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Power of Diversification

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2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Long Duration 19.3% Short Duration 1.0% US Small Cap 21.3% Emerging Equity 37.3% Cash 2.1% US Large Cap 30.7% US Small Cap 20.0% US Large Cap 28.2% Commodities 16.1% US Large Cap 25.7% US Large Cap 13.0% US Large Cap 0.7% High Yield 17.5% International Equity 25.0% Short Duration 1.5% US Small Cap 25.5% Emerging Equity 18.3% Commodities 27.1% Cash 1.2% International Equity 18.2% Core Fixed 6.0% Core Fixed 0.5% Commodities 11.8% US Large Cap 21.1% TIPS 0.4% International Equity 22.0% US Large Cap 17.8% US Small Cap 14.8% TIPS -4.0% US Small Cap 16.9% US Small Cap 4.9% Cash 0.2% US Large Cap 11.2% US Small Cap 14.6% Core Fixed 0.0% Long Duration 19.6% Long Duration 16.1% International Equity 11.3% Short Duration -5.2% High Yield 13.5% High Yield 2.5% TIPS -0.1% Emerging Equity 11.2% Emerging Debt 12.7% High Yield -2.3% Emerging Equity 18.4% International Equity 7.8% TIPS 5.5% High Yield -11.2% Emerging Debt 11.9% Short Duration 1.2% International Equity -0.8% Emerging Debt 10.0% Long Duration 10.7% Long Duration -4.7% High Yield 14.4% Core Fixed 7.5% High Yield 5.3% Core Fixed -13.0% Emerging Equity 9.8% Emerging Debt 0.9% Long Duration -3.3% Long Duration 6.7% High Yield 7.5% US Large Cap -4.9% Emerging Debt 14.3% High Yield 6.1% Cash 0.2% International Equity -14.5% Long Duration 7.1% Cash 0.2% US Small Cap -4.4% TIPS 3.1% Core Fixed 3.5% Emerging Debt -5.2% Core Fixed 8.7% TIPS 5.7% Short Duration -1.1% Emerging Debt -14.7% Core Fixed 5.5% TIPS -1.1% High Yield -4.6% Core Fixed 2.6% Commodities 1.7% US Small Cap -11.0% Commodities 7.7% Short Duration 4.3% Core Fixed -1.5% US Large Cap -18.5% Cash 5.1% Emerging Equity -2.2% Emerging Debt -6.9% Short Duration 1.1% Cash 1.1% Commodities -11.2% TIPS 5.1% Emerging Debt 4.0% Long Duration -2.5% Emerging Equity -20.1% TIPS 4.4% International Equity -4.9% Emerging Equity -14.9% International Equity 1.0% TIPS 0.8% International Equity -13.8% Short Duration 4.2% Cash 1.1% Emerging Equity -2.5% US Small Cap -20.4% Short Duration 4.3% Commodities -17.0% Commodities -24.7% Cash 0.7% Short Duration 0.7% Emerging Equity -14.6% Cash 2.6% Commodities -3.1% Emerging Debt -5.3% Long Duration -27.1% Commodities -7.9% Source: SEI, Investment Management Unit (IMU) Data Warehouse. No guarantee can be made as to its accuracy. Not intended to represent the performance of any particular investment. Indices are unmanaged and one cannot invest directly in an index. Annual returns from 2014 through 2023, inclusive.

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