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Small Cap Growth Portfolio III

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Small Cap Growth Portfolio III Stanislaus County Employees’ Retirement Association 832 12th Street, Ste. 600, Modesto, CA 95354 PO Box 3150, Modesto, CA 95353 www.stancera.org 209-525-6393 209-558-4976 Fax AGENDA BOARD OF RETIREMENT February 17, 2016 832 12th Street Ste. 600, Wesley W. Hall Board Room 1:00 p.m. Modesto, CA 95354 The Board of Retirement welcomes you to its meetings, which are regularly held on the third Wednesday of each month. Your interest is encouraged and appreciated. CONSENT ITEMS: These matters include routine administrative actions and are identified under the Consent Items heading. PUBLIC COMMENT: Matters under jurisdiction of the Board, may be addressed by the general public before or during the regular agenda. However, California law prohibits the Board from taking action on any matter which is not on the posted agenda unless it is determined an emergency by the Board of Retirement. Any member of the public wishing to address the Board during the “Public Comment,” period shall be permitted to be heard once up to three minutes. Please complete a Public Comment Form and give it to the Chair of the Board. Any person wishing to make a presentation to the Board must submit the presentation in written form, with copies furnished to all Board members. Presentations are limited to three minutes. BOARD AGENDAS & MINUTES: Board agendas, minutes and copies of items to be considered by the Board of Retirement are customarily posted on the Internet by Friday afternoon preceding a meeting at the following website: www.stancera.org. Materials related to an item on this Agenda submitted to the Board after distribution of the agenda packet are available for public inspection at StanCERA, 832 12th Street, Suite 600, Modesto, CA 95354, during normal business hours. AUDIO: All Board of Retirement regular meetings are audio recorded. Audio recordings of the meetings are available after the meetings at http://www.stancera.org/agenda. NOTICE REGARDING NON-ENGLISH SPEAKERS: Board of Retirement meetings are conducted in English and translation to other languages is not provided. Please make arrangements for an interpreter if necessary. REASONABLE ACCOMMODATIONS: In compliance with the Americans with Disabilities Act, if you need special assistance to participate in this meeting, please contact the Board Secretary at (209) 525-6393. Notification 72 hours prior to the meeting will enable StanCERA to make reasonable arrangements to ensure accessibility to this meeting. 1. Meeting Called to Order 2. Roll Call 3. Announcements 4. Public Comment 5. Consent Items a. Approval of the January 20, 2016 Meeting Minutes View b. Monthly Staff Report View c . Approval of Service Retirement(s) – Sections 31499.14, 31670, 31662.2 & 31810 1. Angusich, George – DER – Effective 01-22-2016 2. Backlund, Robert– BHRS – Effective 02-27-2016 * 3. Broumas, Joel – City of Ceres– Effective 02-09-2016 4. Maestas, Tony – City of Ceres – Effective 02-04-2016 5. McCormack, Belinda – HSA – Effective 02-20-2016 6. Richardson, Noreen – HSA– Effective 02-01-2016 7. Ross, Jeanette – HSA – Effective 02-20-2016 8. Young, Clifton – Planning – Effective 01-20-2016 * Indicates Safety Personnel Board of Retirement Agenda February 17, 2016 Page 2 5. Consent Items (Cont.) d. Approval of Deferred Retirement(s) – Section 31700 1. Biszantz, Stacia – HSA – Effective 10-28-2015 2. Carapinha, Rui – City of Ceres – Effective 06-15-2015 * 3. De Anda, Maria – CSA – Effective 12-05-2015 4. Flores, Marco – City of Ceres – Effective 04-16-2015 5. Ishaq, Fayma – Public Works– Effective 04-16-2015 6. Lee, Andrew– HSA – Effective 10-21-2015 7. Mai, Thao – BHRS– Effective 12-30-2015 8. Wren, Joseph – City of Ceres– Effective 01-03-2016 9. Yang, Stacy – CSA – Effective 01-29-2016 10. Zare, Maranita – CSA– Effective 10-16-2015 * Indicates Safety Personnel 6. Investment Manager Annual Presentation - Legato View 1. Value Added Report View 7. Verus – Investment Consultant a. Risk Parity Education – Provided by PanAgora Asset Management View b. January 31, 2016 Flash Report – Will be available at the meeting. c. Investment Performance Analysis for the Quarter Ending December 31, 2016 View d. Emerging Markets Education View 8. Executive Director - Investment a. 2015 Quarter 4 Auxiliary Investment Report View 9. Executive Director - Administrative a. Discussion and Action Regarding the 2016 Cost of Living Adjustment View b. Discussion and Action Regarding a Cost of Living Adjustments(COLA) - Appropriate Index Index View c. Discussion and Action Regarding StanCERA Bylaw Revision View d. Information Technology Solutions (ITS) Project Update View e. Legal / Legislation Update View 10. Closed Session a. Conference with Legal Counsel – Pending Litigation – One Case: O’Neal et al v. Stanislaus County Employees’ Retirement Association Stanislaus County Superior Court Case No. 648469 Government Code Section 54956.9(d)(1) Board of Retirement Agenda February 17, 2016 Page 3 10. Closed Session (Cont.) b. Conference with Legal Counsel – Pending Litigation – One Case: Nasrawi et al v. Buck Consultants, LLC, et.al, Santa Clara County Superior Court Case No. 1-11-CV202224; Court of Appeal, Sixth Appellate District, Case No. H038894 Government Code Section 54956.9(d)(1) 11. Members’ Forum (Information and Future Agenda Requests Only) 12. Adjournment Stanislaus County Employees’ Retirement Association 832 12th Street, Ste. 600, Modesto, CA 95354 PO Box 3150, Modesto, CA 95353 www.stancera.org 209-525-6393 209-558-4976 Fax February 17, 2016 Retirement Board Agenda Item TO: Retirement Board FROM: Rick Santos, Executive Director I. SUBJECT: Monthly Staff Report II. ITEM NUMBER: 5.b III. ITEM TYPE: Information Only IV. STAFF RECOMMENDATION: None V. ANALYSIS: a) Fiscal Services – January is typically a very busy month. This year, tax documents were provided to approximately 4,000 members, beneficiaries and vendors. Per the Excess Earnings and Interest Posting policy semi-annual interest was posted to member accounts, with statements processed and mailed to approximately 5,000 active and deferred members. Staff processed the paperwork for 16 new members and 12 others that terminated. Employer and employee contributions totaling $6,351,435 were received through 15 different payroll batches. In addition, 12 contribution refunds and 6 death benefits were processed and the February retiree payroll was completed as scheduled, totaling $8,763,651. b) Member & Employer Services – During the month of January, Member and Employer Services Staff processed 35 new hires (4 Safety and 31 General), 41 buy backs and 44 estimates. There were 36 individual counseling sessions and one group presentation at the New Employee Orientation. Staff continued to meet with the Linea Consultants to establish the business requirements needed to establish what will be listed in the RFP. c) Investment Governance and Compliance – Staff has been working with alternative managers to determine how future capital distributions and calls may affect cash needs and ultimate allocation requirements. Staff is also preparing to meet with Verus to discuss a more formal plan for cash management. VI. RISK: None VII. STRATEGIC PLAN: Strategic Objective IV: Refine StanCERA’s business and policy practices in ways that enhance stakeholder awareness, the delivery of member services and the ability of the Organization to administer the System effectively and efficiently* VIII. ADMINISTRATIVE BUDGET IMPACT: NONE ______________________________ _________________________________ Rick Santos, Executive Director Kathy Herman, Fiscal Services Manager __________________________________________ Dawn Lea, Member and Employer Services Manager Le-ga-to (adj. & adv.) smooth, connected; without breaks DEDICATED TO DISCOVERING THE FINEST ENTREPRENEURIAL INVESTMENT MANAGER TALENT STANISLAUS COUNTY EMPLOYEES' RETIREMENT ASSOCIATION QUARTERLY REPORT 4TH QUARTER 2015 Legato Capital Management LLC General Office: (415) 821-8585 111 Pine Street Investment Office: (415) 821-8586 Suite #1700 Fax: (877) 838-8304 San Francisco, CA 94111 [email protected] StanCERA 4th Quarter 2015 Biographical Information Victor L. Hymes [email protected] Direct line: (415) 821-8560 Mr. Hymes is the Chief Executive Officer and Chief Investment Officer at Legato Capital Management LLC and brings more than 30 years of investment experience to these roles. Prior to founding Legato in 2004, he held the positions of Chief Investment Officer and Chief Operating Officer at Cazenave Partners, LLC. Before joining Cazenave Partners, Mr. Hymes spent ten years managing investment portfolios for public and corporate pension funds, Taft-Hartley and eleemosynary clients at Scudder, Stevens & Clark, Inc. Early in 2000, following Scudder’s reorganization as Zurich Scudder Investments, Inc., he headed Zurich’s $80 billion North American institutional business. Mr. Hymes’ professional career began with nearly a decade of work at Goldman, Sachs & Company and Kidder, Peabody & Company. He received his undergraduate degree from Oberlin College and holds an MBA from the Stanford University Graduate School of Business. He is a member of the Strategic Advisory Board of the CFA Society of San Francisco and a member of the Board of Trustees of NRDC and the Brookings Institution. Adam S. Lawlor, CFA [email protected] Direct line: (415) 821-8561 Mr. Lawlor is Executive Vice President, Senior Investment Officer and a member of the investment committee at Legato Capital Management LLC. Prior to Legato’s founding in 2004, he held the position of Director
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