Rothschild U.S. Large Large-Cap Value Strategy Review Review

Rothschild U.S. Large

February 2017

City of Naples

Stocks continued to push forward in February, with the market putting together a 12

streak just before month-end. Large

while small-cap stocks (as measured by the Russell 2000 Index) rose

outperformed Value, with the Russell 1000 Growth index climbing 4.2%, versus

Russell 1000 Value Index. For the m

outperformed the Russell 1000 Value

As of February 28, 2017

Current Month

Current Quarter

Year-to-Date

Past 12 Months

Past 3 Years

Past 5 Years

Since Inception (10/31/2007)

Rothschild Asset Management

1251 Avenue of the Americas 34th Fl.

New York, NY 10020

Large-Cap Value Strategy Review


end. Large-cap stocks (as measured by the S&P 500 Index) returned 3.5%,

cap stocks (as measured by the Russell 2000 Index) rose a more modest 1.9%. Growth

outperformed Value, with the Russell 1000 Growth index climbing 4.2%, versus a 3.6% rise in the

For the month, the Rothschild U.S. Large-Cap Value

Russell 1000 Value index on a gross basis.

City of Naples

Fire

(Gross of fees)

City of Naples

Fire

(Net of fees)

3.66% 3.66%

4.47% 4.31%

4.47% 4.31%

24.59% 23.87%

9.05% 8.42%

14.95% 14.28%

7.46% 6.84%

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rothschild.com

Review

Stocks continued to push forward in February, with the market putting together a 12-session winning

cap stocks (as measured by the S&P 500 Index) returned 3.5%,

a more modest 1.9%. Growth

a 3.6% rise in the

Value strategy slightly

Russell 1000V

3.59%

4.33%

4.33%

29.13%

9.90%

14.03%

6.09%


Current Month

Current Quarter

Year-to-Date

Past 12 Months

Past 3 Years

Past 5 Years



Current Month

Current Quarter

Year-to-Date

Past 12 Months

Past 3 Years

Past 5 Years


[Returns for periods longer than one year are annualized]

City of Naples

Police

(Gross of fees)

City of Naples

Police

(Net of fees)

3.65% 3.65%

4.47% 4.31%

4.47% 4.31%

24.56% 23.83%

9.01% 8.37%

14.95% 14.28%

7.48% 6.85%

City of Naples

Employees

(Gross of fees)

City of Naples

Employees

(Net of fees)

3.64% 3.64%

4.47% 4.32%

4.47% 4.32%

24.70% 23.98%

9.00% 8.36%

14.93% 14.26%

7.47% 6.84%

[Returns for periods longer than one year are annualized]

Russell 1000V

3.59%

4.33%

4.33%

29.13%

9.90%

14.03%

6.09%

Russell 1000V

3.59%

4.33%

4.33%

29.13%

9.90%

14.03%

6.09%

Healthcare stocks (up 7.1%), followed by those in the Consumer Staples (up 6.0%) and Financial

Services (up 5.2%) sectors, led the Russell 1000 Value benchmark. Laggards included

2.2%), Telecommunications (down 0.8%), and Basic Materials (up 0.6%). Sector allocation was

negative, with overweight to Basic Materials and Consumer Services stocks. Overall, stock selection

was positive, with contributors in Financial Servic

more than offset by detractors in Consumer Staples, Healthcare, and Technology.

On a stock specific basis, the largest contributors to relative performance

Ameriprise (up 17.8%). The compa

Department of Labor’s fiduciary standard rule to be delayed or terminated

(up 13.4%) reported strong earnings

in a study evaluating its ability to decrease

cardiovascular events. Eli Lilly and Company (up 8

an additional dataset for a rheumatoid art

been pushed higher following Washington

stocks being one of the main beneficiaries

Our detractors included supermarket chain

same-store-sales trends which continued to deteriorate during the month of February.

Company (down 5.2%), one of the world’s largest oil field service companies, is highly exposed to a

recovery in demand for pressure pumping and well completion in North America. As oil stocks have

generally experienced a decline in the first two months of the year, the company suffered a greater

decline in its stock price compared to its competitors.

class exploration and production (E&P)

lead to 20%+ production growth over the next several years.

weaken, EOG tends to fall more than the m

though the company reported excellent metrics for the December quarter in late February.

.

Although major indices have hit all

example, in 1999, extreme valuations were fueled by high volume and excessive leverage, whereas

both measures are considerably lower today. We continue to focus on stocks with relatively attractive

valuations and the potential to exceed investors’ expectations.

Please see the accompanying Market Review for our comments on the stock market and the

economy.

Chris Kaufman


led the Russell 1000 Value benchmark. Laggards included



was positive, with contributors in Financial Services, Manufacturing, Energy, and Basic Materials

more than offset by detractors in Consumer Staples, Healthcare, and Technology.

On a stock specific basis, the largest contributors to relative performance in February

. The company rallied on strong earnings as well as the potential for the

standard rule to be delayed or terminated in the near future

earnings. The company’s new cholesterol agent met its primary endpoint

decrease low-density lipoprotein and reduce the risk of

Eli Lilly and Company (up 8.2%) had a strong month due to a presentation of

for a rheumatoid arthritis drug in development. Additionally share

following Washington policy changes on drug pricing, with pharmaceutical

the main beneficiaries.

supermarket chain Kroger Co. (down 6.0%). The company suffered from

which continued to deteriorate during the month of February.

%), one of the world’s largest oil field service companies, is highly exposed to a

ssure pumping and well completion in North America. As oil stocks have


decline in its stock price compared to its competitors. EOG Resources, Inc. (down 4.

(E&P) company, with a diversified resource base that is expected to

lead to 20%+ production growth over the next several years. Like other E&Ps, when energy stocks

than the major integrates. That was the case this month

reported excellent metrics for the December quarter in late February.

Although major indices have hit all-time highs, comparisons to prior peaks may be less relevant. For

in 1999, extreme valuations were fueled by high volume and excessive leverage, whereas


valuations and the potential to exceed investors’ expectations.

see the accompanying Market Review for our comments on the stock market and the

Paul Roukis, CFA


led the Russell 1000 Value benchmark. Laggards included Energy (down



, and Basic Materials

in February included

potential for the

in the near future. Amgen

its primary endpoint

the risk of

a presentation of

hares have also

policy changes on drug pricing, with pharmaceutical

suffered from

which continued to deteriorate during the month of February. Halliburton

%), one of the world’s largest oil field service companies, is highly exposed to a

ssure pumping and well completion in North America. As oil stocks have


Resources, Inc. (down 4.5%) is a best-in-

company, with a diversified resource base that is expected to

s, when energy stocks

this month, even

reported excellent metrics for the December quarter in late February.

time highs, comparisons to prior peaks may be less relevant. For

in 1999, extreme valuations were fueled by high volume and excessive leverage, whereas


see the accompanying Market Review for our comments on the stock market and the

Managing Director

Rothschild Asset Management Inc.

March 10, 2017

DisclaimerDisclaimerDisclaimerDisclaimer

This commentary is for informational purposes only and is not intended to and does not provide a recommendation with respect to any

security. It does not constitute an offer, or a solicitation of an offer, to buy or sell any securities, and it does not take

financial position or particular needs or investment objectives of any individual or entity. Nothing in this commentary const

should be construed as, accounting, tax or legal advice. The information contained in this commentary was obtained fr

we believe to be reliable, but we do not guarantee its accuracy or completeness. Statements regarding future prospects may no

realized, and past performance is not necessarily indicative of future results. Any reference to an index is n

investments are equivalent to the index in risk. The information and opinions contained in this commentary are subject to cha

without notice. This commentary has been prepared for Rothschild Asset Management institutional c

should be construed as an offer, invitation or solicitation of

any security or to engage in any other transactions.

Managing Director


is for informational purposes only and is not intended to and does not provide a recommendation with respect to any

security. It does not constitute an offer, or a solicitation of an offer, to buy or sell any securities, and it does not take


should be construed as, accounting, tax or legal advice. The information contained in this commentary was obtained fr


realized, and past performance is not necessarily indicative of future results. Any reference to an index is not intended to imply that our


without notice. This commentary has been prepared for Rothschild Asset Management institutional clients. Nothing in this commentary

should be construed as an offer, invitation or solicitation of an offer to invest in a fund or strategy managed by Rothschild, to purchase


is for informational purposes only and is not intended to and does not provide a recommendation with respect to any

security. It does not constitute an offer, or a solicitation of an offer, to buy or sell any securities, and it does not take into account the

financial position or particular needs or investment objectives of any individual or entity. Nothing in this commentary constitutes, or

should be construed as, accounting, tax or legal advice. The information contained in this commentary was obtained from sources that

we believe to be reliable, but we do not guarantee its accuracy or completeness. Statements regarding future prospects may not be

ot intended to imply that our

investments are equivalent to the index in risk. The information and opinions contained in this commentary are subject to change

lients. Nothing in this commentary

managed by Rothschild, to purchase

Market Review

February 2017

Stocks continued to push forward

streak just before month-end. Large

while small-cap stocks (as measured by the Russell 2000 Index) rose

outperformed Value, with the Russell 1000

Russell 1000 Value Index.

Economic news was largely positive

average of initial unemployment claims falling to 234,250, the lowest level since 1973.

payrolls rose by a seasonally-adjust

from the Institute for Supply Management showed that its manufacturing index increased 1.7 points

to 57.7 (with a reading above 50 considered expansionary) in February, the sixth consecutive

monthly advance. On the other hand, Q4 2016 GDP growth came in at a so

with positive personal consumption offset by a downward revision for business investment.

Citing overall improvement in the economy,

Fed’s preferred inflation measure) reading of 1.9%,

interest rates as soon as the Committee’s mid

potential rate hike has confirmation of economic growth, or because they are more focused on

possible tailwinds from fiscal policy, market reaction has been sanguine.

Oil prices continued to wrestle with competing forces, with disciplined follow

cuts by members of the Organization of the Petroleum Exporting Countries (OPEC)

that U.S. shale producers are preparing to increase output.

to an uptick in infrastructure spending and other

supply, as U.S. crude stockpiles recently

Reversing a benign trend earlier in the month, one common measure of volatility rose for six

consecutive days in the latter half of the month, even as equities rallied. Investors may have been

looking to hedge risk ahead of President Trump’s address to Congress in early March.

Defying conventional wisdom, stock and bond prices have rallied together recently. Some have

interpreted this phenomenon as the bond market’s rejection of the reflation trade (since bond prices

would normally tend to fall as inflation rises), while others believe that low yields globally is fueling

demand for U.S. bonds (even as stocks are also attractive).

Although major indices have hit all


both measures are considerably lower today.


Large-cap stocks (as measured by the S&P 500 Index) returned

measured by the Russell 2000 Index) rose a more modest

, with the Russell 1000 Growth index climbing 4.2%, versus a

largely positive. The labor picture remains strong, with the four

average of initial unemployment claims falling to 234,250, the lowest level since 1973.

adjusted 235,000 from the prior month and above expections

the Institute for Supply Management showed that its manufacturing index increased 1.7 points


On the other hand, Q4 2016 GDP growth came in at a somewhat muted 1.9%,


improvement in the economy, as well as a personal consumption expenditure (the

Fed’s preferred inflation measure) reading of 1.9%, the Federal Reserve signaled that it may raise

interest rates as soon as the Committee’s mid-March meeting. Either because investors view a

rate hike has confirmation of economic growth, or because they are more focused on

fiscal policy, market reaction has been sanguine.

wrestle with competing forces, with disciplined follow-through in

members of the Organization of the Petroleum Exporting Countries (OPEC)

that U.S. shale producers are preparing to increase output. Optimism for increased demand related

infrastructure spending and other economic activity may be tempered with increased

supply, as U.S. crude stockpiles recently hit a record 520 million barrels.



f President Trump’s address to Congress in early March.



normally tend to fall as inflation rises), while others believe that low yields globally is fueling

demand for U.S. bonds (even as stocks are also attractive).

Although major indices have hit all-time highs, comparisons to prior peaks may be less relevan


both measures are considerably lower today.

in February, with the market putting together a 12-session winning

cap stocks (as measured by the S&P 500 Index) returned 3.5%,

a more modest 1.9%. Growth

%, versus a 3.6% rise in the

The labor picture remains strong, with the four-week moving

average of initial unemployment claims falling to 234,250, the lowest level since 1973. Nonfarm

ed 235,000 from the prior month and above expections. Data

the Institute for Supply Management showed that its manufacturing index increased 1.7 points


mewhat muted 1.9%,


as well as a personal consumption expenditure (the

he Federal Reserve signaled that it may raise

Either because investors view a

rate hike has confirmation of economic growth, or because they are more focused on

through in production

members of the Organization of the Petroleum Exporting Countries (OPEC) offset by signs

Optimism for increased demand related

economic activity may be tempered with increased



f President Trump’s address to Congress in early March.



normally tend to fall as inflation rises), while others believe that low yields globally is fueling

comparisons to prior peaks may be less relevant. For


R. Daniel Oshinskie, CFA

Chief Investment Officer, U.S. Equities


March 10, 2017

DisclaimerDisclaimerDisclaimerDisclaimer

This commentary is for informational purposes only and is not intended to and does not provide a recommendation with respect

security. It does not constitute an offer, or a solicitation of an offer, to buy or sell any securities, and it does not tak


should be construed as, accounting, tax or legal advice. The information contained in this commentary


realized, and past performance is not necessarily indicative of future results. Any reference


without notice. This commentary has been prepared for Rothschild Asset Management

should be construed as an offer, invitation or solicitation of an offer to invest in a fund


Rothschild Asset Management Tel

1251 Avenue of the Americas 34th Fl. Fax

New York, NY 10020 roths

, U.S. Equities


This commentary is for informational purposes only and is not intended to and does not provide a recommendation with respect

security. It does not constitute an offer, or a solicitation of an offer, to buy or sell any securities, and it does not tak


should be construed as, accounting, tax or legal advice. The information contained in this commentary was obtained from sources that


realized, and past performance is not necessarily indicative of future results. Any reference to an index is not intended to imply that our


without notice. This commentary has been prepared for Rothschild Asset Management institutional clients. Nothing in this commentary

should be construed as an offer, invitation or solicitation of an offer to invest in a fund or strategy managed by Rothschild, to purchase


+1 212 403 3500

Fax +1 212 403 3501

rothschild.com

This commentary is for informational purposes only and is not intended to and does not provide a recommendation with respect to any

security. It does not constitute an offer, or a solicitation of an offer, to buy or sell any securities, and it does not take into account the

financial position or particular needs or investment objectives of any individual or entity. Nothing in this commentary constitutes, or

was obtained from sources that

we believe to be reliable, but we do not guarantee its accuracy or completeness. Statements regarding future prospects may not be

to an index is not intended to imply that our

investments are equivalent to the index in risk. The information and opinions contained in this commentary are subject to change

institutional clients. Nothing in this commentary

managed by Rothschild, to purchase

Strictly confidential

Portfolio Summary and Holdings

Begin Date:

Portfolio Summary Report

As of Date:

02/01/2017

02/28/2017

CITY OF NAPLES FIREFIGHTERS RETIREMENT

Page 1 of 1

Market Value Weight Annual-IncomeTotal Cost

CASH BALANCES

0.00 1.04 126,797.96 126,797.96Principal & Income %

126,797.96 126,797.96 1.04 0.00%

EQUITIES

9,347.92 5.23 637,770.44 592,798.25Basic Materials %

3,158.28 1.53 186,746.04 133,445.72Commercial Services %

1,200.33 3.47 422,936.38 399,613.05Consumer Discretionary %

2,263.52 3.48 424,281.94 239,268.63Consumer Services %

10,757.39 6.71 818,235.34 734,936.44Consumer Staples %

26,175.28 11.16 1,361,300.77 1,307,207.88Energy %

69,165.40 24.88 3,035,926.33 2,002,600.72Finance %

11,117.35 12.30 1,501,229.51 1,384,088.19Healthcare %

8,407.44 7.62 929,285.37 661,735.34Manufacturing %

8,776.92 2.92 356,241.60 319,113.88Real Estate %

2,702.00 7.63 931,585.15 811,822.39Technology %

5,861.43 4.39 535,729.11 490,292.09Telecommunications %

328.60 1.34 164,069.98 138,760.50Transportation %

16,737.00 6.31 769,873.05 637,444.10Utilities %

9,853,127.18 12,075,211.01 98.96 175,998.86%

9,979,925.14 12,202,008.97 100.00 175,998.86%

Begin Date:

Portfolio Holding Report

As of Date:

02/01/2017

02/28/2017


Page 1 of 5

Security Quantity Orig Cost Total Cost Market Value Weight Annual IncomeMKT Price

CASH BALANCES

Principal & Income

%Cash 0 0.00 1.00 126,797.96 126,797.96 1.04 0.00

126,797.96 126,797.96 1.04 0.00%

EQUITIES

Basic Materials

%Dow Chemical Company 4,087 53.65 62.26 219,268.69 254,456.62 2.09 5231.36

%LyondellBasell Industries NV 1,535 88.78 91.24 136,281.59 140,053.40 1.15 2456.00

%Nucor Corporation 2,442 61.06 62.57 149,111.55 152,795.94 1.25 1660.56

%WestRock Co. 1,684 52.34 53.72 88,136.42 90,464.48 0.74 0.00

592,798.25 637,770.44 5.23 9,347.92%

Commercial Services

%Waste Management, Inc. 2,547 52.39 73.32 133,445.72 186,746.04 1.53 3158.28

133,445.72 186,746.04 1.53 3,158.28%

Consumer Discretionary

%Home Depot, Inc. 515 79.39 144.91 40,885.54 74,628.65 0.61 82.40

%PulteGroup, Inc. 5,863 20.16 22.05 118,198.51 129,279.15 1.06 938.08

%PVH Corp. 1,199 112.09 91.60 134,390.26 109,828.40 0.90 179.85

%Skechers U.S.A., Inc. Class A 4,254 24.95 25.67 106,138.74 109,200.18 0.89 0.00

399,613.05 422,936.38 3.47 1,200.33%

Consumer Services

%CBS Corporation Class B 2,250 45.30 65.92 101,923.09 148,320.00 1.22 1080.00

%Comcast Corporation Class A 4,388 25.33 37.42 111,158.45 164,198.96 1.35 0.00

%Time Warner Inc. 1,138 23.01 98.21 26,187.09 111,762.98 0.92 1183.52

239,268.63 424,281.94 3.48 2,263.52%

Consumer Staples

%Hershey Company 1,335 108.67 108.35 145,081.02 144,647.25 1.19 2029.20

Begin Date:


As of Date:

02/01/2017

02/28/2017


Page 2 of 5


%Kroger Co. 3,267 29.01 31.80 94,763.20 103,890.60 0.85 1502.82

%PepsiCo, Inc. 1,753 90.09 110.38 157,934.47 193,496.14 1.59 981.68

%Procter & Gamble Company 2,621 75.58 91.07 198,093.08 238,694.47 1.96 5892.01

%Tyson Foods, Inc. Class A 2,198 63.27 62.56 139,064.68 137,506.88 1.13 351.68

734,936.45 818,235.34 6.71 10,757.39%

Energy

%Antero Resources Corporation 3,427 25.57 23.98 87,627.03 82,179.46 0.67 0.00

%Chevron Corporation 2,523 107.42 112.50 271,026.14 283,837.50 2.33 9082.80

%ConocoPhillips 3,019 45.81 47.57 138,291.73 143,613.83 1.18 7970.16

%Energen Corporation 1,824 59.39 52.50 108,323.00 95,760.00 0.78 1240.32

%EOG Resources, Inc. 2,669 77.51 96.99 206,885.31 258,866.31 2.12 373.66

%Exxon Mobil Corporation 2,744 85.07 81.32 233,430.79 223,142.08 1.83 4829.44

%Halliburton Company 2,814 50.20 53.46 141,253.04 150,436.44 1.23 1407.00

%Valero Energy Corporation 1,817 66.25 67.95 120,370.84 123,465.15 1.01 1271.90

1,307,207.88 1,361,300.77 11.16 26,175.28%

Finance

%Allstate Corporation 2,081 37.56 82.16 78,162.61 170,974.96 1.40 1581.56

%American Express Company 1,695 78.74 80.06 133,458.31 135,701.70 1.11 542.40

%American International Group, Inc. 1,293 50.70 63.92 65,561.52 82,648.56 0.68 0.00

%Ameriprise Financial, Inc. 1,157 40.51 131.50 46,867.97 152,145.50 1.25 1619.80

%Bank of America Corporation 17,731 16.92 24.68 299,964.25 437,601.08 3.59 39717.44

%Huntington Bancshares Incorporated 12,903 12.95 14.14 167,074.08 182,448.42 1.50 2064.48

%JPMorgan Chase & Co. 5,576 43.45 90.62 242,277.11 505,297.12 4.14 7137.28

%MetLife, Inc. 1,678 40.74 52.44 68,367.19 87,994.32 0.72 1241.72

%Morgan Stanley 2,640 43.65 45.67 115,229.35 120,568.80 0.99 528.00

%State Street Corporation 2,459 61.61 79.71 151,506.36 196,006.89 1.61 2360.64

Begin Date:


As of Date:

02/01/2017

02/28/2017


Page 3 of 5


%SunTrust Banks, Inc. 4,355 41.30 59.49 179,875.40 259,078.95 2.12 6968.00

%Wells Fargo & Company 3,404 38.62 57.88 131,450.59 197,023.52 1.61 2995.52

%Berkshire Hathaway Inc. Class B 489 78.47 171.42 38,371.99 83,824.38 0.69 0.00

%Chubb Limited 1,771 119.49 138.17 211,621.89 244,699.07 2.01 2408.56

%Discover Financial Services 2,529 28.79 71.14 72,812.10 179,913.06 1.47 0.00

2,002,600.72 3,035,926.33 24.88 69,165.40%

Healthcare

%Amgen Inc. 640 128.69 176.53 82,358.94 112,979.20 0.93 0.00

%Celgene Corporation 1,224 116.53 123.51 142,636.15 151,176.24 1.24 0.00

%Danaher Corporation 1,356 80.91 85.55 109,707.18 116,005.80 0.95 135.60

%Eli Lilly and Company 2,662 73.38 82.81 195,345.57 220,440.22 1.81 5217.52

%Gilead Sciences, Inc. 1,396 91.11 70.48 127,184.18 98,390.08 0.81 0.00

%Johnson & Johnson 1,445 96.62 122.21 139,622.05 176,593.45 1.45 1849.60

%Medtronic plc 1,890 83.90 80.91 158,568.17 152,919.90 1.25 378.00

%Pfizer Inc. 6,893 31.59 34.12 217,734.72 235,189.16 1.93 3032.92

%UnitedHealth Group Incorporated 1,057 141.39 165.38 149,444.67 174,806.66 1.43 31.71

%Hill-Rom Holdings, Inc. 944 65.13 66.45 61,486.56 62,728.80 0.51 472.00

1,384,088.19 1,501,229.51 12.30 11,117.35%

Manufacturing

%Fluor Corporation 1,639 48.41 55.39 79,340.99 90,784.21 0.74 1048.96

%General Electric Company 5,171 19.88 29.81 102,776.18 154,147.51 1.26 3309.44

%Northrop Grumman Corporation 898 109.53 247.09 98,358.37 221,886.82 1.82 1436.80

%Parker-Hannifin Corporation 1,352 142.51 154.84 192,670.50 209,343.68 1.72 973.44

%Raytheon Company 611 58.07 154.15 35,481.33 94,185.65 0.77 488.80

%Stanley Black & Decker, Inc. 1,250 122.49 127.15 153,107.97 158,937.50 1.30 1150.00

661,735.34 929,285.37 7.62 8,407.44%

Begin Date:


As of Date:

02/01/2017

02/28/2017


Page 4 of 5


Real Estate

%Equity LifeStyle Properties, Inc. 1,460 55.63 79.62 81,223.19 116,245.20 0.95 2555.00

%Kimco Realty Corporation 4,196 25.32 24.25 106,222.16 101,753.00 0.83 3188.96

%Prologis, Inc. 2,708 48.62 51.05 131,668.53 138,243.40 1.13 3032.96

319,113.88 356,241.60 2.92 8,776.92%

Technology

%Apple Inc. 747 92.72 136.99 69,261.97 102,331.53 0.84 0.00

%Cisco Systems, Inc. 6,074 26.93 34.18 163,569.08 207,609.32 1.70 0.00

%Hewlett Packard Enterprise Co. 2,705 21.27 22.82 57,542.04 61,728.10 0.51 0.00

%Intel Corporation 5,895 34.96 36.20 206,100.58 213,399.00 1.75 471.60

%Microsoft Corporation 2,788 49.90 63.98 139,118.79 178,376.24 1.46 2230.40

%QUALCOMM Incorporated 2,977 59.20 56.48 176,229.94 168,140.96 1.38 0.00

811,822.40 931,585.15 7.63 2,702.00%

Telecommunications

%AT&T Inc. 9,385 36.13 41.79 339,040.15 392,199.15 3.21 1407.75

%Verizon Communications Inc. 2,892 52.30 49.63 151,251.94 143,529.96 1.18 4453.68

490,292.09 535,729.11 4.39 5,861.43%

Transportation

%Delta Air Lines, Inc. 3,286 42.23 49.93 138,760.50 164,069.98 1.34 328.60

138,760.50 164,069.98 1.34 328.60%

Utilities

%American Electric Power Company, Inc. 2,082 54.70 66.97 113,882.89 139,431.54 1.14 3914.16

%DTE Energy Company 1,534 74.41 101.38 114,146.43 155,516.92 1.27 3804.32

%Edison International 2,468 59.82 79.74 147,631.40 196,798.32 1.61 0.00

%Public Service Enterprise Group Inc 3,331 43.10 45.98 143,562.44 153,159.38 1.26 4730.02

%Xcel Energy Inc. 2,859 41.35 43.71 118,220.94 124,966.89 1.02 4288.50

Begin Date:


As of Date:

02/01/2017

02/28/2017


Page 5 of 5


637,444.10 769,873.05 6.31 16,737.00%

9,979,925.16 12,202,008.97 100.00 175,998.86%


Purchases and Sales

100150 CITY OF NAPLES FIREFIGHTERS RETIREMENT

Rothschild Asset ManagementPurchase and Sales Report

Ticker Security Description Trade Date Quantity Price Commission Net

-

Settle Date

Buy

MSFT Microsoft Corporation 02/02/2017 833.00 63.03 33.32 -52,538.3102/07/2017

NUE Nucor Corporation 02/02/2017 440.00 57.39 3.30 -25,253.9802/07/2017

CELG Celgene Corporation 02/09/2017 1,224.00 116.49 48.96 -142,636.1502/14/2017

HSY Hershey Company 02/15/2017 749.00 108.86 5.62 -81,542.2102/21/2017


HRC Hill-Rom Holdings, Inc. 02/21/2017 492.00 65.04 19.68 -32,017.7402/24/2017


-426,996.02Sub Total:

Sell Long

AIG American International Group, Inc. 02/01/2017 105.00 64.72 0.79 6,794.0602/06/2017


IP International Paper Company 02/02/2017 164.00 53.99 6.56 8,847.4702/07/2017




AR Antero Resources Corporation 02/09/2017 1,424.00 25.00 10.68 35,580.5702/14/2017

WRK WestRock Co. 02/09/2017 402.00 52.47 3.02 21,087.4502/14/2017

WRK WestRock Co. 02/09/2017 102.00 53.00 4.08 5,401.9902/14/2017

WRK WestRock Co. 02/10/2017 259.00 52.54 1.94 13,606.5302/15/2017

INTC Intel Corporation 02/10/2017 1,500.00 35.15 60.00 52,662.5002/15/2017

XOM Exxon Mobil Corporation 02/13/2017 151.00 83.14 1.13 12,552.7302/16/2017

COP ConocoPhillips 02/15/2017 143.00 50.01 5.72 7,145.8302/21/2017





100150 CITY OF NAPLES FIREFIGHTERS RETIREMENT



-

Settle Date



AR Antero Resources Corporation 02/21/2017 383.00 24.90 2.87 9,533.7702/24/2017




362,024.91Sub Total:

Begin Date:


As of Date:

02/01/2017

02/28/2017

CITY OF NAPLES POLICE OFFICERS RETIRE

Page 1 of 1


CASH BALANCES


116,280.55 116,280.55 1.01 0.00%

EQUITIES

9,025.08 5.39 618,932.79 576,859.08Basic Materials %





25,164.82 11.20 1,286,584.70 1,234,179.27Energy %

65,510.36 24.78 2,847,302.71 1,902,461.93Finance %

10,356.80 12.16 1,397,763.99 1,293,647.91Healthcare %

7,958.48 7.65 878,943.41 646,456.46Manufacturing %

8,266.76 2.92 335,546.37 301,092.16Real Estate %

2,619.36 7.68 882,398.17 771,979.08Technology %


306.30 1.33 152,935.59 129,367.23Transportation %

15,790.68 6.29 722,916.66 599,516.18Utilities %

9,339,697.26 11,374,828.33 98.99 166,681.77%

9,455,977.81 11,491,108.88 100.00 166,681.77%

Begin Date:


As of Date:

02/01/2017

02/28/2017


Page 1 of 5


CASH BALANCES

Principal & Income

%Cash 0 0.00 1.00 116,280.55 116,280.55 1.01 0.00

116,280.55 116,280.55 1.01 0.00%

EQUITIES

Basic Materials




%WestRock Co. 1,679 52.33 53.72 87,854.77 90,195.88 0.78 0.00

576,859.07 618,932.79 5.39 9,025.08%

Commercial Services


129,693.98 181,393.68 1.58 3,067.76%


%Home Depot, Inc. 548 81.75 144.91 44,799.35 79,410.68 0.69 87.68

%PulteGroup, Inc. 5,335 20.14 22.05 107,470.47 117,636.75 1.02 853.60

%PVH Corp. 1,128 112.09 91.60 126,437.13 103,324.80 0.90 169.20


378,633.01 403,180.58 3.51 1,110.48%

Consumer Services



%Time Warner Inc. 1,097 24.43 98.21 26,795.18 107,736.37 0.94 1140.88

231,201.09 408,015.09 3.55 2,154.64%

Consumer Staples

%Hershey Company 1,257 108.67 108.35 136,604.27 136,195.95 1.19 1910.64

Begin Date:


As of Date:

02/01/2017

02/28/2017


Page 2 of 5


%Kroger Co. 2,985 29.35 31.80 87,618.69 94,923.00 0.83 1373.10

%PepsiCo, Inc. 1,642 90.80 110.38 149,100.83 181,243.96 1.58 919.52



684,299.55 756,560.85 6.58 9,867.37%

Energy



%ConocoPhillips 2,946 45.64 47.57 134,466.38 140,141.22 1.22 7777.44






1,234,179.28 1,286,584.70 11.20 25,164.82%

Finance






%Chubb Limited 1,667 119.50 138.17 199,211.76 230,329.39 2.00 2267.12




%MetLife, Inc. 1,536 41.58 52.44 63,869.29 80,547.84 0.70 1136.64

Begin Date:


As of Date:

02/01/2017

02/28/2017


Page 3 of 5


%Morgan Stanley 2,582 43.65 45.67 112,697.90 117,919.94 1.03 516.40





1,902,461.93 2,847,302.71 24.78 65,510.36%

Healthcare

%Amgen Inc. 596 129.69 176.53 77,296.42 105,211.88 0.92 0.00





%Hill-Rom Holdings, Inc. 889 65.13 66.45 57,904.22 59,074.05 0.51 444.50

%Johnson & Johnson 1,284 97.73 122.21 125,485.44 156,917.64 1.37 1643.52

%Medtronic plc 1,848 83.90 80.91 155,044.43 149,521.68 1.30 369.60

%Pfizer Inc. 6,460 31.77 34.12 205,239.94 220,415.20 1.92 2842.40


1,293,647.91 1,397,763.99 12.16 10,356.80%

Manufacturing







646,456.46 878,943.41 7.65 7,958.48%

Begin Date:


As of Date:

02/01/2017

02/28/2017


Page 4 of 5


Real Estate



%Prologis, Inc. 2,550 48.62 51.05 123,986.10 130,177.50 1.13 2856.00

301,092.16 335,546.37 2.92 8,266.76%

Technology

%Apple Inc. 685 94.14 136.99 64,485.01 93,838.15 0.82 0.00






771,979.07 882,398.17 7.68 2,619.36%

Telecommunications

%AT&T Inc. 8,812 36.20 41.79 319,009.76 368,253.48 3.20 1321.80


460,310.33 502,353.74 4.37 5,482.88%

Transportation


129,367.23 152,935.59 1.33 306.30%

Utilities


%Xcel Energy Inc. 2,750 41.35 43.71 113,713.75 120,202.50 1.05 4125.00




Begin Date:


As of Date:

02/01/2017

02/28/2017


Page 5 of 5


599,516.19 722,916.66 6.29 15,790.68%

9,455,977.81 11,491,108.88 100.00 166,681.77%


Purchases and Sales

100160 CITY OF NAPLES POLICE OFFICERS RETIRE



-

Settle Date

Buy








-403,635.68Sub Total:

Sell Long





IP International Paper Company 02/02/2017 5.00 52.99 0.04 264.8202/07/2017


WRK WestRock Co. 02/09/2017 379.00 52.47 2.84 19,880.9602/14/2017

WRK WestRock Co. 02/09/2017 96.00 53.00 3.84 5,084.2202/14/2017


WRK WestRock Co. 02/10/2017 244.00 52.54 1.83 12,818.5002/15/2017


INTC Intel Corporation 02/10/2017 82.00 35.15 3.28 2,878.8402/15/2017






100160 CITY OF NAPLES POLICE OFFICERS RETIRE



-

Settle Date








Begin Date:


As of Date:

02/01/2017

02/28/2017

CITY OF NAPLES EMPLOYEES RETIREMENT

Page 1 of 1


CASH BALANCES


133,516.46 133,516.46 1.02 0.00%

EQUITIES


28,542.94 11.30 1,484,764.45 1,428,098.53Energy %

75,750.06 24.97 3,281,683.44 2,161,046.27Finance %

11,892.56 12.28 1,613,468.54 1,492,649.90Healthcare %

9,074.96 7.63 1,002,873.95 730,480.64Manufacturing %

9,368.58 2.89 379,874.92 340,780.45Real Estate %

3,001.04 7.62 1,001,213.17 874,166.59Technology %


353.40 1.34 176,452.62 149,233.28Transportation %

17,743.56 6.16 808,987.98 667,282.87Utilities %

10,515.80 5.46 717,207.27 667,431.39Basic Materials %




10,633,293.69 13,006,469.25 98.98 190,471.33%

10,766,810.15 13,139,985.71 100.00 190,471.33%

Begin Date:


As of Date:

02/01/2017

02/28/2017


Page 1 of 5


CASH BALANCES

Principal & Income

%Cash 0 0.00 1.00 133,516.46 133,516.46 1.02 0.00

133,516.46 133,516.46 1.02 0.00%

EQUITIES

Basic Materials




%WestRock Co. 1,920 52.28 53.72 100,384.46 103,142.40 0.79 0.00

667,431.40 717,207.27 5.46 10,515.80%

Commercial Services


141,724.96 198,330.60 1.51 3,354.20%


%Home Depot, Inc. 613 78.12 144.91 47,888.37 88,829.83 0.68 98.08

%PulteGroup, Inc. 6,023 20.26 22.05 122,047.96 132,807.15 1.01 963.68

%PVH Corp. 1,290 112.09 91.60 144,591.54 118,164.00 0.90 193.50


428,725.58 457,292.57 3.48 1,255.26%

Consumer Services



%Time Warner Inc. 1,190 22.40 98.21 26,658.16 116,869.90 0.89 1237.60

257,938.15 452,399.10 3.44 2,376.16%

Consumer Staples

%Hershey Company 1,438 108.67 108.35 156,274.62 155,807.30 1.19 2185.76

Begin Date:


As of Date:

02/01/2017

02/28/2017


Page 2 of 5


%Kroger Co. 3,586 28.82 31.80 103,354.29 114,034.80 0.87 1649.56

%PepsiCo, Inc. 1,896 89.91 110.38 170,468.93 209,280.48 1.59 1061.76



774,547.87 864,133.00 6.58 11,149.19%

Energy



%ConocoPhillips 3,256 45.86 47.57 149,306.64 154,887.92 1.18 8595.84






1,428,098.52 1,484,764.45 11.30 28,542.94%

Finance







%Chubb Limited 1,920 119.48 138.17 229,398.35 265,286.40 2.02 2611.20




Begin Date:


As of Date:

02/01/2017

02/28/2017


Page 3 of 5


%MetLife, Inc. 1,745 40.74 52.44 71,090.97 91,507.80 0.70 1291.30

%Morgan Stanley 2,953 43.65 45.67 128,890.99 134,863.51 1.03 590.60




2,161,046.25 3,281,683.44 24.97 75,750.06%

Healthcare

%Amgen Inc. 639 128.11 176.53 81,861.75 112,802.67 0.86 0.00





%Hill-Rom Holdings, Inc. 1,016 65.13 66.45 66,176.27 67,513.20 0.51 508.00

%Johnson & Johnson 1,513 96.60 122.21 146,149.59 184,903.73 1.41 1936.64

%Medtronic plc 2,187 83.90 80.91 183,486.02 176,950.17 1.35 437.40

%Pfizer Inc. 7,318 31.73 34.12 232,215.02 249,690.16 1.90 3219.92


1,492,649.90 1,613,468.54 12.28 11,892.56%

Manufacturing







730,480.64 1,002,873.95 7.63 9,074.96%

Begin Date:


As of Date:

02/01/2017

02/28/2017


Page 4 of 5


Real Estate

%Prologis, Inc. 2,916 48.62 51.05 141,782.07 148,861.80 1.13 3265.92



340,780.45 379,874.92 2.89 9,368.58%

Technology

%Apple Inc. 767 93.55 136.99 71,755.63 105,071.33 0.80 0.00






874,166.59 1,001,213.17 7.62 3,001.04%

Telecommunications

%AT&T Inc. 10,050 36.17 41.79 363,486.23 419,989.50 3.20 1507.50


519,187.22 567,787.64 4.32 6,093.62%

Transportation


149,233.28 176,452.62 1.34 353.40%

Utilities





%Xcel Energy Inc. 3,079 41.35 43.71 127,318.01 134,583.09 1.02 4618.50

Begin Date:


As of Date:

02/01/2017

02/28/2017


Page 5 of 5


667,282.88 808,987.98 6.16 17,743.56%

10,766,810.15 13,139,985.71 100.00 190,471.33%


Purchases and Sales

100170 CITY OF NAPLES EMPLOYEES RETIREMENT



-

Settle Date

Buy








-462,067.25Sub Total:

Sell Long




IP International Paper Company 02/02/2017 1,070.00 52.99 8.02 56,684.1502/07/2017

WRK WestRock Co. 02/09/2017 434.00 52.47 3.26 22,766.0502/14/2017

WRK WestRock Co. 02/09/2017 109.00 53.00 4.36 5,772.7202/14/2017



WRK WestRock Co. 02/10/2017 279.00 52.54 2.09 14,657.2302/15/2017

CBS CBS Corporation Class B 02/13/2017 191.00 65.17 1.43 12,445.7602/16/2017








100170 CITY OF NAPLES EMPLOYEES RETIREMENT



-

Settle Date






Rothschild U.S. Large Large-Cap Value Strategy Review Review

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Transcript of Rothschild U.S. Large Large-Cap Value Strategy Review Review