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SDCERS' Investment Committee

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SDCERS' Investment Committee SDCERS’ INVESTMENT COMMITTEE Meeting of April 17, 2008 EXECUTIVE SUMMARY OF STAFF REPORTS Investment Division Staffing • Christina Tamayo has filled the Investment Analyst position and staffing for the division is complete. Status Reports • $12.85 million was wired out from State Street for February’s monthly benefit payments and operating expenses. • Net invested assets as reported by the custodial bank totaled $4.828 billion (unaudited) as of April 4th. Asset Allocation • There have been no rebalancing activities since January’s market driven rebalancing. Managers Watch List • One equity portfolio was added to the watch list under the category of significant organizational changes related to the pending departure of key personnel. Three firms were subject to on-site visitations by staff to review operations as a result of being place on the Watch List. Real Estate Activity • The annual review of the SDCERS’ separate properties was held with the two core managers and the real estate consultant. • A $2.8 million in capital was called by four of our real estate managers. • A $15 million capital call from INVESCO for purchase of a Buena Park, CA, industrial property is expected to occur in late April. Private Equity Program Design and Implementation • Staff continues to work with Callan in refining the RFP to search for a fiduciary oversight manager to direct the placement of capital in the private equity asset class. Staff has been in contact with over 30 firms and pension funds to review firms’ capabilities and obtain a fuller understanding of the range of services and investment approaches available in the private markets arena. I:\INVEST\BOARD Reports\IC Executive Summaries\Exec Summary Apr 2008.doc SAN DIEGO CITY EMPLOYEES’ RETIREMENT SYSTEM STAFF REPORT INVESTMENT DIVISION DATE : April 4, 2008 TO : SDCERS' Investment Committee FROM : Doug McCalla, Chief Investment Officer SUBJECT : Status Report - Investment Division I Trust Fund Status and Transactions On March 27th, a wire totaling $12.85 million was sent from the custodial bank to SDCERS’ operating trust fund on deposit with the City Treasurer’s investment pool to pay retirees and beneficiaries, to process contribution and DROP withdrawals, and to fund SDCERS' operating expenses. Also, capital calls of $2.8 million were wired to real estate fund managers. II Status of Realized and Unrealized Gains / Losses The realized gains for the first eight months of FY 2008, totaled $267.5 million. The level of unrealized gains totaled $322.0 million. The net market value of assets, as reported by the custodial bank, totaled $4.768 billion on February 29th. These values are unaudited. As of the most recent market valuation on April 4th, net assets as reported by the custodial bank totaled $4.828 billion (unaudited). III Corporate Governance Operations A. Monthly Proxy Voting During the month of February, 52 proxies were voted by SDCERS’ voting agent, including five referred proxies that were voted by staff. Three referred proxies were voted in accordance with SDCERS’ proxy voting policy and guidelines as the vote recommendations of ISS and the investment managers were in agreement. Two of these referred proxies required further analysis by staff; and, attached to this report are the written analysis and the votes submitted for those proxies. A vote record summary report documenting all of the proxy voting activities for the month of February is on file with SDCERS’ investment staff. IV Investment Operations A. Portfolio Review and Monitoring Staff has reviewed investment manager monthly and quarterly reports and investment activity appears to be in compliance with investment guidelines. Investment Division - Status Report April 4, 2008 Page 2 of 4 B. Manager Watchlist and Due Diligence Reviews 1. TCW – Domestic Equity Large Cap Growth Staff met with management at TCW’s headquarters in Los Angeles on March 14, 2008. The purpose of the visit was to discuss the recent departure of Co-Portfolio Manager, Steve Burlingame. It was determined that although Steve’s departure is a significant change for the management of the Domestic Large Cap Growth product, we will continue to monitor Craig Blum’s performance as sole portfolio manager and review potential alternatives should it become necessary. (See attached write-up) 2. Putnam Investments – Domestic Equity Small Cap Value Staff met with management at Putnam’s headquarters in Boston, MA on March 28, 2008. The purpose of the visit was to discuss the underperformance of the Small Cap Value I strategy. We reviewed last year’s results and the outlook for 2008. They are fine tuning their process and are hoping for better results going forward. We continue to closely monitor performance and are assessing potential alternatives. (See attached write-up) 3. GMO – International Equity Small Cap Value Staff met with management at GMO’s headquarters in Boston, MA on March 27, 2008. The purpose of the visit was to discuss the departure of Ann Spruill who had been a member of the Board, Executive Committee, and lead portfolio manager within the International portfolio management group. Although Ann’s departure is a significant event for GMO, staff felt comfortable with the restructuring and division of Ann’s country coverage. We will continue to monitor the portfolio management team and future performance through the Watchlist process. (See attached write-up) C. Real Estate 1. Fidelity Real Estate Growth Fund III, L.P. – Commingled, Global High Return Fund (all property type) – Capital Call A capital call was funded on March 14th totaling $347,116. SDCERS has a 2.2% ownership interest in the $900 million total equity capital of this Fund ($20 million / $900 million). 2. California Smart Growth Fund IV – Commingled, California-Focused High Return Fund – Capital Call A capital call totaling $511,477 was funded on March 20th. SDCERS has a 2.01% ownership interest in the $746 million total equity capital of this Fund ($15 million / $746.15 million). 3. Cornerstone Hotel Income and Equity Fund (CHIEF) I, L.P. – Commingled, U.S. Only Hotel-Focused Enhanced Fund – Capital Call A capital call was funded on March 25th totaling $703,203. SDCERS has a 3.33% equity ownership share in this $300 million (total equity capital) fund ($10 million / $300 million). 4. INVESCO Real Estate Fund I – Commingled, All Property Type Enhanced Return Fund – Capital Call Investment Division - Status Report April 4, 2008 Page 3 of 4 A capital call totaling $1.249 million was funded on March 28th. This will bring SDCERS’ current total invested capital to $27.3 million. SDCERS has a 12.2% ownership interest in the $330 million total equity capital of this Fund ($40 million / $330 million). 5. INVESCO Separate Property Portfolio – Pending Acquisition INVESCO is continuing to move forward with due diligence and negotiations for an industrial property acquisition located in Buena Park, CA. The closing for this asset is tentatively schedule for late April. The total property cost is approximately $15.0 million. The internal rate of return expectation over the 9-year hold period is 7.18%. This property will complement the adjacent sister building (Caballero Industrial) which SDCERS acquired in August 2004. 6. Property Budget Reviews and Market Outlook Annual Meeting with SDCERS’ Separate Account Real Estate Managers – Stable, Directly-Owned Properties In accordance with SDCERS’ Strategic Plan, SDCERS’ real estate consultant, the Townsend Group, and AIO Hamrick participated in a half day meeting with each RREEF and INVESCO. The purpose of this meeting was to review property budgets, including leasing issues and capital expenditures, as well as hold/sell outlooks for each of SDCERS core stable return, direct-equity real estate properties. The market outlook for U.S. core properties was presented by both managers. The majority of the discussions focused on SDCERS’ current portfolio diversification, specifically, the portfolio’s underweight to office and the Pacific NCREIF region. Both RREEF and INVESCO will continue to monitor the market for real estate properties on an opportunistic, selective basis on behalf of SDCERS. Both investment managers can add properties to SDCERS’ portfolio incrementally as existing portfolio properties are sold and capital becomes available to recycle into new acquisitions. D. Research Activities Investment staff met with or engaged in discussions with the following firms to review products, processes, operations and services: RREEF, Invesco and the Townsend Group (real estate properties budgets, management reviews and annual tactical planning); Citi Property Investors (Asian Real Estate Fund); INTECH (portfolio & process review); Callan (Cash Overlay Discussion); GMO (Due Diligence visit- process & portfolio review); Putnam (Due Diligence visit-process & portfolio review); Clifton Group (Cash Overlay); Cityview Development Investors I (commingled fund opportunity); TCW (Due Diligence visit); and PIMCO (portfolio review). Staff also meet with the Director of External Funds for BIMCO (Canada’s phone company pension fund), who visited SDCERS to review best practices. E. Private Equity Program Design and Implementation Staff has engaged in advanced due diligence and capability review of a large number of private equity firms in order to more fully understand the breadth of services and investment approaches available in the private equity market place. We have met or had conference calls with the following private equity firms: Aldus Equity, Altius Associates,
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