Bay County Employees’ · Annualized returns as of June 30, 2018 Source: Geneva Capital Management, 6/30/18 *Gross of fees. †Returns greater than 1 year are annualized. Note: This

FOR INSTITUTIONAL INVESTOR USE ONLY / NOT FOR PUBLIC VIEWING OR DISTRIBUTION

Bay County Employees’

Retirement System

October 16, 2018

José Muñoz, CFA

Portfolio Manager

Matthew Pistorio, CFA

Client Portfolio Manager

This document is solely for the use of professionals and is not for general public distribution.

The value of an investment and the income from it can fall as well as rise and you may not get

back the amount originally invested.

1 FOR INSTITUTIONAL INVESTOR USE ONLY / NOT FOR PUBLIC VIEWING OR DISTRIBUTION

Who is Geneva Capital Management*

Institutional 93.0%

High Net Worth

7.0%

$5.6B as

of 6/30/18

Assets Under Management

Geneva Team

Source: Geneva Capital Management, 6/30/18

• A focus on US growth equities

• Fundamental, bottom-up investing

• Founded in 1987

• Long-term record of competitive performance

• Located in Milwaukee, WI

Team profile

Scott Priebe – Portfolio Manager 14 years’ industry experience José Muñoz, CFA – Portfolio Manager 7 years’ industry experience William Priebe, CFA – Portfolio Manager 50 years’ industry experience Amy Croen, CFA – Portfolio Manager 37 years’ industry experience Derek Pawlak – Portfolio Manager 30 years’ industry experience Ashley Ditmarsen – Senior Research Analyst 9 years’ industry experience Danny Muench, CFA – Research Analyst 3 years’ industry experience Sam Beres, CFA – Research Analyst 5 years’ industry experience Andy Irwin, CFA, CMT – Head Trader 16 years’ industry experience Matthew Pistorio, CFA – Client Portfolio Manager 12 years’ industry experience

*Geneva Capital Management LLC is a subsidiary of Janus Henderson Group plc and serves as investment

adviser on certain products. Janus Henderson is a trademark of Janus Henderson Investors. © Janus Henderson Investors. The name Janus Henderson Investors includes

HGI Group Limited, Henderson Global Investors (Brand Management) Sarl and Janus International Holding LLC. C-0718-18689 10-30-18

Team information is as of 8/1/18.


Market Cycle Performance

US Mid Cap

Growth*

Russell

Midcap®

Growth

Bear Market (2000-2002)† -2.2% -20.0%

Speculative (2003) 26.6% 42.7%

Bull Market (2004-2007)† 14.7% 12.4%

Bear Market (2008) -35.5% -44.3%

Speculative (2009) 36.9% 46.3%

Bull Market (2010-2011)† 16.8% 11.5%

Speculative (2012-2014) † 16.0% 20.7%

Bull Market (2015-2017)† 10.3% 10.3%

Entire Market Cycle (2000-2017)† 9.5% 5.9%

1 Year 3 Years† 5 Years† 10 Years† 15 Years† 20 Years†

US Mid Cap Growth* 17.96 10.52 12.80 11.17 12.03 10.24

Russell Midcap® Growth 18.52 10.73 13.37 10.45 11.07 8.02

0

2

4

6

8

10

12

14

16

18

20 US Mid Cap Growth*

Russell Midcap® Growth

Annualized returns as of June 30, 2018


*Gross of fees. †Returns greater than 1 year are annualized.

Note: This information is shown as supplemental information to the US Mid Cap Growth composite Annual Disclosure

Presentation in the Appendix. Past performance is not a guarantee of future results. One cannot invest directly in an index.

FOR INSTITUTIONAL INVESTOR USE ONLY / NOT FOR PUBLIC VIEWING OR DISTRIBUTION

US Mid Cap Growth


Account overview

Performance as of 9/30/18

16.0

23.6

14.8

11.9

13.5

15.4

22.8

14.0

11.1

12.8 13.4

21.1

16.7

13.0

15.0

0

5

10

15

20

25

YTD 9/30 1 Year 3 Year 5 Year Since Inception

% R

etu

rn

BCERS (Gross of Fees) BCERS (Net of Fees) Russell Midcap Growth

AUM as of September 30, 2018: $24,934,464

Account inception: January 23, 2013


Investment Philosophy

Geneva engages in fundamental analysis to

identify high quality companies with impressive

management teams, low leverage and a

consistent, sustainable record of growth.

We believe investing in such proven,

high quality companies leads to competitive

returns with below average risk over

the market cycle.

Qualitative

Assessment

Quantitative

Analysis

Economic &

Investment

Outlook


What we do – Investment process

• Leadership position in industry

or niche market

• Sustainable competitive

advantage

• Experienced management

• Successful record of growth

• Long term focus

• Healthy historical and projected

revenue and earnings growth

• Strong financials and low

leverage

• High ROE/ROA

• High margins/margin

expansion

• Supports bottom up process

• Macro lens

• Communication tool


Top Ten Holdings & Sector Weightings

Top ten holdings Sector %

weight

Costar Group, Inc. Producer Durables 2.87

Fiserv, Inc. Financial Services 2.86

Intuit Technology 2.78

Broadridge Financial

Solutions, Inc. Financial Services 2.77

Abiomed, Inc. Health Care 2.74

Amphenol Corp. Technology 2.74

Tyler Technologies, Inc. Technology 2.51

East West Bancorp, Inc. Financial Services 2.35

Copart, Inc. Producer Durables 2.33

Raymond James

Financial, Inc. Financial Services 2.27

Source: Geneva Capital Management, 6/30/18, Based on Russell Global Sector classifications

Holdings may change and may not represent current portfolio

Note: This information is shown as supplemental information to the US Mid Cap Growth composite Annual Disclosure Presentation in the Appendix. Past performance is not a

guarantee of future results. One cannot invest directly in an index.

0% 10% 20% 30%

Energy

Utilities

Consumer Staples

Materials & Processing

Consumer Discretionary

Financial Services

Producer Durables

Health Care

Technology

US Mid Cap Growth

Russell Midcap® Growth

US Mid Cap Growth

As of June 30, 2018


Buys and Sells

Buys

Name Ticker Buy Date

Cognex Corp. CGNX 5/2018

Teleflex, Inc. TFX 4/2018

Burlington Stores, Inc. BURL 3/2018

WABCO Holdings Inc. WBC 2/2018

Microchip Technologies, Inc. MCHP 10/2017

Ligand Pharmaceuticals, Inc. LGND 9/2017

RealPage Inc. RP 8/2017

Sells

Name Ticker Sell Date

Maximus, Inc. MMS 5/2018

Nuvasive, Inc. NUVA 5/2018

Acuity Brands Inc. AYI 4/2018

Tractor Supply Company TSCO 3/2018

JM Smuker Co. SJM 10/2017

Manhattan Associates, Inc. MANH 10/2017

C.R. Bard, Inc. BCR 9/2017

Williams Sonoma, Inc. WSM 8/2017

Wabtec Corp. WAB 8/2017

Panera Bread Co. (Class A) PNRA 7/2017

June 30, 2017 – June 30, 2018


The list above reflects all new stocks purchased and sold completely by Geneva in the US Mid Cap Growth strategy from June 30, 2017 to June 30, 2018. A full list of Mid Cap

representative holdings as of the most recent quarter end is included in the Appendix. Past performance is not indicative of future results. It should not be assumed that

recommendations made in the future will be profitable or will equal the performance of the securities in this list.

US Mid Cap Growth

Appendix


Portfolio Characteristics

Characteristics US Mid Cap

Growth

Russell

Midcap®

Growth

Historical EPS Growth – 5 Yr. 14.9% 11.7%

Forecast EPS Growth – 5 Yr. 16.1% 17.4%

ROE 19.8% 19.8%

Debt to capital 38.1% 51.4%

Forecast P/E – TMF 23.4x 21.0x

PEG ratio – Forecast 5 Yr. 1.5x 1.2x

Turnover – 1 Yr. 15.7% n/a

Number of issues 55 415

Wtd. average market cap ($B) $14.90 $15.51

Risk Analysis* US Mid Cap

Growth

Standard Deviation 10.77

Alpha 0.53

Beta 0.92

Sharpe Ratio 1.15

Tracking Error 4.04

Information Ratio -0.14

R-Squared 0.87

As of June 30, 2018

Source: Geneva Capital Management, 6/30/18, *eVestment Alliance, 6/30/18. Based on 5 year monthly gross of fee returns.

Note: The portfolio characteristics are shown as supplemental information to the US Mid Cap Growth composite Annual Disclosure Presentation in the Appendix. Past performance

is not a guarantee of future results. One cannot invest directly in an index. Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this

material and all trademarks and copyrights related thereto. This is a presentation of Geneva Capital Management. The presentation may contain confidential information and

unauthorized use, disclosure, copying, dissemination or redistribution is strictly prohibited. Frank Russell Company is not responsible for the formatting or configuration of this

material or for any inaccuracy in Geneva Capital Management’s presentation thereof.

US Mid Cap Growth


Performance


Note: This information is shown as supplemental information to the US Mid Cap Growth composite Annual Disclosure

Presentation in the Appendix. Annual performance is calculated through December 31 of each year. Past performance is not

indicative of future results. One cannot invest directly in an index.

Annualized

US Mid Cap

Growth

Gross

US Mid Cap

Growth

Net

Russell

Midcap®

Growth

1Yr. 17.96% 17.45% 18.52%

2Yr. 16.28% 15.76% 17.78%

3Yr. 10.52% 10.03% 10.73%

4Yr. 11.54% 11.04% 10.41%

5Yr. 12.80% 12.30% 13.37%

6Yr. 13.10% 12.60% 14.90%

7Yr. 11.76% 11.27% 12.16%

8Yr. 15.22% 14.72% 15.64%

9Yr. 15.86% 15.35% 16.26%

10Yr. 11.17% 10.68% 10.45%

11Yr. 10.10% 9.61% 8.80%

12Yr. 10.24% 9.75% 9.67%

13Yr. 10.63% 10.14% 9.93%

14Yr. 10.89% 10.40% 9.99%

15Yr. 12.03% 11.55% 11.07%

16Yr. 11.15% 10.68% 10.84%

17Yr. 10.11% 9.65% 8.20%

18Yr. 9.97% 9.51% 5.49%

19Yr. 10.16% 9.69% 7.41%

20Yr. 10.24% 9.74% 8.02%

Annual

US Mid Cap

Growth

Gross

US Mid Cap

Growth

Net

Russell

Midcap®

Growth

YTD 2018 8.37% 8.13% 5.40%

2017 24.38% 23.82% 25.27%

2016 3.08% 2.61% 7.33%

2015 4.54% 4.08% -0.20%

2014 5.90% 5.44% 11.90%

2013 32.00% 31.46% 35.74%

2012 11.51% 11.03% 15.81%

2011 4.19% 3.73% -1.65%

2010 30.83% 30.25% 26.38%

2009 36.89% 36.28% 46.29%

2008 -35.54% -35.86% -44.32%

2007 17.00% 16.50% 11.43%

2006 5.62% 5.15% 10.66%

2005 15.84% 15.39% 12.10%

2004 20.92% 20.47% 15.48%

2003 26.55% 26.10% 42.71%

2002 -14.05% -14.36% -27.41%

2001 -3.84% -4.18% -20.15%

2000 13.36% 13.00% -11.75%

1999 14.29% 13.19% 51.29%

1998 28.77% 27.56% 17.86%

As of June 30, 2018

US Mid Cap Growth


W. Scott Priebe, Portfolio Manager • Joined the Firm in 2004

• Before joining the Firm, Mr. Priebe worked for Eli Lilly & Company

• MBA University of Chicago, BA DePauw University

• Mr. Scott Priebe is part of the Investment Strategy group and is responsible for research on all Geneva equity

products. Mr. Priebe is responsible for portfolio management of all Geneva equity products.

William A. Priebe, CFA, Portfolio Manager • Co-founded Geneva in 1987

• Before founding the Firm, Mr. Priebe worked for First Wisconsin Trust Company

• MBA University of Chicago, MS Northern Illinois University, BA Northern Illinois University

• Mr. William Priebe is part of the Investment Strategy group and is responsible for research on all Geneva

equity products. Mr. Priebe is responsible for portfolio management of the US Small Cap Growth and US Mid

Cap Growth products.

Amy Croen, CFA, Portfolio Manager • Co-founded Geneva in 1987

• Before founding the Firm, Mrs. Croen worked for First Wisconsin Trust Company

• MBA Columbia University, BA Princeton University

• Ms. Croen is part of the Investment Strategy group and is responsible for research on all Geneva equity

products. Ms. Croen is responsible for portfolio management of the US Small Cap Growth and US Mid Cap

Growth products.

José Muñoz, CFA, Portfolio Manager • Joined the Firm in 2011

• MBA University of Chicago, Booth, BA Marquette University

• Mr. Muñoz is part of the Investment Strategy group and is responsible for research on all Geneva equity

products. Mr. Munoz is responsible for portfolio management of the US Small Cap Growth, US Mid Cap

Growth and US SMID Cap Growth products.

Investment Professionals


Derek Pawlak, Portfolio Manager • Joined the Firm in 2007

• Before joining the Firm, Mr. Pawlak worked for Ziegler Capital Management

• MBA Marquette University, BS Carroll College, BBA Univ. of Wisconsin-Milwaukee

• Mr. Pawlak is part of the Investment Strategy group and is responsible for research on all Geneva equity

products. Mr. Pawlak is responsible for portfolio management of the US All Cap Growth and US Large Cap

Growth products.

Ashley Ditmarsen, Senior Research Analyst • Joined the Firm in 2013

• Before joining the Firm, Ms. Ditmarsen worked for Morgan Stanley

• MBA University of Wisconsin, BS Florida State University

• Ms. Ditmarsen is part of the Investment Strategy group and responsible for research on all Geneva growth

equity products.

Danny Muench, CFA, Research Analyst • Joined the Firm in 2017

• Before joining the Firm, Mr. Muench worked for William Blair & Company

• BA Marquette University

• Mr. Muench is part of the Investment Strategy group and responsible for research on all Geneva growth

equity products.

Sam Beres, CFA, Research Analyst • Joined the Firm in 2017

• Before joining the Firm, Mr. Beres worked for Robert W. Baird

• BA University of Notre Dame

• Mr. Beres is part of the Investment Strategy group and responsible for research on all Geneva growth equity

products.



Andy Irwin, CFA, CMT, Head Trader • Joined the Firm in 2011

• Before joining the Firm, Mr. Irwin worked for Robert W. Baird

• BA DePauw University

• Mr. Irwin is part of the Investment Strategy group and responsible for trading of all Geneva growth equity

products.

Matthew Pistorio, CFA, Client Portfolio Manager • Joined the Firm in 2014

• Before joining the Firm, Mr. Pistorio worked for Henderson Global Investors

• BBA Loyola University Chicago

• Mr. Pistorio is part of the Investment Strategy group and provides investment management support and is

responsible for client communications for Geneva’s US Growth equity products.


Team information is as of 7/2/18.


US Mid Cap Growth Strategy Holdings As of June 30, 2018

This information is shown as supplemental information to the US Mid Cap Growth composite Annual Disclosure Presentation in the

Appendix. Past performance is not indicative of future results. One cannot invest directly in an index.

Security Ticker % of Assets

ABIOMED INC COM abmd 2.74

AFFILIATED MANAGERS GROUP COM amg 1.02

ALIGN TECHNOLOGY INC COM algn 2.19

AMPHENOL CORP NEW CL A aph 2.74

ANSYS INC COM anss 2.13

BEACON ROOFING SUPPLY INC COM becn 1.11

BROADRIDGE FINL SOLUTIONS INC COM br 2.77

BURLINGTON STORES INC COM burl 1.13

CARTER INC COM cri 1.70

CERNER CORP COM cern 0.96

CHURCH & DWIGHT INC COM chd 2.05

COGNEX CORP COM cgnx 0.56

COOPER COS INC COM NEW coo 1.38

COPART INC COM cprt 2.33

COSTAR GROUP INC COM csgp 2.87

DENTSPLY SIRONA INC COM xray 1.07

EAST WEST BANCORP INC COM ewbc 2.35

FASTENAL CO COM fast 1.07

FISERV INC COM fisv 2.86

FORTUNE BRANDS HOME & SEC INC COM fbhs 1.31

GARTNER INC COM it 1.89

GRAND CANYON ED INC COM lope 1.14

HASBRO INC COM has 1.31

HUNT J B TRANS SVCS INC COM jbht 1.71

IDEX CORP COM iex 2.22

IDEXX LABS INC COM idxx 2.25

INTERCONTINENTAL EXCHANGE INC COM ice 2.22

INTUIT COM intu 2.78

J2 GLOBAL INC COM jcom 1.14

LIGAND PHARMACEUTICALS INC COM NEW lgnd 1.85

LKQ CORP COM lkq 2.06

MEDIDATA SOLUTIONS INC COM mdso 2.27

Security Ticker % of Assets

MICROCHIP TECHNOLOGY INC COM mchp 1.72

MIDDLEBY CORP COM midd 1.02

NATIONAL INSTRS CORP COM nati 1.37

O REILLY AUTOMOTIVE INC NEW COM orly 1.88

POOL CORPORATION COM pool 1.88

RAYMOND JAMES FINANCIAL INC COM rjf 2.27

REALPAGE INC COM rp 1.29

RED HAT INC COM rht 2.24

ROPER TECHNOLOGIES INC COM rop 1.82

SCHEIN HENRY INC COM hsic 1.19

SIGNATURE BK NEW YORK N Y COM sbny 1.35

SNAP ON INC COM sna 1.32

SS&C TECHNOLOGIES HLDGS INC COM ssnc 1.77

STERIS PLC SHS USD ste 2.12

TELEFLEX INC COM tfx 0.96

TEXAS ROADHOUSE INC COM txrh 1.56

TRIMBLE INC COM trmb 1.52

TYLER TECHNOLOGIES INC COM tyl 2.51

ULTIMATE SOFTWARE GROUP INC COM ulti 1.52

VARIAN MED SYS INC COM var 1.24

VERISK ANALYTICS INC COM vrsk 2.14

WABCO HLDGS INC COM wbc 0.80

WATSCO INC COM wso 1.60

96.27

CASH AND EQUIVALENTS

ACCRUED DIVIDENDS divacc 0.03

CASH ACCOUNT cash 3.70

3.73

TOTAL PORTFOLIO 100.00


Annual Disclosure Presentation

Page 1 of 3

US Mid Cap Growth

Total Firm Composite

Year

End

Assets

USD

(millions)

Assets

USD

(millions)

Number of

Accounts

Composite

Gross

Composite

Net

Russell

Midcap®

Growth

Russell

Midcap®

Composite

Dispersion Composite

Russell

Midcap®

Growth

Russell

Midcap®

2017 5,202 2,377 67 24.38% 23.82% 25.27% 18.52% 0.1% 10.61% 10.89% 10.36%

2016 5,327 2,299 108 3.08% 2.61% 7.33% 13.80% 0.2% 11.41% 12.18% 11.55%

2015 4,682 2,807 111 4.54% 4.08% -0.20% -2.44% 0.1% 11.13% 11.31% 10.85%

2014 4,892 3,247 128 5.90% 5.44% 11.90% 13.22% 0.2% 10.56% 10.87% 10.14%

2013 6,695 4,896 190 32.00% 31.46% 35.74% 34.76% 0.1% 13.69% 14.62% 14.03%

2012 3,774 2,860 168 11.51% 11.03% 15.81% 17.28% 0.2% 16.62% 17.91% 17.20%

2011 2,609 1,958 140 4.19% 3.73% -1.65% -1.55% 0.2% 18.86% 20.82% 21.55%

2010 1,872 1,297 119 30.83% 30.25% 26.38% 25.48% 0.4%

2009 1,393 928 96 36.89% 36.28% 46.29% 40.48% 0.4%

2008 979 618 96 -35.54% -35.86% -44.32% -41.46% 0.3%

2007 1,579 1,061 92 17.00% 16.50% 11.43% 5.60% 0.2%

2006 1,355 794 89 5.62% 5.15% 10.66% 15.26% 0.2%

2005 1,073 581 70 15.84% 15.39% 12.10% 12.65% 0.4%

2004 815 399 38 20.92% 20.47% 15.48% 20.22% 0.2%

2003 693 340 34 26.55% 26.10% 42.71% 40.06% 0.3%

2002 531 229 24 -14.05% -14.36% -27.41% -16.19% 0.4%

2001 537 244 24 -3.84% -4.18% -20.15% -5.62% 0.3%

2000 514 212 16 13.36% 13.00% -11.75% 8.25% 0.6%

1999 470 286 56 14.29% 13.19% 51.29% 18.23% 4.1%

1998 380 206 53 28.77% 27.56% 17.86% 10.09% 1.9%

1997 259 135 36 25.03% 23.85% 22.54% 29.01% 2.7%

1996 214 90 34 27.40% 26.20% 17.48% 19.00% 1.7%

1995 195 73 32 28.40% 27.20% 33.98% 34.45% 2.9%

1994 133 53 28 -0.50% -1.50% -2.16% -2.09% 1.3%

1993 120 28 26 5.02% 3.99% 11.19% 14.30% 1.6%

3 Year Ex-Post Standard Deviation

Not Required Prior to 2011

Annual Performance Results 3 Year Ex-Post Standard Deviation



Compliance Statement

Geneva Capital Management claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the

GIPS® standards. Geneva Capital Management has been independently verified for the periods January 1, 1993 through March 31, 2018.

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 US Midcap Growth composite has been examined for the periods

January 1, 1993 through March 31, 2018. The verification and performance examination reports are available upon request.

The Firm

Geneva Capital Management (formerly known as Henderson Geneva Capital Management) is a registered investment adviser and a wholly owned subsidiary of Janus Henderson

Group. On October 1, 2014 Henderson Global Investors Inc. acquired Geneva Capital Management LLC, and subsequently merged with Janus Capital Group Inc. on May 30, 2017

to form Janus Henderson Group.

Composite Description

The US Mid Cap Growth composite contains fully discretionary equity accounts invested in approximately 50-60 mid capitalization growth securities whose market capitalization

ranges generally fall between $2 billion to $15 billion at the time of purchase. Securities are selected using a “bottom-up” fundamental analysis of the company and supplemented by

“top-down” considerations of economic conditions. Prior to January 1, 2006, the composite was named Geneva Growth. Between January 1, 2006 and September 30, 2015 the

composite was named Geneva Midcap Growth Composite. The minimum account size for this composite is $500,000. As of January 1, 2004 accounts are removed annually if they

fall more than 20% below the minimum account size. Beginning January 1, 2006, composite policy requires the temporary removal of any portfolio incurring a client initiated

significant cash inflow or outflow of 30% portfolio assets or greater. The temporary removal of such an account occurs at the beginning of the month in which the significant cash flow

occurs and the account re-enters the composite the last day of the month in which the cash flow takes place. Prior to January 1, 2000, balanced portfolio segments were included in

this composite and performance reflects required total segment plus cash returns using a predetermined cash allocation percentage.

Composite Benchmark

For comparison purposes, the US Mid Cap Growth composite is measured against primary index Russell Midcap® Growth Index and secondary Russell Midcap® Index. The Russell

Midcap® Growth Index measures the performance of the mid-cap growth segment of the U.S. equity universe. It includes those Russell Midcap® Index companies with higher price-

to-book ratios and higher forecasted growth values (Source: www.ftserussell.com). The Russell Midcap® Index measures the performance of the mid-cap segment of the U.S. equity

universe. The Russell Midcap® is a subset of the Russell 1000® Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and

current index membership. The Russell Midcap® represents approximately 31% of the total market capitalization of the Russell 1000® companies (Source: www.ftserussell.com).

Performance results in presentations prior to January 1, 2002 were measured against the S&P® 400. From January 1, 2002 through January 1, 2008 performance results were

primarily measured against the Russell Midcap® Index. The benchmark was changed to be more representative of the composite strategy and style. Information regarding the S&P

400® Index is available upon request.

Fee Information

The annual fee schedule for institutional clients is 75 bps (0.75%) on the first $100 million and 60 bps (0.60%) on the balance over $100 million. The annual fee schedule for retail

clients is 100 bps (1.00%) on the first $1.5 million, 85 bps (0.85%) on the next $8.5 million, and 70 bps (0.70%) on the balance over $10 million. Actual investment advisory fees

incurred by clients may vary.

Page 2 of 3



Basis of Returns

Results are based on fully discretionary accounts under management, including those accounts no longer with the firm. Returns are presented gross and net of management fees

and include the reinvestment of all income. Net of fee performance was calculated using actual management fees. Prior to January 1, 2000, net returns were calculated using the

highest fee per the fee schedule in the ADV which was 1.0%. Past performance is not indicative of future results.

Composite Dispersion

The annual composite dispersion presented is an asset-weighted standard deviation calculated for the accounts in the composite the entire year.

GIPS Policies and Procedures

The Firm maintains a complete list of composite descriptions, which is available upon request. Policies for valuing portfolios, calculating performance, and preparing compliant

presentations are available upon request.

Composite Creation Date

The US Mid Cap Growth composite creation date is January 1, 1988.

Composite Currency

The U.S. Dollar is the currency used to express performance.

Important information

Advisory services provided by Geneva Capital Management LLC, an SEC registered investment adviser. Geneva Capital Management LLC is an indirect wholly owned subsidiary of

Janus Henderson Group plc, the ultimate parent of the global asset management group, Janus Henderson Investors.

All investments involve risk, including loss of principal. Past performance is no guarantee of future results. Institutional separate accounts are subject to applicable account minimums.

The value of an investment and the income from it can fall as well as rise and you may not get back the amount originally invested. Geneva does not consider tax implications when

making investment decisions, the strategy is generally tax efficient due to Geneva's low turnover rate. Geneva will take specific steps to achieve tax efficiency if directed by the client.

Nothing in this document is intended to or should be construed as advice. This document is not a recommendation to sell or purchase any investment.

On occasion, we may utilize a broad-based, benchmark representatives ETF to gain exposure to a strategies market. We will do so in instances where we are managing the cadence

of direct investment opportunities or during times of market volatility. Any ETF holding will not account for more than a 5% holding and we envision using ETFs only opportunistically

and on a limited basis as investments in ETFs are subject to fund management fees.

Portfolio Management Changes

Effective July 10, 2017; Michelle Picard retired and left The Company. Jose Munoz has been promoted from Senior Analyst to Portfolio Manager.

Page 3 of 3

Fees are billed or charged to the account in arrears, at one quarter of the annual rate, on a quarterly basis or as applicable

based on the average month-end values for each of the three months comprising a quarter. Actual investment advisory fees

incurred by clients may vary.

Quarterly Report9/30/2018Account

Bay County Employees' Retirement System XXXX2219 (bcers)

Disclosure Notice

The enclosed reports include account information such as asset allocation, performance, trade activity, and holdings. Please notify Geneva Capital

Management (“Geneva”) immediately at 414-224-6002 or [email protected] if there have been any material changes related to

the financial information presented.

We encourage you to compare these reports with information provided by the independent custodian for your account(s). If you are not receiving

periodic statements directly from your custodian, you should notify us immediately. Please note that the market value on Geneva reports may

differ from the statement provided by your custodian due to cut-off date, unsupervised assets (if applicable), pricing, or deposits/withdrawals.

Geneva has no responsibility to act on any holdings designated as unsupervised holdings until instructions are received from the client.

For tax purposes, refer to custodian records and consult with your tax advisor. Geneva reports should not be relied upon for tax purposes. Cost

basis and gain/loss detail is provided for informational purposes only and may differ from custodian records. Please reference your custodial

statement for the yield on money market fund(s).

Sector information is based on data provided by Russell Index Services. Frank Russell Company is the source and owner of the Russell index

data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell is not responsible for the formatting or

configuration of this material or for any inaccuracy in Geneva’s presentation thereof.

Past performance is not indicative of future results. One cannot invest directly in an index.

This is a presentation of Geneva and contains confidential information. Unauthorized use, disclosure, copying, dissemination or redistribution is

strictly prohibited.

mailto:[email protected]

Bay County Employees' Net of Fees | US Dollar 9/30/2018 logo.jpg Overview

Activity SummaryMonth

To DateQuarterTo Date

YearTo Date

Beginning Market Value 25,054,076.65 23,286,661.23 21,759,927.89

Net Additions 0.00 0.00 -300,068.84

Gains/Losses (Net of Fees) -119,612.21 1,647,803.21 3,474,605.39

Ending Market Value 24,934,464.44 24,934,464.44 24,934,464.44

Account Objectives & Asset Allocation

Range

Objective Style Equity Fixed Income Cash Ladder of Maturities

Equity Mid Cap 95-100% 0% 0-5% n/a

Geneva Capital Management


OverviewNet of Fees | US Dollar

9/30/2018

1

Bay County Employees' Ret Net of Fees | US Dollar 9/30/2018 logo.jpg Performanc

Asset ClassMonth

To DateQuarterTo Date

YearTo Date

Latest1 Year

AnnualizedLatest

3 Years

AnnualizedLatest

5 Years

AnnualizedInceptionTo Date

(1/17/2013)Equities -0.51 7.37 16.63 24.47 15.38 12.35 13.98

Account -0.48 6.90 15.44 22.77 13.98 11.12 12.77

Index

Russell Midcap Growth Index -0.43 7.57 13.38 21.10 16.65 13.00 14.95

Performance Returns



Performance OverviewNet of Fees | US Dollar

9/30/2018

2

Time Weighted Return

Date to Date

12/31/2017 to 09/30/2018 15.44 16.63 13.38

Percent Return Per Period

Time Period Total EquitiesRussell Midcap

Growth Index

12/31/2017 to 03/31/2018 4.28 4.60 2.17

03/31/2018 to 06/30/2018 3.55 3.85 3.16

06/30/2018 to 09/30/2018 6.90 7.37 7.57

Performance History



Performance History - YTDNet of Fees | US Dollar

9/30/201812/31/2017 -

3

Time Weighted Return

Inception to Date

01/17/2013 to 09/30/2018 98.46 110.82 121.26

Annualized 12.77 13.98 14.95

Percent Return Per Period

Time Period Total EquitiesRussell Midcap

Growth Index

01/17/2013 to 12/31/2013 25.11 26.17 29.97

12/31/2013 to 12/31/2014 4.96 6.21 11.90

12/31/2014 to 12/31/2015 3.99 4.61 -0.20

12/31/2015 to 12/31/2016 1.93 2.94 7.33

12/31/2016 to 12/31/2017 23.51 25.26 25.27

12/31/2017 to 09/30/2018 15.44 16.63 13.38

Performance History



Performance Since InceptionNet of Fees | US Dollar

9/30/20181/17/2013 -

4

Bay County Employees' US Dollar 9/30/2018 logo.jpg Equity OverviewPortfolio Allocation as of 9/30/2018

Industry Sector Market Value % Equity % Assets

TECHNOLOGY 5,536,102 23.3 22.2

HEALTH CARE 4,900,188 20.6 19.7

PRODUCER DURABLES 4,335,643 18.2 17.4

CONSUMER DISCRETIONARY 3,927,028 16.5 15.7

FINANCIAL SERVICES 3,590,004 15.1 14.4

MATERIALS & PROCESSING 955,261 4.0 3.8

CONSUMER STAPLES 533,143 2.2 2.1

Equity Total 23,777,368 100.0 95.4

Top 10 HoldingsQuantity Symbol Security Cost Basis Market Value % Assets

8,997 fisv FISERV INC COM 186,194 741,173 3.0

5,613 br BROADRIDGE FINL SOLUTIONS INC COM 305,381 740,635 3.0

3,166 intu INTUIT COM 197,688 719,948 2.9

1,557 abmd ABIOMED INC COM 172,755 700,261 2.8

7,334 aph AMPHENOL CORP NEW CL A 249,050 689,543 2.8

1,621 csgp COSTAR GROUP INC COM 235,645 682,182 2.7

2,633 tyl TYLER TECHNOLOGIES INC COM 237,049 645,243 2.6

2,403 idxx IDEXX LABS INC COM 189,778 599,933 2.4

1,492 algn ALIGN TECHNOLOGY INC COM 45,662 583,700 2.3

2,078 lgnd LIGAND PHARMACEUTICALS INC COM NEW 320,973 570,390 2.3

Top 10 Holdings Total 2,140,174 6,673,008 26.8



Equity OverviewUS Dollar9/30/2018

5

B P9/30/201 Ulogo.jpgOriginal Purchase Quantity Security

UnitCost

TotalCost Price

MarketValue

%Assets Yield

COMMON STOCK

CONSUMER DISCRETIONARY

AUTO PARTS

01/17/2013 15,019 LKQ CORP COM 25.30 379,907 31.67 475,652 1.9 0.0

02/15/2018 2,137 WABCO HLDGS INC COM 136.03 290,695 117.94 252,038 1.0 0.0

670,602 727,690 2.9 0.0

EDUCATION SERVICES

05/16/2017 3,216 GRAND CANYON ED INC COM 89.09 286,504 112.80 362,765 1.5 0.0

286,504 362,765 1.5 0.0

HOUSEHOLD FURNISHINGS

06/09/2016 5,689 FORTUNE BRANDS HOME & SEC INC COM 59.07 336,040 52.36 297,876 1.2 1.5

336,040 297,876 1.2 1.5

LEISURE TIME

03/10/2017 2,896 POOL CORPORATION COM 116.10 336,213 166.88 483,284 1.9 1.1

336,213 483,284 1.9 1.1

RESTAURANTS

05/02/2017 6,590 TEXAS ROADHOUSE INC COM 52.80 347,941 69.29 456,621 1.8 1.4

347,941 456,621 1.8 1.4

SPECIALTY RETAIL

03/23/2018 2,058 BURLINGTON STORES INC COM 134.92 277,661 162.92 335,289 1.3 0.0

01/17/2013 1,601 O REILLY AUTOMOTIVE INC NEW COM 87.69 140,386 347.32 556,059 2.2 0.0

418,048 891,349 3.6 0.0

TEXTILES APPAREL & SHOES

10/01/2014 3,662 CARTERS INC COM 85.78 314,120 98.60 361,073 1.4 1.8

314,120 361,073 1.4 1.8



Portfolio AppraisalUS Dollar9/30/2018

6


UnitCost

TotalCost Price

MarketValue

%Assets Yield

TOYS

05/02/2017 3,295 HASBRO INC COM 96.95 319,436 105.12 346,370 1.4 2.4

319,436 346,370 1.4 2.4

CONSUMER DISCRETIONARY Total 3,028,904 3,927,028 15.7 0.8

CONSUMER STAPLES

PERSONAL CARE

01/17/2013 8,980 CHURCH & DWIGHT INC COM 29.77 267,318 59.37 533,143 2.1 1.5

267,318 533,143 2.1 1.5

CONSUMER STAPLES Total 267,318 533,143 2.1 1.5

FINANCIAL SERVICES

BANKS: DIVERSIFIED

01/17/2013 8,390 EAST WEST BANCORP INC COM 28.97 243,072 60.37 506,504 2.0 1.5

01/17/2013 2,451 SIGNATURE BK NEW YORK N Y COM 72.85 178,551 114.84 281,473 1.1 2.0

421,624 787,977 3.2 1.7

DIVERSIFIED FINANCIAL SERVICES

12/20/2013 5,917 RAYMOND JAMES FINANCIAL INC COM 57.10 337,838 92.05 544,660 2.2 1.3

337,838 544,660 2.2 1.3

FINANCIAL DATA & SYSTEMS

05/26/2015 5,613 BROADRIDGE FINL SOLUTIONS INC COM 54.41 305,381 131.95 740,635 3.0 1.5

01/17/2013 8,997 FISERV INC COM 20.70 186,194 82.38 741,173 3.0 0.0

08/16/2018 1,951 GLOBAL PMTS INC COM 118.06 230,337 127.40 248,557 1.0 0.0

721,912 1,730,366 6.9 0.6




7


UnitCost

TotalCost Price

MarketValue

%Assets Yield

SECURITIES BROKERAGE & SERVICES

01/17/2013 7,037 INTERCONTINENTAL EXCHANGE INC COM 25.54 179,751 74.89 527,001 2.1 1.3

179,751 527,001 2.1 1.3

FINANCIAL SERVICES Total 1,661,124 3,590,004 14.4 1.1

HEALTH CARE

BIOTECHNOLOGY

09/06/2017 2,078 LIGAND PHARMACEUTICALS INC COM NEW 154.46 320,973 274.49 570,390 2.3 0.0

320,973 570,390 2.3 0.0

HEALTH CARE SERVICES

01/17/2013 3,743 CERNER CORP COM 43.16 161,552 64.41 241,087 1.0 0.0

02/09/2017 6,558 MEDIDATA SOLUTIONS INC COM 63.32 415,238 73.31 480,767 1.9 0.0

576,790 721,854 2.9 0.0

MEDICAL & DENTAL INSTRUMENTS & SUPPLIES

04/18/2016 1,557 ABIOMED INC COM 110.95 172,755 449.75 700,261 2.8 0.0

01/17/2013 1,492 ALIGN TECHNOLOGY INC COM 30.60 45,662 391.22 583,700 2.3 0.0

07/22/2014 1,613 COOPER COS INC COM NEW 177.66 286,561 277.15 447,043 1.8 0.0

06/10/2016 2,198 SCHEIN HENRY INC COM 86.02 189,067 85.03 186,896 0.7 0.0

04/10/2015 4,692 STERIS PLC SHS USD 74.15 347,921 114.40 536,765 2.2 1.2

04/12/2018 1,009 TELEFLEX INC COM 262.66 265,028 266.09 268,485 1.1 0.5

1,306,995 2,723,149 10.9 0.3

MEDICAL EQUIPMENT

02/26/2014 2,403 IDEXX LABS INC COM 78.98 189,778 249.66 599,933 2.4 0.0

01/17/2013 2,545 VARIAN MED SYS INC COM 65.85 167,594 111.93 284,862 1.1 0.0

357,372 884,795 3.5 0.0




8


UnitCost

TotalCost Price

MarketValue

%Assets Yield

HEALTH CARE Total 2,562,130 4,900,188 19.7 0.2

MATERIALS & PROCESSING

BUILDING MATERIALS

06/13/2016 2,086 WATSCO INC COM 137.10 285,984 178.10 371,517 1.5 3.3

285,984 371,517 1.5 3.3

BUILDING: ROOFING/WALLBOARD & PLUMBING

05/28/2013 7,835 BEACON ROOFING SUPPLY INC COM 42.05 329,500 36.19 283,549 1.1 0.0

329,500 283,549 1.1 0.0

METAL FABRICATING

01/17/2013 5,174 FASTENAL CO COM 46.02 238,130 58.02 300,195 1.2 2.8

238,130 300,195 1.2 2.8

MATERIALS & PROCESSING Total 853,613 955,261 3.8 2.1

PRODUCER DURABLES

BACK OFFICE SUPPORT HR & CONSULTING

01/17/2013 9,582 COPART INC COM 16.40 157,150 51.53 493,760 2.0 0.0

06/10/2013 1,621 COSTAR GROUP INC COM 145.37 235,645 420.84 682,182 2.7 0.0

03/17/2014 4,629 VERISK ANALYTICS INC COM 62.77 290,578 120.55 558,026 2.2 0.0

683,373 1,733,968 7.0 0.0

MACHINERY: TOOLS

01/11/2016 1,910 SNAP ON INC COM 162.86 311,064 183.60 350,676 1.4 1.8

311,064 350,676 1.4 1.8

SCIENTIFIC INSTRUMENTS: CONTROL & FILTER

01/17/2013 3,785 IDEX CORP COM 62.41 236,216 150.66 570,248 2.3 1.1

04/19/2017 7,622 NATIONAL INSTRS CORP COM 39.21 298,822 48.33 368,371 1.5 1.9

01/17/2013 1,536 ROPER TECHNOLOGIES INC COM 125.96 193,481 296.21 454,979 1.8 0.6

728,520 1,393,598 5.6 1.2




9


UnitCost

TotalCost Price

MarketValue

%Assets Yield

SCIENTIFIC INSTRUMENTS: GAUGES & METERS

12/13/2016 10,782 TRIMBLE INC COM 33.12 357,076 43.46 468,586 1.9 0.0

357,076 468,586 1.9 0.0

TRUCKERS

01/24/2013 3,269 HUNT J B TRANS SVCS INC COM 74.54 243,670 118.94 388,815 1.6 0.8

243,670 388,815 1.6 0.8

PRODUCER DURABLES Total 2,323,703 4,335,643 17.4 0.6

TECHNOLOGY

COMPUTER SERVICES SOFTWARE & SYSTEMS

01/17/2013 2,843 ANSYS INC COM 72.76 206,858 186.68 530,731 2.1 0.0

09/10/2014 3,309 GARTNER INC COM 81.35 269,187 158.50 524,477 2.1 0.0

01/17/2013 3,166 INTUIT COM 62.44 197,688 227.40 719,948 2.9 0.8

08/21/2017 7,466 REALPAGE INC COM 47.94 357,884 65.90 492,009 2.0 0.0

01/17/2013 3,880 RED HAT INC COM 57.20 221,953 136.28 528,766 2.1 0.0

07/22/2016 7,923 SS&C TECHNOLOGIES HLDGS INC COM 33.42 264,815 56.83 450,264 1.8 0.6

09/03/2013 2,633 TYLER TECHNOLOGIES INC COM 90.03 237,049 245.06 645,243 2.6 0.0

02/04/2014 1,379 ULTIMATE SOFTWARE GROUP INC COM 182.53 251,710 322.19 444,300 1.8 0.0

2,007,144 4,335,739 17.4 0.2

ELECTRONIC COMPONENTS

01/17/2013 7,334 AMPHENOL CORP NEW CL A 33.96 249,050 94.02 689,543 2.8 1.0

249,050 689,543 2.8 1.0

PRODUCTION TECHNOLOGY EQUIPMENT

05/22/2018 2,917 COGNEX CORP COM 46.32 135,126 55.82 162,827 0.7 0.3

135,126 162,827 0.7 0.3




10


UnitCost

TotalCost Price

MarketValue

%Assets Yield

SEMICONDUCTORS & COMPONENTS

10/03/2017 4,410 MICROCHIP TECHNOLOGY INC COM 90.78 400,330 78.91 347,993 1.4 1.8

400,330 347,993 1.4 1.8

TECHNOLOGY Total 2,791,650 5,536,102 22.2 0.4

COMMON STOCK Total 13,488,442 23,777,368 95.4 0.6

CASH AND EQUIVALENTS

ACCRUED DIVIDENDS 6,184 6,184 0.0 0.0

CASH ACCOUNT 1,150,913 1,150,913 4.6 0.0

CASH AND EQUIVALENTS Total 1,157,097 1,157,097 4.6 0.0

Total Portfolio 14,645,539 24,934,464 100.0 0.6




11


Transaction Summary7/1/2018 - 9/30/2018

US Dollar

Purchases

Trade Date Settle Date Quantity SecurityUnit

Cost Total Cost

7/11/2018 7/13/2018 1,753 BEACON ROOFING SUPPLY INC COM 39.78 69,738.72

7/19/2018 7/23/2018 119 BURLINGTON STORES INC COM 156.43 18,614.58

7/19/2018 7/23/2018 185 BURLINGTON STORES INC COM 156.04 28,866.59

7/19/2018 7/23/2018 805 REALPAGE INC COM 59.62 47,994.66

7/19/2018 7/23/2018 176 TELEFLEX INC COM 277.85 48,901.04

7/24/2018 7/26/2018 249 COOPER COS INC COM NEW 252.53 62,879.40

7/24/2018 7/26/2018 547 WABCO HLDGS INC COM 120.48 65,901.85

8/15/2018 8/17/2018 831 GRAND CANYON ED INC COM 119.33 99,167.30

8/15/2018 8/17/2018 1,193 REALPAGE INC COM 59.33 70,782.60

8/15/2018 8/17/2018 184 TEXAS ROADHOUSE INC COM 65.63 12,075.92

8/15/2018 8/17/2018 844 TEXAS ROADHOUSE INC COM 65.54 55,316.44

8/16/2018 8/20/2018 184 GLOBAL PMTS INC COM 117.73 21,662.32



Total Purchases 810,576.05

Sales

Trade Date Settle Date Quantity SecurityUnit

Cost Total CostUnit

Price Proceeds

7/24/2018 7/26/2018 1,591 AFFILIATED MANAGERS GROUP COM 122.37 194,689.23 152.02 241,859.40

7/24/2018 7/26/2018 1,007 MIDDLEBY CORP COM 76.75 77,284.59 100.03 100,733.32

7/24/2018 7/26/2018 1,268 MIDDLEBY CORP COM 76.75 97,315.66 99.92 126,703.88

7/24/2018 7/26/2018 1,617 SCHEIN HENRY INC COM 86.02 139,090.90 77.04 124,573.83

8/15/2018 8/17/2018 5,696 DENTSPLY SIRONA INC COM 39.37 224,266.44 38.04 216,661.06

8/16/2018 8/20/2018 307 J2 GLOBAL INC COM 74.57 22,894.22 81.33 24,967.98

8/16/2018 8/20/2018 847 J2 GLOBAL INC COM 74.57 63,164.17 81.26 68,823.61

8/17/2018 8/21/2018 794 J2 GLOBAL INC COM 74.57 59,211.75 79.97 63,495.99

8/20/2018 8/22/2018 549 J2 GLOBAL INC COM 74.57 40,941.12 79.54 43,668.81

8/21/2018 8/23/2018 563 J2 GLOBAL INC COM 74.57 41,985.16 80.35 45,238.71

Total Sales 960,843.23 1,056,726.59


12

Documents

Bay County Employees’ · Annualized returns as of June 30, 2018 Source: Geneva Capital Management, 6/30/18 *Gross of fees. †Returns greater than 1 year are annualized. Note: This