As an Outsourced Chief Investment Officer (“OCIO”), our team assumes responsibility for both i) security and manager selection and ii) tactical asset allocation decisions. All client assets are managed on a fully discretionary basis. Tactical shifts to any portfolio are based on analyzing macroeconomic factors such as GDP growth, inflation trends, employment statistics, financial market conditions, and other non-economic factors, including geopolitical developments and changes in tax and regulatory policy. We also consider fundamental and quantitative measures such as absolute and relative valuation, relative performance between asset classes, growth rates, and debt levels. Our asset allocation decisions are governed by strict policy ranges between asset classes, although our Investment Committee implements a tactical asset allocation strategy within these ranges to manage risk and to capitalize on market opportunities.