►
Description
Agenda HTML: https://englewoodgov.civicweb.net/filepro/documents/142789?handle=975CE148A9BB4647AF91B49A9271EE40
Agenda PDF: https://englewoodgov.civicweb.net/filepro/documents/142788?handle=8113B83A458A40A1B5C5EF7597656B50
1. Call to Order
2. Roll Call
3. Approval of Minutes
Minutes of the Non-emergency Retirement Board Meeting of May 10, 2022.
4. New Business
5. Recognition of Public Comment (Presentation limited to 3 minutes)
Track names if any citizens sign up to speak. 1. 2.
6. Gabriel Roder Smith and Company
7. Retirement Approvals and Notifications
8. Innovest Portfolio Solutions
An update was given on the status of the changes in investment portfolio
9. Old Business
10. Board Member's Choice
11. Next Meeting: November 8, 2022 at 4:00 p.m.
12. Adjournment
Agenda HTML: https://englewoodgov.civicweb.net/filepro/documents/142789?handle=975CE148A9BB4647AF91B49A9271EE40
Agenda PDF: https://englewoodgov.civicweb.net/filepro/documents/142788?handle=8113B83A458A40A1B5C5EF7597656B50
A
A
E
F
Yeah,
thank
you
for
that
wendy
and
mike
wendy
said.
My
name
is
fred
menek,
I'm
a
vice
president
consultant
here
with
innovast
and
I
will
be
helping
wendy
and
steven
stephen
moving
forward
with
the
plans,
so
very,
very
excited
to
be
a
part
of
this
relationship
and
look
forward
to
working
with
all
of
you.
G
A
C
E
A
B
B
B
B
A
A
B
F
B
G
G
So
our
hope
is
to
con
continue
to
work
with
staff
and
get
those
necessary
data
items
from
the
valuation
and
then
at
the
next
board
meeting
to
present
those
results,
because
it's
going
to
be
pretty
important
because
we
need
to
know
let
the
city
know
what
their
contribution
rates
are
going
to
be,
and
so,
like.
I
said,
I'm
confident
that
we'll
get
the
data
hopefully
very
soon
and
we'll
complete
our
report,
but
that
is
all
I
have
for
today.
C
G
Yeah,
absolutely,
I
think
the
problem
still
is
that
we
don't
have
sufficient
data
to
actually
run
the
valuation,
so
we
are
at
a
stand
still
right
now
waiting
for
that
information
to
come
to
us
so
if
anyone's
in
position
to
to
spur
the
lawn,
that
was
very
helpful.
But
at
this
point
we've
certainly
christie
has
spent
an
exorbitant
amount
of
time
trying
to
get
this
information.
So.
G
G
On
yeah,
it's
part
of
the
challenge
is
that
it
seems
like
there's.
It
comes
from
a
few
different
sources,
there's
no
longer
it
doesn't
feel
like
there's
a
centralized
source,
so
christy
has
been
in
contact
with
a
few
different
people
in
the
city
there
in
the
hr
department
and
then
the
benefits
folks
and
I
think,
there's
been
some
turnovers.
So
it's
it's
been
a
little
bit
more
difficult
to
get
that
information
this
year
in
the
past.
B
E
E
Well
great:
well,
I
will
start
us
off
and
then
brett's
gonna
get
into
more
detail
about
the
investments
in
the
plan,
but
if
you
would
maybe
go
to
the
first
page,
brad
just
wanted
to
highlight
a
few,
a
few
things
happening
in
innovest
we've,
as
many
of
you
are
probably
dealing
with
too
we've
had
a
lot
of
promotions
and
and
some
new
faces
at
innovest,
we're
now
at
56
employees
and
and
added
three
new
partners.
So
we've
been
continuing
to
grow
continuing
to
give
back
to
the
community.
E
We've
highlighted
a
few
of
our
local
community
events.
We
typically
do
actually
one
per
month
and
if
you
ever,
if
there's
ever
opportunities
in
the
city
for
us
to
help,
we
would
be
we'd,
be
we'd
love
that
opportunity,
but
we
typically
use
it
as
not
only
a
great
way
to
give
back
but
to
build
our
teams.
So
on
the
next
page,
next
couple
of
pages,
if
we
just
stop
on
2021,
we
have
made
a
few
updates
of
the
portfolio.
E
As
you
know,
in
the
last
couple
of
months
or
a
few
months
towards
the
end
of
2021,
we
were
actually
able
to
diversify.
The
portfolio
into
some
new
asset
classes,
which
in
again
in
hindsight,
have
done
a
tremendous
job
in
protecting
the
portfolio
we've
added
allocations
to
hedge
funds,
to
other
real
assets
to
to
private
equity.
All
of
those
things
have
performed
exceptionally
well
in
the
in
the
in
the
current
market
environment
that
we're
in
which,
as
you
know,
has
been
very
difficult,
so
that
timing
was
very
fortunate
and
and
fortuitous
in
hindsight,
fortuitous.
E
In
hindsight,
although
you
know
it's
never
great
to
come
to
meetings
like
this
with
negative
performance,
we
hate
it.
In
particular,
we
will
be
showing
you
some
relatively
performance
that
is
negative
but
relative
to
benchmarks.
It's
it's
done
well
and
again,
some
of
the
diversifiers
that
we've
added
had
really
have
really
helped
hold
up
the
portfolio
value.
E
Most
recent
quarter
down
almost
nine
percent
and
and
we'll
put
that
in
context.
You
know
s
p
500
is
down.
20
bonds
are
down
10,
so
in
that
environment
to
be
down,
nine
isn't
great.
But
it's
it's!
You
know
it's
not
it's
not
as
bad
as
it
could
be.
That's
those
are
actually
year-to-date
numbers,
year-to-date,
you're
down
12,
which
again
we
hate
coming
with
negative
performance.
E
But
again,
in
this
backdrop,
it's
it's
held
up
better
a
diversified
portfolio
and
your
portfolio
in
particular,
is
held
up
well
since
inception.
If
you
go
all
the
way
back
to
1987
you're
annualizing
at
a
7.14
percent
return
again,
that's
those
are
pretty
spectacular
returns
over
a
long
period
of
time,
even
considering
the
most
recent
quarter
and
year-to-date
period.
E
So
if
we
that's
kind
of
a
sneak
peek
at
what
brett
will
talk
about
later,
but
just
and
and
to
put
it
into
some
context-
and
unfortunately,
jackie
and
sean
have
heard
my
spiel
before
so
I'm
sorry
to
bore
you
with
with
more
of
that
same
presentation,
but
I
think
it
it
helps
put
some
context
around
the
markets
and
we're
seeing
them.
So
if
you
look
at
the
core
fixed
income
markets,
you
can
see
down
10
percent
year
to
date,
one
year
years,
also
down
10.3.
E
E
You
couple
that
with
really
bad
equity
markets
and
if
you
look
at
the
s
p
500
year
to
date,
down
20,
that's
the
third
worst
start
of
the
s
p
500
in
history,
so
you
put
those
two
things
together
and
a
balanced
portfolio
suddenly
doesn't
look
very
good
and
and
that's
the
kind
of
the
environment
that
we're
up
against
on
the
next
page.
As
as
to
why
that's
happening
is
there's
a
couple
of
reasons.
E
E
That's
kind
of
the
reverse
of
quantitative
easing
that
we've
seen
historically
so
this
the
chart
on
the
upper
right
shows
that
you
know
money
supply
has
come
screeching
to
a
screeching
halt.
In
fact,
if
you
look
at
at
real
money
supply,
that's
well
below
zero,
so
the
fed
has
done
what
it's
trying
to
do
again,
controlling
the
money
supply
to
reduce
inflation.
E
We
still
haven't
seen
it
make
its
way
into
the
inflation
numbers
yet,
but
if
the
bond
market,
the
expectations
for
inflation
for
long
term
are
in
that
two
and
a
half
to
two
to
three
percent
range.
So
what
you
know
typically
bond
the
bond
market
is
known
as
the
smart
money
on
wall
street
and
the
expectations
from
the
bond
market
are
for
inflation
to
come
under
control.
E
So
hopefully
that's
the
case,
and
hopefully
we
can
get
inflation
numbers
to
come
back
down,
but
that's
really
impacting
markets
on
the
next
page-
and
this
is
one
of
my
favorite
charts
in
this
book.
It
looks
at
consumer
sentiment
which
is
currently
at
a
50-year
low,
and
I
think
that's
important
because
if
you
think
about
when
times
other
sentiment
has
been
negative
like
beginning
a
covid
way
back
in
2008
with
the
the
financial
crisis,
you
look
at
the
the
stock
markets
in
negative
territory
and
in
2001
2002
2003
1990,
some
of
those
areas.
E
We
see
very
negative
sentiment,
there's
a
saying
on
wall
street
to
be
greedy
when
others
are
fearful
and
to
be
fearful
when
others
are
greedy.
So
this
consumer
sentiment
number
two
to
me
at
least
communicates
that
fear
that
others
in
the
market
in
general
are
pretty
fearful
and
if
you
look
historically
at
what
the
subsequent
12-month
returns
are
once
the
sediment
trough
is
hit,
it's
pretty
positive.
E
It's
actually
about
25
percent
annualized
return
in
the
s
p,
500
and
the
subsequent
12
months
after
a
consumer
sentiment
level,
so
that
I
think
that's
pretty
interesting
and
maybe
hopeful,
for
you
know
the
fact
that
the
markets
are
trying
to
look
forward.
Maybe
the
markets
believe
that
the
fed
is
going
to
engineer
a
soft
landing,
that
inflation
will
be
in
control
and
markets
will
continue
to
to
climb
on
on
the
next
page.
E
I
think
the
upper
chart
is
interesting
too,
through
govern
government
stimulus
and
the
fact
that
people
just
didn't
spend
their
money
during
covid.
The
cumulative
excess
savings
in
consumer
savings
accounts
was
at
2.26
trillion,
so
that
has
only
been
drawn
down
by
0.24
trillion
since
the
beginning
of
2022.,
so
that
again
bodes
well
for
consumers
having
to
navigate
potentially.
If
we
are
in
a
recession,
some
some
challenging
times
with
hopefully
have
some
pent
up
savings
on
the
next
page.
Valuations
in
this
environment
look
attractive.
I
guess
that's
the
benefit
of
of
prices.
E
Falling
valuations
are
less,
and
typically
when
you
buy
stocks
when,
when
valuations
are
cheap,
the
subsequent
five
to
ten
year
period
for
stocks
is
positive.
So
that's
why
it's
important
to
to
look
at
valuations
and
in
every
case,
except
for
china,
u.s,
japan,
europe
and
emerging
markets
are
well
below
the
historical
or
25-year
average,
so
that
bodes
well
for
for
stocks
going
forward
as
well
on
the
next
page.
E
This
is,
I
think,
an
interesting
chart
because
it
looks
at
the
difference
in
in
time
horizon
and
how
big
of
an
impact
that
has
on
on
investment
returns
and
the
longer
time
period
you
have
the
less
volatility
there
are.
There
is
around
those
those
numbers.
So
if
you
look
at
the
one
year
period
investing
in
stocks,
you
could
have
anywhere
from
a
plus
47
to
a
minus
38,
that's
historically
since
1950
the
experience
that
you
would
have
had.
E
If
you
had
a
20-year
holding
period,
though,
that
the
amount
of
variation
is
very,
very
low
and
in
fact
nothing
is
it's
not
negative
in
that
time
period.
So
that
again
tells
you
the
importance
of
holding
period-
and
I
I
think
the
quote
on
the
top
of
this
chart
is-
is
one
of
my
favorites
as
well
over
a
decade
long
time
horizons.
Your
investment
performance
will
mainly
be
derived
from
how
you
handle
corrections,
bear
markets
and
market
crashes,
and
I
think
that's
a
nice
reminder
in
the
market
that
we're
in
right
now.
E
On
the
next
page,
I
think
this
paints
an
important
context
as
well,
and
you've
actually
seen
this
in
your
performance.
If
you
look
at
how
you've,
if
you've
navigated
these
markets
the
year
to
date,
the
quarter
the
one
year,
this
is
the
heat
map,
so
the
brighter
the
red,
the
worse,
the
performance,
the
brighter
the
green,
the
better
the
performance
so
quarter
year
to
date,
one
year
dismal
performance
double-digit
losses
across
almost
every
single
asset
class
over
that
time
period.
E
However,
if
you
look
at
three
five
and
ten,
which
include
the
most
recent
one-year
period,
you
still
see
double-digit
and
many
equity
sectors,
double-digit
returns.
So
that's
again
an
importance
about
you
know.
This
has
been
a
really
rough
one-year
period,
but
three-year
five-year
10-year
performance
is
still
relatively
strong
and
then
one
last
thing
before
I
turn
it
over
to
brett
to
walk
through
your
specific
investment
performance.
E
This
is
looking
at
the
sector,
so
every
sector
in
the
second
quarter
was
negative.
The
least
worst
performer
was
consumer
staples
down
4.6
consumer
discretionary
was
the
worst
down
26
percent
in
the
quarter.
So
that's
a
pretty
big
pullback
in
a
single
quarter.
In
a
single
sector,
I'm
still
the
over
one-year
periods,
energy
is
way
outperforming
everyone
else
up:
40
percent
over
the
one-year
period.
E
F
No,
not
necessarily,
I
think,
that's
very
well
said.
I
think
it's
a
similar
reason
as
to
why
consumer
discretionary
is
down
so
much,
however,
with
consumer
discretionary
right,
it's
individuals
and
households
that
are
no
longer
purchasing
these
goods.
Thus
other
companies
that
are
growing
are
not
going
to
be
able
to
grow
at
the
same
rate
for
information
technology
and
communication
services.
F
It's
businesses
that
are
no
longer
in
large
organizations
that
are
no
longer
placing
that
much
investment
in
those
types
of
goods
and
services,
and
therefore
kind
of
the
tightening
of
the
money
supply
like
wendy
had
referenced
is
being
felt
in
really
positive
way.
Helping
aid,
those
negative
returns.
C
E
F
I'm
going
to
go
ahead
and
just
move
forward
a
bit
to
the
actual
portfolio
itself
and
I'll
start
briefly
on
these
first
couple
of
pages.
So
page
16
is
the
investment
policy
summary
all
as
of
the
most
recent
date
so
june
30th-
and
this
is
just
simply
a
recap
of
the
strategic
allocation
in
every
asset
class
that
the
portfolio
has
exposure
to.
F
So
you
can
see
the
name
of
all
the
investments
on
the
right-hand
side
and
their
allocation
on
the
left-hand
side
and
just
as
a
reminder
at
a
very
high
level,
the
portfolio
is
approximately
51
stocks,
20
bonds
and
about
29
to
those
alternative
asset
classes
and
we'll
get
into
it.
But,
like
wendy,
said
those
alternative
asset
classes,
the
real
estates,
hedge
funds
and
other
real
assets
were
very,
very
strong
contributors
to
the
portfolio
over
the
last
quarter.
F
On
page
17,
we
just
wanted
to
analyze
as
of
june
30th.
How
does
the
portfolio
allocation
actually
look
versus
the
target
and,
as
you
can
probably
expect,
on
the
bottom
right
hand,
side
here,
you'll
see
that
those
asset
classes
that
perform
the
worst
in
the
quarter.
So
if
you
think
domestic
and
international
stocks
they're
a
little
bit
underweight
while
they're,
better
performing
sectors
real
estate
and
some
of
the
other,
diversifying
asset
classes
are
a
little
bit
overweight.
F
And
then,
with
that,
taking
a
look
at
the
manager
scorecard
itself,
despite
all
of
this
market
volatility,
the
scorecard
for
the
underlying
funds
is
actually
fairly
clean.
There
are
only
three
minor
concerns
on
all
of
the
products,
and
only
one
of
which
is
new.
This
quarter,
in
our
opinion,
that's
a
good
sign.
F
The
first
is
a
minor
concern
in
the
people
category,
for
that
thornbird
international
fund
in
there
was
a
fairly
quick
departure
at
the
portfolio
manager
level
that
took
place
in
last
year
early
last
year
and
that
warranted
the
downgrade
at
the
time.
However,
our
assumption
would
be
it's
been
over
a
year
at
this
point,
since
that
departure
took
place
and
unless
anything
else
were
to
happen
at
the
portfolio
manager
or
that
decision
maker
investment
direction
level.
F
Also
in
the
people
category
there's
a
new
minor
concern
for
the
eaton
advanced
floating
rate
fund
and
they
also
had
a
portfolio
manager
stepped
down.
However,
it
was
just
in
his
most
recent
quarter.
The
good
news
is
that
was
part
of
a
fairly
lengthy
succession
plan
and,
additionally,
eaton
vance
actually
brought
on
two
additional
portfolio
managers
to
help
manage
the
load
and
mitigate
key
man
risks
so
that
there's
not
just
one
key
decision
maker
driving
the
investment
direction
of
the
fund
and,
as
a
result,
we
absolutely
wanted
to
call
that
out
on
this
scorecard.
F
Thus,
the
minor
concern.
However,
we
do
not
necessarily
expect
any
changes
in
the
philosophy
or
process
of
that
strategy,
and
then,
finally,
we
have
another
minor
concern
that
carried
over
from
last
quarter
on
the
harding
lovner
emerging
markets
fund,
and
really
this
concern
is
a
bit
unique
in
the
sense
that
near-term
performance
has
really
impacted.
F
We
do
not
recommend
changing
this
fund,
however.
We
will
continue
to
monitor
and
diligence
the
fund
and
keep
it
essentially
on,
watch
and
then
really.
The
last
thing
that
I
wanted
to
share
is
that
this
past
quarter
and
year
have
been
a
challenging
one
for
just
about
all
of
the
managers
in
the
portfolio,
and
that
is
probably
to
say
the
least.
If
you
look
at
performance
over
the
last
quarter,
there
are
some
fairly
large
negative
numbers.
F
F
If
we
look
at
the
right
hand,
side
of
this
table
of
returns-
and
this
holds
true
for
this
page
and
the
following
investments-
you'll-
find
that
11
of
the
16
managers
include
within
the
portfolio
that
are
actually
compared
to
their
peer
group.
So
this
includes
a
lot
of
the
public
equity
and
fixed
income
managers
are
actually
top
quartile
performers,
so
better
than
25
when
compared
to
their
peers
over
a
10
time
horizon
and
the
five
that
are
not
actually
top
quartile.
Performers
are
fairly
close.
F
So
if
we
look
at
harbor
capital
appreciation,
for
example,
they're
in
the
27
percentile
and
the
same
can
be
said
about
the
american
fund's
euro-pacific
growth
fund,
as
well
as,
if
I
go
to
the
next
page
here,
the
dfa
emerging
markets
fund
at
the
top,
also
in
the
27th
percentile,
compared
to
piers.
So
this
is
why
we
really
do
believe
that
discipline
approach
and
long-term
emphasis
and
really
why
we
would
not
recommend
any
strategy
changes
to
the
underlying
investment
managers
within
the
portfolio
and
then
like
wendy
reference.
F
F
But
with
that,
I
will
leave
it
on
this
page
here,
just
because
we've
got
the
total
fund
performance
relative
to
the
benchmark.
You
can
see
in
the
last
quarter.
Just
to
reiterate
wendy's
point
performance
was
negative,
however,
relative
to
the
custom
benchmark
to
the
portfolio
I
actually
there
was
a
bit
of
out
performance
once
again,
just
relative,
and
that
tends
to
hold
true
through
longer
term
time
horizons
as
well.
F
C
Yeah
brad,
we
did
a
quite
a
few
changes
last
year
based
on
board
directive.
So
if
we
take
a
look
at
those
new
products,
we
added
to
our
portfolio
in
mid
2021
and
were
december.
Could
you
go
over
the
performance
of
those
newer
funds
because
some
are
in
a,
I
think,
private
equity
sector?
So
could
you
go
over
those
funds
we
added
later
last
year.
F
Yeah,
yeah
and
I'll
provide
a
little
background
from
the
universe
point
of
view
as
well.
So
as
we
go
through
the
pandemic,
we
see
this
dramatic
sell-off
in
public
markets,
so
your
stocks
and
your
bonds,
as
well
as
in
your
private
markets.
So
there
was
ample
opportunity
in
spaces
like
private
equity,
hedge
funds,
things
along
those
lines,
so
that
kind
of
prompted
internally
an
evaluation
of
a
lot
of
the
portfolios
that
we
helped
consult
to
and
then,
ultimately,
what
resulted
in
the
implementation
of
a
few
of
those
types
of
strategies.
F
F
So
if
we
look
over
the
last
year-
or
so,
this
is
probably
going
to
be
the
most
the
closest
approximation
since
they've
been
included
in
the
portfolio
and
actually,
if
you
see
on
the
right
hand,
side,
we've
got
this
sense
claim
inception
column
which
is
going
to
be,
since
these
funds
were
actually
incorporated
into
the
portfolio
the
month
that
they
were
incorporated.
We
started
measuring
performance.
C
F
F
These
alternative
strategies,
don't
necessarily
have
the
same
legal
requirements
so
obtaining
that
information
can
be
a
little
bit
more
difficult
at
times.
However,
I
do
want
to
point
out
that
for
that
partners,
group
fund,
generally
speaking,
their
returns
are
lagged
by
about
so
I'll
call.
It
excuse
me
about
a
month
or
so,
and
then
I'm
actually.
We
just
received
the
june
30th
performance
for
that
specific
fund,
with
the
report
being
prepared
before
that
moment,
they
were
not
incorporated
within
the
report
itself,
but
know
that
quarter
to
date,.
F
C
F
Yeah,
another
really
good
question.
So
with
these
you
know,
this
probably
goes
for
reinsurance,
private
equity,
hedge
funds,
a
lot
of
the
times,
it's
not
as
easy
as
just
simply
pressing,
sell
on
a
schwab
account
and
having
it
go
through,
and
market
close
oftentimes
there's
what
they
call
put
queues
and
the
asset
manager.
So
in
this
case,
stone
ridge
is
actually
the
one
who
allows
or
permits
distributions
from
the
fund
as
to
retain
the
integrity
of
the
portfolio
for
those
investors
remaining
within
the
strategy.
F
So
what
has
been
happening
on
a
quarterly
basis
in
a
vest
is
filing
paperwork
with
stone
rich
to
redeem
as
much
of
the
exposure
there.
So
as
of
6
30
that
almost
200
000
as
possible,
they
then
come
back
to
us
and
allow
for
a
certain
percentage
to
be
sold
out.
So,
for
example,
they
will
say
yes,
based
on
your
request.
We
can
regain
25
of
the
shares
that
are,
you
are
requesting
to
be
redeemed.
F
Then
we
will
that
will
take
place.
Those
funds
will
be
allocated
elsewhere
within
the
portfolio
and
then
the
next
quarter
invest
will
again
file
the
same
paperwork.
So,
unfortunately,
this
plan
is
not
the
only
investor
redeeming
from
the
strategy,
so
they
have
enacted
a
little
bit
stricter
provisions
to
get
act.
F
Yup
yup
no,
and
then
we
obviously
recognize
that
as
well
here
today,
they
are
positive,
which
cannot
be
said
about
every
other
asset
class.
However,
at
the
time
of
when
we
presented
information
to
actually
divest
from
that
strategy,
we
believe
that
the
issues
were
more
structural
within
the
industry
as
a
whole
and
then
a
lack
of
confidence
within
that
specific
manager.
C
Oh
okay,
if
you
don't
mind,
can
we
go
to
page
16
of
the
pdf
file?
It's
our
investment
policy
summary
with
doctors
in
2021.
Our
goal
is
to
get
six
percent
for
our
actuarial
purposes.
Could
you
help
me
understand
the
risk
tolerances
except
downside,
minus
15
to
minus
18.?
Is
that
our
just
like
rate
of
return?
We
have
a
goal
and,
in
a
downturn
our
tolerance
risk
tolerance
level
is
between
minus
15.5
percent.
To
eighteen
point,
five
percent.
F
C
F
What
we
try
to
do
is
model
out
that
information
over
a
five
to
ten
year
time
horizon,
because
estimating
single
year
returns
as
you've
seen
over
the
last
six
months,
is
very,
very,
very
challenging.
So
what
those
numbers
mean
is
those
are
95,
confidence
interval
and
a
99
confidence
interval.
So
what
we
would
expect
is
that
one
in
every
20
years,
the
market
conditions
should
they
be
poor
enough,
would
result
in
this
portfolio
losing
approximately
no
more
than
15
and
a
half
percent,
the
larger
number,
the
18
and
a
half
percent.
F
C
F
Yeah
yeah,
of
course,
and
a
lot
of
that
has
to
do
with
you
know
really
with
two
things
number
one
is
evaluating
performance.
I
know.
Wendy,
stephen
and
probably
some
other
folks
have
had
plenty
of
conversations
about.
You
know
fiduciary
duty
to
not
necessarily
be
an
expert
in
the
underlying
investment,
but
to
continue
to
monitor
and
diligence
them.
So
that's
why
we
show
information
for
both
the
indexes
and
the
peer
group
universe.
F
F
F
We
want
to
understand
and
I'll
just
use
dodging
stock
as
an
example,
since
it's
at
the
top
of
this
list,
we
want
to
understand,
even
though
this
is
an
active
manager
and
let's
say
they
are
outperforming
their
benchmark.
The
s
p
500
value
index
are
there
more
consistent,
stronger
performers
in
the
universe.
F
So
that's
why
the
peer
group
universe
is
included
in
there.
You
will
notice
at
the
bottom
of
the
page.
There
are
some
nas
or
not
applicables,
for
some
of
the
private
market
investments,
so
hedge
funds
other
real
assets
and
private
equity,
and
that's
just
simply
because
in
most
in
a
lot
of
those
instances,
I
should
say
peer
group
universe.
Information
is
not
necessarily
existence.
It's
very.
D
C
F
F
Do
we
in-
and
this
is
both
parties
on
this
phone-
call
believe
that
the
portfolio
is
still
strategically
positioned
to
meet
our
risk,
return,
metrics
or
requirements,
and
with
that
we
will
bring
information.
Should
there
be
proposed,
changes
will
bring
information
on
that
and,
as
far
as
investment
products
go,
it
is
very
challenging
to
say,
however,
should
we
believe
that
there
is
a
need
to
include
another
investment
manager,
whether
incorporate
a
new
asset
class
or
change
an
existing
investment
manager?
E
E
But
you
know
we've
added
inflation,
hedges
to
the
portfolio,
so
that's
helping
protect
in
this
inflationary
environment
we've
minimized
the
duration
on
the
fixed
income
to
try
to
control
the
interest
rate
risk,
there's
really
only
about
15
percent
of
the
portfolio
currently
in
traditional
fixed
income.
So
you
know
on
a
go
forward
basis
and
that
potentially
could
increase
slightly
so
yeah.
E
We
think
the
portfolio
is
actually
in
a
good
position
again,
where
we
hate
coming
and
telling
you
that
your
portfolio
lost
money,
but
you
know
relative
to
how
it
could
have
been,
and
then
also
this
is
only
through
june
july
was
incredibly
strong.
I
would
imagine
your
portfolio
might
be
up
three
percent
in
the
month
of
july,
so
three
to
four
percent,
so
you
know
all
of
that.
Hopefully,
you
know
bodes
well
for
the
rest
of
the
year.
A
A
D
B
D
This
is
reader
russell
and
I
just
the
one
thing
that
I
wanted
to
bring
up.
I
did
finally
get
a
response
from
belinda
porter
and
I
remember
her
sharing
when
the
council
interviewed
her
was
that
4
30
would
be
a
better
time
frame
than
four
o'clock
or
four
o'clock
was
a
little
bit
difficult.
So
I
don't
know
if
the
board
could
consider
or
if
there
would
be
problems
with
them
with
the
two
groups
that
come
to
share.
If
we
change
the
time
to
4
30.
A
B
G
A
A
C
D
C
I
think
that's
an
office
for
my
budgeting
purposes.
I
think
we
need
to
know
the
contribution
for
the
new
year,
the
students
yeah
and
I'm
also
very
interested
in
learning,
because
last
year,
based
on
actual
error
report
based
on
assets,
liabilities
on
funding
liabilities,
you
would
take
the
city
14
years
to
to
to
pay
off
all
our
liability,
I'm
just
very
curious
about
after
year
what
the
number
looks
like.