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San Joaquin County Employees Retirement Association a G E N D A San Joaquin County Employees Retirement Association A G E N D A FINANCIAL MEETING SAN JOAQUIN COUNTY EMPLOYEES RETIREMENT ASSOCIATION BOARD OF RETIREMENT FRIDAY, MARCH 25, 2016 AT 9:00 AM Location: SJCERA Board Room 6 S. El Dorado Street, Suite 400, Stockton, California 1.0 ROLL CALL 2.0 PLEDGE OF ALLEGIANCE 3.0 APPROVAL OF MINUTES 3.01 Approval of the minutes for the Financial Quarterly Meeting of February 26, 2016 3 3.02 Board to approve minutes 4.0 CONSENT ITEMS 4.01 Report of Closed Sessions 01 On January 22, 2016, the Board unanimously approved Resolution 2016-01-03 titled "White Oak Summit Peer Fund" and authorized the Chair to sign the necessary documents to invest $50 million in the Fund. 4.02 Northern Trust Custody Fee Schedule and Re-Registration of Bank Loans 8 4.03 Board to act on consent items 5.0 CRO ALTERNATIVE RISK PREMIA MANAGER INTERVIEWS 5.01 PCA Book on Alternative Risk Premia Manager Search 34 5.02 AQR Capital Management, LLC 01 Presentation of AQR Style Premia strategy by Mr. Scott Metchick, Managing 41 Director and Global Alternative Premia Portfolio Manager, and Ms. Joey Lee, Managing Director of Client Strategies 5.03 P/E Global, LLC 01 Presentation of P/E Diversified Global Macro strategy by Warren Naphtal, Co- 78 founder and Chief Investment Officer, and Bruce George, CFA, CAIA 5.04 Board to make a selection and/or give direction to staff and consultant as necessary 6.0 POTENTIAL REVISION TO BOARD CALENDAR FOR 2016 6.01 Chair to propose, based on survey responses from Board members, revising the scheduled date(s) for convening either or both the Regular and Financial Meetings of the Board in April 2016 to ensure a quorum will be achieved for the April Financial Meeting 6.02 Board to act on Chair’s recommendation 6 South El Dorado Street, Suite 400 • Stockton, CA 95202 SJCERA Financial Meeting • 3/25/2016 • Page 1 (209) 468-2163 • (209) 468-0480 • www.sjcera.org 7.0 REPORTS 7.01 Monthly Investment Performance Updates 01 Manager Performance Flash Report - February 2016 (to be provided at the meeting) 02 PCA Investment Market Risk Metrics - March 2016 106 7.02 PIOS Guidelines Update 124 7.03 CIO Report 130 7.04 Trustee and Executive Staff Travel 01 Conferences and Events Summary for 2016 132 a 2016 Walton Street Capital Annual Investor Meeting 133 02 Summary of Pending Trustee and Executive Staff Travel 135 03 Summary of Completed Trustee and Executive Staff Travel 136 7.05 Board to accept and file reports 8.0 CORRESPONDENCE 8.01 Letters Received 8.02 Letters Sent 8.03 Market Commentary/Newsletters 01 Research Affiliates Fundamentals March 2016 137 9.0 COMMENTS 9.01 Comments from the Board of Retirement 9.02 Comments from the Public 9.03 Comments from the Chief Executive Officer 10.0 CLOSED SESSION - CONSIDERATION OF INVESTMENT TRANSACTIONS, PURCHASES, SALES; GOVERNMENT CODE SECTION 54956.81 (2) 11.0 CALENDAR 11.01 Regular Meeting, April 8, 2016 at 9:00 AM 11.02 Financial Meeting, April 22, 2016 at 9:00 AM 12.0 ADJOURNMENT SJCERA Financial Meeting • 3/25/2016 • Page 2 San Joaquin County Employees Retirement Association M I N U T E S FINANCIAL QUARTERLY MEETING SAN JOAQUIN COUNTY EMPLOYEES RETIREMENT ASSOCIATION BOARD OF RETIREMENT FRIDAY, FEBRUARY 26, 2016 AT 9:00 AM Location: SJCERA Board Room 6 S. El Dorado Street, Suite 400, Stockton, California 1.0 ROLL CALL 1.01 MEMBERS PRESENT: Shabbir Khan, J.C. Weydert, Cindy Garman, Michael Restuccia, Katherine Miller, Dave Souza, Adrian Van Houten, Margo Praus and Raymond McCray presiding MEMBERS ABSENT: Michael Duffy STAFF PRESENT: Chief Executive Officer Annette St. Urbain, Assistant Chief Executive Officer Patricia Pabst, Chief Investment Officer Nancy Calkins, Financial Officer Lily Cherng, Information Systems Manager Tallie Claypool, Management Analyst III Greg Frank, Department Information Systems Specialist II Jordan Regevig, and Office Secretary Andrea Ireland OTHERS PRESENT: Deputy County Counsel Andrew Eshoo, David Sancewich and Ryan Lobdell of PCA, and Ted Cwiek and Jennifer Goodman from San Joaquin County Human Resources. 2.0 PLEDGE OF ALLEGIANCE 2.01 Led by Katherine Miller 3.0 APPROVAL OF MINUTES 3.01 Approval of the Minutes for the Financial Meeting of January 22, 2016 3.02 Board unanimously approved the minutes of the Financial Meeting of January 22, 2016 4.0 CONSENT ITEMS 4.01 Report of Closed Sessions 01 Funding of Dodge & Cox Long Duration 02 Redemption of Bridgewater Associates Real Assets and KBI global equity Water/Agriculture portfolios 4.02 Proposed 2016 Real Estate Implementation Plan 01 Memo from Courtland Partners regarding Real Estate Implementation Plan 02 Summary of 2016 Real Estate Implementation Plan 03 2016 Proposed Real Estate Implementation Plan 04 Presentation (slides) to Real Estate Committee on Strategy and Proposed Implementation Plan 4.03 Board unanimously approved the consent items 6 South El Dorado Street, Suite 400 • Stockton, CA 95202 SJCERA Financial Quarterly Meeting • 2/26/2016 • Page 1 (209) 468-2163 • (209) 468-0480 • www.sjcera.org 5.0 QUARTERLY REPORTS FROM INVESTMENT CONSULTANT FOR PERIOD ENDING DECEMBER 31, 2015 5.01 PCA Quarterly Investment Performance Analysis 5.02 PCA Manager Compliance Report 5.03 Investment Management Fees Reports 01 Calendar Year 2015 02 Calendar Year 2014 (for reference) 03 Trustee Garman asked why Mesa West fees appear high on a percentage basis. David Sancewich of PCA responded that Mesa West is being reclassified out of Fixed Income and into the Credit class. In addition, Mesa West III is in the early stages of the J curve in which there are few assets in the portfolio (the denominator) and yet fees (the numerator) have been expensed. With the reclassification to the Credit class, Mesa West will be categorized with other managers (currently in the Global Opps class and reclassified to Credit) with similar structures. Compared to these managers, Mesa West’s fees are not out of line. 5.04 Messrs. Sancewich and Lobdell reviewed and discussed the reports in relation to the Board’s investment policies. The Total Portfolio outperformed the policy benchmark over the quarter by 1.5%, but underperformed over the one-year period ending December 31, 2015, by (50) basis points, gross of fees. Over the three- and five-year periods, the total portfolio return exceeded the policy benchmark by 30 and 50 basis points, per annum, respectively. Trailing ten-year results underperformed the policy benchmark and SJCERA’s 7.50% return assumption, while Since Inception results exceeded both measures. The total portfolio underperformed the median public fund over all time periods measured. 5.05 Board accepted and filed the reports. 6.0 UPDATE ON CRO MANAGER SEARCH 6.01 Informational memo from PCA on status of process 7.0 REPORTS 7.01 Monthly Investment Performance Updates 01 Manager Performance Flash Report - January 2016 (provided at the meeting) 02 PCA Investment Market Risk Metrics - February 2016 7.02 PCA 2016 Ten-Year Capital Market Assumptions 7.03 PCA Manager Due Diligence Meetings and Reports 01 Manager Due Diligence Schedule 02 PCA Memo on meeting with PanAgora - January 2016 03 PCA Memo on meeting with Prima Capital - January 2016 04 PCA Memo on meeting with Stone Harbor - January 2016 7.04 CIO Report 7.05 Trustee and Executive Staff Travel 01 Conferences and Events Summary for 2016 SJCERA Financial Quarterly Meeting • 2/26/2016 • Page 2 a CRCEA Spring Conference 02 Summary of Pending Trustee and Executive Staff Travel a Travel Requiring Approval (2) 03 Summary of Completed Trustee and Executive Staff Travel a Conference/Travel Reports (3) - see agenda item 7.03 7.06 Report from Real Estate Committee 01 Committee Chair provided a brief summary of the outcome of the Real Estate Committee meeting and investments. 7.07 Report from Ad Hoc Transition Committee 01 Chair recognized CEO St. Urbain who advised the Board that, after further consideration, she has decided to change her plans and intends to remain in her current position as Chief Executive Officer of SJCERA. The Committee Chair then introduced Ted Cwiek and Jennifer Goodman from San Joaquin County Human Resources. Ms. Goodman presented to the Board three documents that were approved by the Ad Hoc Transition Committee: The recruitment plan, schedule, and brochure for the CEO position. 7.08 Board accepted and filed reports and approved 2 pending travel requests. 8.0 CORRESPONDENCE 8.01 Letters Received 8.02 Letters Sent 8.03 Market Commentary/Newsletters/Articles 01 Dodge & Cox Fixed Income Investment Commentary - Fourth Quarter 02 Stone Harbor CIO Letter 2016 03 Research Affiliates Fundamentals January 2016 04 Pensions & Investments CA Secure Choice Article February 2016 9.0 COMMENTS 9.01 Comments from the Board of Retirement 01 Trustee Praus commented that she was pleased to hear CEO St. Urbain’s announcement that she is staying in her current position at SJCERA. 9.02 Comments from the Chief Executive Officer SJCERA Financial Quarterly Meeting • 2/26/2016 • Page 3 01 Legislation - AB 1853 (Cooper) is a SACRS-sponsored bill that authorizes optional independent district status for county employee retirement associations as determined by a board of retirement. AB 1812 (Wagner) - Limits annual benefits payble from public retirement systems for new hires effective 1/1/2017 to $100 ,000 for members without Social Security, and $80,000 for members with Social Security. AB 2348 (Levine) - Establishes the “Reinvestng in California Special Fund” which would be used to pay a guaranteed rate of return on infrastructure projects identified by the State Department of Finance in which CalPERS, CalSTRS, or county retirement systems invest. AB 2490 (Gatto) and AB 2833 (Cooley) - Requires private equity firms to provide pension fund investors specific disclosures regarding fees and clear accounting of clawbacks owed to limited partners.
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