Dynamic Rebalancing Signals

Rebalance signals tracked since January 2009

• Takes advantage of “reversion to the mean” tendency
• Initiates action only on “outlier signals”
• Investment Policy provides allowable bands around target allocation
  • (typically +/- 10%)

Date	Actions	Asset Class
May 2009	Buy to Overweight	All Stocks
Nov 2009	Sell to Target	All Stocks
Feb 2010	Sell to Target	Stocks + Bonds
May 2010	Sell to Underweight	All Stocks
Nov 2010	Buy to Target	Bonds
April 2011	Sell to Underweight	All Stocks
Nov 2011	Buy to Target	Stocks + Bonds
May 2012	Sell to Target	US Stocks
Nov 2013	Sell to Target	Small Cap
Mar 2018	Sell to Target	Small Cap + Emerging Equity
Feb 2019	Buy to Target	Small Cap