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June 2, 2011 Investment Meeting Agenda

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June 2, 2011 Investment Meeting Agenda THE CITY OF NEW YORK TELEPHONE: (212) 669-8318 OFFICE OF THE COMPTROLLER FAX NUMBER: (212) 669-3445 WWW.COMPTROLLER.NYC.GOV BUREAU OF ASSET MANAGEMENT 1 CENTRE STREET ROOM 736 EMAIL: [email protected] NEW YORK, N.Y. 10007-2341 Lawrence Schloss ───────────── Deputy Comptroller / JOHN C. LIU COMPTROLLER Chief Investment Officer MEMORANDUM TO: Trustees Teachers’ Retirement System of the City of New York FROM: Larry Schloss DATE: May 27, 2011 RE: Teachers’ Retirement System of the City of New York Investment Meeting – June 2, 2011 Enclosed is a copy of the public agenda for the June 2, 2011 Investment Meeting. The meeting will be held at 55 Water Street, 16th Floor Conference Room beginning at (9:30am). Please remember to bring your Quarterly Performance Overview book with you to the meeting; it has been mailed to you. If you have questions about any agenda item, please give me a call at 212-669-8318. I:\Investment Strategy\Agendas\Teachers\06 - June 2, 2011\PUBLIC AGENDA BOOK MATERIALS\6-2-2011 Memo (PUBLIC).doc 1 THE CITY OF NEW YORK OFFICE OF THE COMPTROLLER 1 CENTRE STREET NEW YORK, N.Y. 10007-2341 ───────────── John C. Liu COMPTROLLER TEACHERS’ RETIREMENT SYSTEM OF THE CITY OF NEW YORK INVESTMENT MEETING JUNE 2, 2011 TEACHERS’ RETIREMENT SYSTEM OF THE CITY OF NEW YORK12 INVESTMENT MEETING JUNE 2, 2011 PUBLIC AGENDA Page I. Monthly Performance Review: (30 Minutes) 4 II. Performance Reviews: (30 Minutes) • Quarterly Reports: Overall Performance – March 31, 2011 (Previously Distributed) --- ETI Quarterly Report – March 31, 2011 52 Real Estate Quarterly Report – December 30, 2010 59 Private Equity Quarterly Report – December 30, 2010 67 III. Asset Allocation (cont.): (45 Minutes) 92 IV. Opportunistic Fixed Income IPS: (20 Minutes) 106 APPENDICES: • TUCS Performance Rankings 1Q11 119 • Basket Clause 122 3 PUBLIC AGENDA 4 I. Monthly Performance Review: 5 Prepared for the New York City Teachers’ Retirement System 6/2/2011 6 TABLE OF CONTENTS Economic Indicators –From BAM ... ................................................................................................................. 1 Market Indicators –From BAM ........................................................................................................................ 15 Teachers’ Market Values 2003-2011 ............................................................................................................... 28 Teachers’ Market Values 2010-2011 ............................................................................................................... 29 Asset Allocation and Policy Weight Mixes ...................................................................................................... 30 Classification of Investments, including policy weights and rebalancing ranges ........................................... 31 Contribution to Returns .................................................................................................................................... 32 Market Indicators for April .............................................................................................................................. 33 Manager / Benchmark Comparison Report ..................................................................................................... 34 Private Equity Fund Supplemental Details ...................................................................................................... 42 Real Estate Fund Supplemental Details ........................................................................................................... 44 7 NYC OFFICE OF THE COMPTROLLER BUREAU OF ASSET MANAGEMENT BUREAU OF ASSET MANAGEMENT 8 2 •LAST PRICE 2.3 •HIGH ON 03/30 /01 4.1 •AVERAGE 1.7 •LOW ON 06/30 /09 -4 .1 BUREAU OF ASSET MANAGEMENT SOURCE: BLOOMBERG 9 3 •LAST PRICE 76.9 •HIGH ON 09/30/07 81.3 •AVERAGE 76.3 •LOW ON 06/30/09 67.3 BUREAU OF ASSET MANAGEMENT SOURCE: BLOOMBERG 10 4 •LAST PRICE 60.4 •HIGH ON 02/28/11 61.4 •AVERAGE 51.1 •LOW ON 12/31/08 33.3 BUREAU OF ASSET MANAGEMENT SOURCE: BLOOMBERG 11 5 •LAST PRICE 424.0 •HIGH ON 03/27/09 659.0 •AVERAGE 425.5 •LOW ON 01/12/07 296.0 2006 2007 2008 2009 2010 2011 BUREAU OF ASSET MANAGEMENT SOURCE: BLOOMBERG 12 6 •LAST PRICE 9.0 •HIGH ON 10/31/09 10.1 •AVERAGE 7.1 •LOW ON 10/31/06 4.4 BUREAU OF ASSET MANAGEMENT SOURCE: BLOOMBERG 13 7 •LAST PRICE 72.4 •HIGH ON 01/31/07 96.9 •AVERAGE 73.8 •LOW ON 11/30/08 55.3 BUREAU OF ASSET MANAGEMENT SOURCE: BLOOMBERG 14 8 •MID LINE 47.6 •HIGH ON 08/31/06 59.4 •AVERAGE 47.7 •LOW ON 01/31/09 34.6 BUREAU OF ASSET MANAGEMENT SOURCE: BLOOMBERG 15 9 •LAST PRICE 5.05 •HIGH ON 05/31/06 6.58 •AVERAGE 5.32 •LOW ON 07/31/10 3.86 BUREAU OF ASSET MANAGEMENT SOURCE: BLOOMBERG 16 10 •LAST PRICE 523 •HIGH ON 05/31/06 1942 •AVERAGE 940 •LOW ON 04/30/09 478 BUREAU OF ASSET MANAGEMENT SOURCE: BLOOMBERG 17 11 •LAST PRICE 4.00 •HIGH ON 05/03/11 5.10 •AVERAGE 1.58 •LOW ON 07/14/09 - 5.70 BUREAU OF ASSET MANAGEMENT SOURCE: BLOOMBERG 18 12 •LAST PRICE 13.147 •HIGH ON 07/31/06 17.17 •AVERAGE 13.33 •LOW ON 02/28/09 9.34 BUREAU OF ASSET MANAGEMENT SOURCE: BLOOMBERG 19 13 •LAST PRICE 114.00 •HIGH ON 03/31/11 114.30 •AVERAGE 104.56 •LOW ON 03/31/09 97.40 BUREAU OF ASSET MANAGEMENT SOURCE: BLOOMBERG 20 14 •LAST PRICE 3.2 •HIGH ON 07/31/08 5.6 •AVERAGE 2.2 •LOW ON 07/31/09 -2.1 BUREAU OF ASSET MANAGEMENT SOURCE: BLOOMBERG 21 15 NYC OFFICE OF THE COMPTROLLER BUREAU OF ASSET MANAGEMENT BUREAU OF ASSET MANAGEMENT 22 16 •LAST PRICE 1.4127 •HIGH ON 04/22/08 1.5991 •AVERAGE 1.3782 •LOW ON 06/07/10 1.1923 2006 2007 2008 2009 2010 2011 BUREAU OF ASSET MANAGEMENT SOURCE: BLOOMBERG 23 17 •Last Price 75.619 •High on 03/05/09 89.105 •Average 80.243 •Low on 04/22/08 71.329 2006 2007 2008 2009 2010 2011 BUREAU OF ASSET MANAGEMENT SOURCE: BLOOMBERG 24 18 •ASK PRICE 0.25400 •HIGH ON 09/07/07 5.72500 •AVERAGE 2.5651 •LOW ON 12/21/09 0.24875 2006 2007 2008 2009 2010 2011 BUREAU OF ASSET MANAGEMENT SOURCE: BLOOMBERG 25 19 •LAST PRICE 16.05 •HIGH ON 11/20/08 80.86 •AVERAGE 23.86 •LOW ON 01/24/07 9.89 2006 2007 2008 2009 2010 2011 BUREAU OF ASSET MANAGEMENT SOURCE: BLOOMBERG 26 20 6.00 5.00 4.00 3.00 2.00 •US TREAS ACTIV 12 /31 /2008 •US TREAS ACTIV 12 /31 /2009 •US TREAS ACTIV 12 /31 /2010 1.00 •US TREAS ACTIV 05 /09 /2011 0.00 3M 6M 1Y 2Y 3Y 4Y 5Y 6Y 7Y 8Y 9Y 10Y 15Y 20Y 30 BUREAU OF ASSET MANAGEMENT SOURCE: BLOOMBERG 27 21 •MID LINE 3.082 •HIGH ON 06/12/07 5.295 •AVERAGE 3.789 •LOW ON 12/30/08 2.055 2006 2007 2008 2009 2010 2011 BUREAU OF ASSET MANAGEMENT SOURCE: BLOOMBERG 28 22 2000 1833 1800 1600 1400 1200 996 1000 800 657 600 535 400 266 463 200 306 130 0 75 Investment Grade High Yield BUREAU OF ASSET MANAGEMENT SOURCE: BARCLAYS CAPITAL AND TAPLIN, CANIDA & HABACHT, INC. 29 23 88.3017 14.9947 •EPS (S & P 500) 88.3017 •P/E RATIO (S & P 500) 14.9947 2006 2007 2008 2009 2010 2011 BUREAU OF ASSET MANAGEMENT SOURCE: BLOOMBERG 30 24 P/E RATIOS INCLUDING ESTIMATES 16.4602 14.3446 •ESTIMATED P/E RATIO (RUSSELL-3K) 14.3446 •P/E RATIO (RUSSELL-3K) 16.4602 11.9173 13.3881 •ESTIMATED P/E RATIO (EAFE) 11.7973 •P/E RATIO (EAFE) 13.4827 •ESTIMATED P/E RATIO (EMERGING MKTS) 10.9115 •P/E RATIO (EMERGING MKTS) 11.7125 11.7125 10.9115 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 BUREAU OF ASSET MANAGEMENT SOURCE: BLOOMBERG 31 25 P/E RATIOS INCLUDING ESTIMATES 14.4056 12.9456 •P/E RATIO (RUSSELL-200) 14.4056 •ESTIMATED P/E RATIO (RUSSELL-200) 12.9456 18.4581 15.9556 •P/E RATIO (RUSSELL MID-CAP) 18.4581 •ESTIMATED P/E RATIO (RUSSELL MID-CAP) 15.9556 36.3304 22.4398 •P/E RATIO (RUSSELL-2K) 36.3304 •ESTIMATED P/E RATIO (RUSSELL-2K) 22.4398 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 BUREAU OF ASSET MANAGEMENT SOURCE: BLOOMBERG 32 26 COMPARATIVE RETURNS • RUSSELL 3000 INDEX = RAY INDEX USD • MSCI EAFE = MXEA INDEX USD • MSCI EMERGING MKTS = MXEF INDEX USD BUREAU OF ASSET MANAGEMENT SOURCE: BLOOMBERG 33 27 Mergers & Acquisitions BUREAU OF ASSET MANAGEMENT SOURCE: BLOOMBERG 34 TRS Market Value 2003 ‐ 2011 $46,000.0 $43,738.3 $43,000.0 $40,000.0 $38,828.0 $37,000.0 $34,000.0 $31,000.0 $30,106.8 $28,000.0 $25,000.0 $22,000.0 $23,009.3 $19,000.0 $16,000.0 $13,000.0 $10,000.0 The April 2011 market value of $43.738 billion marks a new high for the fund. The previous high was $38.828 billion in September 2007. 35 TRS ‐ Market Values May 2010 ‐ April 2011 $46,000.0 $44,000.0 $43,738.3 $42,000.0 $41,993.1 $40,000.0 $38,000.0 $38,701.0 $37$37,812.6 812 6 $36,000.0 $35,662.4 $34,000.0 $32,000.0 36 Portfolio Asset Allocation: April 30, 2011 $43.7B Under Management Asset Allocation $1.7 $0.4 3.8% $1.4 $0.5 0.9% 3.3% 1.0% $0.6 $6.8 $1.5 15.6% $2.0 1.4% 3.5% 4.5% $18.7 42.7% $1.8 $6.7 $0.3 $1.3 15.2% 0.8% 4.2% 3.1% Domestic Equity EAFE Markets Emerging Mkts REITS Private Equity Private Real Estate Core + 5 TIPS Enhanced Yield Convertible Bonds Opportunistic Fixed ETI Cash Relative Mix to Actual Policy Weights 6.00% 4.7% 4.00% 2.00% 0.1% 0.5% 0.2% 0.0% 0.00% 0.0% 0.0% -0.8% -0.6% -2.00% -0.7% -2.4 -1.7% -4.00% -3.6% -6.00% Note: Brackets represent rebalancing ranges versus Actual Policy. Teachers’ Retirement System of the City of New York Performance Overview as of April 30, 2011 NYC TEACHERS' RETIREMENT SYSTEM CLASSIFICATION OF INVESTMENTS 37 (as of April 30th 2011) *Adjusted Rebalancing EMERGING In $MM Actual % Policy % MARKETS Policy % Range % 23% US Equities $18,684.0 42.7% 38.0% 41.6% 36.6%-46.6% Non-US Equities/EAFE $6,666.8 15.2% 16.0% 16.0% 14.0%-18.0% Emerging Markets $1,347.1 3.1% 3.0% 3.0% 3.0% Total Public Equities $26,697.8 61.0% 57.0% 60.6% *Adjusted Rebalancing In $MM Actual % Policy
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