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Gwinnett County, Georgia Investment Committee of the RPMC Agenda

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Gwinnett County, Georgia Investment Committee of the RPMC Agenda Gwinnett County, Georgia Investment Committee of the RPMC December 14, 2012 9:30 a.m. Second Floor, Financial Services - Dogwood Conference Room Agenda Call to order 1. Approval of Agenda* ML 2. Approval of Investment Committee Minutes* ML 3. Gwinnett IPS Monitoring Report Discussion 4. Large Cap Growth Manager Search ML i. Columbia ii. TCW Adjournment* *Action Items Gwinnett County, Georgia Investment Committee of the RPMC Quarterly Meeting Minutes November 09, 2012 8:30 a.m. Dogwood Conference Room - GJAC Members Present: Mike Ludwiczak, Karen Karasinski, Bill Rodenbeck, Phil Hoskins, Paul Turner, Staff Present: Aaron Bovos, Debbi Davidson, Megan Ward, Rick Reagan Others Present: UBS Members – Scott Olsen, Earle Dodd; Great-West Members - Donald Erwin, Fred Minot, Michael Baker; BNY Mellon – Ray Kronz (via teleconference) Chairman Mike Ludwiczak called the meeting to order at 8:36 a.m. 1. Approval of Agenda Action: Motion to Approve: Paul Turner; Second: Phil Hoskins. Vote (5-0); Ludwiczak – Yes; Rodenbeck – Yes; Hoskins – Yes; Karasinski – Yes; Turner – Yes. 2. Approval of Investment Committee Minutes Regular Meeting: 9:30 A.M. October 12, 2012 Action: Motion to Approve: Phil Hoskins; Second: Paul Turner. Vote (5-0); Ludwiczak – Yes; Rodenbeck – Yes; Turner – Yes; Hoskins– Yes; Karasinski – Yes. 3. Securities Lending Ray Kronz of BNY Mellon gave a brief overview of the Securities Lending services currently provided to the County by BNY Mellon. The full presentation is available on the County website. Ray Kronz terminated his teleconference connection into the meeting at the conclusion of this item. 4. Third Quarter 2012 Report Great-West Michael Baker of Great-West reviewed the 3rd Quarter performance reports for the County’s DC plans. The full presentations are available on the County’s website. 5. Alerts for 401a/ 457b Mutual Funds Michael Baker and Donald Erwin of Great-West reviewed a sample spreadsheet of alert messages that were drafted and asked for feedback regarding what criteria should appear on the spreadsheet in the future. These alerts were provided to address concerns about more closely monitoring funds that meet certain criteria as described in the investment policy. Michael will draft a revised spreadsheet for the committee to review at the next meeting. 6. Janus Global Calculation Anomaly Michael Baker explained this issue more thoroughly. Measures are being taken to immediately address this issue in the future. 7. Third Quarter Investment Performance Report Earle Dodd and Scott Olsen of UBS reviewed the 3rd Quarter performance reports for the County’s DB plans. The full presentations are available on the County’s website. 8. Asset Allocation Discussion Action: Motion to re-allocate assets to 60/40 split from Bonds to Equities: Paul Turner; Second: Karen Karasinski. Vote (5-0); Ludwiczak – Yes; Rodenbeck – Yes; Hoskins – Yes; Karasinski – Yes; Turner – Yes. 9. Status Update on Large Cap Manager Search Sands Capital Management has withdrawn from contract negotiations therefore the committee discussed how to proceed with the LCG Manager search. Search will be discussed further at the next meeting. 10. 2013 Work Plan Mike Ludwiczak and committee members have drafted a work plan for 2013 that includes items the group wishes to accomplish over the next calendar year. This will be presented at the next RPMC meeting. Adjournment Action: Motion to Adjourn: Mike Ludwiczak; Second: Karen Karasinski. Vote (5-0); Ludwiczak – Yes; Rodenbeck – Yes; Hoskins – Yes; Karasinski – Yes; Turner – Yes. Meeting was adjourned at 11:56 a.m. Next meeting is Friday December 14, 2012 at 9:30 a.m. in the DoFS Dogwood Conference Room on the 2nd floor of GJAC at 75 Langley Drive Lawrenceville, GA 30046. Name Ticker Style Manager Ownership Style Drift Regulatory Change Change Change Action Oppenheimer Developing Markets Y ODVYX Artisan International Inv ARTIX Columbia Small Cap Value Fund II Z NSVAX Oppenheimer Global Y OGLYX Royce Low Priced Stock Svc RYLPX American Century Mid Cap Value A ACLAX American Funds Growth Fund of Amer A AGTHX 1 Artisan Mid Cap Inv ARTMX Baron Growth Retail BGRFX Fidelity Contrafund FCNTX Janus Twenty T JAVLX Perkins Mid Cap Value T JMCVX Neuberger Berman Genesis Tr NBGEX Invesco Growth and Income Y ACGMX American Funds Invmt Co of America A AIVSX Dreyfus Intl Stock Index DIISX Fidelity Puritan FPURX Janus Balanced T JABAX Great-West Moderate Profile I Init MXOPX Great-West Aggressive Profile I Init MXPPX Great-West Moderately Agg Profile I Init MXRPX Great-West Moderately Cnsrv Prfl I Init MXTPX Great-West Conservative Profile I Init MXVPX Nuveen Tradewinds Value Opportunities I NVORX 2 JPMorgan High Yield A Load Waived OHYAX PIMCO Total Return Admin PTRAX TIAA-CREF Equity Index Instl TIEIX Vanguard Total Bond Market Index Signal VBTSX Notes: 1. Dylan Yolles ‐ Staying with the company but moving to a different division of Capital Management and Research. Dylan gave up his role on GFA to focus on other strategies. Martin Romo: Newly disclosed PC on the fund. Martin has been managing on the fund for 2 years. Barry Crosthwaite: Newly disclosed PC on the fund. Barry has been managing on the fund for 5 years. Gordy Crawford is still listed as a PC on the fund. However he will be retiring at the end of the year. (November, 2012) 2. The style consistency of this fund slipped from medium to low. This fund does not have a market cap constraint and can be expected to be more of a multi‐cap fund with some international exposure. (November, 2012) Third Quarter 2012 Columbia Focused Large Cap Growth Columbia Management Investment Advisers, LLC is an SEC-registered investment adviser that offers investment products and services under the names Columbia Management Investments, Columbia Management Capital Advisers, and Seligman Investments. All values are expressed in U.S. dollars unless otherwise noted. For purposes of compliance with the Global Investment Performance Standards (GIPS®), Columbia Management Investment Advisers, LLC has defined the institutional Firm as Columbia Management Investments, an operating division of Columbia Management Investment Advisers, LLC that offers investment management and related services to institutional clients. 146875 For institutional use only. © 2012 Columbia Management Investment Advisers, LLC. All Rights Reserved. Columbia Focused Large Cap Growth Investment Risks: The strategy is subject to stock market fluctuations. By maintaining a relatively concentrated portfolio, there may be greater risk than a portfolio that is more fully diversified. The portfolio may invest in foreign securities. International investing involves special risks, including foreign taxation, currency risks, risks associated with possible differences in financial standards, and other monetary and political risks. For institutional use only. © 2012 Columbia Management Investment Advisers, LLC. All Rights Reserved. Focused Large Cap Growth Team > Dedicated team focused solely on growth equity investing > Experienced professionals with wide breadth of industry knowledge > Complementary skills with clear accountability Year joined Year joined Professional Role and sector focus team industry Thomas M. Galvin, CFA Lead and senior portfolio manager 2003 1983 Senior portfolio manager; health care, Todd D. Herget 2003 1998 industrials and energy Senior portfolio manager; financials, Richard A. Carter 2003 1993 consumer and quantitative analysis Research analyst; technology, Michael W. Gnadinger, CFA 2004 2001 telecommunications and media industries As of September 30, 2012. 3 For institutional use only. © 2012 Columbia Management Investment Advisers, LLC. All Rights Reserved. Focused Large Cap Growth Team Columbia Management Focused Large Cap Growth Team firm-wide resources Thomas M. Galvin, CFA Todd D. Herget Lead and Senior Portfolio Manager Senior Portfolio Manager Joined industry in 1983 Joined industry in 1998 Independent Joined team in 2003 Joined team in 2003 perspectives available Richard A. Carter Michael W. Gnadinger, CFA to all portfolio Senior Portfolio Manager Research Analyst Joined industry in 1993 Joined industry in 2001 management teams Joined team in 2003 Joined team in 2004 Trading Quantitative Fundamental Tier One Research Research – trading platform 6 research analysts Equity Focus on capturing Broad universe Deep industry alpha — impact coverage opportunities knowledge 18 sector/industry Comprehensive Global specific models trading coverage sector coverage Customized 22 analysts of all international investment reports markets 6 research 14 senior traders associates 3 intermediate Work closely with traders our fixed income 1 junior trader counterparts 2 trading assistants As of September 30, 2012 Firm tenure for staff that joined Columbia Management as part of its acquisition of the long-term asset management business of Columbia Management Group ("CMG") from Bank of America includes time at CMG and predecessor firms. 4 For institutional use only. © 2012 Columbia Management Investment Advisers, LLC. All Rights Reserved. Investment Approach Seeks to: “We serve our clients best > Outperform benchmark and peer strategies by being consistently good, > Rank solidly in top quartile over full market cycle not just occasionally great.” Colin Moore, CIO Columbia Management Investment Philosophy We believe that: S&P 500 Annual EPS S&P 500 Annual Price > Price follows earnings $120 1600 > Research can identify: $100 1400 . Strong growth company 1200 $80 attributes up 2823% 1000 up 2064%
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