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April 13 2021 Investment Committee Meeting Public Packet

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April 13 2021 Investment Committee Meeting Public Packet INVESTMENT COMMITTEE MEETING VIRTUAL April 13, 2021 at 9:00 AM MT COMMITTEE MEMBERS Steve Neel, Chair Paula Fisher, Vice-Chair Lawrence Davis Loretta Naranjo-Lopez Diana Rosales-Ortiz AGENDA 1. Roll Call 2. Approval of Agenda 3. Approval of Consent Agenda 4. Current Business ITEM PRESENTER A Performance & Risk Update Thomas Toth Wilshire 1. Information Item: February 2021 Preliminary Flash Performance B Active Risk Budget Update Part II Thomas Toth Wilshire 1. Information Item: Portable Alpha Review James Walsh Albourne Dominic Garcia Chief Investment Officer C Asset Class Review & Update Thomas Toth Wilshire 1. Information Item: Risk Reduction & Mitigation Dominic Garcia Chief Investment Officer 5. Adjournment Consent Agenda Approval of minutes of March 25, 2021 Investments Committee meeting. Any person with a disability who needs a reader, amplifier, qualified sign language interpreter, or any other form of auxiliary aid or service to attend or participate in the hearing or meeting, please contact Trish Winter at (505) 476-9305 at least one week prior to the meeting, or as soon as possible. Public documents, including the agenda and minutes, can be provided in various accessible formats. Please contact Trish Winter if a summary or other type of accessible format is needed. Francis Page P: (505) 476-9300 Acting Board Chair, Retiree Member F: (505) 476-9401 Toll Free: Greg Trujillo 1(800) 342-3422 Acting Executive Director TUESDAY, APRIL 13, 2021 9:00AM MT INVESTMENT COMMITTEE 9:00AM MT AUDIT & BUDGET COMMITTEE FOLLOWING INVESTMENT COMMITTEE AD-HOC EXECUTIVE DIRECTOR SEARCH COMMITTEE FOLLOWING AUDIT & BUDGET COMMITTEE Please join the April PERA Committee Meetings When: Apr 13, 2021 09:00 AM Mountain Time (US and Canada) Topic: April 13, 2021 Committee Meetings Please click the link below to join the webinar: https://us02web.zoom.us/j/87272270681 Or One tap mobile : US: +16699006833,,87272270681# or +12532158782,,87272270681# Or Telephone: Dial(for higher quality, dial a number based on your current location): US: +1 669 900 6833 or +1 253 215 8782 or +1 346 248 7799 or +1 408 638 0968 or +1 312 626 6799 or +1 646 876 9923 or +1 301 715 8592 Webinar ID: 872 7227 0681 International numbers available: https://us02web.zoom.us/u/kd3PEixQf9 Please sign in 10 minutes before the meeting begins. For assistance with your webinar attendance, please reference the following Zoom article: https://support.zoom.us/hc/en-us/articles/115004954946-Joining-and-participating-in-a-webinar- attendee 33 Plaza La Prensa, Santa Fe, NM 87507 WILSHIRE ASSOCIATES Wilshire Consulting Public Employees Retirement Assoc of NM Monthly Performance Summary February 28, 2021 Asset Allocation by Composite February, 2021: $16,446,491,541 Policy Index 0.19% 9.75% 10.00% 35.41% 35.50% 20.55% 20.00% 15.40% 15.00% 18.69% 19.50% Market Value ($) Allocation (%) Allocation (%) Global Equity $ 5,823,431,841 35.41% Global Equity 35.50% Risk Reduction & Mitigation$ 3,074,463,333 18.69% Risk Reduction & Mitigation 19.50% Credit Oriented Fixed Income$ 2,533,567,128 15.40% Credit Oriented Fixed Income 15.00% Real Assets $ 3,380,420,455 20.55% Real Assets 20.00% Multi-Risk Allocation $ 1,603,286,867 9.75% Multi-Risk Allocation 10.00% STO Balance $ 31,321,917 0.19% Allocations shown may not sum to 100% due to rounding 2 Wilshire Consulting MONTHLY SUMMARY Investment Performance and Market Values For Periods Ending February 28, 2021 Returns Market Value FYTD Inception Month 3 Months 6/30/20 CYTD 1 Year 3 Years 5 Years 10 Years Return $(000) Percent NM PERA Total Fund 16,415,170 100.00 Gross of Fee Return 1.07 3.96 15.04 0.82 10.94 7.11 9.18 7.24 8.95 Net of Fee Return 0.96 3.71 14.34 0.66 10.30 6.48 8.66 6.87 8.83 NM Pera Total Fund Benchmark 0.71 3.63 14.94 0.58 12.63 6.76 8.66 6.79 8.79 Value Added 0.25 0.08 -0.60 0.08 -2.33 -0.28 0.00 0.08 0.05 NM PERA TF Dynamic Index 0.50 3.38 13.48 0.01 9.77 6.06 8.37 Reference Portfolio 0.94 3.48 15.37 0.53 18.68 8.61 9.97 6.91 Selection Value Add 0.46 0.33 0.87 0.65 0.53 0.42 0.29 Allocation Value Add -0.21 -0.25 -1.46 -0.57 -2.86 -0.71 -0.28 Global Equity 5,823,432 35.48 Gross of Fee Return 2.13 5.28 23.30 0.69 23.61 10.03 14.04 10.43 Net of Fee Return 2.07 5.06 22.34 0.63 22.65 9.43 13.57 10.04 Policy Index 1.90 5.96 24.06 1.43 26.24 9.69 13.09 10.71 Value Added 0.17 -0.90 -1.73 -0.80 -3.59 -0.25 0.48 -0.67 Dynamic Index 1.04 6.06 23.50 -0.18 23.33 9.46 13.51 9.91 Selection Value Add 1.03 -0.99 -1.17 0.81 -0.68 -0.03 0.06 0.12 Allocation Value Add -0.86 0.10 -0.56 -1.62 -2.91 -0.23 0.42 -0.80 Risk Reduction & Mitigation 3,074,463 18.73 Gross of Fee Return -1.51 -1.05 1.23 -1.69 1.44 5.37 4.01 3.36 Net of Fee Return -1.51 -1.06 1.20 -1.69 1.38 5.28 3.92 3.27 Policy Index -1.46 -1.99 -0.84 -2.15 1.25 5.24 3.55 3.11 Value Added -0.05 0.93 2.04 0.45 0.14 0.04 0.37 0.16 Dynamic Index -1.35 -1.87 -0.73 -2.01 1.48 5.36 3.64 3.20 Selection Value Add -0.16 0.81 1.93 0.32 -0.10 -0.08 0.27 0.07 Allocation Value Add 0.11 0.12 0.11 0.13 0.23 0.11 0.10 0.10 Selection=(NOF-Dynamic) Allocation=(Dynamic-Policy Idx) 3 © 2019 Wilshire Associates Inc. Wilshire Consulting MONTHLY SUMMARY Investment Performance and Market Values For Periods Ending February 28, 2021 Returns Market Value FYTD Inception Month 3 Months 6/30/20 CYTD 1 Year 3 Years 5 Years 10 Years Return $(000) Percent Credit Oriented Fixed Income 2,533,567 15.43 Gross of Fee Return 1.68 6.11 16.72 2.79 7.89 5.51 7.02 5.43 Net of Fee Return 1.45 5.61 15.72 2.34 7.14 4.80 6.48 5.01 Policy Index -0.42 1.50 9.62 -0.66 6.20 4.42 6.87 5.13 Value Added 1.87 4.12 6.11 3.00 0.94 0.38 -0.39 -0.12 Dynamic Index -0.02 2.62 8.81 0.16 3.42 3.06 6.17 5.22 Selection Value Add 1.47 2.99 6.92 2.18 3.72 1.74 0.30 -0.21 Allocation Value Add 0.40 1.13 -0.81 0.82 -2.78 -1.36 -0.70 0.09 Real Assets 3,380,420 20.59 Gross of Fee Return 2.90 5.35 11.44 3.71 3.27 5.04 6.28 5.30 Net of Fee Return 2.60 4.93 10.44 3.35 2.37 3.72 5.05 4.22 Policy Index 3.02 7.21 17.79 4.23 8.42 4.52 4.77 4.23 Value Added -0.42 -2.28 -7.35 -0.88 -6.05 -0.79 0.28 -0.01 Dynamic Index 3.08 4.30 10.86 3.47 1.81 2.82 4.52 3.38 Selection Value Add -0.48 0.63 -0.42 -0.12 0.56 0.90 0.53 0.83 Allocation Value Add 0.06 -2.91 -6.92 -0.76 -6.61 -1.69 -0.25 -0.84 Multi-Risk Allocation 1,603,287 9.77 Gross of Fee Return -2.33 2.48 17.47 -2.59 1.64 7.45 Net of Fee Return -2.33 2.48 17.47 -2.59 1.64 7.45 Wilshire Risk Parity 15% Target -2.25 2.59 17.61 -2.51 1.66 8.43 Value Added -0.07 -0.11 -0.15 -0.08 -0.02 -0.98 Selection=(NOF-Dynamic) Allocation=(Dynamic-Policy Idx) 4 © 2019 Wilshire Associates Inc. Wilshire Consulting MONTHLY SUMMARY Investment Performance and Market Values For Periods Ending February 28, 2021 Returns Market Value FYTD Inception Month 3 Months 6/30/20 CYTD 1 Year 3 Years 5 Years 10 Years Return $(000) Percent Global Equity 5,823,432 100.00 Gross of Fee Return 2.13 5.28 23.30 0.69 23.61 10.03 14.04 10.43 Net of Fee Return 2.07 5.06 22.34 0.63 22.65 9.43 13.57 10.04 Policy Index 1.90 5.96 24.06 1.43 26.24 9.69 13.09 10.71 Value Added 0.17 -0.90 -1.73 -0.80 -3.59 -0.25 0.48 -0.67 Dynamic Index 1.04 6.06 23.50 -0.18 23.33 9.46 13.51 9.91 Selection Value Add 1.03 -0.99 -1.17 0.81 -0.68 -0.03 0.06 0.12 Allocation Value Add -0.86 0.10 -0.56 -1.62 -2.91 -0.23 0.42 -0.80 Global Public Stock 3,172,986 54.49 Gross of Fee Return 1.77 7.09 26.57 1.73 29.58 9.50 14.34 9.14 8.51 Net of Fee Return 1.77 7.04 26.44 1.73 29.34 9.35 14.19 9.00 8.42 Policy Index 2.66 7.57 28.18 2.48 31.49 10.25 14.34 9.70 8.60 Value Added -0.89 -0.54 -1.74 -0.75 -2.16 -0.90 -0.15 -0.70 -0.18 Dynamic Index 2.79 9.60 31.76 3.58 34.22 10.44 14.65 Selection Value Add -1.02 -2.56 -5.33 -1.85 -4.88 -1.09 -0.47 Allocation Value Add 0.13 2.03 3.59 1.10 2.73 0.19 0.32 Global Low Volatility Equity 1,123,017 19.28 Gross of Fee Return -1.14 -0.26 8.63 -2.73 7.19 6.73 8.75 Net of Fee Return -1.14 -0.27 8.59 -2.73 7.12 6.66 8.69 MSCI ACWI Min Vol (N) -1.19 -0.46 8.32 -2.78 6.65 6.23 8.15 Value Added 0.05 0.18 0.27 0.05 0.47 0.43 0.54 Selection=(NOF-Dynamic) Allocation=(Dynamic-Policy Idx) 5 © 2019 Wilshire Associates Inc.
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