%
Indonesia
0.00
15,432,427.34
12,880,394.79
6.04%
2,552,032.55
15,432,427.34
6.64%
47,913.13
12,834,747.29
12,808,290.40
6.00%
26,456.89
12,882,660.42
5.54%
0.00
2,822,201.84
3,287,131.80
1.54%
-464,929.96
2,822,201.84
1.21%
Country
Korea, Republic Of
Malaysia
Mexico
0.00
15,932,753.99
18,884,438.47
8.85%
-2,951,684.48
15,932,753.99
6.85%
Netherlands
0.00
12,160,702.27
11,725,544.92
5.50%
435,157.35
12,160,702.27
5.23%
South Africa
0.00
11,234,263.08
10,570,757.12
4.95%
663,505.96
11,234,263.08
4.83%
Taiwan
0.00
7,456,609.73
6,756,813.07
3.17%
699,796.66
7,456,609.73
3.21%
6,074.82
7,360,345.91
6,997,376.86
3.28%
362,969.05
7,366,420.73
3.17%
Thailand
United Kingdom
436,796.75
30,697,786.92
25,656,348.04
12.02%
5,041,438.88
31,134,583.67
13.39%
United States
0.00
2,218,932.48
2,029,659.36
0.95%
189,273.12
2,218,932.48
0.95%
Cash & Cash Equivalents
0.00
12,373,608.47
12,374,589.88
5.80%
-981.41
12,373,608.47
5.32%
490,784.70
231,954,386.51
213,382,563.83
100.00%
18,571,822.68
232,445,171.21
100.00%
Total
Vontobel Asset Management, Inc.
Reflects the holdings of the LA Water And Power Emp. Retirement, Disability And Death Benefit Plan
Page 38
Period Ending March 31, 2016
Detailed Holdings by Country (continued)
Base Currency: USD
Description / Asset ID
Mkt Price
(Local)
Shares
Accruals
Market Value
Cost
% of
Cost
Unrealized
Gain/Loss
Market
w/Accruals
15.38
269,085.000
0.00
1,167,756.01
34.97
451,237.000
0.00
69.79
54,978.000
% of
Total
1,400,306.16
0.66%
-232,550.15
1,167,756.01
0.50%
4,452,527.62
4,981,092.64
2.33%
-528,565.02
4,452,527.62
1.92%
0.00
1,082,650.85
1,147,712.25
0.54%
-65,061.40
1,082,650.85
0.47%
0.00
35,193.75
35,193.75
0.02%
0.00
35,193.75
0.02%
0.00
6,070,442.00
7,941,688.79
3.72%
-1,871,246.79
6,070,442.00
2.61%
0.00
12,808,570.23
15,505,993.59
7.27%
-2,697,423.36
12,808,570.23
5.51%
Brazil
BM&FBOVESPA SA COM NPV
CIELO SA COM NPV
SEDOL: B2RHNV9
SEDOL: B614LY3
ULTRAPAR PARTICIPA COM NPV
SEDOL: B0FHTN1
BRL - Brazilian real
ADR AMBEV SA SPONSORED ADR
SEDOL: BG804F6
5.18
1,171,900.000
Total Brazil
China
TENCENT HLDGS LIMITED COMMON STOCK
ADR ALIBABA GROUP HLDG LTD-SP A
SEDOL: BMMV2K8
SEDOL: BP41ZD1
ADR NETEASE INC SPONSORED ADR ADR EACH REPR 25 COM
STK USD0.0001
SEDOL: 2606440
158.40
381,530.000
0.00
7,791,395.92
6,132,139.47
2.87%
1,659,256.45
7,791,395.92
3.35%
79.03
61,408.000
0.00
4,853,074.24
5,276,949.02
2.47%
-423,874.78
4,853,074.24
2.09%
143.58
20,320.000
0.00
2,917,545.60
1,574,452.46
0.74%
1,343,093.14
2,917,545.60
1.26%
0.00
15,562,015.76
12,983,540.95
6.08%
2,578,474.81
15,562,015.76
6.69%
Total China
Hong Kong
CK HUTCHISON HLDGS HKD1
CLP HOLDINGS NPV
SEDOL: BW9P816
SEDOL: 6097017
HONG KONG EXCHANGES & CLEAR
LINK REAL ESTATE INVESTMENT
POWER ASSETS HLDGS NPV
SEDOL: 6267359
SEDOL: B0PB4M7
SEDOL: 6435327
Total Hong Kong
Vontobel Asset Management, Inc.
100.70
150,001.000
0.00
1,947,399.39
1,880,739.48
0.88%
66,659.91
1,947,399.39
0.84%
70.15
35,381.000
0.00
319,984.68
300,833.44
0.14%
19,151.24
319,984.68
0.14%
186.80
38,590.000
0.00
929,358.03
911,212.27
0.43%
18,145.76
929,358.03
0.40%
46.00
563,872.000
0.00
3,344,026.92
2,998,019.11
1.40%
346,007.81
3,344,026.92
1.44%
79.35
827,525.000
0.00
8,465,633.40
7,181,031.99
3.37%
1,284,601.41
8,465,633.40
3.64%
0.00
15,006,402.42
13,271,836.29
6.22%
1,734,566.13
15,006,402.42
6.46%
Reflects the holdings of the LA Water And Power Emp. Retirement, Disability And Death Benefit Plan
Page 39
Period Ending March 31, 2016
Detailed Holdings by Country (continued)
Description / Asset ID
Mkt Price
(Local)
Shares
Accruals
Market Value
Cost
% of
Cost
Unrealized
Gain/Loss
Market
w/Accruals
% of
Total
138.30
420,008.102
0.00
58,088,212.53
47,685,042.04
22.35%
10,403,170.49
58,088,212.53
24.99%
0.00
58,088,212.53
47,685,042.04
22.35%
10,403,170.49
58,088,212.53
24.99%
India
VONTOBEL INDIA FUND
SEDOL: B7D6LT9
Total India
Indonesia
BK CENTRAL ASIA IDR62.50
SEDOL: B01C1P6
13,300.00
3,679,597.000
0.00
3,690,696.84
3,739,263.90
1.75%
-48,567.06
3,690,696.84
1.59%
H M SAMPOERNA IDR100
SEDOL: 6404242
98,400.00
444,258.000
0.00
3,296,756.20
2,356,026.55
1.10%
940,729.65
3,296,756.20
1.42%
MATAHARI DEPT IDR5000
SEDOL: 6665878
18,350.00
812,327.000
0.00
1,124,147.85
985,255.33
0.46%
138,892.52
1,124,147.85
0.48%
3,325.00
19,195,389.000
0.00
4,813,323.41
4,008,314.94
1.88%
805,008.47
4,813,323.41
2.07%
42,925.00
774,595.000
0.00
2,507,503.04
1,791,534.07
0.84%
715,968.97
2,507,503.04
1.08%
TELEKOMUNIKASI SER'B'IDR50
UNILEVER INDONESIA IDR10
SEDOL: BD4T6W7
SEDOL: 6687184
IDR - Indonesian rupiah
0.00
0.00
0.00
0.00%
0.00
0.00
0.00%
Total Indonesia
0.00
15,432,427.34
12,880,394.79
6.04%
2,552,032.55
15,432,427.34
6.64%
Korea, Republic Of
AMOREPACIFIC CORP KRW500
KANGWON LAND INC KRW500
SEDOL: B15SK50
SEDOL: 6683449
KOREA AEROSPACE INDUSTRIES
SEDOL: B3N3363
LG HSEHLD & HLTCRE COMMON STOCK
ORION CORP KRW5000
SAMSUNG FIRE & MARINE
6155250
KRW - South Korean won
SEDOL: 6344456
SEDOL: 6896849
INS.CO.LTD
Total Korea, Republic Of
Vontobel Asset Management, Inc.
SEDOL:
386,500.00
8,820.000
7,946.30
2,980,876.18
3,000,311.90
1.41%
-19,435.72
2,988,822.48
1.29%
40,900.00
23,426.000
15,613.52
837,813.40
849,881.21
0.40%
-12,067.81
853,426.92
0.37%
65,200.00
44,633.000
3,390.64
2,544,658.62
2,903,377.59
1.36%
-358,718.97
2,548,049.26
1.10%
945,000.00
4,141.000
16,321.96
3,421,865.16
3,012,653.75
1.41%
409,211.41
3,438,187.12
1.48%
914,000.00
558.000
4,640.71
445,970.62
555,114.41
0.26%
-109,143.79
450,611.33
0.19%
295,000.00
10,093.000
0.00
2,603,563.31
2,486,951.54
1.17%
116,611.77
2,603,563.31
1.12%
0.00
-31,749.30
-30,341.81
-0.01%
-1,407.49
-31,749.30
-0.01%
47,913.13
12,802,997.99
12,777,948.59
5.99%
25,049.40
12,850,911.12
5.53%
Reflects the holdings of the LA Water And Power Emp. Retirement, Disability And Death Benefit Plan
Page 40
Period Ending March 31, 2016
Detailed Holdings by Country (continued)
Mkt Price
(Local)
Shares
Accruals
Market Value
Cost
54.04
60,262.000
0.00
834,693.96
18.78
412,900.000
0.00
MYR - Malaysian ringgit
Total Malaysia
Description / Asset ID
% of
Cost
Unrealized
Gain/Loss
Market
w/Accruals
% of
Total
1,118,030.61
0.52%
-283,336.65
834,693.96
0.36%
1,987,507.88
2,169,101.19
1.02%
-181,593.31
1,987,507.88
0.86%
0.00
1.13
1.13
0.00%
0.00
1.13
0.00%
0.00
2,822,202.97
3,287,132.93
1.54%
-464,929.96
2,822,202.97
1.21%
Malaysia
BRIT AMER TOBA(MY) ORD MYR0.50
PUBLIC BK BHD MYR1
SEDOL: 6752349
SEDOL: B012W42
Mexico
INDUSTRIAS PENOLES NPV
WAL-MART DE MEX COM NPV
SEDOL: 2448200
SEDOL: BW1YVH8
ADR FOMENTO ECONOMICO MEXICANO SAB DE CV
2246039
SEDOL:
ADR GRUPO TELEVISA SA DE CV SPONSORED ADR REPSTG ORD
PARTN SPONS ADR
SEDOL: 2399450
217.23
57,839.000
0.00
733,139.76
2,421,937.58
1.14%
-1,688,797.82
733,139.76
0.32%
41.00
2,014,401.000
0.00
4,819,211.45
5,995,416.50
2.81%
-1,176,205.05
4,819,211.45
2.07%
96.31
84,582.000
0.00
8,146,092.42
8,148,642.39
3.82%
-2,549.97
8,146,092.42
3.50%
27.46
81,366.000
0.00
2,234,310.36
2,318,442.00
1.09%
-84,131.64
2,234,310.36
0.96%
0.00
15,932,753.99
18,884,438.47
8.85%
-2,951,684.48
15,932,753.99
6.85%
Total Mexico
Netherlands
HEINEKEN NV EUR1.60
SEDOL: 7792559
UNILEVER NV CVA EUR0.16
SEDOL: B12T3J1
79.65
54,973.000
0.00
4,989,632.89
4,844,445.02
2.27%
145,187.87
4,989,632.89
2.15%
39.39
159,779.000
0.00
7,171,069.38
6,881,099.90
3.22%
289,969.48
7,171,069.38
3.09%
0.00
12,160,702.27
11,725,544.92
5.50%
435,157.35
12,160,702.27
5.23%
Total Netherlands
South Africa
NASPERS 'N' ZAR0.02
REMGRO ZAR0.01
SEDOL: 6622691
SEDOL: 6290689
2,061.00
56,562.000
0.00
7,925,909.84
6,894,080.07
3.23%
1,031,829.77
7,925,909.84
3.41%
250.18
194,497.000
0.00
3,308,353.24
3,676,677.05
1.72%
-368,323.81
3,308,353.24
1.42%
0.00
11,234,263.08
10,570,757.12
4.95%
663,505.96
11,234,263.08
4.83%
0.00
1,684,583.47
1,618,432.56
0.76%
66,150.91
1,684,583.47
0.72%
Total South Africa
Taiwan
PRESIDENT CHAIN ST TWD10
SEDOL: 6704986
Vontobel Asset Management, Inc.
234.50
231,201.000
Reflects the holdings of the LA Water And Power Emp. Retirement, Disability And Death Benefit Plan
Page 41
Period Ending March 31, 2016
Detailed Holdings by Country (continued)
Description / Asset ID
Mkt Price
(Local)
Shares
Accruals
Market Value
Cost
% of
Cost
Unrealized
Gain/Loss
Market
w/Accruals
162.00
566,464.000
0.00
2,851,328.86
0.00
% of
Total
2,615,538.47
1.23%
235,790.39
2,851,328.86
1.23%
0.62
-425.46
0.00%
426.08
0.62
0.00%
0.00
2,920,697.40
2,522,842.04
1.18%
397,855.36
2,920,697.40
1.26%
0.00
7,456,610.35
6,756,387.61
3.17%
700,222.74
7,456,610.35
3.21%
Taiwan
TAIWAN SEMICON MAN TWD10
SEDOL: 6889106
TWD - New Taiwan dollar
TAIWAN SEMICONDUCTOR MFG CO LTD
SEDOL: 2113382
SPONSORED ADR
26.20
111,477.000
Total Taiwan
Thailand
THAI BEVERAGE PLC THB1
SEDOL: B15F664
AIRPORTS OF THAILA THB10(ALIEN MKT)
BANGKOK DUSIT MEDICAL SERVICES
SEDOL: BLZGSM7
CP ALL PCL THB1(ALIEN MKT)
SEDOL: 6741198
THB0.1(ALIEN MARKET)
SEDOL: B08YDF9
0.72
4,227,700.000
0.00
2,244,768.68
2,057,803.65
0.96%
186,965.03
2,244,768.68
0.97%
402.00
67,106.000
0.00
766,816.71
546,383.46
0.26%
220,433.25
766,816.71
0.33%
23.40
913,300.000
6,074.82
607,482.09
547,903.84
0.26%
59,578.25
613,556.91
0.26%
45.75
2,876,900.000
0.00
3,741,278.43
3,845,285.91
1.80%
-104,007.48
3,741,278.43
1.61%
THB - Thai baht
Total Thailand
0.00
0.00
0.00
0.00%
0.00
0.00
0.00%
6,074.82
7,360,345.91
6,997,376.86
3.28%
362,969.05
7,366,420.73
3.17%
United Kingdom
RANDGOLD RESOURCES ORD USD0.05
BRIT AMERN TOB PLC CONSTK
SABMILLER PLC ORD USD0.10
ADR RANDGOLD RES LTD ADR
SEDOL: B01C3S3
SEDOL: B3DCKS1
SEDOL: 6145240
SEDOL: 2976842
63.70
28,724.000
18,957.84
2,629,854.73
2,072,301.73
0.97%
557,553.00
2,648,812.57
1.14%
860.58
264,262.000
400,828.73
15,462,237.69
13,669,805.05
6.41%
1,792,432.64
15,863,066.42
6.82%
896.59
168,395.000
0.00
10,265,248.37
8,069,177.76
3.78%
2,196,070.61
10,265,248.37
4.42%
90.81
25,773.000
17,010.18
2,340,446.13
1,845,063.50
0.86%
495,382.63
2,357,456.31
1.01%
436,796.75
30,697,786.92
25,656,348.04
12.02%
5,041,438.88
31,134,583.67
13.39%
0.00
2,218,932.48
2,029,659.36
0.95%
189,273.12
2,218,932.48
0.95%
0.00
12,370,162.27
12,370,162.27
5.80%
0.00
12,370,162.27
5.32%
Total United Kingdom
United States
LAS VEGAS SANDS CORP COM STK
SEDOL: B02T2J7
USD - United States dollar
Vontobel Asset Management, Inc.
51.68
42,936.000
Reflects the holdings of the LA Water And Power Emp. Retirement, Disability And Death Benefit Plan
Page 42
Period Ending March 31, 2016
Detailed Holdings by Country (continued)
Description / Asset ID
Mkt Price
(Local)
Shares
Accruals
Market Value
Cost
% of
Cost
Unrealized
Gain/Loss
Market
w/Accruals
% of
Total
United States
USD - United States dollar
0.00
12,370,162.27
12,370,162.27
5.80%
0.00
12,370,162.27
5.32%
Total United States
0.00
14,589,094.75
14,399,821.63
6.75%
189,273.12
14,589,094.75
6.28%
490,784.70
231,954,386.51
213,382,563.83 100.00%
18,571,822.68
Total
Vontobel Asset Management, Inc.
232,445,171.21 100.00%
Reflects the holdings of the LA Water And Power Emp. Retirement, Disability And Death Benefit Plan
Page 43
Period Ending March 31, 2016
Sector Exposure Holdings Report
Base Currency: USD
Sector
Description
Accruals
Market Value
Cost
% of
Cost
Unrealized
Gain/Loss
Market
w/Accruals
% of
Total
0.00
58,088,212.53
47,685,042.04
22.35%
10,403,170.49
58,088,212.53
24.99%
15,613.52
14,341,113.93
13,077,317.97
6.13%
1,263,795.96
14,356,727.45
6.18%
429,737.70
78,082,229.94
74,905,468.82
35.10%
3,176,761.12
78,511,967.64
33.78%
Equities
Miscellaneous/UnClassified
Consumer Discretionary
Consumer Staples
Energy
0.00
1,082,650.85
1,147,712.25
0.54%
-65,061.40
1,082,650.85
0.47%
Financials
0.00
17,031,262.23
17,381,531.22
8.15%
-350,268.99
17,031,262.23
7.33%
Health Care
6,074.82
607,482.09
547,903.84
0.26%
59,578.25
613,556.91
0.26%
Industrials
3,390.64
5,258,874.72
5,330,500.53
2.50%
-71,625.81
5,262,265.36
2.26%
Information Technology
Materials
Telecommunication Services
Utilities
0.00
25,786,569.64
23,103,014.10
10.83%
2,683,555.54
25,786,569.64
11.09%
35,968.02
5,703,440.62
6,339,302.81
2.97%
-635,862.19
5,739,408.64
2.47%
0.00
4,813,323.41
4,008,314.94
1.88%
805,008.47
4,813,323.41
2.07%
0.00
8,785,618.08
7,481,865.43
3.51%
1,303,752.65
8,785,618.08
3.78%
490,784.70
219,580,778.04
201,007,973.95
94.20%
18,572,804.09
220,071,562.74
94.68%
Cash & Cash Equivalents
0.00
12,373,608.47
12,374,589.88
5.80%
-981.41
12,373,608.47
5.32%
Total Non-Equities
0.00
12,373,608.47
12,374,589.88
5.80%
-981.41
12,373,608.47
5.32%
490,784.70
231,954,386.51
213,382,563.83
100.00%
18,571,822.68
232,445,171.21
100.00%
Total Equities
Non-Equities
Total
Vontobel Asset Management, Inc.
Reflects the holdings of the LA Water And Power Emp. Retirement, Disability And Death Benefit Plan
Page 44
Period Ending March 31, 2016
Detailed Holdings by Sector (continued)
Base Currency: USD
Sector
Description / Asset ID
Country
Mkt Price
(Local)
Shares
Accruals
Market Value
Cost
% of
Cost
Unrealized
Gain/Loss
Market
w/Accruals
% of
Total
Mexico
27.46
81,366.000
0.00
2,234,310.36
2,318,442.00
1.09%
-84,131.64
2,234,310.36
0.96%
Korea, Republic
40,900.00
23,426.000
15,613.52
837,813.40
849,881.21
0.40%
-12,067.81
853,426.92
0.37%
United States
51.68
42,936.000
0.00
2,218,932.48
2,029,659.36
0.95%
189,273.12
2,218,932.48
0.95%
Indonesia
18,350.00
812,327.000
0.00
1,124,147.85
985,255.33
0.46%
138,892.52
1,124,147.85
0.48%
South Africa
2,061.00
56,562.000
0.00
7,925,909.84
6,894,080.07
3.23%
1,031,829.77
7,925,909.84
3.41%
15,613.52
14,341,113.93
13,077,317.97
6.13%
1,263,795.96
14,356,727.45
6.18%
Equities
Consumer Discretionary
ADR GRUPO TELEVISA SA DE CV SPONSORED ADR REPSTG
ORD PARTN SPONS ADR
SEDOL: 2399450
KANGWON LAND INC KRW500
SEDOL: 6683449
LAS VEGAS SANDS CORP COM STK
MATAHARI DEPT IDR5000
NASPERS 'N' ZAR0.02
SEDOL: B02T2J7
SEDOL: 6665878
SEDOL: 6622691
Total Consumer Discretionary
Consumer Staples
ADR AMBEV SA SPONSORED ADR
SEDOL: BG804F6
ADR FOMENTO ECONOMICO MEXICANO SAB DE CV
SEDOL: 2246039
AMOREPACIFIC CORP KRW500
SEDOL: B15SK50
BRIT AMER TOBA(MY) ORD MYR0.50
BRIT AMERN TOB PLC CONSTK
CP ALL PCL THB1(ALIEN MKT)
H M SAMPOERNA IDR100
HEINEKEN NV EUR1.60
SEDOL: 6752349
SEDOL: B3DCKS1
SEDOL: B08YDF9
SEDOL: 6404242
SEDOL: 7792559
LG HSEHLD & HLTCRE COMMON STOCK
SEDOL: 6344456
Vontobel Asset Management, Inc.
Brazil
5.18
1,171,900.00
0.00
6,070,442.00
7,941,688.79
3.72%
-1,871,246.79
6,070,442.00
2.61%
Mexico
96.31
84,582.000
0.00
8,146,092.42
8,148,642.39
3.82%
-2,549.97
8,146,092.42
3.50%
Korea, Republic
386,500.0
8,820.000
7,946.30
2,980,876.18
3,000,311.90
1.41%
-19,435.72
2,988,822.48
1.29%
Malaysia
54.04
60,262.000
0.00
834,693.96
1,118,030.61
0.52%
-283,336.65
834,693.96
0.36%
United Kingdom
860.58
264,262.000
400,828.73
15,462,237.69
13,669,805.05
6.41%
1,792,432.64
15,863,066.42
6.82%
Thailand
45.75
2,876,900.00
0.00
3,741,278.43
3,845,285.91
1.80%
-104,007.48
3,741,278.43
1.61%
Indonesia
98,400.00
444,258.000
0.00
3,296,756.20
2,356,026.55
1.10%
940,729.65
3,296,756.20
1.42%
Netherlands
79.65
54,973.000
0.00
4,989,632.89
4,844,445.02
2.27%
145,187.87
4,989,632.89
2.15%
Korea, Republic
945,000.0
4,141.000
16,321.96
3,421,865.16
3,012,653.75
1.41%
409,211.41
3,438,187.12
1.48%
Reflects the holdings of the LA Water And Power Emp. Retirement, Disability And Death Benefit Plan
Page 45
Period Ending March 31, 2016
Detailed Holdings by Sector (continued)
Base Currency: USD
Sector
Description / Asset ID
Country
Mkt Price
(Local)
Shares
Accruals
Market Value
Cost
% of
Cost
Unrealized
Gain/Loss
Market
w/Accruals
% of
Total
Korea, Republic
914,000.0
558.000
4,640.71
445,970.62
555,114.41
0.26%
-109,143.79
450,611.33
0.19%
Equities
Consumer Staples
ORION CORP KRW5000
SEDOL: 6896849
PRESIDENT CHAIN ST TWD10
SEDOL: 6704986
Taiwan
234.50
231,201.000
0.00
1,684,583.47
1,618,432.56
0.76%
66,150.91
1,684,583.47
0.72%
SABMILLER PLC ORD USD0.10
SEDOL: 6145240
United Kingdom
896.59
168,395.000
0.00
10,265,248.37
8,069,177.76
3.78%
2,196,070.61
10,265,248.37
4.42%
Thailand
0.72
4,227,700.00
0.00
2,244,768.68
2,057,803.65
0.96%
186,965.03
2,244,768.68
0.97%
Indonesia
42,925.00
774,595.000
0.00
2,507,503.04
1,791,534.07
0.84%
715,968.97
2,507,503.04
1.08%
Netherlands
39.39
159,779.000
0.00
7,171,069.38
6,881,099.90
3.22%
289,969.48
7,171,069.38
3.09%
Mexico
41.00
2,014,401.00
0.00
4,819,211.45
5,995,416.50
2.81%
-1,176,205.05
4,819,211.45
2.07%
429,737.70
78,082,229.94
74,905,468.82
35.10%
3,176,761.12
78,511,967.64
33.78%
0.00
1,082,650.85
1,147,712.25
0.54%
-65,061.40
1,082,650.85
0.47%
0.00
1,082,650.85
1,147,712.25
0.54%
-65,061.40
1,082,650.85
0.47%
THAI BEVERAGE PLC THB1
UNILEVER INDONESIA IDR10
UNILEVER NV CVA EUR0.16
SEDOL: B15F664
SEDOL: 6687184
SEDOL: B12T3J1
WAL-MART DE MEX COM NPV
SEDOL: BW1YVH8
Total Consumer Staples
Energy
ULTRAPAR PARTICIPA COM NPV
SEDOL: B0FHTN1
Brazil
69.79
54,978.000
Total Energy
Financials
BK CENTRAL ASIA IDR62.50
BM&FBOVESPA SA COM NPV
SEDOL: B01C1P6
SEDOL: B2RHNV9
HONG KONG EXCHANGES & CLEAR
LINK REAL ESTATE INVESTMENT
PUBLIC BK BHD MYR1
SEDOL: 6267359
SEDOL: B0PB4M7
SEDOL: B012W42
Vontobel Asset Management, Inc.
Indonesia
13,300.00
3,679,597.00
0.00
3,690,696.84
3,739,263.90
1.75%
-48,567.06
3,690,696.84
1.59%
Brazil
15.38
269,085.000
0.00
1,167,756.01
1,400,306.16
0.66%
-232,550.15
1,167,756.01
0.50%
Hong Kong
186.80
38,590.000
0.00
929,358.03
911,212.27
0.43%
18,145.76
929,358.03
0.40%
Hong Kong
46.00
563,872.000
0.00
3,344,026.92
2,998,019.11
1.40%
346,007.81
3,344,026.92
1.44%
Malaysia
18.78
412,900.000
0.00
1,987,507.88
2,169,101.19
1.02%
-181,593.31
1,987,507.88
0.86%
Reflects the holdings of the LA Water And Power Emp. Retirement, Disability And Death Benefit Plan
Page 46
Period Ending March 31, 2016
Detailed Holdings by Sector (continued)
Base Currency: USD
Sector
Description / Asset ID
Country
Mkt Price
(Local)
Shares
Accruals
Market Value
Cost
% of
Cost
Unrealized
Gain/Loss
Market
w/Accruals
% of
Total
South Africa
250.18
194,497.000
0.00
3,308,353.24
3,676,677.05
1.72%
-368,323.81
3,308,353.24
1.42%
Korea, Republic
295,000.0
10,093.000
0.00
2,603,563.31
2,486,951.54
1.17%
116,611.77
2,603,563.31
1.12%
0.00
17,031,262.23
17,381,531.22
8.15%
-350,268.99
17,031,262.23
7.33%
6,074.82
607,482.09
547,903.84
0.26%
59,578.25
613,556.91
0.26%
6,074.82
607,482.09
547,903.84
0.26%
59,578.25
613,556.91
0.26%
Equities
Financials
REMGRO ZAR0.01
SEDOL: 6290689
SAMSUNG FIRE & MARINE
6155250
INS.CO.LTD
SEDOL:
Total Financials
Health Care
BANGKOK DUSIT MEDICAL SERVICES
MARKET)
SEDOL: BLZGSM7
THB0.1(ALIEN
Thailand
23.40
913,300.000
Total Health Care
Industrials
AIRPORTS OF THAILA THB10(ALIEN MKT)
CK HUTCHISON HLDGS HKD1
SEDOL: 6741198
SEDOL: BW9P816
KOREA AEROSPACE INDUSTRIES
SEDOL: B3N3363
Thailand
402.00
67,106.000
0.00
766,816.71
546,383.46
0.26%
220,433.25
766,816.71
0.33%
Hong Kong
100.70
150,001.000
0.00
1,947,399.39
1,880,739.48
0.88%
66,659.91
1,947,399.39
0.84%
Korea, Republic
65,200.00
44,633.000
3,390.64
2,544,658.62
2,903,377.59
1.36%
-358,718.97
2,548,049.26
1.10%
3,390.64
5,258,874.72
5,330,500.53
2.50%
-71,625.81
5,262,265.36
2.26%
Total Industrials
Information Technology
ADR ALIBABA GROUP HLDG LTD-SP A
SEDOL: BP41ZD1
China
79.03
61,408.000
0.00
4,853,074.24
5,276,949.02
2.47%
-423,874.78
4,853,074.24
2.09%
ADR NETEASE INC SPONSORED ADR ADR EACH REPR 25
COM STK USD0.0001
SEDOL: 2606440
China
143.58
20,320.000
0.00
2,917,545.60
1,574,452.46
0.74%
1,343,093.14
2,917,545.60
1.26%
CIELO SA COM NPV
Brazil
34.97
451,237.000
0.00
4,452,527.62
4,981,092.64
2.33%
-528,565.02
4,452,527.62
1.92%
Taiwan
162.00
566,464.000
0.00
2,851,328.86
2,615,538.47
1.23%
235,790.39
2,851,328.86
1.23%
Taiwan
26.20
111,477.000
0.00
2,920,697.40
2,522,842.04
1.18%
397,855.36
2,920,697.40
1.26%
SEDOL: B614LY3
TAIWAN SEMICON MAN TWD10
SEDOL: 6889106
TAIWAN SEMICONDUCTOR MFG CO LTD
ADR
SEDOL: 2113382
SPONSORED
Vontobel Asset Management, Inc.
Reflects the holdings of the LA Water And Power Emp. Retirement, Disability And Death Benefit Plan
Page 47
Period Ending March 31, 2016
Detailed Holdings by Sector (continued)
Base Currency: USD
Sector
Description / Asset ID
Country
Mkt Price
(Local)
Shares
Accruals
Market Value
Cost
% of
Cost
Unrealized
Gain/Loss
Market
w/Accruals
% of
Total
China
158.40
381,530.000
0.00
7,791,395.92
6,132,139.47
2.87%
1,659,256.45
7,791,395.92
3.35%
0.00
25,786,569.64
23,103,014.10
10.83%
2,683,555.54
25,786,569.64
11.09%
Equities
Information Technology
TENCENT HLDGS LIMITED COMMON STOCK
BMMV2K8
SEDOL:
Total Information Technology
Materials
ADR RANDGOLD RES LTD ADR
INDUSTRIAS PENOLES NPV
SEDOL: 2976842
SEDOL: 2448200
RANDGOLD RESOURCES ORD USD0.05
SEDOL: B01C3S3
United Kingdom
90.81
25,773.000
17,010.18
2,340,446.13
1,845,063.50
0.86%
495,382.63
2,357,456.31
1.01%
Mexico
217.23
57,839.000
0.00
733,139.76
2,421,937.58
1.14%
-1,688,797.82
733,139.76
0.32%
United Kingdom
63.70
28,724.000
18,957.84
2,629,854.73
2,072,301.73
0.97%
557,553.00
2,648,812.57
1.14%
35,968.02
5,703,440.62
6,339,302.81
2.97%
-635,862.19
5,739,408.64
2.47%
0.00
58,088,212.53
47,685,042.04
22.35%
10,403,170.49
58,088,212.53
24.99%
0.00
58,088,212.53
47,685,042.04
22.35%
10,403,170.49
58,088,212.53
24.99%
0.00
4,813,323.41
4,008,314.94
1.88%
805,008.47
4,813,323.41
2.07%
0.00
4,813,323.41
4,008,314.94
1.88%
805,008.47
4,813,323.41
2.07%
Total Materials
Miscellaneous/Unclassified
VONTOBEL INDIA FUND
SEDOL: B7D6LT9
India
138.30
420,008.102
Total
Telecommunication Services
TELEKOMUNIKASI SER'B'IDR50
SEDOL: BD4T6W7
Indonesia
3,325.00
19,195,389.0
Total Telecommunication Services
Utilities
CLP HOLDINGS NPV
SEDOL: 6097017
Hong Kong
70.15
35,381.000
0.00
319,984.68
300,833.44
0.14%
19,151.24
319,984.68
0.14%
Hong Kong
79.35
827,525.000
0.00
8,465,633.40
7,181,031.99
3.37%
1,284,601.41
8,465,633.40
3.64%
Total Utilities
0.00
8,785,618.08
7,481,865.43
3.51%
1,303,752.65
8,785,618.08
3.78%
Total Equities
490,784.70
219,580,778.04
201,007,973.95
100.00%
94.20%
18,572,804.09
POWER ASSETS HLDGS NPV
SEDOL: 6435327
220,071,562.74 100.00%
94.68%
Non-Equities
Vontobel Asset Management, Inc.
Reflects the holdings of the LA Water And Power Emp. Retirement, Disability And Death Benefit Plan
Page 48
Period Ending March 31, 2016
Detailed Holdings by Sector (continued)
Base Currency: USD
Sector
Description / Asset ID
Country
Exchange Rate
Accruals
Market Value
Cost
% of
Cost
Unrealized
Gain/Loss
Market
w/Accruals
% of
Total
Cash
Brazil
3.54
0.00
35,193.75
35,193.75
0.02%
0.00
35,193.75
0.02%
Indonesian rupiah
Brazilian real
Indonesia
13,260.00
0.00
0.00
0.00
0.00%
0.00
0.00
0.00%
Malaysian ringgit
Malaysia
3.90
0.00
1.13
1.13
0.00%
0.00
1.13
0.00%
New Taiwan dollar
Taiwan
32.18
0.00
0.62
-425.46
0.00%
426.08
0.62
0.00%
South Korean won
Korea, Republic
1,143.60
0.00
-31,749.30
-30,341.81
-0.01%
-1,407.49
-31,749.30
-0.01%
Thailand
35.18
0.00
0.00
0.00
0.00%
0.00
0.00
0.00%
United States
1.00
0.00
12,370,162.27
12,370,162.27
5.80%
0.00
12,370,162.27
5.32%
Total Cash
0.00
12,373,608.47
12,374,589.88
5.80%
-981.41
12,373,608.47
5.32%
Total Non-Equities
0.00
12,373,608.47
12,374,589.88
5.80%
-981.41
12,373,608.47
5.32%
490,784.70
231,954,386.51
213,382,563.83
100.00%
18,571,822.68
Thai baht
United States dollar
Total
Vontobel Asset Management, Inc.
232,445,171.21 100.00%
Reflects the holdings of the LA Water And Power Emp. Retirement, Disability And Death Benefit Plan
Page 49
Period Ending March 31, 2016
Country Exposure Holdings Report
Base Currency: USD
Accruals
Market Value
Cost
% of
Cost
Unrealized
Gain/Loss
Market
w/Accruals
% of
Total
Brazil
0.00
2,126,805.87
2,580,640.70
7.27%
-453,834.83
2,126,805.87
5.49%
China
0.00
2,599,290.00
2,166,758.32
6.11%
432,531.68
2,599,290.00
6.71%
Hong Kong
0.00
2,519,491.00
2,226,156.53
6.27%
293,334.47
2,519,491.00
6.51%
India
0.00
9,632,833.76
7,868,189.87
22.17%
1,764,643.89
9,632,833.76
24.88%
Indonesia
0.00
2,586,802.05
2,158,051.37
6.08%
428,750.68
2,586,802.05
6.68%
Country
Korea, Republic Of
8,100.95
2,145,033.94
2,134,649.94
6.02%
10,384.00
2,153,134.89
5.56%
Malaysia
0.00
470,367.20
548,494.78
1.55%
-78,127.58
470,367.20
1.22%
Mexico
0.00
2,654,042.73
3,150,668.53
8.88%
-496,625.80
2,654,042.73
6.86%
Netherlands
0.00
2,035,958.90
1,962,860.17
5.53%
73,098.73
2,035,958.90
5.26%
South Africa
0.00
1,887,604.53
1,773,923.29
5.00%
113,681.24
1,887,604.53
4.88%
Taiwan
0.00
1,239,092.29
1,123,247.97
3.17%
115,844.32
1,239,092.29
3.20%
1,012.10
1,224,861.04
1,164,934.85
3.28%
59,926.19
1,225,873.14
3.17%
Thailand
United Kingdom
72,616.96
5,124,724.72
4,277,402.40
12.05%
847,322.32
5,197,341.68
13.43%
United States
0.00
369,512.00
337,997.81
0.95%
31,514.19
369,512.00
0.95%
Cash & Cash Equivalents
0.00
2,012,517.26
2,012,670.34
5.67%
-153.08
2,012,517.26
5.20%
81,730.01
38,628,937.29
35,486,646.87
100.00%
3,142,290.42
38,710,667.30
100.00%
Total
Vontobel Asset Management, Inc.
Reflects the holdings of the LA Water And Power Emp. Retiree Health Benefits Fund
Page 50
Period Ending March 31, 2016
Detailed Holdings by Country (continued)
Base Currency: USD
Description / Asset ID
Mkt Price
(Local)
Shares
Accruals
Market Value
Cost
% of
Cost
15.38
44,829.000
0.00
194,545.72
233,627.59
0.66%
34.97
75,145.000
0.00
741,484.38
827,217.80
69.79
9,142.000
0.00
180,028.27
0.00
Unrealized
Gain/Loss
Market
w/Accruals
% of
Total
-39,081.87
194,545.72
0.50%
2.33%
-85,733.42
741,484.38
1.92%
196,416.14
0.55%
-16,387.87
180,028.27
0.47%
5,860.64
5,860.64
0.02%
0.00
5,860.64
0.02%
0.00
1,010,747.50
1,323,379.17
3.73%
-312,631.67
1,010,747.50
2.61%
0.00
2,132,666.51
2,586,501.34
7.29%
-453,834.83
2,132,666.51
5.51%
Brazil
BM&FBOVESPA SA COM NPV
CIELO SA COM NPV
SEDOL: B2RHNV9
SEDOL: B614LY3
ULTRAPAR PARTICIPA COM NPV
SEDOL: B0FHTN1
BRL - Brazilian real
ADR AMBEV SA SPONSORED ADR
SEDOL: BG804F6
5.18
195,125.000
Total Brazil
China
TENCENT HLDGS LIMITED COMMON STOCK
ADR ALIBABA GROUP HLDG LTD-SP A
SEDOL: BMMV2K8
SEDOL: BP41ZD1
ADR NETEASE INC SPONSORED ADR ADR EACH REPR 25 COM
STK USD0.0001
SEDOL: 2606440
158.40
63,527.000
0.00
1,297,313.47
1,017,727.85
2.87%
279,585.62
1,297,313.47
3.35%
79.03
10,361.000
0.00
818,829.83
890,619.86
2.51%
-71,790.03
818,829.83
2.12%
143.58
3,365.000
0.00
483,146.70
258,410.61
0.73%
224,736.09
483,146.70
1.25%
0.00
2,599,290.00
2,166,758.32
6.11%
432,531.68
2,599,290.00
6.71%
Total China
Hong Kong
CK HUTCHISON HLDGS HKD1
CLP HOLDINGS NPV
SEDOL: BW9P816
SEDOL: 6097017
HONG KONG EXCHANGES & CLEAR
LINK REAL ESTATE INVESTMENT
POWER ASSETS HLDGS NPV
SEDOL: 6267359
SEDOL: B0PB4M7
SEDOL: 6435327
Total Hong Kong
Vontobel Asset Management, Inc.
100.70
24,878.000
0.00
322,980.53
311,598.72
0.88%
11,381.81
322,980.53
0.83%
70.15
6,337.000
0.00
57,311.63
53,861.34
0.15%
3,450.29
57,311.63
0.15%
186.80
6,454.000
0.00
155,430.86
152,481.92
0.43%
2,948.94
155,430.86
0.40%
46.00
93,539.000
0.00
554,730.39
497,359.08
1.40%
57,371.31
554,730.39
1.43%
79.35
139,690.000
0.00
1,429,037.59
1,210,855.47
3.41%
218,182.12
1,429,037.59
3.69%
0.00
2,519,491.00
2,226,156.53
6.27%
293,334.47
2,519,491.00
6.51%
Reflects the holdings of the LA Water And Power Emp. Retiree Health Benefits Fund
Page 51
Period Ending March 31, 2016
Detailed Holdings by Country (continued)
Description / Asset ID
Mkt Price
(Local)
Shares
Accruals
Market Value
Cost
% of
Cost
Unrealized
Gain/Loss
Market
w/Accruals
% of
Total
138.30
69,650.417
0.00
9,632,833.76
7,868,189.87
22.17%
1,764,643.89
9,632,833.76
24.88%
0.00
9,632,833.76
7,868,189.87
22.17%
1,764,643.89
9,632,833.76
24.88%
India
VONTOBEL INDIA FUND
SEDOL: B7D6LT9
Total India
Indonesia
BK CENTRAL ASIA IDR62.50
SEDOL: B01C1P6
13,300.00
618,636.000
0.00
620,502.17
628,750.19
1.77%
-8,248.02
620,502.17
1.60%
H M SAMPOERNA IDR100
SEDOL: 6404242
98,400.00
74,924.000
0.00
555,997.10
397,343.28
1.12%
158,653.82
555,997.10
1.44%
MATAHARI DEPT IDR5000
SEDOL: 6665878
18,350.00
135,313.000
0.00
187,254.42
163,979.50
0.46%
23,274.92
187,254.42
0.48%
3,325.00
3,212,145.000
0.00
805,458.68
670,449.51
1.89%
135,009.17
805,458.68
2.08%
42,925.00
128,998.000
0.00
417,589.68
297,528.89
0.84%
120,060.79
417,589.68
1.08%
TELEKOMUNIKASI SER'B'IDR50
UNILEVER INDONESIA IDR10
SEDOL: BD4T6W7
SEDOL: 6687184
IDR - Indonesian rupiah
0.00
0.00
0.00
0.00%
0.00
0.00
0.00%
Total Indonesia
0.00
2,586,802.05
2,158,051.37
6.08%
428,750.68
2,586,802.05
6.68%
Korea, Republic Of
AMOREPACIFIC CORP KRW500
KANGWON LAND INC KRW500
SEDOL: B15SK50
SEDOL: 6683449
KOREA AEROSPACE INDUSTRIES
SEDOL: B3N3363
LG HSEHLD & HLTCRE COMMON STOCK
ORION CORP KRW5000
SAMSUNG FIRE & MARINE
6155250
KRW - South Korean won
SEDOL: 6344456
SEDOL: 6896849
INS.CO.LTD
Total Korea, Republic Of
Vontobel Asset Management, Inc.
SEDOL:
386,500.00
1,462.000
1,341.57
494,108.95
497,172.13
1.40%
-3,063.18
495,450.52
1.28%
40,900.00
3,902.000
2,634.23
139,552.12
141,563.47
0.40%
-2,011.35
142,186.35
0.37%
65,200.00
7,495.000
569.93
427,312.00
487,813.78
1.37%
-60,501.78
427,881.93
1.11%
945,000.00
690.000
2,757.21
570,173.14
495,516.14
1.40%
74,657.00
572,930.35
1.48%
914,000.00
93.000
798.01
74,328.44
92,453.45
0.26%
-18,125.01
75,126.45
0.19%
295,000.00
1,704.000
0.00
439,559.29
420,130.97
1.18%
19,428.32
439,559.29
1.14%
0.00
-4,436.03
-4,210.77
-0.01%
-225.26
-4,436.03
-0.01%
8,100.95
2,140,597.91
2,130,439.17
6.00%
10,158.74
2,148,698.86
5.55%
Reflects the holdings of the LA Water And Power Emp. Retiree Health Benefits Fund
Page 52
Period Ending March 31, 2016
Detailed Holdings by Country (continued)
Mkt Price
(Local)
Shares
Accruals
Market Value
Cost
54.04
10,046.000
0.00
139,147.98
186,913.46
0.53%
18.78
68,810.000
0.00
331,219.22
361,581.32
MYR - Malaysian ringgit
0.00
1.49
Total Malaysia
0.00
Description / Asset ID
% of
Cost
Unrealized
Gain/Loss
Market
w/Accruals
% of
Total
-47,765.48
139,147.98
0.36%
1.02%
-30,362.10
331,219.22
0.86%
1.49
0.00%
0.00
1.49
0.00%
470,368.69
548,496.27
1.55%
-78,127.58
470,368.69
1.22%
Malaysia
BRIT AMER TOBA(MY) ORD MYR0.50
PUBLIC BK BHD MYR1
SEDOL: 6752349
SEDOL: B012W42
Mexico
INDUSTRIAS PENOLES NPV
WAL-MART DE MEX COM NPV
SEDOL: 2448200
SEDOL: BW1YVH8
ADR FOMENTO ECONOMICO MEXICANO SAB DE CV
2246039
SEDOL:
ADR GRUPO TELEVISA SA DE CV SPONSORED ADR REPSTG ORD
PARTN SPONS ADR
SEDOL: 2399450
217.23
9,632.000
0.00
122,090.67
406,311.73
1.14%
-284,221.06
122,090.67
0.32%
41.00
335,539.000
0.00
802,736.59
1,000,907.72
2.82%
-198,171.13
802,736.59
2.07%
96.31
14,095.000
0.00
1,357,489.45
1,359,090.54
3.83%
-1,601.09
1,357,489.45
3.51%
27.46
13,537.000
0.00
371,726.02
384,358.54
1.08%
-12,632.52
371,726.02
0.96%
0.00
2,654,042.73
3,150,668.53
8.88%
-496,625.80
2,654,042.73
6.86%
Total Mexico
Netherlands
HEINEKEN NV EUR1.60
SEDOL: 7792559
UNILEVER NV CVA EUR0.16
SEDOL: B12T3J1
79.65
9,189.000
0.00
834,041.01
809,385.85
2.28%
24,655.16
834,041.01
2.15%
39.39
26,780.000
0.00
1,201,917.89
1,153,474.32
3.25%
48,443.57
1,201,917.89
3.10%
0.00
2,035,958.90
1,962,860.17
5.53%
73,098.73
2,035,958.90
5.26%
Total Netherlands
South Africa
NASPERS 'N' ZAR0.02
REMGRO ZAR0.01
SEDOL: 6622691
SEDOL: 6290689
2,061.00
9,542.000
0.00
1,337,099.67
1,162,882.37
3.28%
174,217.30
1,337,099.67
3.45%
250.18
32,364.000
0.00
550,504.86
611,040.92
1.72%
-60,536.06
550,504.86
1.42%
0.00
1,887,604.53
1,773,923.29
5.00%
113,681.24
1,887,604.53
4.88%
0.00
280,534.40
269,438.14
0.76%
11,096.26
280,534.40
0.72%
Total South Africa
Taiwan
PRESIDENT CHAIN ST TWD10
SEDOL: 6704986
Vontobel Asset Management, Inc.
234.50
38,502.000
Reflects the holdings of the LA Water And Power Emp. Retiree Health Benefits Fund
Page 53
Period Ending March 31, 2016
Detailed Holdings by Country (continued)
Description / Asset ID
Mkt Price
(Local)
Shares
Accruals
Market Value
Cost
% of
Cost
162.00
93,968.000
0.00
472,993.29
434,232.93
1.22%
0.00
0.62
-71.56
0.00
485,564.60
0.00
Unrealized
Gain/Loss
Market
w/Accruals
% of
Total
38,760.36
472,993.29
1.22%
0.00%
72.18
0.62
0.00%
419,576.90
1.18%
65,987.70
485,564.60
1.25%
1,239,092.91
1,123,176.41
3.17%
115,916.50
1,239,092.91
3.20%
Taiwan
TAIWAN SEMICON MAN TWD10
SEDOL: 6889106
TWD - New Taiwan dollar
TAIWAN SEMICONDUCTOR MFG CO LTD
SEDOL: 2113382
SPONSORED ADR
26.20
18,533.000
Total Taiwan
Thailand
THAI BEVERAGE PLC THB1
SEDOL: B15F664
AIRPORTS OF THAILA THB10(ALIEN MKT)
BANGKOK DUSIT MEDICAL SERVICES
SEDOL: BLZGSM7
CP ALL PCL THB1(ALIEN MKT)
SEDOL: 6741198
THB0.1(ALIEN MARKET)
SEDOL: B08YDF9
0.72
704,100.000
0.00
373,853.78
343,525.99
0.97%
30,327.79
373,853.78
0.97%
402.00
11,107.000
0.00
126,919.10
90,472.55
0.25%
36,446.55
126,919.10
0.33%
23.40
152,160.000
1,012.10
101,209.32
91,382.33
0.26%
9,826.99
102,221.42
0.26%
45.75
478,970.000
0.00
622,878.84
639,553.98
1.80%
-16,675.14
622,878.84
1.61%
1,012.10
1,224,861.04
1,164,934.85
3.28%
59,926.19
1,225,873.14
3.17%
Total Thailand
United Kingdom
RANDGOLD RESOURCES ORD USD0.05
BRIT AMERN TOB PLC CONSTK
SABMILLER PLC ORD USD0.10
ADR RANDGOLD RES LTD ADR
SEDOL: B01C3S3
SEDOL: B3DCKS1
SEDOL: 6145240
SEDOL: 2976842
63.70
4,852.000
3,202.32
444,229.74
350,764.40
0.99%
93,465.34
447,432.06
1.16%
860.58
43,962.000
66,680.92
2,572,261.22
2,270,160.21
6.40%
302,101.01
2,638,942.14
6.82%
896.59
28,414.000
0.00
1,732,098.74
1,359,601.76
3.83%
372,496.98
1,732,098.74
4.47%
90.81
4,142.000
2,733.72
376,135.02
296,876.03
0.84%
79,258.99
378,868.74
0.98%
72,616.96
5,124,724.72
4,277,402.40
12.05%
847,322.32
5,197,341.68
13.43%
0.00
369,512.00
337,997.81
0.95%
31,514.19
369,512.00
0.95%
Total United Kingdom
United States
LAS VEGAS SANDS CORP COM STK
SEDOL: B02T2J7
51.68
7,150.000
USD - United States dollar
0.00
2,011,090.54
2,011,090.54
5.67%
0.00
2,011,090.54
5.20%
Total United States
0.00
2,380,602.54
2,349,088.35
6.62%
31,514.19
2,380,602.54
6.15%
81,730.01
38,628,937.29
35,486,646.87 100.00%
3,142,290.42
Total
Vontobel Asset Management, Inc.
38,710,667.30 100.00%
Reflects the holdings of the LA Water And Power Emp. Retiree Health Benefits Fund
Page 54
Period Ending March 31, 2016
Sector Exposure Holdings Report
Base Currency: USD
Sector
Description
Accruals
Market Value
Cost
% of
Cost
Unrealized
Gain/Loss
Market
w/Accruals
% of
Total
0.00
9,632,833.76
7,868,189.87
22.17%
1,764,643.89
9,632,833.76
24.88%
Equities
Miscellaneous/UnClassified
Consumer Discretionary
Consumer Staples
2,634.23
2,405,144.23
2,190,781.69
6.17%
214,362.54
2,407,778.46
6.22%
71,577.71
13,039,904.71
12,495,445.03
35.21%
544,459.68
13,111,482.42
33.87%
Energy
0.00
180,028.27
196,416.14
0.55%
-16,387.87
180,028.27
0.47%
Financials
0.00
2,846,492.51
2,904,971.99
8.19%
-58,479.48
2,846,492.51
7.35%
1,012.10
101,209.32
91,382.33
0.26%
9,826.99
102,221.42
0.26%
569.93
877,211.63
889,885.05
2.51%
-12,673.42
877,781.56
2.27%
Health Care
Industrials
Information Technology
Materials
Telecommunication Services
Utilities
0.00
4,299,332.27
3,847,785.95
10.84%
451,546.32
4,299,332.27
11.11%
5,936.04
942,455.43
1,053,952.16
2.97%
-111,496.73
948,391.47
2.45%
0.00
805,458.68
670,449.51
1.89%
135,009.17
805,458.68
2.08%
0.00
1,486,349.22
1,264,716.81
3.56%
221,632.41
1,486,349.22
3.84%
81,730.01
36,616,420.03
33,473,976.53
94.33%
3,142,443.50
36,698,150.04
94.80%
Cash & Cash Equivalents
0.00
2,012,517.26
2,012,670.34
5.67%
-153.08
2,012,517.26
5.20%
Total Non-Equities
0.00
2,012,517.26
2,012,670.34
5.67%
-153.08
2,012,517.26
5.20%
81,730.01
38,628,937.29
35,486,646.87
100.00%
3,142,290.42
38,710,667.30
100.00%
Total Equities
Non-Equities
Total
Vontobel Asset Management, Inc.
Reflects the holdings of the LA Water And Power Emp. Retiree Health Benefits Fund
Page 55
Period Ending March 31, 2016
Detailed Holdings by Sector (continued)
Base Currency: USD
Sector
Description / Asset ID
Country
Mkt Price
(Local)
Shares
Accruals
Market Value
Cost
% of
Cost
Unrealized
Gain/Loss
Market
w/Accruals
% of
Total
Mexico
27.46
13,537.000
0.00
371,726.02
384,358.54
1.08%
-12,632.52
371,726.02
0.96%
Korea, Republic
40,900.00
3,902.000
2,634.23
139,552.12
141,563.47
0.40%
-2,011.35
142,186.35
0.37%
United States
51.68
7,150.000
0.00
369,512.00
337,997.81
0.95%
31,514.19
369,512.00
0.95%
Indonesia
18,350.00
135,313.000
0.00
187,254.42
163,979.50
0.46%
23,274.92
187,254.42
0.48%
South Africa
2,061.00
9,542.000
0.00
1,337,099.67
1,162,882.37
3.28%
174,217.30
1,337,099.67
3.45%
2,634.23
2,405,144.23
2,190,781.69
6.17%
214,362.54
2,407,778.46
6.22%
Equities
Consumer Discretionary
ADR GRUPO TELEVISA SA DE CV SPONSORED ADR REPSTG
ORD PARTN SPONS ADR
SEDOL: 2399450
KANGWON LAND INC KRW500
SEDOL: 6683449
LAS VEGAS SANDS CORP COM STK
MATAHARI DEPT IDR5000
NASPERS 'N' ZAR0.02
SEDOL: B02T2J7
SEDOL: 6665878
SEDOL: 6622691
Total Consumer Discretionary
Consumer Staples
ADR AMBEV SA SPONSORED ADR
SEDOL: BG804F6
ADR FOMENTO ECONOMICO MEXICANO SAB DE CV
SEDOL: 2246039
AMOREPACIFIC CORP KRW500
SEDOL: B15SK50
BRIT AMER TOBA(MY) ORD MYR0.50
BRIT AMERN TOB PLC CONSTK
CP ALL PCL THB1(ALIEN MKT)
H M SAMPOERNA IDR100
HEINEKEN NV EUR1.60
SEDOL: 6752349
SEDOL: B3DCKS1
SEDOL: B08YDF9
SEDOL: 6404242
SEDOL: 7792559
LG HSEHLD & HLTCRE COMMON STOCK
SEDOL: 6344456
Vontobel Asset Management, Inc.
Brazil
5.18
195,125.000
0.00
1,010,747.50
1,323,379.17
3.73%
-312,631.67
1,010,747.50
2.61%
Mexico
96.31
14,095.000
0.00
1,357,489.45
1,359,090.54
3.83%
-1,601.09
1,357,489.45
3.51%
Korea, Republic
386,500.0
1,462.000
1,341.57
494,108.95
497,172.13
1.40%
-3,063.18
495,450.52
1.28%
Malaysia
54.04
10,046.000
0.00
139,147.98
186,913.46
0.53%
-47,765.48
139,147.98
0.36%
United Kingdom
860.58
43,962.000
66,680.92
2,572,261.22
2,270,160.21
6.40%
302,101.01
2,638,942.14
6.82%
Thailand
45.75
478,970.000
0.00
622,878.84
639,553.98
1.80%
-16,675.14
622,878.84
1.61%
Indonesia
98,400.00
74,924.000
0.00
555,997.10
397,343.28
1.12%
158,653.82
555,997.10
1.44%
Netherlands
79.65
9,189.000
0.00
834,041.01
809,385.85
2.28%
24,655.16
834,041.01
2.15%
Korea, Republic
945,000.0
690.000
2,757.21
570,173.14
495,516.14
1.40%
74,657.00
572,930.35
1.48%
Reflects the holdings of the LA Water And Power Emp. Retiree Health Benefits Fund
Page 56
Period Ending March 31, 2016
Detailed Holdings by Sector (continued)
Base Currency: USD
Sector
Description / Asset ID
Country
Mkt Price
(Local)
Shares
Accruals
Market Value
Cost
% of
Cost
Unrealized
Gain/Loss
Market
w/Accruals
% of
Total
Korea, Republic
914,000.0
93.000
798.01
74,328.44
92,453.45
0.26%
-18,125.01
75,126.45
0.19%
Equities
Consumer Staples
ORION CORP KRW5000
SEDOL: 6896849
PRESIDENT CHAIN ST TWD10
SEDOL: 6704986
Taiwan
234.50
38,502.000
0.00
280,534.40
269,438.14
0.76%
11,096.26
280,534.40
0.72%
SABMILLER PLC ORD USD0.10
SEDOL: 6145240
United Kingdom
896.59
28,414.000
0.00
1,732,098.74
1,359,601.76
3.83%
372,496.98
1,732,098.74
4.47%
Thailand
0.72
704,100.000
0.00
373,853.78
343,525.99
0.97%
30,327.79
373,853.78
0.97%
Indonesia
42,925.00
128,998.000
0.00
417,589.68
297,528.89
0.84%
120,060.79
417,589.68
1.08%
Netherlands
39.39
26,780.000
0.00
1,201,917.89
1,153,474.32
3.25%
48,443.57
1,201,917.89
3.10%
Mexico
41.00
335,539.000
0.00
802,736.59
1,000,907.72
2.82%
-198,171.13
802,736.59
2.07%
71,577.71
13,039,904.71
12,495,445.03
35.21%
544,459.68
13,111,482.42
33.87%
0.00
180,028.27
196,416.14
0.55%
-16,387.87
180,028.27
0.47%
0.00
180,028.27
196,416.14
0.55%
-16,387.87
180,028.27
0.47%
THAI BEVERAGE PLC THB1
UNILEVER INDONESIA IDR10
UNILEVER NV CVA EUR0.16
SEDOL: B15F664
SEDOL: 6687184
SEDOL: B12T3J1
WAL-MART DE MEX COM NPV
SEDOL: BW1YVH8
Total Consumer Staples
Energy
ULTRAPAR PARTICIPA COM NPV
SEDOL: B0FHTN1
Brazil
69.79
9,142.000
Total Energy
Financials
BK CENTRAL ASIA IDR62.50
BM&FBOVESPA SA COM NPV
SEDOL: B01C1P6
SEDOL: B2RHNV9
HONG KONG EXCHANGES & CLEAR
LINK REAL ESTATE INVESTMENT
PUBLIC BK BHD MYR1
SEDOL: 6267359
SEDOL: B0PB4M7
SEDOL: B012W42
Vontobel Asset Management, Inc.
Indonesia
13,300.00
618,636.000
0.00
620,502.17
628,750.19
1.77%
-8,248.02
620,502.17
1.60%
Brazil
15.38
44,829.000
0.00
194,545.72
233,627.59
0.66%
-39,081.87
194,545.72
0.50%
Hong Kong
186.80
6,454.000
0.00
155,430.86
152,481.92
0.43%
2,948.94
155,430.86
0.40%
Hong Kong
46.00
93,539.000
0.00
554,730.39
497,359.08
1.40%
57,371.31
554,730.39
1.43%
Malaysia
18.78
68,810.000
0.00
331,219.22
361,581.32
1.02%
-30,362.10
331,219.22
0.86%
Reflects the holdings of the LA Water And Power Emp. Retiree Health Benefits Fund
Page 57
Period Ending March 31, 2016
Detailed Holdings by Sector (continued)
Base Currency: USD
Sector
Description / Asset ID
Country
Mkt Price
(Local)
Shares
Accruals
Market Value
Cost
% of
Cost
Unrealized
Gain/Loss
Market
w/Accruals
% of
Total
South Africa
250.18
32,364.000
0.00
550,504.86
611,040.92
1.72%
-60,536.06
550,504.86
1.42%
Korea, Republic
295,000.0
1,704.000
0.00
439,559.29
420,130.97
1.18%
19,428.32
439,559.29
1.14%
0.00
2,846,492.51
2,904,971.99
8.19%
-58,479.48
2,846,492.51
7.35%
1,012.10
101,209.32
91,382.33
0.26%
9,826.99
102,221.42
0.26%
1,012.10
101,209.32
91,382.33
0.26%
9,826.99
102,221.42
0.26%
Equities
Financials
REMGRO ZAR0.01
SEDOL: 6290689
SAMSUNG FIRE & MARINE
6155250
INS.CO.LTD
SEDOL:
Total Financials
Health Care
BANGKOK DUSIT MEDICAL SERVICES
MARKET)
SEDOL: BLZGSM7
THB0.1(ALIEN
Thailand
23.40
152,160.000
Total Health Care
Industrials
AIRPORTS OF THAILA THB10(ALIEN MKT)
CK HUTCHISON HLDGS HKD1
SEDOL: 6741198
SEDOL: BW9P816
KOREA AEROSPACE INDUSTRIES
SEDOL: B3N3363
Thailand
402.00
11,107.000
0.00
126,919.10
90,472.55
0.25%
36,446.55
126,919.10
0.33%
Hong Kong
100.70
24,878.000
0.00
322,980.53
311,598.72
0.88%
11,381.81
322,980.53
0.83%
Korea, Republic
65,200.00
7,495.000
569.93
427,312.00
487,813.78
1.37%
-60,501.78
427,881.93
1.11%
569.93
877,211.63
889,885.05
2.51%
-12,673.42
877,781.56
2.27%
Total Industrials
Information Technology
ADR ALIBABA GROUP HLDG LTD-SP A
SEDOL: BP41ZD1
China
79.03
10,361.000
0.00
818,829.83
890,619.86
2.51%
-71,790.03
818,829.83
2.12%
ADR NETEASE INC SPONSORED ADR ADR EACH REPR 25
COM STK USD0.0001
SEDOL: 2606440
China
143.58
3,365.000
0.00
483,146.70
258,410.61
0.73%
224,736.09
483,146.70
1.25%
CIELO SA COM NPV
Brazil
34.97
75,145.000
0.00
741,484.38
827,217.80
2.33%
-85,733.42
741,484.38
1.92%
Taiwan
162.00
93,968.000
0.00
472,993.29
434,232.93
1.22%
38,760.36
472,993.29
1.22%
Taiwan
26.20
18,533.000
0.00
485,564.60
419,576.90
1.18%
65,987.70
485,564.60
1.25%
SEDOL: B614LY3
TAIWAN SEMICON MAN TWD10
SEDOL: 6889106
TAIWAN SEMICONDUCTOR MFG CO LTD
ADR
SEDOL: 2113382
SPONSORED
Vontobel Asset Management, Inc.
Reflects the holdings of the LA Water And Power Emp. Retiree Health Benefits Fund
Page 58
Period Ending March 31, 2016
Detailed Holdings by Sector (continued)
Base Currency: USD
Sector
Description / Asset ID
Country
Mkt Price
(Local)
Shares
Accruals
Market Value
Cost
% of
Cost
Unrealized
Gain/Loss
Market
w/Accruals
% of
Total
China
158.40
63,527.000
0.00
1,297,313.47
1,017,727.85
2.87%
279,585.62
1,297,313.47
3.35%
0.00
4,299,332.27
3,847,785.95
10.84%
451,546.32
4,299,332.27
11.11%
Equities
Information Technology
TENCENT HLDGS LIMITED COMMON STOCK
BMMV2K8
SEDOL:
Total Information Technology
Materials
ADR RANDGOLD RES LTD ADR
INDUSTRIAS PENOLES NPV
SEDOL: 2976842
SEDOL: 2448200
RANDGOLD RESOURCES ORD USD0.05
SEDOL: B01C3S3
United Kingdom
90.81
4,142.000
2,733.72
376,135.02
296,876.03
0.84%
79,258.99
378,868.74
0.98%
Mexico
217.23
9,632.000
0.00
122,090.67
406,311.73
1.14%
-284,221.06
122,090.67
0.32%
United Kingdom
63.70
4,852.000
3,202.32
444,229.74
350,764.40
0.99%
93,465.34
447,432.06
1.16%
5,936.04
942,455.43
1,053,952.16
2.97%
-111,496.73
948,391.47
2.45%
0.00
9,632,833.76
7,868,189.87
22.17%
1,764,643.89
9,632,833.76
24.88%
0.00
9,632,833.76
7,868,189.87
22.17%
1,764,643.89
9,632,833.76
24.88%
0.00
805,458.68
670,449.51
1.89%
135,009.17
805,458.68
2.08%
0.00
805,458.68
670,449.51
1.89%
135,009.17
805,458.68
2.08%
Total Materials
Miscellaneous/Unclassified
VONTOBEL INDIA FUND
SEDOL: B7D6LT9
India
138.30
69,650.417
Total
Telecommunication Services
TELEKOMUNIKASI SER'B'IDR50
SEDOL: BD4T6W7
Indonesia
3,325.00
3,212,145.00
Total Telecommunication Services
Utilities
CLP HOLDINGS NPV
SEDOL: 6097017
Hong Kong
70.15
6,337.000
0.00
57,311.63
53,861.34
0.15%
3,450.29
57,311.63
0.15%
Hong Kong
79.35
139,690.000
0.00
1,429,037.59
1,210,855.47
3.41%
218,182.12
1,429,037.59
3.69%
Total Utilities
0.00
1,486,349.22
1,264,716.81
3.56%
221,632.41
1,486,349.22
3.84%
Total Equities
81,730.01
36,616,420.03
33,473,976.53
100.00%
94.33%
3,142,443.50
POWER ASSETS HLDGS NPV
SEDOL: 6435327
36,698,150.04 100.00%
94.80%
Non-Equities
Vontobel Asset Management, Inc.
Reflects the holdings of the LA Water And Power Emp. Retiree Health Benefits Fund
Page 59
Period Ending March 31, 2016
Detailed Holdings by Sector (continued)
Base Currency: USD
Sector
Description / Asset ID
Country
Exchange Rate
Accruals
Market Value
Cost
% of
Cost
Unrealized
Gain/Loss
Market
w/Accruals
% of
Total
Cash
Brazil
3.54
0.00
5,860.64
5,860.64
0.02%
0.00
5,860.64
0.02%
Indonesian rupiah
Brazilian real
Indonesia
13,260.00
0.00
0.00
0.00
0.00%
0.00
0.00
0.00%
Malaysian ringgit
Malaysia
3.90
0.00
1.49
1.49
0.00%
0.00
1.49
0.00%
New Taiwan dollar
Taiwan
32.18
0.00
0.62
-71.56
0.00%
72.18
0.62
0.00%
South Korean won
Korea, Republic
1,143.60
0.00
-4,436.03
-4,210.77
-0.01%
-225.26
-4,436.03
-0.01%
United States
1.00
0.00
2,011,090.54
2,011,090.54
5.67%
0.00
2,011,090.54
5.20%
Total Cash
0.00
2,012,517.26
2,012,670.34
5.67%
-153.08
2,012,517.26
5.20%
Total Non-Equities
0.00
2,012,517.26
2,012,670.34
5.67%
-153.08
2,012,517.26
5.20%
81,730.01
38,628,937.29
35,486,646.87
100.00%
3,142,290.42
United States dollar
Total
Vontobel Asset Management, Inc.
38,710,667.30 100.00%
Reflects the holdings of the LA Water And Power Emp. Retiree Health Benefits Fund
Page 60
Los Angeles Water & Power Employees’ Retirement Plan
Portfolio Review as of March 31, 2016 – USD
Account: LA Water And Power Emp. Retirement, Disability And Death Benefit Plan
Performance Inception:
Initial Contribution (12/27/2012):
Additional Contributions
Subsequent Withdrawals:
Net Contribution:
Portfolio Return:
Market Value (3/31/2016):
Benchmark:
January 1, 2013
$204,526,073
$39,500,000
($6,000,000)
$238,026,073
($5,580,902)
$232,445,171
Account: LA Water And Power Emp. Retiree Health Benefits Fund
Performance Inception:
Initial Contribution (12/27/2012):
Additional Contributions
Subsequent Withdrawals:
Net Contribution:
Portfolio Return:
Market Value (3/31/2016):
January 1, 2013
$34,886,167
$6,300,000
($1,500,000)
$39,686,167
($975,500)
$38,710,667
Morgan Stanley Capital International Emerging Markets Investable Market Index
(ND) (“MSCI EM IMI ND”).
Source: Northern Trust
FOR INSTITUTIONAL INVESTOR USE ONLY / NOT FOR PUBLIC VIEWING OR DISTRIBUTION
Page 61
LA Water And Power Emp. Retirement, Disability And Death Benefit Plan
Portfolio Characteristics as of March 31, 2016 - USD
Portfolio Valuation
Portfolio
MSCI EM IMI
Capitalization (bil), weighted average
55.0
39.3
Capitalization (bil), weighted median
39.8
P/E - Forecast 12-month, weighted harmonic average
Portfolio
MSCI EM IMI
Annualized Relative Returns
3.2
N/A
12.4
Alpha
0.2
N/A
21.0
11.8
Beta
0.8
1.0
P/E - Trailing 12-month, weighted harmonic average
21.5
11.7
Sharpe Ratio
-0.1
-0.3
P/B, weighted harmonic average
4.1
1.4
Annualized Standard Deviation
14.0
15.6
Price/Sales, weighted harmonic average
3.7
1.0
Tracking Error
8.1
N/A
Price/Cash Flow, weighted harmonic average
18.4
6.0
R-squared
73.4
N/A
Dividend Yield (%)
1.8
2.6
Correlation
0.9
N/A
5 Yr Historical EPS Growth
15.6
9.4
Information Ratio
0.4
N/A
Return on Equity, weighted average
28.6
15.4
Jensen's Alpha
2.3
N/A
57
2,692
Treynor Ratio
-1.4
-4.3
VaR 95%
-7.0
-7.0
Turnover %*
31.1
N/A
Number of Securities
Statistics (Since Inception)
Inception date: 01/01/2013
Statistics are based on gross performance of the LA Water And Power EMP. Retirement, Disability And Death Benefit Plan.
The number of securities provided includes the 12 securities held in the Vontobel India Fund (VIF) Fund as of 03/31/2016.
Citi Group 3 Month US T Bill is utilized as the risk free rate in the calculation of the sharpe ratio. Past performance is not indicative of future results.
*Turnover is for the period 4/1/15 – 3/31/16.
Source: FactSet/Northern Trust
FOR INSTITUTIONAL INVESTOR USE ONLY / NOT FOR PUBLIC VIEWING OR DISTRIBUTION
Page 62
Reporting
01 APR 15 - 31 MAR 16
u
Page 1 of 2
Broker Commission by Broker Summary - VTB
Base Currency: USD
Commission Information
Base
Total Shares
Net Base Amount
Commission
Per
Share
% Cost
of Trade
Apex Fund Services
50,524.38
7,456,907.62
0.00
0.00
0.000%
Auerbach Grayson Co Inc
53,870.00
736,569.32
1,227.06
0.02
0.167%
BANCO SANTANDER
165,093.00
552,944.10
857.16
0.01
0.155%
Barclays
213,298.00
2,548,590.98
3,946.92
0.02
0.155%
15,551.00
226,604.41
466.53
0.03
0.206%
BNP Paribas Securities Corp
BTG Pactual US Capital Corp
11,227.00
45,573.53
141.17
0.01
0.310%
Cantor Fitzgerald Securities
609,428.00
5,225,735.28
12,914.37
0.02
0.247%
CIMB Securities International PTE LTD
716,259.00
1,867,664.73
3,808.56
0.01
0.204%
CITIGROUP GLOBAL MKTS INC
1,271,889.00
7,848,154.53
14,306.05
0.01
0.182%
Credit Lyonnais Securities (Asia)
7,280,748.00
23,212,514.29
13,530.61
0.00
0.058%
Credit Suisse First Boston
2,562,575.00
5,592,253.64
6,322.12
0.00
0.113%
528,389.00
5,899,183.25
4,428.93
0.01
0.075%
7,836.00
315,226.83
377.81
0.05
0.120%
238,925.00
3,410,230.18
7,167.75
0.03
0.210%
2,184,896.00
8,822,757.18
8,968.11
0.00
0.102%
Investment Technology Group Inc.
106,921.00
3,034,577.69
2,846.43
0.03
0.094%
Itau Securities Inc.
187,628.00
970,148.12
1,221.31
0.01
0.126%
Jefferies
1,221,177.00
5,782,225.94
8,810.65
0.01
0.152%
JP Morgan Securities LLC
1,336,999.00
8,528,142.52
36,164.32
0.03
0.424%
20,340.00
1,024,149.98
1,227.49
0.06
0.120%
9,000.00
374,122.22
448.41
0.05
0.120%
397,582.00
1,023,446.63
638.00
0.00
0.062%
3,637,569.00
17,899,858.21
13,043.37
0.00
0.073%
Merrill Lynch
499,345.00
5,430,924.84
10,044.26
0.02
0.185%
Morgan Stanley & Co. Inc.
318,405.00
3,079,289.29
5,052.74
0.02
0.164%
4,459.00
326,802.99
351.32
0.08
0.108%
Deutsche Bank Securities Inc.
Enskilda Securities Inc.
Global Direct Equities LLC
Goldman Sachs & Co.
Keefe, Bruyette & Woods, Inc.
Kepler Capital Markets Inc.
Liquidnet, Inc.
Macquarie Capital Inc.
Redburn Securities
Vontobel Asset Management, Inc.
*Generated by Northern Trust data on 27 Apr 16 C4548
Page 63
Reporting
01 APR 15 - 31 MAR 16
u
Page 2 of 2
Broker Commission by Broker Summary - VTB
Base Currency: USD
Commission Information
Base
Renaissance Capital Limited
Sanford Bernstein
SCOTIA CAPITAL
Societe Generale
UBS SECURITIES LLC
Total for Account VT112 - LA WATER RETIREMENT FUND
Total Shares
Net Base Amount
Commission
Per
Share
% Cost
of Trade
2,112.00
34,627.41
52.01
0.02
0.150%
340,436.00
4,594,362.40
4,139.68
0.01
0.090%
7,821.00
683,957.97
59.59
0.01
0.009%
792,486.00
8,354,949.50
4,240.72
0.01
0.051%
1,912,870.00
11,073,720.01
7,601.15
0.00
0.069%
26,705,658.38
145,976,215.59
174,404.60
0.01
0.119%
Although this report has been prepared using information believed to be reliable, it may contain information provided by third parties or derived from third party information, and/or information that may have been obtained from,
categorized or otherwise reported based upon client direction. The Northern Trust Company does not guarantee the accuracy, timeliness or completeness of any such information. The information included in this report is intended
to assist clients with their financial reporting needs, but you must consult with your accountants, auditors and/or legal counsel to ensure your accounting and financial reporting complies with applicable laws, regulations and
accounting guidance. The Northern Trust Company and its affiliates shall have no responsibility for the consequences of investment decisions made in reliance on information contained in this report.
Vontobel Asset Management, Inc.
*Generated by Northern Trust data on 27 Apr 16 C4548
Page 64
Reporting
01 APR 15 - 31 MAR 16
u
Page 1 of 2
Broker Commission by Broker Summary - VTB
Base Currency: USD
Commission Information
Base
Total Shares
Net Base Amount
Commission
Per
Share
% Cost
of Trade
Apex Fund Services
8,880.25
1,290,645.78
0.00
0.00
0.000%
Auerbach Grayson Co Inc
9,260.00
127,190.09
212.31
0.02
0.167%
BANCO SANTANDER
28,174.00
94,279.04
145.65
0.01
0.154%
Barclays
36,388.00
436,932.99
674.56
0.02
0.154%
2,660.00
38,784.23
79.80
0.03
0.206%
BNP Paribas Securities Corp
BTG Pactual US Capital Corp
1,913.00
7,759.29
23.91
0.01
0.308%
Cantor Fitzgerald Securities
103,099.00
876,858.70
2,185.08
0.02
0.249%
CIMB Securities International PTE LTD
121,527.00
315,702.70
642.93
0.01
0.204%
CITIGROUP GLOBAL MKTS INC
213,869.00
1,319,687.81
2,405.54
0.01
0.182%
1,193,744.00
3,772,461.76
2,220.92
0.00
0.059%
448,373.00
946,895.48
1,078.45
0.00
0.114%
89,602.00
1,005,586.83
754.12
0.01
0.075%
1,324.00
53,261.89
63.83
0.05
0.120%
40,386.00
575,040.52
1,211.58
0.03
0.211%
366,313.00
1,484,470.63
1,515.16
0.00
0.102%
Investment Technology Group Inc.
17,953.00
509,444.43
479.51
0.03
0.094%
Itau Securities Inc.
31,933.00
164,508.55
207.42
0.01
0.126%
Jefferies
208,290.00
977,169.85
1,490.49
0.01
0.153%
JP Morgan Securities LLC
226,993.00
1,452,544.98
6,128.49
0.03
0.422%
Keefe, Bruyette & Woods, Inc.
3,436.00
172,984.37
207.32
0.06
0.120%
Kepler Capital Markets Inc.
1,400.00
58,196.79
69.75
0.05
0.120%
68,112.00
177,723.84
111.31
0.00
0.063%
618,061.00
3,104,106.43
2,244.33
0.00
0.072%
Merrill Lynch
84,830.00
920,790.24
1,706.29
0.02
0.185%
Morgan Stanley & Co. Inc.
53,870.00
520,448.89
852.87
0.02
0.164%
751.00
55,080.01
59.24
0.08
0.108%
Credit Lyonnais Securities (Asia)
Credit Suisse First Boston
Deutsche Bank Securities Inc.
Enskilda Securities Inc.
Global Direct Equities LLC
Goldman Sachs & Co.
Liquidnet, Inc.
Macquarie Capital Inc.
Redburn Securities
Vontobel Asset Management, Inc.
*Generated by Northern Trust data on 27 Apr 16 C4548
Page 65
Reporting
01 APR 15 - 31 MAR 16
u
Page 2 of 2
Broker Commission by Broker Summary - VTB
Base Currency: USD
Commission Information
Base
Renaissance Capital Limited
Sanford Bernstein
SCOTIA CAPITAL
Total Shares
Net Base Amount
Commission
Per
Share
% Cost
of Trade
353.00
5,787.45
8.70
0.02
0.150%
59,124.00
783,727.76
702.60
0.01
0.090%
1,265.00
105,697.10
9.65
0.01
0.009%
Societe Generale
136,132.00
1,407,868.03
717.21
0.01
0.051%
UBS SECURITIES LLC
322,918.00
1,862,647.24
1,281.26
0.00
0.069%
4,500,933.25
24,624,283.70
29,490.28
0.01
0.120%
Total for Account VT113 - LA WATER RET HEALTH BEN FUND
Although this report has been prepared using information believed to be reliable, it may contain information provided by third parties or derived from third party information, and/or information that may have been obtained from,
categorized or otherwise reported based upon client direction. The Northern Trust Company does not guarantee the accuracy, timeliness or completeness of any such information. The information included in this report is intended
to assist clients with their financial reporting needs, but you must consult with your accountants, auditors and/or legal counsel to ensure your accounting and financial reporting complies with applicable laws, regulations and
accounting guidance. The Northern Trust Company and its affiliates shall have no responsibility for the consequences of investment decisions made in reliance on information contained in this report.
Vontobel Asset Management, Inc.
*Generated by Northern Trust data on 27 Apr 16 C4548
Page 66
Los Angeles Water & Power Employees’ Retirement Plan
Part I:
Company Overview
Part II:
Investment Process and Discipline
Part III:
Market Overview
Part IV:
Performance Review
Part V:
Portfolio Review and Characteristics
Part VI:
Appendix
Fee Schedule
Glossary of Investment Terms
Disclaimer
FOR INSTITUTIONAL INVESTOR USE ONLY / NOT FOR PUBLIC VIEWING OR DISTRIBUTION
Page 67
Los Angeles Water & Power Employees’ Retirement Plan
Fee Schedule
1.) The Board shall pay the Contractor an annual flat fee of 59 basis points calculated as follows:
The basis would be the aggregated average market value of the total managed assets on Emerging Market Equity
as valued by the Custodian and reconciled by the Contractor hereunder as of the last business day of each calendar
month.
2.) The Contractor warrants that the annual fee set forth above will not result in payment by the Board of fees exceeding
those that would be payable for management of assets equal in value to the Accounts by any of the Contractor’s other
clients for whom it provides the same or similar services. In the event that the Contractor enters into a future agreement
with another client to provide the same or similar services that would produce a lower fee for investing assets equal in value
to the Accounts, said lower fee shall automatically apply to this Contract and shall supersede the annual fee set forth
above.
3.) The Contractor shall bill 1/4th of the fees above every quarter and in arrears.
4.) For the initial quarter of the service hereunder, the fee will be prorated beginning with the first day that funds are made
available for investment. In the event of termination, expiration, and/or resignation of this Contract, the fee shall be prorated
to the date of such termination, expiration, and/or resignation.
5.) The annual fees shall be the sole compensation paid to the Contractor by the Board for the services provided and
expenses incurred by the Contractor hereunder. No additional amounts shall be due the Contractor for overhead, out-ofpocket or other expenses incurred in connection with this agreement.
FOR INSTITUTIONAL INVESTOR USE ONLY / NOT FOR PUBLIC VIEWING OR DISTRIBUTION
Page 68
Emerging Markets Equity Composite
Source: Vontobel
FOR INSTITUTIONAL INVESTOR USE ONLY / NOT FOR PUBLIC VIEWING OR DISTRIBUTION
Page 69
Performance Disclosure

Vontobel Asset Management, Inc. (“VAMUS“) is an investment advisory firm registered with the Securities and Exchange Commission, under the Investment Advisers Act of 1940, as amended, and
a subsidiary of Vontobel Holding AG, Zurich, Switzerland. For GIPS purposes, the firm is defined as all institutional accounts at VAMUS, excluding wrap accounts and private client assets. The firm
maintains a complete list and description of composites, which is available upon request. Policies for valuing portfolios, calculating performance, and preparing compliant presentations are
available upon request.

Emerging Markets Equity Composite includes all discretionary accounts, excluding wrap accounts and private client assets, that invest mainly in equity securities of issuers located in emerging
market countries in Asia, Latin America, Africa, and Europe. Results of the composite are shown compared to the Morgan Stanley Capital International - Emerging Markets Index (the “MSCI
Emerging Markets Index”), an unmanaged index based on share prices of a select group of global emerging market stocks that are available to global investors. The benchmark is used for
comparative purposes only and generally reflects the risk or investment style of the investments in the composite. The index is a free float-adjusted market capitalization index of approximately 840
stocks that is designed to measure equity market performance in 23 emerging markets countries. The index is calculated on a total return basis with net dividends reinvested. It reflects withholding
taxes, but not fees and other investment expenses, and is expressed in U.S. Dollars. Investments made by VAMUS for the portfolios it manages according to respective strategies may differ
significantly in terms of security holdings, industry weightings, and asset allocation from those of the MSCI Emerging Markets Index. The minimum account size for this composite is $1 million.

On January 1, 2015 the benchmark was retroactively changed from the MSCI Emerging Markets Index GD (with gross dividends reinvested) to the MSCI Emerging Markets Index ND (with net
dividends reinvested). The benchmark was changed to provide a closer representative comparison versus the composite with respect to the way withholding taxes are captured.

VAMUS claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. VAMUS has been
independently verified for the periods between January 1, 2001 through December 31, 2014. Verification assesses whether (1) the firm has complied with all the composite construction
requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The
Emerging Markets Equity composite has been examined for the periods between January 1, 1994 through December 31, 2014. The verification and performance examination reports are available
upon request.

Results are based on fully discretionary institutional accounts under management, including those accounts no longer with the firm, and excluding wrap accounts and private client assets. Net
composite performance is presented after the deduction of foreign withholding taxes. Capital gains, dividends and interest income received may be subject to withholding taxes imposed by the
country of origin and such taxes may not be recoverable. Results portrayed reflect the reinvestment of dividends and other earnings. Past performance is not indicative of future results.

No portfolios contained in this composite were carved out from balanced portfolios or multi-manager portfolios currently or historically. Leverage and short positions are not used in the composition
of client portfolios. Derivatives in the form of forward foreign currency contracts were used in managing client portfolios for opportunistic currency hedging until October 2011.

The Vontobel Global Emerging Markets Fund, an unregistered private investment trust, pays a bundled fee, the components of which include: investment management fees; custodial fees; legal
fees; and, other administrative expenses. Bundled-fee portfolios as a percentage of composite assets at year-end are as follows: 3.5% in 2007, 3.1% in 2008, 3.9% in 2009, 2.1% in 2010, 3.8% in
2011, 7.8% in 2012, 9.6% in 2013, 10.6% in 2014 and 9.2% in 2015. Prior to 2007 there were no bundled-fee portfolios in the composite.

The U.S. Dollar is the currency used to express performance. Returns include the effect of foreign currency exchange rates. Returns are presented gross and net of management fees and include
the reinvestment of all income. The gross rates of return are presented before the deduction of investment management fees, other investment-related fees, and after the deduction of foreign
withholding taxes, brokerage commissions and transaction costs. An investor’s actual return will be reduced by investment advisory fees. The net rates of return are presented after the deduction of
investment management fees, brokerage commissions, transaction costs, other investment-related fees and foreign withholding taxes and bundled fees. Such investment management fees are
actual fees, as distinguished from model fees. Starting in 2012, the net rates of return are also reflective of performance fees. Prior to 2012, the net rates of return did not contain any performancebased fee components.

The standard annual management fees charged by VAMUS for the Composite are: 0.95% on the first $100 million, 0.85% over $100 million. Certain accounts may have higher management fees
than the standard fee schedule and performance-based fees may be charged. Investment advisory fees are further described in Part 2 of its Form ADV.

The Emerging Markets Equity Composite was created October 31, 1992. Compliance with GIPS has been verified firm-wide by Ashland Partners & Company LLP from January 1, 2005 through
December 31, 2014. In addition, a performance examination was conducted on the Emerging Markets Equity Composite beginning January 1, 2005. For the period January 1, 2001 through
December 31, 2004, VAMUS was verified firm-wide by, and the performance results of the Emerging Markets Equity Composite were examined by, Ernst & Young LLP. Performance results from
January 1, 1994 to December 31, 2000 have been examined by PriceWaterhouseCoopers.
FOR INSTITUTIONAL INVESTOR USE ONLY / NOT FOR PUBLIC VIEWING OR DISTRIBUTION
Page 70
Disclaimer
The index comparisons in this presentation are provided for informational purposes only, should not be used as the basis for making an investment decision, and
may not be comparable. The results portrayed reflect the re-investment of dividends and other earnings. There are significant differences between client
accounts and the indices referenced, including, but not limited to, risk profile, liquidity, volatility, and asset composition. Further, you cannot invest directly in an
index.
Any opinions and projections contained in this presentation are based on a variety of estimates and assumptions. There can be no assurance that the
assumptions made in connection with the projections will prove accurate, and actual results may differ materially. The inclusion of projections should not be
regarded as an indication that Vontobel considers the opinions or projections to be reliable predictors of future events and should not be relied upon as such.
This disclaimer applies to this presentation and the oral or written comments of any person presenting it.
The inclusion in the composite of the performance of wrap accounts and private client assets could result in a material difference in the performance returns.
There can be no assurance that investment objectives will be achieved. Clients must be prepared to bear risk of a total loss of their investment.
With regards to the deduction of fees, the compounding effect will be to increase the impact of the fee by an amount directly related to the gross account
performance. For example, on an account with a 0.5% fee, and gross performance of 20% over one year, the compounding effect of the fee will result in
performance of approximately 19.4%. A $10,000 initial investment would grow to approximately $14,400 gross of fees, versus $14,000 net of fees, over a
two-year period.
The securities identified and described in this presentation do not represent all of the securities purchased, sold or recommended. The reader should not assume
that an investment in the securities identified was or will be profitable. There is no assurance that any investments identified will remain in the portfolio at the time
this presentation is received.
Vontobel Asset Management, Inc. (VAMUS) is registered as an investment adviser under the Investment Advisers Act of 1940, as amended, in the USA. VAMUS
is exempt from the requirements to hold an Australian Financial Services License under the Corporations Act in respect of the financial services it provides to
Australian wholesale clients under ASIC Class Order CO 03/1100. VAMUS is regulated by the US Securities and Exchange Commission under US laws, which
differ from Australian laws
Returns and attributions are transaction based.
As of March 7, 2016, Mr. Rajiv Jain is no longer responsible for the Vontobel Emerging Markets Equity strategy. The strategy is now being managed by Mr. Matthew
Benkendorf. The composite strategy has not changed.
FOR INSTITUTIONAL INVESTOR USE ONLY / NOT FOR PUBLIC VIEWING OR DISTRIBUTION
Page 71
Disclaimer
DEFINITIONS:
Asset Allocation: The relative return that comes from the manager's decision to overweight and underweight a sector relative to the benchmark. Positive
Asset Allocation effects come from under weighting an under performing sector or overweighting an over performing sector, relative to an appropriate
benchmark.
Performance Calculation: Effective 4/1/2010, VAMUS uses the Linked Daily Returns method for calculating daily total return for its client accounts. Daily
Returns are determined by calculating the increase or decline in value of an account from the beginning of the day to the end of the day, including accounting
for cash inflows and outflows. Daily returns are then geometrically linked to calculate cumulative returns (i.e. Monthly, Quarterly, and Annual). VAMUS
includes realized and unrealized gains and losses as well as all income in its total return calculation.
Effective January 2016, the net-of-fees rates of return are calculated based on the fee schedule. All net returns that were previously calculated on a cash
basis are linked to the returns being calculated under the new methodology, reflecting daily accrual of fees.
Stock Selection: The relative return that comes from the manager's security selection within a sector relative to the benchmark. Positive Security Selection
comes from assets within a sector out performing the assets in the same sector in the benchmark.
Total Management Effect: The geometric linking of the country and sector attribution to effects in order to come to a total.
Transaction based: Transaction based means that transactions throughout the day are taken into account when calculating returns.
FOR INSTITUTIONAL INVESTOR USE ONLY / NOT FOR PUBLIC VIEWING OR DISTRIBUTION
Page 72

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