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Investment Committee Meeting April 27, 2017

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Investment Committee Meeting April 27, 2017 INVESTMENT COMMITTEE MEETING SENATOR FABIAN CHAVEZ JR. BOARD ROOM PERA BUILDING April 27, 2017 at 9:00 AM COMMITTEE MEMBERS John Melia, Chair Loretta Naranjo Lopez, Member John Reynolds, Vice Chair James Maxon, Member Dan Esquibel, Member Jackie Kohlasch, Member AGENDA 1. Roll Call 2. Approval of Agenda 3. Approval of Consent Agenda 4. Current Business ITEM PRESENTER A. Chief Investment Officer’s Report. Jude Pérez 1. Investment Performance – March 2017 Interim Chief Investment Officer 2. Cash Plan Update 3. Other Updates B. Action Item: Alternative Asset recommendation for approval, to be funded according to the cash plan and subject to legal review by General Counsel: 1. Recommendation to Commit up to €100 Million to Jude Pérez, CVC Capital Partners VII, L.P. LeAnne Larrañaga-Ruffy, Director of Equity, 2. Recommendation to Commit up to $75 million to Mike Krems, Altaris Health Partners IV, L.P. and Altaris TorreyCove Capital Partners Constellation Partners IV, L.P. C. Information Item: Emerging Market Public Equity RFP Jude Pérez, MQ’s and Timeline. LeAnne Larrañaga-Ruffy D. Information Item: Real Assets Completion Portfolio RFP Jude Pérez, MQ’s and Timeline. Kristin Varela, Senior Portfolio Manager of Real Returns 5. Other Business 6. Adjournment Consent Agenda Approval of minutes of February 23, 2017 Investments Committee meeting. Any person with a disability who is in need of 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. PERA Executive Summary March 2017 Market Values, Asset Allocation & Performance Data: TABLE I: Fund Market Values (in millions $) Asset Class 3/31/2017 Prev. Month's Chg Global Equity 7,384 73 Risk Reduction & Mitigation 4,037 -24 Credit Oriented Fixed Income 1,542 12 Real Assets 1,706 8 STO Cash Balances 119 16 TOTAL FUNDS 14,788 85 TABLE II: Fund Asset Allocation Comparison Asset Class Actual Target Variance Actual with Overlay Ranges $ in Millions Inclusive of Overlay Global Equity 49.93% 43.5% 6.4% 55.1% 38.5 - 48.5% 951.1 1,722.0 Risk Reduction & Mitigation 27.30% 21.5% 5.8% 25.0% 18.5 - 24.5% 857.5 514.5 Credit Oriented Fixed Income 10.43% 15.0% -4.6% 10.4% 11.0 - 19.0% -676.4 -676.4 Real Assets 11.54% 20.0% -8.5% 11.5% 16.0 - 24.0% -1,251.6 -1,251.6 STO Cash Balances 0.81% 0.00% 0.8% 0.0% 0.00% 119.4 0.0 TABLE III: PERA Performance for Month and Fiscal Year to Date (in percent %) 3/31/2017 Fiscal YTD 1 Year 3 Year TOTAL FUND 0.82% 8.09% 9.95% 4.76% Policy Index 0.83% 7.85% 10.63% 5.29% Value Added -0.01% 0.24% -0.68% -0.53% Global Equity 1.29% 14.08% 15.43% N/A Policy Index 1.32% 12.55% 14.77% N/A Value Added -0.03% 1.53% 0.66% N/A Risk Reduction & Mitigation -0.01% -1.15% 1.13% N/A Policy Index -0.05% -1.65% 0.52% N/A Value Added 0.04% 0.50% 0.61% N/A Credit Oriented Fixed Income 0.54% 6.56% 9.34% N/A Policy Index 0.95% 8.45% 13.35% N/A Value Added -0.41% -1.89% -4.01% N/A Real Assets 1.05% 7.45% 9.92% N/A Policy Index 0.62% 7.86% 10.30% N/A Value Added 0.43% -0.41% -0.38% N/A Cash (BNYM) 0.06% 0.44% 0.59% 0.75% PERA Executive Summary March 2017 Market Values, Asset Allocation & Performance: Market Value & Asset Allocation: . The Total Fund market value increased by $85 million in March and finished the month at $14.8 billion. The PERA Board updated the strategic asset allocation (SAA) in April 2016. PERA’s SAA is 43.5% Global Equity, 21.5% Risk Reduction and Mitigation, 15.0% Credit Oriented Fixed Income, and 20% Real Assets. Based on current market values, excluding the cash overlay, Global Equity is 6.4% overweight and Risk Reduction and Mitigation is overweight by 5.8%, which are both outside of the policy range. Credit Oriented Fixed Income is 4.6% underweight and Real Assets is underweight by 8.5%, which are both outside of policy range. The Board and Staff, with the advice of the investment consultants, are working on an implementation plan for the new SAA. Per section IV. A., Strategic Asset Allocation Targets, of the Investment Policy, "The Board recognizes that the long-term target allocation may take an extended period to implement.” Asset Transfers: PERA transferred $51 million at month-end from the cash account to the PERA STO account for beneficiary payments and operating expenses. For the fiscal year, PERA has transferred $424 million to the PERA fund, $1.6 million to the Magistrates account, $3.1 million to the Judicial account and $0.7 million to the Volunteer Fire Fighter account. Private partnerships called $33 million and distributed $45 million during the month. For last fiscal year capital calls averaged $39 million per month and totaled $469 million while distributions averaged $23 million per month and totaled $270 million. Fund Returns & Performance: The Total Fund returned 0.82%, net of fees, for the month. The Global Equity custom benchmark returned 1.32%, the Risk Reduction and Mitigation benchmark returned -0.05%, the Credit Oriented Fixed Income benchmark returned 0.95%, and the Real Assets benchmark returned 0.62%. The Fund has returned 8.09% for the fiscal year, 9.95% for the one-year and 4.76% for the three-year period. Watch List Update: One of PERA’s active Global Public Equity managers is on the Watch List and PERA’s illiquid investments are currently being reviewed by the new consultants. Public Employees Retirement Assoc of NM Monthly Performance Summary March 31, 2017 March, 2017: $14,787,533,956 Policy Index 0.81% 11.54% 20.00% 10.43% 43.50% 49.93% 15.00% 27.30% 21.50% Market Value ($) Allocation (%) Allocation (%) Global Equity $ 7,383,668,205 49.93% Global Equity 43.50% Risk Reduction & Mitigation$ 4,036,800,500 27.30% Risk Reduction & Mitigation 21.50% Credit Oriented Fixed Income$ 1,541,756,918 10.43% Credit Oriented Fixed Income 15.00% Real Assets $ 1,705,908,299 11.54% Real Assets 20.00% STO Balance $ 119,400,035 0.81% Allocations shown may not sum to 100% due to rounding 2 Monthly Summary Investment Performance and Market Values For Periods Ending March 31, 2017 Returns Market Value FYTD Inception Month QTD 6/30/16 CYTD 1 Year 3 Years 5 Years 10 Years Return $(000) Percent NM PERA Total Fund 14,668,134 100.00 Gross of Fee Return 0.82 4.28 8.25 4.28 10.18 5.02 7.74 4.35 9.09 Net of Fee Return 0.82 4.27 8.09 4.27 9.95 4.76 7.50 4.18 9.03 Policy Index 0.83 3.43 7.85 3.43 10.63 5.29 7.22 5.03 8.97 Value Added -0.01 0.84 0.24 0.84 -0.68 -0.53 0.28 -0.85 0.06 Global Equity 7,383,668 50.34 Gross of Fee Return 1.26 6.80 14.20 6.80 15.62 6.38 Net of Fee Return 1.29 6.81 14.08 6.81 15.43 6.19 Policy Index 1.32 6.16 12.55 6.16 14.77 6.52 Value Added -0.03 0.66 1.52 0.66 0.67 -0.33 Risk Reduction & Mitigation 4,036,800 27.52 Gross of Fee Return -0.01 0.82 -1.09 0.82 1.21 3.16 Net of Fee Return -0.01 0.82 -1.15 0.82 1.13 3.06 Policy Index -0.05 0.76 -1.65 0.76 0.52 2.43 Value Added 0.04 0.06 0.51 0.06 0.61 0.63 Credit Oriented Fixed Income 1,541,757 10.51 Gross of Fee Return 0.56 2.68 6.72 2.68 9.60 4.87 Net of Fee Return 0.54 2.64 6.56 2.64 9.34 4.65 Policy Index 0.95 2.17 8.45 2.17 13.35 6.52 Value Added -0.41 0.46 -1.89 0.46 -4.01 -1.87 * Illiquid Real Assets policy not available until late May. This affects the Real Assets & Total Fund policies as well. 3 Monthly Summary Investment Performance and Market Values For Periods Ending March 31, 2017 Returns Market Value FYTD Inception Month QTD 6/30/16 CYTD 1 Year 3 Years 5 Years 10 Years Return $(000) Percent Real Assets 1,705,908 11.63 Gross of Fee Return 1.12 3.56 8.09 3.56 10.82 4.23 Net of Fee Return 1.05 3.43 7.45 3.43 9.92 3.29 Policy Index 0.62 1.39 7.86 1.39 10.30 2.72 Value Added 0.43 2.05 -0.42 2.05 -0.37 0.58 * Illiquid Real Assets policy not available until late May.
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