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Item 8 MEETING DATE: November 20, 2019

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Item 8 MEETING DATE: November 20, 2019 Board of Retirement Regular Meeting Sacramento County Employees’ Retirement System Agenda Item 8 MEETING DATE: November 20, 2019 SUBJECT: Monthly Investment Manager Activity, Compliance, and Watch List Report – October 2019 Deliberation Receive SUBMITTED FOR: X Consent and Action and File RECOMMENDATION Staff recommends the Board receive and file the Monthly Investment Manager Activity, Compliance, and Watch List report for October 2019. PURPOSE This item complies with SCERS’ investment policy statement reporting requirements and contributes to the effective management and oversight of investment activities. DISCUSSION SCERS’ investment manager transactions have been reviewed for compliance with their respective investment guidelines and objectives. No compliance violations have been found. As of October 31, 2019, investment managers on the Watch List include: 1. AQR Capital Management (Diversifying Absolute Return) Staff and the investment consultants will continue to monitor the performance and/or organizational concerns for SCERS’ investment managers and update the Watch List accordingly. ATTACHMENTS 1. Monthly Investment Manager Activity, Compliance, and Watch List Report – October 2019 2. Watch List with Commentary Report – October 2019 November 20, 2019 Page 2 of 2 Agenda Item 8 Prepared by: /S/ ___________________________ Brian Miller Investment Officer Reviewed by: /S/ /S/ ____________________________ ____________________________ Steve Davis Eric Stern Chief Investment Officer Chief Executive Officer SACRAMENTO COUNTY EMPLOYEES' RETIREMENT SYSTEM Monthly Investment Manager Activity, Compliance, and Watch List Report October 31, 2019 Net Asset Value Total Capital Watch SCERS Investment / Total Capital Counter-Party Monthly Purchases / Monthly Sales / Capital # Investment Manager Fund Type (as of October 31, Returned to Benchmark Comply Top 10 Holdings / Notes List Commitment Called to Date Comply Capital Called Returned** 2019)* Date** DOMESTIC EQUITY JP Morgan Asset Equity Microsoft , Alphabet , Amazon, Apple, Linde, Honeywell 1 $137,569,508 Russell 1000 Yes N/A $19,445,127 $25,070,346 Management 130/30 International, Citigroup, Comcast, Fiserv, MasterCard D.E. Shaw Broad Market Core Equity Microsoft, Apple, Amazon.com, Visa, Johnson & Johnson, 2 $132,149,140 Russell 1000 Yes N/A Alpha Extension 130/30 ConocoPhillips, VeriSign , McDonald's Corp, Citigroup, AbbVie Microsoft Corp Cdi, Alphabet Inc Cl C, Berkshire Hathaway Cl B Large Cap Cdi, Citigroup Inc, Comcast Corp Class A, Goldman Sachs Group 3 Eagle Capital Management $269,327,128 Russell 1000 Yes N/A $5,012,900 $4,860,402 Core Inc Cdi, Amazon.Com Inc, Liberty Broadband C, Wells Fargo + Co, General Electric Co Apple Inc, Microsoft Corp Cdi, Amazon.Com Inc, Facebook Inc Large Cap Class A Cdi, Alphabet Inc Cl A, Johnson + Johnson, Procter + 4 AQR US Enhanced Equity $250,693,024 Russell 1000 Yes N/A $18,685,514 $18,741,216 Core Gamble Co/The, Wells Fargo + Co, Berkshire Hathaway Cl B Cdi, Intel Corp Cdi Apple Inc, Microsoft Corp Cdi, Amazon.Com Inc, Facebook Inc Large Cap Class A Cdi, Berkshire Hathaway Cl B Cdi, Jpmorgan Chase + Co 5 Alliance Bernstein $1,193,394,299 Russell 1000 Yes N/A $1,790,640 $3,206,277 Passive Cdi, Alphabet Inc Cl C, Alphabet Inc Cl A, Johnson + Johnson, Visa Inc Class A Shares Nevro Corp, Paylocity Holding Corp, Firstservice Corp, Chegg Inc, Small Cap Russell 2000 6 Weatherbie Capital $100,753,064 Yes N/A $3,920,632 $4,340,274 Casella Waste Systems Inc A, Insulet Corp, Glaukos Corp, State Growth Growth Street Bank + Trust Co, Epam Systems Inc, Planet Fitness Inc Cl A State Street Bank + Trust Co, Quanta Services Inc, Cousins Properties Dalton, Greiner, Hartman, Small Cap Inc, Forward Air Corp, Unifirst Corp/Ma, Brandywine Realty Trust, 7 $94,839,670 Russell 2000 Value Yes N/A $7,971,260 $7,344,051 Maher Value Portland General Electric Co, Cable One Inc, Kennedy Wilson Holdings Inc, Teradyne Inc TOTAL DOMESTIC EQUITY $2,178,725,833 $56,826,073 $63,562,565 *Net Asset Value for Private Equity, Private Credit, Real Estate, Real Assets, and Opportunities are most recent quarterly values adjusted for cash flows. **Capital returned includes return of capital, income, and gains. Page 1 of 15 SACRAMENTO COUNTY EMPLOYEES' RETIREMENT SYSTEM Monthly Investment Manager Activity, Compliance, and Watch List Report October 31, 2019 Net Asset Value Total Capital Watch SCERS Investment / Total Capital Counter-Party Monthly Purchases / Monthly Sales / Capital # Investment Manager Fund Type (as of October 31, Returned to Benchmark Comply Top 10 Holdings / Notes List Commitment Called to Date Comply Capital Called Returned** 2019)* Date** INTERNATIONAL EQUITY Lazard Emerging Markets Equity, State Street Bank + Trust Co, Cae MSCI ACWI Ex.- 8 Lazard Asset Management ACWI ex-US $383,734,435 Yes N/A $23,041,659 $20,654,199 Inc, Vivendi, Volkswagen Ag Pref, Aon Plc, Accenture Plc Cl A, U.S. Medtronic Plc, Sanofi, Informa Plc Developed Roche Holding Ag Genusschein, Sanofi, Enel Spa, Royal Dutch Shell MSCI World Ex.- 9 LSV Asset Management Large Cap $432,181,095 Yes N/A $7,406,490 $8,263,681 Plc B Shs, Kddi Corp, Nippon Telegraph + Telephone, Total Sa, Bp U.S. Value Plc, Glaxosmithkline Plc, Bae Systems Plc Developed Smc Corp, Lvmh Moet Hennessy Louis Vui, Aia Group Ltd, Keyence Walter Scott International EAFE MSCI World Ex.- 10 Large Cap $544,299,395 Yes N/A $12,051,865 $11,120,080 Corp, Adidas Ag, Shin Etsu Chemical Co Ltd, Compass Group Plc, Income Growth U.S. Growth Coloplast B, State Street Bank + Trust Co, Givaudan Reg Developed Euronext Nv, Li Ning Co Ltd, Beazley Plc, Tis Inc, Indutrade Ab, Nihon William Blair International Small MSCI Small Cap 11 Small Cap $89,630,404 Yes N/A $4,683,467 $4,683,590 Unisys Ltd, Evolution Gaming Group, Nihon M&A Center Inc, Cap World ex.-U.S. Growth Globant Sa, Diploma Plc Developed Nifco Inc, en-Japan Inc, Rubis SCA, WSP Global Inc, SATS Ltd, Mondrian International Small MSCI Small Cap 12 Small Cap $96,423,531 Yes N/A $2,745,199 $2,855,781 Innergex Renewable Energy Inc, Nihon MA Center Inc, Boralex Inc, Cap World ex.-U.S. Value Equiniti Group PLC, ContourGlobal PLC Taiwan Semicon.Mnfg., Ping An Insurance 'H', Alibaba Group Emerging MSCI Emerging Hldg.Spn. Adr 1:1, Norilsk Nickel Adr, Samsung Electronics, Tencent 13 Ballie Gifford EM All Cap Market - All $197,400,507 Yes N/A 4,611,236 $2,093,775 Markets Holdings, Sberbank Of Russia (Lon) Adr, Reliance Industries, Cnooc, Cap Housing Development Fin. Taiwan Semiconductor Manufacturing Ltd, Samsung Electronics Co Emerging Ltd, Ping An Insurance Co of China Class H, China Merchants Bank MSCI Emerging 14 Mondrian EM All Cap Market - All $170,592,703 Yes N/A $5,039,082 $5,653,885 Co Ltd Class H, LG Chem Ltd, Alibaba Group Holding Sponsored Markets Cap ADR, CSPC Pharmaceutical Group Ltd, Gazprom PJSC Sponsored ADR, WH Group Ltd, Sands China Ltd TOTAL INTERNATIONAL EQUITY $1,914,262,070 $59,578,998 $55,324,992 *Net Asset Value for Private Equity, Private Credit, Real Estate, Real Assets, and Opportunities are most recent quarterly values adjusted for cash flows. **Capital returned includes return of capital, income, and gains. Page 2 of 15 SACRAMENTO COUNTY EMPLOYEES' RETIREMENT SYSTEM Monthly Investment Manager Activity, Compliance, and Watch List Report October 31, 2019 Net Asset Value Total Capital Watch SCERS Investment / Total Capital Counter-Party Monthly Purchases / Monthly Sales / Capital # Investment Manager Fund Type (as of October 31, Returned to Benchmark Comply Top 10 Holdings / Notes List Commitment Called to Date Comply Capital Called Returned** 2019)* Date** PRIVATE EQUITY Cambridge Abbott Capital Private Equity aFund of 15 $48,418,604 $75,000,000 $74,062,500 $75,751,320 Assoc. All Private Yes N/A Fund VI, LP Funds Equity Cambridge HarbourVest International PEP aFund of Fund is denominated in Euros and has been converted to US dollars 16 $32,282,445 $50,000,000 $37,649,314 $26,677,438 Assoc. All Private Yes N/A $742,211 VI, LP Funds based on the exchange rate at the time of the transaction. Equity Cambridge aFund of 17 HarbourVest VIII, LP $14,914,775 $50,000,000 $47,962,500 $68,234,734 Assoc. All Private Yes N/A $167,153 Funds Equity Cambridge Private Equity (Goldman aFund of 18 $23,706,366 $75,000,000 $74,960,334 $76,452,914 Assoc. All Private Yes N/A Sachs) X, LP Funds Equity Cambridge Accel-KKR Capital Partners IV, 19 Buyout $13,800,842 $15,000,000 $14,176,766 $22,441,864 Assoc. All Private Yes N/A LP Equity Cambridge Accel-KKR Capital Partners V, 20 Buyout $10,226,050 $25,000,000 $12,767,651 $7,333,870 Assoc. All Private Yes N/A $1,126,912 $1,332,574 LP Equity Cambridge 21 H.I.G. Capital Partners V, LP Buyout $12,740,561 $14,000,000 $11,319,832 $3,766,021 Assoc. All Private Yes N/A Equity Buyout - Cambridge Middle 22 Linden Capital Partners III, LP $41,322,899 $35,000,000 $32,852,736 $25,896,210 Assoc. All Private Yes N/A $139,226 Market Equity Healthcare Buyout - Cambridge Middle 23 Linden Capital Partners IV, LP $10,699,810 $44,000,000 $13,096,127 $3,439,955 Assoc. All Private Yes N/A Market Equity Healthcare Buyout - Cambridge Middle 24 Thoma Bravo Fund XI, LP $37,510,448 $30,000,000 $30,010,615 $30,974,003 Assoc. All Private Yes N/A $3,572,096 Market Equity Technology Buyout - Cambridge Middle 25 Thoma Bravo Fund XII, LP $35,205,146 $30,000,000 $28,666,718 $1,679,987 Assoc. All Private Yes N/A $295,902 Market Equity Technology Buyout - Cambridge Middle 26 Thoma Bravo Fund XIII, LP $16,059,899 $45,000,000 $16,246,655 $182 Assoc.
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