[background sounds] [background sounds] [background sounds] [background sounds] [background sounds]. Was as bush singled and of all effort is the secretary mccarthy we share what youve learned with these efforts for developing cuttingedge capability is critical for a country in the thread however marginalized military platforms for soldiers would be pointless if they do not have the training necessary to prevail on the battlefield. As such Readiness Command are the party. I hope youll share with the members this morning what you will do to ensure the army and marines focus if you are confirmed by the senate. Family handinhand with the army success as the men and women who serve in uniform as well as the civilians working in the department. Recently the army has had challenges in meeting recruitment goals and the thermic rescission remain focused rather than quantity. We trust that you will closely monitor the situation. Ambassador barrett he will face critical issues. Youll be leaving
We are one minute late. The Committee Meets to consider the nomination of misses Barbara Barrett to be secretary of the air force. And Ryan Mccarthy to be secretary of the army. Standard questions, whether you like it or not. You have to answer audibly so it can be heard. Do you adhere to the laws regarding conflict of interest . Yes sir. Staffl you ensure your complies with questions . Yes, senator. Will you provide witnesses in response to congressional requests . Will they be protected from testimony . Yes, senator. Are you under taking actions which would appear to have presumed the outcome of the confirmation process . No, senator. I really believe we are in the most dangerous situation we have been in in this world in my lifetime. Thought id say i would look back wistfully at the days of the cold war, i would say things are bad. Problems. Rious we have a National Defense strategy. I cant believe that. This is kind of unique. Total agreement. We are locked into that. They are catc
Helping you and your investment staff run the private equity, real assets allocation and some are in the audience today and youll hear from them when we go through some of the other revi reviews. To recaso to recap on page one t we would like to cover, one hasw is a private Equity Programme doing and the 2018 review and progress and three, the current market environment and what were doing in recommending in terms of positioning the portfolio and private equity portfolio to that context. So how is the programme doing . In short, youre doing well. Tanya mentioned performance and you performed well across all metrica and the private private Equity Programme is a strong contributor over the short and longterm. 201 was particularly strong with a 17 gain in private equity and this is compared in the markets which lead to an overall year of negative return in the public equity markets. The programme stands at 20 of planned assets slightly above. Strong to the outperformance and appreciation
Points that happened with markets closing at their session lows. Weakness across the board. A lot of different sectors under pressure financials, materials and Consumer Staples all down by more than 1 well see what happens this morning. Futures indicated up this morning. Overnight in asia, the nikkei ended down by about a quarter of a percentage point the hang seng up by. 1 and the shanghai composite was flat and in europe where theres active trading taking place theres green arrows across the board. The biggest gainer of the three major averages is the cac up 1. 4 but you see gains of better than 1 for the ftse and dax as well take a look at whats happening with treasuries. Right now the ten year is yielding 1. 588 . So the yield picking up just a little bit the two year yielding 1. 539. Lowes is solidly higher on the numbers here 215 adjusted versus estimates of 2. 01 on better than expected revenue. A little bit anyway. The revenue is 20. 9 expected and 20. 94 to 20. 99 and then for
Some the emerging markets exposure comes through asia and latin america. That brings me to the next page, 17. On the coinvestment front, spurs has been active. Though measured in gradual and in the implementation. Spurs made the first coinvestment in the private equity portfolio in 2014 and since has made an additional 11 coinvestments. Eight of those were through the commitment to Asia Alternatives and its fund heavtofund manat and four were outside. In each case, they were with a manager spurs has invested with and has an existing relationship through the portfolio. So they highlight that staff did a good job of existing manager knowledge to enhance execution capabilities in the coinvestment portfolio. Together, these coinvestments represent close to 200 million in commitments with an average byte size of 15 million which we feel is appropriately sized relative to the byte size at the fun level. And lastly, ill highlight spurs has been disciplined. Its 20 of the private equity and th