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Trumbull Police Pension Board of Trustees Meeting Police Headquarters – Line-Up Room 158 Edison Road

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Trumbull Police Pension Board of Trustees Meeting Police Headquarters – Line-Up Room 158 Edison Road TRUMBULL POLICE PENSION TRUSTEES PENSION BOARD RAYMOND G. BALDWIN, JR., CHAIRMAN ANGELO MAGLIOCCO, VICE CHAIRMAN 158 EDISON ROAD John Vazzano, Secretary TRUMBULL, CONNECTICUT 06611 MICHAEL LOMBARDO, CHIEF OF POLICE DONALD ALLEN P (203) 261-3665 R C F (203) 452-5162 OBERT OPPOLA LISA LABELLA EDGAR PEREZ Christian Trefz ALBERT ZAMARY AGENDA Special Meeting Trumbull Police Pension Board of Trustees Meeting Police Headquarters – Line-Up Room 158 Edison Road December 10, 2019 5:30 p.m. I. Call Meeting to Order II. Approval of November 12, 2019 Special Police Pension Board minutes III. New Business Quarterly Report Update from Michael Quirini, Wells Fargo IV. Old Business Update on Danielle Petruso - Disbursement of Police Pension Funds Update on letter Agreement with Reid & Riege to review QDRO for Officer Thomas Dzurenda V. Approval of 2020 Trumbull Police Pension Board Meeting Schedule VI. Adjournment TRUMBULL POLICE PENSION PLAN __________________________________________________________________________________________________________________________________________ Institutional Asset Advisors Period Ending September 30, 2019 Michael Quirini, CFA 312-726-2160 ©2019 Wells Fargo Bank, N.A. All rights reserved. FOR INSTITUTIONAL INVESTOR USE ONLY Asset Class Returns As of September 30, 2019 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 YTD Emerging Emerging Government Emerging Government Emerging Emerging Real Estate Real Estate Small Cap Real Estate Real Estate Small Cap Cash Real Estate Markets Markets Treasury Markets Treasury Markets Markets 35.97 % 28.60 % 38.82 % 31.78 % 4.23 % 21.31 % 1.86 % 27.21 % Best 34.00 % 39.38 % 24.03 % 78.51 % 29.93 % 18.23 % 37.28 % 5 Emerging Government Intermediate Commodities Commodities Intl Bonds High Yield Small Cap Real Estate Mid Cap Mid Cap Large Cap Mid Cap Intl Stocks Large Cap Markets Treasury Bond 21.36 % 16.23 % 11.40 % 56.28 % 26.85 % 9.24 % 17.88 % 33.50 % 1.38 % 20.74 % 25.03 % 20.55 % 32.18 % 25.07 % 0.01 % Intermediate Intermediate Asset Government Real Estate Intl Stocks Intl Bonds Mid Cap Mid Cap Real Estate Large Cap Large Cap High Yield Large Cap Intl Bonds Bond Bond Allocation Treasury 13.82 % 26.34 % 11.30 % 37.38 % 26.64 % 17.59 % 32.39 % 13.69 % 17.34 % 21.83 % -1.66 % 5.24 % 7.84 % 1.28 % 19.77 % Emerging Asset Intermediate Government Intl Stocks Small Cap Intl Stocks Cash Intl Stocks Intl Bonds Intl Stocks Intl Stocks Large Cap Mid Cap Mid Cap Markets Allocation Bond Treasury 13.54 % 18.37 % 11.17 % 1.80 % 31.78 % 5.93 % 17.32 % 22.78 % 11.96 % 16.24 % 17.87 % 18.88 % 10.62 % 0.55 % -1.84 % Government Asset Asset Asset Asset Mid Cap Large Cap Real Estate Commodities Small Cap Mid Cap Cash Commodities Small Cap High Yield Treasury Allocation Allocation Allocation Allocation 12.55 % 15.79 % 28.60 % 16.83 % 16.35 % 9.77 % 0.03 % 11.77 % 14.65 % -2.26 % 9.81 % -22.06 % 4.69 % 17.56 % 15.86 % Government Intermediate Emerging Asset Asset High Yield Mid Cap High Yield Small Cap High Yield High Yield Large Cap High Yield Intl Stocks Small Cap Treasury Bond Markets Allocation Allocation 11.64 % 7.98 % -26.21 % 27.17 % 15.24 % 4.50 % 16.00 % 7.38 % -0.81 % 14.18 % 6.51 % 5.97 % 11.19 % 14.21 % -2.35 % Asset Intermediate Government Asset Large Cap Small Cap Large Cap Large Cap Large Cap High Yield Real Estate Small Cap Intl Bonds Large Cap Intl Stocks Allocation Bond Treasury Allocation 4.91 % -33.79 % 26.46 % 15.06 % 2.11 % 15.44 % 1.86 % 4.89 % 9.92 % -4.38 % 12.80 % 11.12 % 6.97 % -1.21 % 8.31 % Asset Asset Asset Government Small Cap Mid Cap Commodities Commodities Cash Cash High Yield Mid Cap Real Estate Real Estate High Yield Allocation Allocation Allocation Treasury 4.55 % 10.32 % -35.65 % 18.91 % 0.06 % 0.06 % 2.44 % -2.18 % 7.24 % -4.84 % 11.51 % 6.22 % 12.13 % 11.31 % 8.53 % Asset Asset Government Intermediate Intermediate Intermediate Intermediate Intl Bonds Large Cap Mid Cap Mid Cap Cash Small Cap High Yield Small Cap Allocation Allocation Treasury Bond Bond Bond Bond 6.84 % 5.49 % -36.23 % -1.73 % 0.02 % -4.41 % 7.48 % -11.01 % 4.01 % 18.40 % 9.38 % 4.21 % -2.02 % 2.65 % 8.52 % Intermediate Government Emerging Emerging Emerging Cash Cash Cash Large Cap Intl Stocks Small Cap High Yield Intl Bonds Real Estate Mid Cap Bond Treasury Markets Markets Markets 3.01 % 4.76 % 4.74 % -37.00 % 7.75 % -4.18 % -4.55 % 1.86 % 4.18 % -11.08 % 5.93 % 3.56 % -2.60 % -2.19 % 5.90 % Intermediate Government Intermediate High Yield High Yield Real Estate Intl Bonds Intl Bonds Intl Stocks Intl Bonds Intl Bonds Intl Bonds Intl Bonds Commodities Intl Bonds Bond Treasury Bond 2.83 % 2.17 % -39.20 % 3.94 % 6.78 % -12.14 % 0.85 % -5.06 % -2.53 % -4.84 % -11.25 % 5.47 % 4.34 % 1.33 % 3.54 % Intermediate Intermediate Emerging Commodities Small Cap Intl Stocks Cash Commodities Cash Commodities Intl Stocks Intl Stocks Commodities Intl Stocks Commodities Bond Bond Markets 2.07 % -1.57 % -43.38 % 0.16 % -13.32 % 0.09 % -9.52 % -4.90 % 1.00 % 1.70 % -13.79 % 3.13 % 6 2.43 % 6.54 % -14.92 % Worst Government Emerging Government Emerging Government Emerging Intl Bonds Real Estate Cash Commodities Commodities Commodities Cash Cash Cash Treasury Markets Treasury Markets Treasury Markets -9.24 % -17.55 % 0.10 % -1.06 % -17.01 % -24.66 % 0.27 % 0.84 % 1.78 % 1.85 % -53.33 % -12.92 % -18.42 % -12.66 % -14.58 % The returns above reflect performance of certain indexes as defined below. This information is general in nature and is not intended to be reflective of any specific plan. Cash- FTSE 3 month T-bill ,Government Treasury-BBgBarc Long Treasury, Commodities-Bloomberg Commodity Idx, Intermediate Bond-BBgBarc US Agg Bond Idx, High Yield Bond-ICE BofAML High Yield Idx, Intl Bonds-JPMorgan GBI Global ex U.S., Asset Allocation-portfolio assumes the following weights: 60% S&P 500 and 40% BBgBarc US Agg, Large Cap-S&P 500, Mid Cap - S&P Midcap 400, Small Cap-Russell 2000, Intl Stocks-MSCI EAFE (net), Emerging Markets-MSCI EM (net), Real Estate-Wilshire U.S. REIT. 1 Current Market Status - Equity Equity had mixed returns for the third quarter. U.S. Equities: Stock Market Total Returns** Period Ending September 30, 2019 . U.S. equities posted mixed returns for the third-quarter. 10 Indexes QTD YTD 1 Year 3 Year* 5 Year* Year* S&P 500 1.7% 20.6% 4.3% 13.4% 10.8% 13.2% . Large caps were the best-performing U.S. Russell 1000 Growth 1.5% 23.3% 3.7% 16.9% 13.4% 14.9% equity class for the quarter. Russell 1000 Value 1.4% 17.8% 4.0% 9.4% 7.8% 11.5% Russell Midcap 0.5% 21.9% 3.2% 10.7% 9.1% 13.1% . Sector performance for the S&P 500 Index was positive for the quarter, except for Russell 2000 -2.4% 14.2% -8.9% 8.2% 8.2% 11.2% Energy, Healthcare, and Materials (-6.3%, MSCI ACWI ex. U.S. (U.S. Dollar) (net) -1.8% 11.6% -1.2% 6.3% 2.9% 4.5% -2.2%, -0.1%, respectively). Utilities, Real MSCI EAFE (U.S. Dollar) (net) -1.1% 12.8% -1.3% 6.5% 3.3% 4.9% Estate and Consumer Staples led for the third- MSCI EM (U.S. Dollar) (net) -4.2% 5.9% -2.0% 6.0% 2.3% 3.4% quarter (+9.3%, +7.7%, +6.1%, respectively). FTSE/EPRA NAREIT Developed Markets 4.9% 20.7% 14.1% 6.6% 7.8% 9.5% Bloomberg Commodities -1.8% 3.1% -6.6% -1.5% -7.2% -4.3% . Growth slightly outperformed Value for large caps but underperformed for both mid and S&P 500 Sector Returns small caps for the third-quarter. Utilities 25.4% International Equities: 9.3% Real Estate 29.7% . Dollar-denominated developed market (DM) 7.7% Consumer Staples 23.3% equities underperformed their local-currency 6.1% 31.4% counterparts. The reverse was true for dollar- Information Technology 3.3% Communication Services 21.7% denominated EM equities versus local- 2.2% currency emerging market (EM) stocks for the Financials 19.6% 2.0% quarter. 22.6% Industrials 1.0% Consumer Discretionary 0.5% 22.5% . Frontier markets outperformed EM markets Materials -0.1% 17.1% but posted similar returns to DM markets. Healthcare -2.2% 5.6% Energy 6.0% Sources: Bloomberg, September 30, 2019. -6.3% *Annualized returns **Index returns do not reflect the deduction of fees, expenses or YTD 3rd Quarter taxes, except where noted. Past performance is no guarantee of future results. Please see disclosures at the end of the report for index definitions. 2 Current Market Status - Fixed Income Fixed Income returns positive across the board. U.S. Market: Fixed Income Market Total Returns** Period Ending September 30, 2019 . September was a volatile month for U.S. 10 markets as trade war concerns and tariff Indexes QTD YTD 1 Year 3 Year* 5 Year* Year* uncertainty lead to positive fixed income Bloomberg Barclays U.S. 1-3M T-Bill 0.5% 1.8% 2.3% 1.5% 0.9% 0.5% returns for the quarter. Bloomberg Barclays U.S. 1-3Yr Gov 0.6% 3.1% 4.4% 1.5% 1.3% 1.2% Bloomberg Barclays U.S Interm Gov 1.2% 5.2% 7.5% 1.8% 2.2% 2.3% .
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