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State of Connecticut Office of the Treasurer Shawn T State of Connecticut Office of the Treasurer Shawn T. Wooden Treasurer M E M O R A N D U M TO: Members of Investment Advisory Council FROM: Shawn T. Wooden, State Treasurer and Council Secretary DATE: April 16, 2020 SUBJECT: Investment Advisory Council Meeting – April 23, 2020 Enclosed is the agenda package for the Investment Advisory Council meeting on Thursday, April 23, 2020 starting at 9:00 A.M. The following subjects will be covered at the meeting: Item 1: Approval of the Minutes of the March 11, 2020 IAC Meeting Item 2: Opening Comments by the Treasurer Item 3: Update on the Market and the CRPTF Performance Laurie Martin, Chief Investment Officer, will provide an update on the capital market environment and will report on the following: • The CRPTF performance for the quarter ending March 31, 2020 Item 4: Private Credit Fund Opportunities Mark Evans, Principal Investment Officer, will provide an overview of our Private Credit market strategy and the opportunities in the current environment. Item 5: Presentation by and Consideration of Altaris Health Partners V, L.P. Mark Evans, Principal Investment Officer, will provide opening remarks and introduce Altaris Health Partners V, L.P., a Private Investment Fund opportunity. Item 6: Presentation by and Consideration of Hg Genesis 9, L.P. & Hg Saturn 2, L.P. Mark Evans, Principal Investment Officer, will provide opening remarks and introduce Hg Genesis 9, L.P. & Hg Saturn 2, L.P., Private Investment Fund opportunities. Item 7: Presentation by and Consideration of Homestead Capital USA Farmland Fund III, L.P. Danita Johnson, Principal Investment Officer, will provide opening remarks and introduce Homestead Capital USA Farmland Fund III, L.P., a Real Assets Fund opportunity. Item 8: Presentation by and Consideration of Rockpoint Real Estate Fund VI, L.P Danita Johnson, Principal Investment Officer, will provide opening remarks and introduce Rockpoint Real Estate Fund VI, L.P., a Real Estate Fund opportunity. Item 9: Report on Corporate Governance Christine Shaw, Assistant Treasurer for Policy, will report on corporate governance activities for the quarter ended March 31, 2020. Item 10: Other Business • Discussion of the preliminary agenda for the May 13, 2020 IAC meeting Item 11: Comments by the Chair We look forward to reviewing these agenda items with you at the April 23rd meeting. If you find that you are unable to attend this meeting, please call Katrina Farquhar at (860) 702-3110. STW/kf Enclosures INVESTMENT ADVISORY COUNCIL AGENDA ITEM #1 Wednesday, March 11, 2020 MEETING NO. 473 Members present: Thomas Fiore, representing Secretary Melissa McCaw Joshua Hall* *11:14am Departure Michael Knight Steven Muench Richard Ross Patrick Sampson Carol Thomas, Interim Chair Shawn T. Wooden, Treasurer Absent: Michael LeClair Others present: Laurie Martin, Chief Investment Officer Kevin Cullinan, Chief Risk Officer Mark Evans, Principal Investment Officer Katrina Farquhar, Executive Assistant Lyndsey Farris, Principal Investment Officer Karen Grenon, Legal Counsel Darrell Hill, Deputy Treasurer Barbara Housen, Chief Compliance Officer, Deputy General Counsel Danita Johnson, Principal Investment Officer Raynald Lévèque, Deputy Chief Investment Officer Steve Meier, Senior Principal Investment Officer Paul Osinloye, Principal Investment Officer Guests: Dyice Ellis Beckham, Invesco Drianne Benner, Appomattox LaRoy Brantley, Meketa Investment Group Judy Chambers, Meketa Investment Group Brandon Colon, Meketa Investment Group Maguette Dicp, SEIU Will Greene, Loop Capital Chris Morgan, Franklin Templeton Mary Mustard, Meketa Investment Group Matt Ritter, NEPC Liz Smith, AllianceBernstein Peter Woolley, Meketa Investment Group INVESTMENT ADVISORY COUNCIL 2 Wednesday, March 11, 2020 With a quorum present, Interim Chair Carol Thomas called the Investment Advisory Council (“IAC”) meeting to order at 9:04 a.m. Approval of Minutes of the February 19, 2020 IAC Meeting Chair Thomas called for a motion to accept the minutes of the February 19, 2020 IAC meeting. William Murray moved to approve the minutes of the February 19, 2020 IAC meeting. The motion was seconded by Thomas Fiore. There was one abstention from Steven Muench. There being no further discussion, the Chair called for a vote and the motion passed. Comments by the Treasurer Treasurer Wooden, began his opening remarks by sharing recent corporate governance activities, including the agreements reached with Amgen and Bristol Myers-Squibb regarding the need for further disclosure in connection with their clawback polices. Next, he discussed the significant market volatility over recent weeks and the impact that it has had on the investment program. He reviewed the actions he is taking at the Office of the Treasurer (“OTT”) in response to the COVID-19 virus and stated that the OTT is following the guidance provided by the Centers for Disease Control (“CDC”) to keep our employees and our workspace healthy. Finally, Treasurer Wooden announced that six firms were under consideration for index and enhanced index investment management as well as transition management services for the Passive Panel manager search. Update on the Market, the Connecticut Retirement Plans and Trust Funds Final Performance for Month Ending January 31, 2020 Laurie Martin, Chief Investment Officer (“CIO”), provided an update on the CRPTF’s performance and commented on the capital market environment and the economic outlook. Then Steve Meier, Senior Principal Investment Officer, reviewed similarities and differences between the market volatility today versus the global financial crisis of 2009. Presentation by and Consideration of the Finalists for the Passive Panel Investment Manager Search Laurie Martin, CIO, provided opening remarks and introduced the six finalists for the Passive Panel Investment Manager Search. RhumbLine Advisers, represented by Denise D’Entremont, President, Julie Lind, Portfolio Manager, and Antonio Ballestas, Portfolio Manager; Piedmont Investment Advisors, represented by Kila Weaver, Vice President – Marketing and Client Services, Sumali Sanyal, Co-CIO; State Street Global Advisors, represented by Taylor Famiglietti, Client Relationship Manager, Mike Feehily, Global Head of Equity beta team, and Patrick Bresnehan, North American Head of Fixed Income beta team; Northern Trust Corporation, represented by Mac Nickey, Director – Public Funds, Bill Kincaide, Director - Transition, and Jacob Weaver, Director – Global Equity; BlackRock, represented by Zaneta Koplewicz, Managing Director - Senior Relationship Manager, Emily Foote, Senior Strategist – Index Equity, Kit Donovan, Senior Strategist - Systematic Fixed Income, and Adam Esposito, Transition Management; and T. Rowe Price, represented by Deirdre Guice-Minor Institutional Business Development, Ryan Wagner, Institutional Client Services, and Ann Holcomb, Director of Equity Research, presented for the IAC. INVESTMENT ADVISORY COUNCIL 3 Wednesday, March 11, 2020 Roll Call of Reactions for the Finalists for the Passive Panel Investment Manager Search Messrs. Fiore, Murray, Muench, Michael Knight, Richard Ross, Patrick Sampson, and Chair Thomas provided feedback on the finalists for the Passive Panel manager search. Chair Thomas called for a motion to waive the 45-day comment period. A motion was made by Mr. Muench, seconded by Mr. Murray, to waive the 45-day comment period for the six Passive Panel finalists. There being no discussion, the Chair called for a vote and the motion passed. Consideration of the Search Process for Emerging Manager Program Search Ms. Martin provided an overview of the project plan and scope of services for the Emerging Manager Program request for proposal. Chair Thomas asked for a motion to endorse the search process for the Emerging Manager Program. A motion was made by Michael Knight, seconded by Mr. Murray, to endorse the Emerging Manager Program search. There being no discussion, the Chair put the question to a vote and the motion was passed unanimously. Other Business Chair Thomas noted the next meeting will be held on April 23, 2020. She invited the council members to submit agenda items. Comments by the Chair There being no further business, the Chair called for a motion to adjourn the meeting. Mr. Muench moved to adjourn the meeting and the motion was seconded by Mr. Murray. There being no discussion, the meeting was adjourned at 11:59 a.m. TEACHER'S RETIREMENT FUND Net of All Fees and Expenses AGENDA ITEM #3 Periods Ending February 29, 2020 Compound, annualized returns Funds Percent Policy Lower Upper Market Three Fiscal Calendar One Three Five Seven Ten Benchmark Holdings Weights Range Range Value (mil.) Month Months YTD YTD Year Year Year Year Year C5TG9Teacher’s Retirement Fund 100.0% $18,396.5 -3.40 -1.53 1.66 -3.63 6.08 6.42 5.79 6.81 7.57 C5TGX Policy Benchmark -3.03 -1.08 2.22 -3.25 6.02 6.89 5.87 6.93 7.74 C5TGX Dynamic Benchmark -3.43 -1.48 1.87 -3.72 5.67 6.60 5.62 6.66 N/A C5TF9 Domestic Equity 21.0% 20.0 15.0 25.0 $3,856.5 -7.97 -5.23 1.64 -7.88 7.09 9.40 8.76 11.95 12.24 IX1F00 Russell 3000 -8.19 -5.64 1.22 -8.29 6.90 9.28 8.72 11.90 12.48 C5TF9 Developed Markets ISF 11.7% 11.0 6.0 16.0 $2,156.2 -8.78 -7.94 -5.06 -11.01 -1.19 3.54 3.32 5.69 6.48 C5TGX MSCI EAFE IMI Net -9.15 -8.12 -3.38 -11.16 0.83 4.62 3.36 5.98 6.44 C5TF9 Emerging Markets ISF 9.9% 9.0 4.0 14.0 $1,818.1 -5.35 -3.29 -2.23 -9.51 1.30 4.95 3.18 1.67 3.62 C5TGX MSCI Emerging Markets IMI -5.46 -3.20 -3.66 -9.80 -2.43 4.25 2.40 1.58 3.07 C5TF9 Core Fixed Income 15.5% 16.0 11.0 21.0 $2,844.6 1.70 3.57 6.10 3.60 10.68 4.45 3.29 2.95 3.85 IX1F00 Barclays U.S.
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