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Annual Report Illinois State Board of Investment

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Annual Report Illinois State Board of Investment 2015 ANNUAL REPORT • ILLINOIS STATE BOARD OF INVESTMENT Table of Contents INTRODUCTION 2 Board Members 3 Letter to Trustees 8 Financial Highlights 9 Ten Year Summary FINANCIAL STATEMENTS 10 Independent Auditors’ Report 13 Financial Statements 14 Management’s Discussion and Analysis 16 Statements of Net Position 17 Statements of Changes in Net Position 18 Notes to Financial Statements SUPPLEMENTAL FINANCIAL INFORMATION 36 Portfolio of Investments 122 Portfolio Data 124 Investment Transactions with Brokers and Dealers 126 Restricted Investments 128 Staff and Investment Managers Printed on contract by authority of the State of Illinois, December 9, 2015 (100 copies at $25.75 each) ILLINOIS STATE BOARD OF INVESTMENT 1 Board Members Marc Levine Mark Cozzi Justice Mary Seminara-Schostok CHAIRMAN EXECUTIVE COMMITTEE Marc Levine Marc Levine Appointed Member Chairman VICE CHAIRMAN Mark Cozzi Mark Cozzi Vice Chairman Appointed Member Justice Mary Seminara-Schostok RECORDING SECRETARY Recording Secretary Justice Mary Seminara-Schostok James F. Clayborne Ezequiel Flores Chairman, Board of Trustees Shari Greco Reiches Judges’ Retirement System of Illinois Member at Large MEMBER-AT-LARGE AUDIT & COMPLIANCE COMMITTEE Shari Greco Reiches Justice Mary Seminara-Schostok, Appointed Member Chairman Senator James F. Clayborne Senator James F. Clayborne Michael W. Frerichs Chairman, Board of Trustees Leslie Geissler Munger General Assembly Retirement System Steven Powell Michael Frerichs INVESTMENT POLICY COMMITTEE Treasurer, State of Illinois Steven Powell, Chairman Michael Frerichs Leslie Geissler Munger Mark Cozzi Leslie Geissler Munger Michael W. Frerichs, Treasurer Comptroller, State of Illinois Shari Greco Reiches Chairman, Board of Trustees Justice Mary Seminara-Schostok State Employees’ Retirement System EMERGING MANAGER COMMITTEE Steven Powell Senator James F. Clayborne, Chairman Appointed Member Mark Cozzi Ezequiel Flores Leslie Geissler Munger Appointed Member Shari Greco Reiches Justice Mary Seminara-Schostok Steven Powell Shari Greco Reiches 2 ILLINOIS STATE BOARD OF INVESTMENT Letter to Trustees The General Assembly Retirement System The Judges’ Retirement System of Illinois The State Employees’ Retirement System of Illinois Illinois Power Agency Trust At the end of FY2015 the portfolio value of the assets under the Illinois State Board of Investment’s (ISBI’s) fiduciary control was $15,845,893,550. For the fiscal year ISBI’s portfolio had grown at the rate of 4.7%, net of all fees. While, on its own, such a rate of return may not be particularly impressive, especially as compared to previous years, it still was sufficient for ISBI to have a higher rate of return than many of its peers. Further, FY2015 witnessed few material changes to ISBI’s portfolio. However, unlike the investment portfolio, on a governance basis ISBI experienced dramatic changes to its Board of Trustees and the Board’s leadership. ISBI’s Board of Trustees is comprised of nine members—six of those members joined the Board in the second half of FY2015. Further, since December 31, 2014 ISBI has benefitted from the service of three different Chairmen. Changes to the Board By statute the Illinois State Comptroller serves as Chair of the State Employees’ Retirement System (SERS), and under a separate statute the Chair of SERS is an ex officio member of ISBI. As a result, since her swearing in as State Comptroller in 2013, Judy Baar Topinka had been a member of the ISBI Board. Sadly, Comptroller Topinka passed away suddenly on December 10, 2014. Governor Bruce Rauner appointed Leslie Geissler Munger to fill that vacancy. On January 12, 2015, Ms. Munger was sworn in as Illinois State Comptroller, and became Chair of the State Employees Retirement System, thus a member of the Board of ISBI. At the time of Governor Rauner’s inauguration on January 12, 2015 the terms of three Board members, Chairman Devon Bruce, Michelle Bush, and John Casey, had lapsed. As a result, on January 30 Governor Rauner appointed three new Board members: Marc Levine, Mark Cozzi, and Shari Greco Reiches. With the replacement of Devon Bruce on the Board, the position of Chair became vacant. At a special meeting held February 6, 2015 the Board elected Steven Powell as its new Chairman. Following the expiration of the term of Rod Bashir, on June 5 Governor Rauner appointed Ezequiel Flores to that seat. Subsequent to the end of the fiscal year, at the Board’s statutory Annual Meeting, held September 17, the Board elected the current Chair, Marc Levine. Figure 1 Net Asset Allocation June 30, 2015 Fair Value Actual Asset Mix Policy Target $ % % U.S. equity $4,748,492,740 30 30% U.S. equity hedge funds 1,576,250,129 10 10 International equity 2,380,176,737 15 20 Commingled funds4 770,805,046 5 - 1 Maturities of one year or longer, including Fixed income1 2,615,130,329 17 16 convertible bonds. Bank loans 697,836,613 4 4 2 Interests in limited partnerships and other entities, which have limited liquidity. Real estate 1,610,826,230 10 10 3 2 Includes money market instruments and other Private equity 667,080,662 4 5 assets, less liabilities. Real assets2 532,718,107 3 5 4 Holdings include fixed income and equity Cash3 246,576,957 2 - investments. Total $15,845,893,550 100% 100% ILLINOIS STATE BOARD OF INVESTMENT 3 Fixed income 17% International equity 15% Commingled funds 5% Bank loans 4% Real estate 10% U.S. equity 30% Private equity 4% Real Assets 3% Cash 2% U.S. equity hedge funds 10% New Perspective A turnover of six Board members in six months is unique in the history of ISBI, and inevitably brought a new perspective to the Board. The new members have worked to familiarize themselves with ISBI and its portfolio, and have sought to review the relationships critical to the portfolio’s success. In March the Board issued RFPs for real estate and private equity consultants; those RFPs concluded at the June meeting with the retention of Courtland Advisors and Franklin Park, respectively. Marquette Associates had served as the Board’s general consultant since 2003, over twelve years. Consistent with the initiatives described above, on August 10, in FY2016, ISBI issued an RFP for general consultant. That process concluded at a special meeting held October 19 with the selection of a new general consultant, Meketa Investment Group. Besides the RFPs issued for the various consulting relationships, Board members, individually and collectively, have worked to increase their familiarity with the portfolio. Special meetings have been held related to Board governance, ethics, and hedge funds. Early in FY2016 a special meeting was held with the Board and the real estate consultant, resulting in revisions to the real estate portfolio, adopted at the September meeting, expanding non-core and non-US real estate exposure, and revising the structure of ISBI’s real estate separate account with Clarion Partners. Besides these formal meetings, individual Board members have met regularly with staff, ISBI’s retained consultants, and various investment managers, learning more about the portfolio, ISBI, and the industry. While Board members have been working to learn more about ISBI, certain points of view on the part of the newly organized Board have become clear. Going forward a renewed focus will be placed on fees and a reduction of the fee burden on the portfolio. Related to the fee sensitivity, the Board is increasingly skeptical of the inefficiency of public markets. While the Board acknowledges the historic trend within the portfolio away from active management towards passive management, given the Board’s fee sensitivity and confidence in market efficiency, it expects that trend to continue and accelerate. The portfolio has grown over the last five years, and added value relative to its benchmarks, and relative to its peer group. However, this appreciation has been a function of equity exposure in various forms. As a result, the portfolio now is confronted with a meaningful level of equity risk that, going forward, needs to be managed and mitigated. Further, the Board acknowledges and embraces the portfolio value of transparency and simplicity. While its new members have brought the Board these fresh perspectives, the Board also understands that it is a 4 ILLINOIS STATE BOARD OF INVESTMENT Figure 2. Investment Returns, June 30, 2015 (Annualized) 2015 2014 2013 2012 2011 3 Yrs. 5 Yrs. 10 Yrs. % % % % % % % % Total Fund 4.7 17.9 14.1 0.1 21.7 12.1 11.4 6.2 Composite Benchmark* 4.0 16.3 11.8 0.9 19.6 10.6 10.3 6.4 Consumer Price Index 0.1 2.1 1.8 1.7 3.6 1.3 1.8 2.1 U.S. Equities** 6.4 24.1 23.3 1.3 33.9 17.7 17.2 8.5 Russell 3000 Index 7.3 25.2 21.5 3.8 32.4 17.7 17.5 8.2 Hedge Funds ** 6.0 15.0 12.6 (4.3) 12.7 11.1 8.6 NA HFRX Equity Hedge 4.0 8.5 8.3 (10.7) 3.4 6.9 2.5 NA International Equities (1.0) 23.8 16.8 (10.7) 32.7 12.7 11.1 7.3 MSCI-ACWI ex US Index (4.6) 22.8 14.4 (14.4) 30.9 10.3 8.5 4.9 Fixed Income (1.4) 6.5 2.4 6.8 5.7 2.5 4.0 3.6 Barclays Capital US Universal Index 1.6 5.2 0.2 7.4 4.8 2.3 3.8 4.7 Real Estate 16.3 14.5 13.0 5.3 17.0 14.6 13.1 5.1 NCREIF Real Estate Index 13.4 11.7 11.1 11.3 16.7 12.1 12.8 8.2 Private Equity 21.5 24.7 16.2 7.6 24.0 20.8 18.6 12.7 Note: Calculations are based on a time series of linked monthly returns (IRR), producing a time weighted effect.
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