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Investment Committee Agenda Investment Committee Agenda REGULAR MEETING Chair: Sung Won Sohn TUESDAY, SEPTEMBER 11, 2018 Committee Members: Elizabeth Lee Nilza R. Serrano TIME: 10:30 A.M. OR IMMEDIATELY Manager-Secretary: Neil M. Guglielmo FOLLOWING ADJOURNMENT OF REGULAR BOARD MEETING Executive Assistant: Ani Ghoukassian MEETING LOCATION: Legal Counselor: City Attorney’s Office Retirement Benefits Division LACERS Ken Spiker Boardroom 202 West First Street, Suite 500 Sign Language Interpreters, Communication Access Real-Time Transcription, Assistive Listening Devices, or other auxiliary aids and/or Los Angeles, CA 90012-4401 services may be provided upon request. To ensure availability, you are advised to make your request at least 72 hours prior to the meeting you wish to attend. Due to difficulties in securing Sign Language Interpreters, five or more business days’ notice is strongly recommended. For additional information, please contact: Board of Administration Office at (213) 473-7169. I. PUBLIC COMMENTS ON MATTERS WITHIN THE COMMITTEE’S JURISDICTION II. APPROVAL OF MINUTES FOR THE INVESTMENT COMMITTEE MEETING OF AUGUST 14, 2018 AND POSSIBLE COMMITTEE ACTION III. CHIEF INVESTMENT OFFICER VERBAL REPORT IV. PRESENTATION BY LAZARD ASSET MANAGEMENT, LLC REGARDING THE MANAGEMENT OF AN ACTIVE NON-U.S. EQUITIES DEVELOPED MARKETS CORE PORTFOLIO V. PRESENTATION BY MFS INSTITUTIONAL ADVISORS, INC. REGARDING THE MANAGEMENT OF AN ACTIVE NON-U.S. EQUITIES DEVELOPED MARKETS GROWTH PORTFOLIO VI. PRESENTATION BY BARROW, HANLEY, MEWHINNEY & STRAUSS, LLC REGARDING THE MANAGEMENT OF AN ACTIVE NON-U.S. EQUITIES DEVELOPED MARKETS VALUE PORTFOLIO 1 VII. INVESTMENT MANAGER CONTRACT WITH AJO, LP REGARDING THE MANAGEMENT OF AN ACTIVE LARGE CAP VALUE EQUITIES PORTFOLIO AND POSSIBLE COMMITTEE ACTION VIII. OTHER BUSINESS IX. NEXT MEETING: The next Regular Meeting of the Investment Committee is scheduled for Tuesday, October 9, 2018, in the LACERS Ken Spiker Boardroom, 202 West First Street, Suite 500, Los Angeles, CA 90012-4401. X. ADJOURNMENT 2 Board of Administration Agenda SPECIAL MEETING President: Cynthia M. Ruiz TUESDAY, SEPTEMBER 11, 2018 Vice President: Elizabeth L. Greenwood TIME: 10:30 A.M. OR IMMEDIATELY Commissioners: Elizabeth Lee FOLLOWING ADJOURNMENT Sandra Lee Nilza R. Serrano OF REGULAR BOARD MEETING Sung Won Sohn MEETING LOCATION: Michael R. Wilkinson LACERS Ken Spiker Boardroom Manager-Secretary: Neil M. Guglielmo 202 West First Street, Suite 500 Los Angeles, CA 90012-4401 Executive Assistant: Ani Ghoukassian Sign Language Interpreters, Communication Access Real-Time Legal Counsel: City Attorney’s Office Transcription, Assistive Listening Devices, or other auxiliary aids Retirement Benefits Division and/or services may be provided upon request. To ensure availability, you are advised to make your request at least 72 hours prior to the meeting you wish to attend. Due to difficulties in securing Sign Language Interpreters, five or more business days’ notice is strongly recommended. For additional information, please contact: Board of Administration Office at (213) 473-7169. I. PUBLIC COMMENTS ON MATTERS WITHIN THE COMMITTEE’S JURISDICTION II. APPROVAL OF MINUTES FOR THE INVESTMENT COMMITTEE MEETING OF AUGUST 14, 2018 AND POSSIBLE COMMITTEE ACTION III. CHIEF INVESTMENT OFFICER VERBAL REPORT IV. PRESENTATION BY LAZARD ASSET MANAGEMENT, LLC REGARDING THE MANAGEMENT OF AN ACTIVE NON-U.S. EQUITIES DEVELOPED MARKETS CORE PORTFOLIO V. PRESENTATION BY MFS INSTITUTIONAL ADVISORS, INC. REGARDING THE MANAGEMENT OF AN ACTIVE NON-U.S. EQUITIES DEVELOPED MARKETS GROWTH PORTFOLIO VI. PRESENTATION BY BARROW, HANLEY, MEWHINNEY & STRAUSS, LLC REGARDING THE MANAGEMENT OF AN ACTIVE NON-U.S. EQUITIES DEVELOPED MARKETS VALUE PORTFOLIO 3 VII. INVESTMENT MANAGER CONTRACT WITH AJO, LP REGARDING THE MANAGEMENT OF AN ACTIVE LARGE CAP VALUE EQUITIES PORTFOLIO AND POSSIBLE COMMITTEE ACTION VIII. OTHER BUSINESS IX. NEXT MEETING: The next Regular Meeting of the Investment Committee is scheduled for Tuesday, October 9, 2018, in the LACERS Ken Spiker Boardroom, 202 West First Street, Suite 500, Los Angeles, CA 90012-4401. X. ADJOURNMENT 4 MINUTES OF THE REGULAR MEETING INVESTMENT COMMITTEE BOARD OF ADMINISTRATION LOS ANGELES CITY EMPLOYEES' RETIREMENT SYSTEM LACERS Boardroom 202 West First Street, Suite 500 Agenda of: Sept. 11, 2018 Los Angeles, California Item No: II August 14, 2018 2:15 p.m. PRESENT: Chair: Sung Won Sohn Committee Member: ItemElizabeth Number Lee II Nilza R. Serrano Manager-Secretary: Neil M. Guglielmo Executive Assistant: Ani Ghoukassian Legal Counselor: James Napier The Items in the Minutes are numbered to correspond with the Agenda. I PUBLIC COMMENTS ON MATTERS WITHIN THE COMMITTEE’S JURISDICTION – Chair Sohn asked if any persons wished to speak on matters within the Committee’s jurisdiction, to which there was no response and no public comment cards received. II APPROVAL OF MINUTES FOR THE INVESTMENT COMMITTEE MEETING OF JULY 10, 2018 AND POSSIBLE COMMITTEE ACTION – A Motion to approve the minutes of July 10, 2018 was moved by Committee Member Serrano, seconded by Committee Member Elizabeth Lee, and adopted by the following vote: Ayes, Committee Members Elizabeth Lee, Serrano, and Chair Sohn –3; Nays, None. III CHIEF INVESTMENT OFFICER VERBAL REPORT – Rod June, Chief Investment Officer, shared the 12-month Investment Committee Calendar with the Investment Committee. IV INVESTMENT MANAGER CONTRACT WITH LM CAPITAL GROUP, LLC REGARDING THE MANAGEMENT OF AN ACTIVE DOMESTIC FIXED INCOME PORTFOLIO AND POSSIBLE COMMITTEE ACTION – Approval was moved by Committee Member Serrano, seconded by 1 Committee Member Elizabeth Lee, and adopted by the following vote: Ayes, Committee Members Elizabeth Lee, Serrano, and Chair Sohn –3; Nays, None. V RECEIVE AND FILE – ANNUAL REPORT ON LACERS EMERGING INVESTMENT MANAGER PROGRAM – Rod June, Chief Investment Officer and Ron Aubert, Investment Officer I, presented this item to the Committee. The report was received by the Committee and filed. VI OTHER BUSINESS – There was no other business. VII NEXT MEETING – The next Regular Meeting of the Investment Committee is scheduled for Tuesday, September 11, 2018, in the LACERS Ken Spiker Boardroom, 202 West First Street, Suite 500, Los Angeles, CA 90012-4401. VIII ADJOURNMENT – There being no further business before the Committee, Chairperson Sohn adjourned the Meeting at 2:33 p.m. _________________________________ Sung Won Sohn _________________________________ Neil M. Guglielmo Manager-Secretary 2 Los Angeles City Employees’ Retirement System Lazard International Strategic Equity September 11, 2018 Michael Powers Managing Director, Portfolio Manager/Analyst Tom Franzese Director This presentation and all research and materials enclosed are property of Lazard Asset Management LLC. Information and opinions presented have been obtained or derived from sources believed by Lazard to be reliable. Lazard makes no representation as to their accuracy or completeness. All opinions expressed herein are as of the date of this presentation and are subject to change. Table of Contents I. Firm Overview, Investment Process, Philosophy and Objectives II. Market and Portfolio Review III. Outlook IV. Summary V. Appendices • Workforce Composition, Diversity and Initiatives • Biographies • Performance Disclosures 1 Lazard Asset Management TAB Lazard Asset Management NORTH AMERICA Boston Montreal EUROPE New York Brussels San Francisco Dublin Toronto Frankfurt Geneva Hamburg London Madrid Milan Zurich Hong Kong Seoul Singapore Sydney Tokyo Dubai ASIA PACIFIC MIDDLE EAST 1848 800+ 340+ 15 $214.0 Lazard Founded Employees1 Investment Personnel Countries Billion AUM1 1 As of 30 June 2018. Includes those of Lazard Asset Management LLC (New York) and its affiliates, but do not include those of Lazard Frères Gestion (Paris) or other asset management businesses of Lazard Ltd. 3 Lazard Asset Management Assets Under Management By Client Type By Investment Mandate Multi Asset Real Assets 2.8% Alternatives 5.9% 0.7% Global Equity 12.9% Other² Fixed Income 19.7% 12.3% Corporate 39.6% Convertibles Individual 1.4% 9.3% International Equity US Equity 24.1% Endowments 11.9% & Foundations Public/ Emerging 3.3% Government Asia-Pacific Equity Markets Equity Labor/Taft- 20.6% 3.9% 21.2% Hartley European 3.2% Insurance Equity 2.7% 4.3% Total Firm Assets Under Management1: $214.0 billion 1 As of 30 June 2018. Assets under management include those of Lazard Asset Management LLC (New York) and its affiliates, but do not include those of Lazard Frères Gestion (Paris) or other asset management businesses of Lazard Ltd. 2 Other represents clients invested in hedge funds, mutual funds, and other investment vehicles for which client type is not reported. 4 Lazard Asset Management Assets Under Management Global/International Equity Lazard Global/International Equity Assets (in US$ billions) Japanese Equity Australian Equity $3.4 Korean Equity $4.8 $0.1 Asian Equity U.K. Equity $0.3 $2.0 Global Equity European Equity $28.0 $3.9 Global Listed Infrastructure Emerging Markets Equity $12.5 $47.0 International Equity $51.7 Total Global/International Equity Assets: $153.6 billion; 71.8% of Total Firm Assets As of 30 June 2018. 5 Lazard Asset Management Representative Clients California Public and Taft Hartley Clients City State Los Angeles City Employees' Retirement System Los Angeles CA Apartment Employees Pension Fund San Francisco CA California Public Employees' Retirement System Sacramento CA California State Teachers' Retirement System Sacramento
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