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STANISLAUS COUNTY Phone STANISLAUS COUNTY Phone (209) 525-6393 EMPLOYEES’ RETIREMENT ASSOCIATION Fax (209) 558-5976 832 12th Street, Suite 600 www.stancera.org Modesto, CA 95354 e-mail: [email protected] MAIL: P.O. Box 3150 Modesto 95353-3150 AGENDA BOARD OF RETIREMENT August 26, 2014 832 12th Street, Suite 600 – Wesley W. Hall Board Room 2:00 p.m. Modesto, CA 95354 The Board of Retirement welcomes you to its meetings, which are regularly held on the second Wednesday and the fourth Tuesday of each month. Your interest is encouraged and appreciated. CONSENT ITEMS: These matters include routine administrative actions and are identified under the Consent Items heading. PUBLIC COMMENT: Matters under jurisdiction of the Board, may be addressed by the general public before or during the regular agenda. However, California law prohibits the Board from taking action on any matter which is not on the posted agenda unless it is determined an emergency by the Board of Retirement. Any member of the public wishing to address the Board during the “Public Comment,” period shall be permitted to be heard once up to three minutes. Please complete a Public Comment Form and give it to the Chair of the Board. Any person wishing to make a presentation to the Board must submit the presentation in written form, with copies furnished to all Board members. Presentations are limited to three minutes. BOARD AGENDAS & MINUTES: Board agendas, Minutes and copies of items to be considered by the Board of Retirement are customarily posted on the Internet by Friday afternoon preceding a meeting at the following website: www.stancera.org. Materials related to an item on this Agenda submitted to the Board after distribution of the agenda packet are available for public inspection at StanCERA, 832 12th Street, Suite 600, Modesto, CA 95354, during normal business hours. AUDIO: All Board of Retirement regular meetings are audio recorded. Audio recordings of the meetings are available after the meetings at http://www.stancera.org/sections/aboutus/agendas. NOTICE REGARDING NON-ENGLISH SPEAKERS: Board of Retirement meetings are conducted in English and translation to other languages is not provided. Please make arrangements for an interpreter if necessary. REASONABLE ACCOMMODATIONS: In compliance with the Americans with Disabilities Act, if you need special assistance to participate in this meeting, please contact the Board Secretary at (209) 525-6393. Notification 72 hours prior to the meeting will enable StanCERA to make reasonable arrangements to ensure accessibility to this meeting. 1. Meeting Called to Order 2. Roll Call 3. Announcements 4. Public Comment 5. Consent Items a. Approval of the August 13, 2014, Administrative Meeting Minutes View b. StanCERA Investment Managers Peer Rankings for Quarter Ending June 30, 2014 View Board of Retirement Agenda August 26, 2014 Page 2 6. Annual Update and Review – PIMCO View a. Quarterly Value Added Report View 7. Committee Reports and Recommendations for Action STANDING COMMITTEES a. Internal Governance Committee i. Discussion and Action to approve the recommendation of the Internal Governance Committee to amend Bylaws 1.6; Retirement Board Member Election Procedures. View 8. Strategic Investment Solutions (SIS), Inc. a. StanCERA Investment Managers Review List for Quarter Ending June 30, 2014 View b. Monthly Performance Review for the Month Ending July 31, 2014 View c. Report on “Top 10 Holdings” by StanCERA Investment Managers as of July 31, 2014 View 9. Executive Director a. Discussion and Action Regarding Infrastructure Investment Option View b. Value Added Reports View c. Legal Update - View 10. Closed Session a. Discussion and Action Regarding Allocation of StanCERA’s Real Estate Assets Government Code Section 54956.81 b. Conference with Legal Counsel – Pending Litigation – One Case: Stanislaus County Employees’ Retirement Association v. Buck Consultants, LLC, Mediation Pursuant to Evidence Code Sections 1115, 1119, 1152 Government Code Section 54956.9(d)(4) Board of Retirement Agenda August 26, 2014 10. Closed Session (Cont.) c. Conference with Legal Counsel – Pending Litigation – One Case: O’Neal et al v. Stanislaus County Employees’ Retirement Association Stanislaus County Superior Court Case No. 648469 Government Code Section 54956.9(d)(1) d. Conference with Legal Counsel – Pending Litigation – One Case: Nasrawi et al v. Buck Consultants, LLC, et.al, Santa Clara County Superior Court Case No. 1-11-CV202224; Court of Appeal, Sixth Appellate District, Case No. H038894 Government Code Section 54956.9(d)(1) 11. Members’ Forum (Information and Future Agenda Requests Only) 12. Adjournment 08/26/14 Item # 5.b Your Global Investment Authority 08/26/14 Strategy review Item # 6 Stanislaus County Employees’ Retirement Association 26 August 2014 For professional use only. Client-specific update – not for public distribution. Disclosures Past performance is not a guarantee or a reliable indicator of future results. Shares distributed by PIMCO Investments LLC. PIMCO and YOUR GLOBAL INVESTMENT AUTHORITY are trademarks or registered trademarks of Allianz Asset Management of America L.P. and Pacific Investment Management Company LLC, respectively, in the United States and throughout the world. The Morningstar Fixed-Income Fund Manager of the Year award (PIMCO Income, 2013) is based on the strength of the manager, performance, strategy and firm’s stewardship. Morningstar Awards 2013©. Morningstar, Inc. All Rights Reserved. Awarded to Dan Ivascyn and Alfred Murata for U.S. Fixed Income Fund Manager of the Year. Your Global Investment Authority pg 1 Biographical information R. Matthew Clark, CFA Mr. Clark is a senior vice president and account manager in the Newport Beach office with a focus on institutional client servicing. Prior to joining PIMCO in 2002, he served as an officer in the U.S. Army for eight years, achieving the rank of captain. He has 12 years of investment experience and holds an MBA from Harvard Business School. He received an undergraduate degree from Trinity University, San Antonio. Tony Crescenzi Mr. Crescenzi is an executive vice president, market strategist and portfolio manager in the Newport Beach office. He is also a member of the Investment Committee. Prior to joining PIMCO in 2009, he was chief bond market strategist at Miller Tabak, where he worked for 23 years. Mr. Crescenzi has written five books, including his latest, "Beyond the Keynesian Endpoint," which was published in November 2011, and a complete revision to Marcia Stigum's "The Money Market." He regularly appears on CNBC and Bloomberg television and in financial news media. Mr. Crescenzi taught in the executive MBA program at Baruch College from 1999-2009. He has 32 years of investment experience and holds an MBA from St. John's University and an undergraduate degree from the City University of New York. Sasha Talcott, CFA Ms. Talcott is a vice president and account manager in the Newport Beach office, focusing on institutional client servicing. Prior to joining PIMCO in 2012, she was director of communications and outreach for Harvard Kennedy School’s Belfer Center for Science and International Affairs, a research center that focuses on topics ranging from international security to energy policy. Previously, she was a business reporter for the Boston Globe, where she covered the banking and insurance sectors. She holds an MBA from MIT Sloan School of Management and received an undergraduate degree from Northwestern University. Your Global Investment Authority pg 2 Agenda 1. Performance and market review 2. Outlook and strategy 3. PIMCO update 4. Appendix Your Global Investment Authority TR_cover pg 3 Stanislaus County Employees' Retirement Association performance review Stanislaus County Employees' Retirement Association Initial funding date 3 May 2010 Market value as of Jun '14 $ 108,756,686 Q2 '14 return (%) 2.00 1 year return (%) 4.00 3 year return (%) 4.18 Since inception return (%) 4.70 Performance Portfolio (before fees) Benchmark 10 8 6 4 2 Returns Returns (%) 0 -2 -4 '11 '12 '13 YTD '14 Stanislaus County Employees' Retirement Association Since # inception # YTD 14 May '10 3 yrs. 2 yrs. 1 yr. 6 mos. 3 mos. # 15 Aug '14 Before fees (%) 4.7 4.2 2.0 4.0 3.7 2.0 # 4.3 After fees (%) 4.4 3.8 1.6 3.7 3.5 1.9 # 4.1 Benchmark (%) 4.0 3.7 1.8 4.4 3.9 2.0 # 4.7 As of 30 June 2014 All periods longer than one year are annualized Benchmark: Barclays U.S. Aggregate Index Your Global Investment Authority 7600_perf_sep pg 4 Domestic markets begin to reflect the New Neutral framework U.S. Treasuries by maturity Q2 '14 change YTD '14 change Fed moves closer to policy normalization 20 ° June Fed projections indicated a steeper normalization 0 of the policy rate, but at a lower terminal level -20 ° Increased concerns of a slowdown in potential growth along with market technicals weighed on yields -40 Basis points Basis (bps) -60 -80 2y 5y 7y 10y 30y U.S. IGC spread (LHS) U.S. MBS spread (LHS) U.S. taxable muni spread* (LHS) U.S. spread sectors U.S. high yield spread (RHS) 450 Demand for carry continues amid lower supply 250 400 ° Positive credit fundamentals and technicals supported 200 spread compression 350 150 ° Longer-dated, more interest rate sensitive credits outperformed 100 300 Basis points Basis (bps) 50 250 0 200 Dec '13 Jan '14 Mar '14 Apr '14 May '14 Jun '14 As of 30 June 2014 SOURCE: Bloomberg, Barclays Barclays U.S. Credit Index; Barclays U.S. MBS Index; Barclays U.S. Corporate High Yield Index; Barclays Taxable Municipal Bond Index * PIMCO calculated OAS Your Global Investment Authority 2cs_TR_review_02 pg 5 Global markets maintained their positive momentum into Q2 OPTION 1 Core fixed income Non-core fixed income Global fixed income and currency Equity and commodity 12 Q2 '14 YTD '14 10 8 6 4 2 Returns in USD (%)Returns USD in 0 -2 -4 U.S.
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