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From YouTube: Pension Board Quarterly Meeting (08/11/2021)
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B
C
C
E
Before
you
get
started,
let
me
just
say
one
thing
that
I
know
we
at
the
end
of
last
meeting
we
had
talked
about
that
there
would
be
an
actionable
item
before
possibly
sending
a
letter
to
counsel
or
something
like
that-
and
I
put
discussion
on
here
this
time,
but
that
was
because
I
did
some
research
into
how
this
has
been
handled
in
the
past.
With
the
way
we
handle
possible
changes
that
we
want
to
send
to
council,
it's
not
really
through
a
letter.
E
What
what
we
have
done
in
the
past
is
basically
the
boards
have
brendan
and
myself
and
the
pension
attorney
get
together
and
create
what
they
want,
the
investment
policy
to
look
like,
and
then
we
send
a
recommended.
You
would
pass
a
recommended
investment
policy
that
we
would
send
to
council
and
that's
the
way
it
gets
to
council,
and
there
will
be
some
some
things
we
can
talk
about
further
with
that,
but
I
just
wanted
to
kind
of
you
know
mention
that
on
the
front
end
as
to
why
the
agenda
looks
like
it
does,.
F
All
right,
well
I'll
start
with
the
the
june
30th
report.
We've
got
some
of
the
basic
market
information
here
and
I'll,
just
sort
of
speak
at
a
high
level.
The
momentum,
the
positive
news
that
we've
been
experiencing
the
prior
15
months,
continue
so
optimism
over
continued
vaccine
rollout,
reduced
unemployment
rate
reopening
all
of
that.
You
know
from
the
april
1st
through
the
june
30th
period,
was
just
continued
to
be
strong.
So
when
you
look
at
the
results
in
the
upper
right
hand
corner
you
know,
you
see
the
s
p.
F
500
was
up
eight
and
a
half
percent
our
international
stocks,
the
acquiesce
us
was
up
five
and
a
half
percent.
The
one
thing
that's
a
little
different
from
the
previous
few
quarters
is
fixed
income
was
positive
about
1.8
and
I'll
kind
of
touch
on
that
in
a
minute.
F
The
overall
backdrop
for
the
last
12
months
again
has
been
fantastic:
the
s
p
500
up
over
40
percent,
small
caps
up
62
internationals
up
about
35,
and
then
I
get
fixed
income
with
the
increase
in
rates
that
we
saw
early
in
the
year,
actually
fractionally
negative.
F
Through
that
12-month
period,
we
always
spend
a
minute
talking
about
the
equity
markets
and,
more
specifically,
what's
been
happening.
So
if
you
recall
for
the
prior
six
or
seven
years
going
back
to
october
of
last
year,
all
we
were
talking
about
was
growth
amazon's,
the
facebooks,
the
apples
of
the
world.
F
That's
where
all
the
performance,
not
all
they
were
dramatically
outperforming
the
rest
of
the
market,
really
the
day
that
the
first
vaccine
was
approved
in
early
november,
the
market
flipped,
it
became
a
value
market
and
growth
growth
was
still
positive,
but
it
it
really
lagged
behind
through
the
month
of
may
of
this
year.
So
then,
when
we
look
in
the
upper
right
hand
corner
whether
it's
the
3000
or
the
1000
you'll
notice,
the
green
bars
grow
stocks,
double
the
value
stocks.
F
The
month
of
june.
We
saw
it
flip
back
again
now
part
of
it
was
a
retracement
in
interest
rates.
Interest
rates
started
to
drop
again
also.
You
know
there
starts
to
be
a
pickup
in
the
delta
variant
and
of
course
we
have
a
lot
more
information
on
that
now
here
today
in
august,
but
back
there
in
june
it
was
still
kind
of
early
on
so
a
little
bit
of
concern
there.
You
know
so
the
again
going
back
to
the
amazons,
the
zooms
of
the
world,
those
those
companies
started
to
to
do
much
better.
F
So
within
the
quarter
they
obviously
did
significantly
better,
but
it
was
really
kind
of
two
different
stories
it
was
april
and
may
then
it
was
june.
When
you
take
a
look
at
the
last
12
months.
Value
has
been
outperforming
slightly,
even
though
that
recent
growth
run,
but
again
they
are
very
close
in
terms
of
relative
performance.
F
Now
I
mentioned
interest
rates
before
so
I
know
it'll
be
a
little
bit
hard
to
see
down
in
the
bottom
right
hand
corner,
but
I
always
talk
about
the
treasury
yield
curve
and
at
the
end
of
the
year
first
of
january,
we
were
at
this
grade
line
and
then
in
the
first
quarter
we
saw
interest
rates
specifically
the
10-year
double
that's
when
we
had
negative
three
and
a
half
to
negative
four
percent
return,
because
we
saw
that
big
spike
up
in
interest
rates
at
the
end
of
the
june
30
quarter.
F
We
did
retrace,
especially
at
the
longer
end.
The
short
end
hasn't
really
changed
much,
but
the
yellow
line
you
can
see.
Rates
have
fallen
back
down
and,
as
of
today,
they're
actually
quite
a
bit
lower
again
they've
roughly
retraced
half
of
the
upgrade,
so
things
have
come
back
down.
That's
why
we've
seen
that
positive
performance
and
fixed
income,
but
I,
as
of
the
last
couple
of
days
rates,
have
kind
of
stabilized
and
started
to
move
higher.
You
know,
typically
speaking
rates,
don't
just
move
in
a
straight
line.
F
F
As
again,
we
would
generally
expect
rates
to
be
higher
as
opposed
to
lower
you
know
a
year
or
two
from
now
now
getting
into
the
specifics
of
the
plan
you
can
see
again
we
always
compare
your
current
assets
of
119.2
million
dollars
against
the
assumed
rate
of
return
kind
of
theoretical
investment.
You
know
so
if
you,
if
you
wrote
that
theoretical
assumed
rate
you'd
be
at
94.5
million
dollars,
but
because
of
about
performance
over
the
years,
you're
up
to
119
and
change
and
of
course,.
A
F
Is
a
wonderful
thing
to
see
this,
these
gray
bars
or
blue
bars
down
at
the
bottom,
your
net
cash
flow,
so
you're
paying
out
more
in
benefits
than
you're
taking
in
in
terms
of
contributions
from
either
the
city
and
or
the
employees,
to
the
tune
of
20
29
million
dollars
in
negative
cash
flow
overall.
F
Yet,
while
that's
happening,
while
your
cash
flow
is
negative,
you're
growing
the
assets
or
you're
growing
the
assets
at
a
faster
rate
than
you're
paying
out
those
negative
cash
flows,
page
five
gets
into
the
asset
allocation.
The
colors
indicate
the
broad
asset
class
and
as
well
as
it's
overlaid
with
the
individual
managers,
I'm
going
to
talk
about
page
number
six
for
a
moment,
because
it
puts
your
allocation
relative
to
the
policy.
As
a
reminder.
F
Last
quarter
we
had
crossed
that
65
percent
maximum
threshold
and
the
boards
made
the
decision
to
scale
that
back
under
65..
So
what
you'll
notice
is,
with
the
four
percent
overweight
to
domestic
equity.
Now
here
at
june,
30th
plus
a
1.4
in
international
we're
actually
back
above
the
65.
so
good
problem.
It
means
those
assets
were
growing
and
I've
got
even
more
up-to-date
information
to
look
at
that
again.
But.
F
F
It's
just
the
equity,
that's
kind
of
bumping
up
past
their
outer
range
when
it
comes
to
performance,
very
good
quarter,
5.6
beating
the
policy
of
5.46
and
you
placed
in
the
48
value
outperformed
60
of
the
public
funds
around
the
country
for
the
three-month
period
for
the
the
fiscal
year
to
date,
19.2
versus
seventeen
point
eight
percent,
so
very
good
relative
performance
beating
your
benchmark
in
absolute
terms,
certainly
well
ahead
of
the
assumed
rate
of
return.
So.
C
F
Fantastic,
I
mentioned
119
million
dollars
just
a
minute
ago.
The
total
fund
assets-
if
anybody
peeked
ahead,
to
see
this
update
as
of
this
morning,
we're
at
121.2
million
dollars.
So
another
call
it
one
and
a
quarter
one
and
a
half
percent.
So
as
of
today
that
19.2
is
really
above
20,
again
still
have
seven
weeks
to
go,
but
knock
on
wood
you're
in
a
very,
very
good
position
for
this
fiscal
year.
You
know,
I
don't
think
that
I
printed
that.
E
F
As
we
move
down
the
page,
you
get
into
the
individual
components,
I'll
just
touch
on
a
few
briefly
wells.
Your
large
cap
growth
manager,
a
little
bit
behind
for
the
quarter,
9.1
versus
11.9
and
just
fractionally
about
a
little
bit
behind.
Excuse
me
for
the
one
year
about
60
90
basis
points,
but
almost
approaching
42
for
the
last
12
months,
jp
morgan,
equity
income
up
6.2
versus
5.2.
F
F
43
versus
57,
so
that
is
somewhat
of
a
big,
miss
43,
is
obviously
a
very
nice
return,
but
that
was
behind
the
benchmark.
They
have
again
been
a
very
good,
consistent
manager
for
you
over
time.
You
can
see
that
that
out
performance
over
a
long
period,
we
don't
have
any
immediate
concerns,
but
certainly
want
to
see
that
near
term
performance
improve
the
next
page
gets
into
our
international
equity,
which
was
fantastic
both
for
the
quarter
and
the
year.
So
europe,
pacific
growth,
was
up.
F
Sawgrass
is
your
main:
fixed
income
manager,
1.85
versus
1.74,
so
a
good
quarter,
but
you'll
notice
in
the
lab
here
still
down
38
basis
points
now
that
was
well
ahead
of
the
benchmark,
which
was
down
154,
so
kind
of
relative
to
the
pool
that
they
operate
in
they
performed
very
well,
but
because
of
the
rise
in
interest
rates.
Overall,
it
was
a
negative
negative
rate
of
return,
but.
A
F
Like
the
other
managers
very
consistent,
longer
term
results,
then
pimco
diversified
income,
that's
the
new
fund
that
replaced
templeton
and
that
has
been
fantastic
so
far,
2.7
versus
145
for
the
quarter
and
since
inception,
3.9
percent
versus
0.03
for
the
benchmark,
so
very
good
relative
results,
and
then
the
last
component
is
jp:
morgan
2.9
for
their
real
estate,
portfolio
versus
the
4.4
and
for
the
last
year
6.8
versus
about
8.8,
certainly
some
under
performance.
F
I
think
what
we,
when
you
heard
from
them-
or
we
talked
about
that
excuse
me-
they
were
fairly
aggressive
in
a
lot
of
write
downs,
especially
in
office
and
retail,
and
certainly,
as
some
of
that
has
rebounded
they've,
been
a
little
bit
behind
in
terms
of
their
transition.
Some
of
their
peers
have
still
yet
to
take
some
of
those
write
downs.
So
I
think
that
will
sort
of
normalize
over
time
in
terms
of
their
performance.
But
again
we
still
view
the
real
estate
in
particular,
because
interest
rates
are
so
low.
F
F
F
F
You
weren't
collecting
all
your
rent,
you're,
maybe
collecting
60
or
70
percent
of
the
rents,
because
the
businesses
weren't
operating
and
therefore
able
to
pay
the
rents
jp
morgan
was
one
of
the
more
aggressive
ones.
If
there
was
any
uncollected
rent,
they
took
it
as
a
write
down.
They
took
it
as
a
hit
to
performance,
others
kept
it
as
a
receivable
which
didn't
impact
performance.
Now,
ultimately,
if
you
get
six
months,
not
eventually,
you
have
to
write
it
off
if
it
stays
uncollected,
but
in
their
instance
you
know
a
lot
of.
F
They
were
very
aggressive
with
kind
of
writing
that
down
which
the
flip
side
is
again,
whether
it
be
rent
collection
or
some
of
the
valuations,
because
the
economy
bounced
back
rather
quickly.
It
sort
of
sets
the
table
for
it
to
kind
of
that
portfolio
to
bounce
back,
but
on
a
trailing
basis.
You're.
Seeing
some
of
that
impact
in
that,
in
particular
that
one
year
number.
A
F
I
don't
recall
that
the
specific
allocation-
but
if
I
remember
correctly
it
tended
to
be
a
little
overweight
to
like
to
your
point,
retail
as
well
as
office.
So
certainly
those
are
the
areas
that
have
been
hardest
hit
by
covid.
Certainly
industrial
and
residential
has
held
up
pretty
well,
that's
the
other
thing
you're.
Seeing
with
these
portfolios
in
terms
of
management
is,
is
them
in
many
cases
trying
to
transition,
sell
off
some
of
their
office.
A
F
Don't
take
this
the
wrong
way,
but
I'd
be
happy
with
that.
Definitely,
but
absolutely
to
that
point
so
the
other.
I
just
I
guess,
for
the
sake
of
the
discussion.
The
other
item
that
I
wanted
to
draw
your
attention
to
was
the
current
allocation.
Again,
we
can
go
back
to
this
particular
page
that
shows
it
as
of
june
30th,
but
I
updated
as
of
this
morning.
F
We
are
currently
sitting
roughly
75
basis
points
above
that
65
cap,
where
your
total
equity
exposure
is
now
65.75,
so
your
equities
grew
too
much
again
great
problem,
so
now
we're
above
that
maximum.
So
in
this
spreadsheet,
what
I
put
together
just
to
get
back
under
the
65
threshold
would
take
910
000.
F
Okay,
that's
the
amount
just
to
get
back
and
that's
kind
of
a
similar
exercise
to
what
we
did
last
quarter.
Now
we
were
farther
out
of
range
last
time,
so
we
had
to
feel
back
more
than
that
to
get
under.
But
if
the,
if
the
board's
collected
decision
was
just
to
rebalance
the
minimum
amount
necessary,
it
would
be
nine
hundred
and
ten
thousand
dollars,
but
yeah
in
the
in
the
sheet.
F
The
full
amount,
if
we
were
to
go
completely
back
to
target,
would
be
5.2
million
of
domestic
equity
as
well
as
1.75
million
of
international
equity.
That
is
the
collective
amount
you
were
overweight
to
equity,
relative
to
targets
of
60,
50,
domestic
and
10
international
and,
of
course,
the
corresponding.
The
biggest
underweight
is
fixed
income.
Now
we
we
sort
of
addressed
that
issue
last
time,
not
by
putting
it
into
fixed
income,
but
by
holding
it
in
cash.
F
F
We
obviously
have
an
ongoing,
or
at
this
planned
discussion,
to
talk
about
sort
of
a
request,
and
you
know
would
it
be
helpful
to
look
at
that
information
first
before
doing
anything
here,
or
would
we
rather
kind
of
make
this
decision
kind
of
where
we
are
today,
because,
obviously
any
potential
change
to
the
ordinance
and
the
policy
is
likely
to
be
months
and
months
away?
If
it
happens
at
all,
so
obviously
we
would
still
need
to
take
action
today
regardless,
but
I'm
happy
to
kind
of
pivot.
F
F
All
right
so
I'll
just
kind
of
table
that
for
right
now,
we'll
come
back
to
it
and
I
think
you
have
a
handout
in
front
of
you.
This
is
mine
or
a
couple
pieces
of
paper,
and
so,
as
dustin
referred
to
earlier,
we
started
to
have
this
conversation
about
what
the
process
would
be
and
really
came
down
to.
F
So
what
you'll
notice-
and
this
is-
I
only
changed
a
couple
of
numbers
just
to
kind
of
get
the
conversation
going,
but
again,
ultimately,
this
would
be.
You
know
something
that
you
would
approve
as
a
recommended
or
a
requested
change.
So
what
you'll
notice
is
our
current
target
is
50
equity
and
the
range
is
45
to
55.
F
F
That's
the
one
we've
obviously
been
talking
about
these
last
few
meetings.
So
what
I'm
proposing
in
this
just
sort
of
initial
thing
to
get
the
conversation
going
is
just
changing
that
cap
from
a
maximum
of
65
to
a
maximum
of
70..
Now
we
can
still
get
to
seven.
We
don't
have
to
change
the
range
either
into
domestic
or
international.
Obviously,
if
you
max
either
or
both
of
those
out
you
get
to
the
70.
But
if
you
were
to
make
that
change,
perhaps
you
could
also
make
a
corresponding
change,
but.
F
Specify
other
than
the
maximum
of
25
international,
it
doesn't
specify
our
maximum
is
15.,
so
that
is
really
up
to
your
discretion.
The
one
change
that
really
matters
would
be
that
total
equity
cap
at
again
in
this
example
moving
it
up
to
70
and
then
the
other
one
that
I
put
it
again
for
consideration.
F
You're
in
the
ordinance.
You
have
a
hard
cap
of
10
to
the
real
estate
exposure,
so
I
threw
in
this
in
as
a
potential
secondary
change
to
do,
allow
you
know
a
little
bit
more
room.
Should
the
boards
at
some
point
in
the
future,
decide
to
do
that,
otherwise,
the
actual
individual
asset
classes.
Again,
all
those
have
to
fit
within
the
maximum,
and
maybe
they
really
aren't
changing
very
much
so
I'll
kind
of
pause
there
see
if
you
have
any
questions
or
thoughts
based
on
what
you're,
seeing
so
far.
D
The
other
paper
you
provided
is
that
what
similar
size,
as
far
as
other
plans,
have.
F
So
it's
just
it's
a
relatively
small
sample.
I
think
it's
five
plans,
but
generally
of
a
similar
size
somewhere
between
about
80
and
200
million
dollars
in
assets.
All
flora
based
plans-
and
you
can
see
I
just
kind
of
took
their
their
similar
table
out
to
to
put
it
as
a
basis
for
comparison.
F
Wouldn't
yeah,
and
what
are
we
shooting
for?
What
kind
of
target
return
are
we
doing.
E
So
that
kind
of
leads
into
sorry
I'll,
just
jump
right
in
because
it
kind
of
hands
in
with
something
that
I
talked
with.
I
had
a
conversation
with
the
administration,
and
that
was
one
of
the
things
that
they
had
said
was.
Anything
that
came
out
of
a
recommendation
from
here
would
need
to
be
accompanied
by
a
more
in-depth
volatility
analysis
from
anco
before
it
ever
went
to
council,
so
anything
that
we.
E
So
if
we
collectively
decide
yeah,
we
want
to
explore
and
make
our
investment
policy
this
with
the
70
percent
and
just
say
for
the
15
for
for
what's
being
proposed
here.
Then
then
a
volatility
announcement
may
be
done,
and
that
would
be
a
company
and
you
would
be
had
a
chance
to
review
that
volatility
analysis
before
you
pass.
That
recommended
investment
policy
and
send
that
on
to
the
council.
A
C
We
did
talk
about
this
three
months
ago,
of
course,
and
I've
been
learning
a
lot
from
this
experience
and
one
of
the
things
that
I've
been
toying
with
is
that
you
know
risk.
Of
course,
if
there's
risk
versus
return,
I
guess,
and
in
a
perfect
world
we
want
low
risk
high
return,
but
you
know
the
the
problem
with
risk
like
with
the
the
2008
2009
financial
collapse,
people
you
you
buy,
we
did
a
200
000
house
that
appreciates
some
value
of
400.
C
That
we
could
use
as
equity
to
borrow
and
do
something,
but
then,
if
the
value
of
that
thing
that
we
invested
in
drops
to
a
certain
level,
we
don't
have.
Oh
if
the
price
of
the
value
of
the
house
goes
down,
you
don't
have
the
equity
everyone's
hand,
and
so
you
get
this
in
this
collapsing
market
thing
with
me.
C
So
far,
and
we've
broken
that
well
with
the
pension
board,
though
you
know
the
it
doesn't
work
like
that,
it's
not
like
we,
you
know
we're
borrowing
on
our
assets,
and
so
if
the
market
goes
down
for
a
short
term,
we're
going
to
be
you
know
money,
and
you
know
we
just
we
have
a
relatively
stable
annual
payout
in
terms
of
whoever's,
retired
and
that's
not
gonna.
There's
not
gonna,
be
a
huge
jump.
C
F
Think,
strictly
from
an
investment
standpoint,
if
you
ignore
funding
and
cash
flows,
you're
absolutely
you're,
absolutely
correct,
because
you
have
you
have
the
long
life
and
so
that
by
itself
affords
to
you
know,
take
a
little
bit
more
risk.
You!
You
work
your
way
through
the
ups
and
downs
rebalance
along
the
way.
F
I
think
that
the
challenge
becomes,
or
one
of
the
concerns
is
when
you
have
those
periods,
not
only
not
only
is
it
a
economically
challenged
environment,
so
things
like
tax
revenues
are
impacted,
but
then
also
the
funding
cost.
You
know
the
funding
goes
up
because
you
had
have
adverse
results,
so
it
winds
up
being
kind
of
a
double
whammy
to
the
sponsor
and
that,
like
you
said
over
10
years
or
20
years,
probably
doesn't
make
any
difference,
but
certainly
in
that
year
or
two
that
you're
going
through
that
cycle,
it
can
be
a
big
challenge.
F
E
A
C
A
F
F
Interest
rates
are
at
one
and
change,
and
so,
if
you
still
have
that
30
or
40
percent
earning
one
and
change,
if
rates
don't
move,
if
they
go
higher,
those
those
returns
are
negative.
Then
what
it
requires
is
it's
not
that
you
need
to
earn.
You
know
nine
or
ten
out
of
your
equities
for
the
blend
to
get
to
seven
and
a
half.
You
need
those
equities
to
earn
13
or
14
to
compensate
for
that
that
larger
piece
that
is
no
longer
providing
the
return
that
it
certainly
had
over
the
previous
30
years.
F
So
that's,
I
think,
one
of
the
components
of
why
you're
seeing
a
general
movement
away
from
kind
of
traditional,
fixed
income-
and
I
don't
need
to
ignore
it.
That
is
the
liquidity,
that
is
the
anchor
of
the
portfolio,
but
the
traditional
number
was
forty
percent.
It
was
sixty
percent
equity,
40
fixed
and
it
was
there.
C
E
F
A
F
F
Like
buy
a
bunch
of
lamb
that
has
trees
on
it,
and
you
know
that
that
was
a
big
that
was
a
investment
that
really
had
a
lot
of
popularity.
Well,
not
a
lot
some
popularity
about
10
years
ago,
you
know
kind
of
probably
the
2005-2006
you
know.
Building
boom
lumber
prices
are
up.
So,
let's,
let's
go
buy
a
few
thousand
acres.
We
can
offer
hunting
leases
or
something
like
that
for
income.
F
While
we
wait
for
the
trees
to
mature
and
then
hopefully,
the
trees
are
worth
50
60
70
more
than-
and
certainly
you
know,
that
is
the
idea,
but
it
certainly
has
not
worked
out
that
way.
A
D
F
E
F
F
One
of
the
conversations
were,
you
know,
revolve
around
the
allocation
and
the
policy
is
up
to
the
board
within
the
parameters
of
the
ordinance.
Now
some
of
these
have
a
very
liberal
ordinance.
They
can
kind
of
within
reason,
do
be
a
lot
more
aggressive
if
they
want
to
one
of
the
examples,
or
one
of
the
reasons
I
use
is
even
though
the
board
has
the
ability
to
go
80
equity
they're,
not
doing
it
they're
they're
keeping
their
their
ranges.
You
know
kind
of
in
what
I
would
argue
is
sort
of
a
normal.
A
A
F
Time
we
would
look
at
a
new
asset
or
to
change
the
allocation.
We're
going
to
do
that
asset
allocation
study
and
say
you
know
what
additional
risk
are
you
taking
on
by
adding
either
just
adding
existing
equity
or
going
into
a
new
asset
class
that
you
don't
have?
What
is
the
impact
if
I
get
one
basis
point
of
extra
return,
but
I
face
80
basis.
F
Points
of
extra
risk
probably
doesn't
make
a
whole
lot
of
sense,
but
if
I
can
get
50
basis
points
of
more
return
and
it's
only
50
or
60
basis
points
more
risk.
Maybe
you
say
that
that's
worth
it,
but
again
having
that
information
is,
is
kind
of
part
of
that
process
that
each
time
you
evaluate
those
investments.
D
Since
we
are
actively
talking
and
pursuing
other
options,
kind
of
what
pedro
was
talking
about
last
time,
we're
not
completely
ignoring
the
situation
or
since
we
are
over
65
percent,
since
we
are
actively
talking
about
it
and
doing
some
things
toward
that,
it
would
be
an
issue
to
leave
it
in
equity.
At
this
point,
until
we
see
some
information
brought
back
to
us
at
that
point,
making
movement.
D
This
is
very
common
before
being
hamstrung
by
we're
at
65
percent,
but
that
65
is
what
making
most
of
the
money
so
now
we're
taking
money
out
of
there
putting
it
back
in
there
and
the
cash
where
there
might
be
leave
it
in
there,
because
we're
actively
seeking
information
in
regards
to
movement.
My
moving
line,
can
we
not
just
keep
it
in
there
until
we
find.
E
I
think
it's
it's
not
the
way
pedro
sounded.
It
was
like
a
quarter
by
quarter
basis
that
we
need
to
do
something
by
the
end
of
the
quarter.
So
we
plan
on
having
a
special
meeting
before
the
end
of
this
quarter.
I
mean
a
late
set
yeah
late
late
september
yeah.
That
would
be
right
at
the
end
of
the
quarter.
Then.
F
E
F
E
F
F
In
cash
correct,
so
we're
at
3.6,
but
I
would
even
if
you
were
getting
close
to
the
maximum
of
10,
if
it's,
if
it's
a
proxy
for
fixed
income,
traditional
fixed
income
in
a
low
and
potentially
rising
interest
rate
environment,
I
would
sit
there
and
make
the
argument
those.
Those
two
really
need
to
be
combined.
F
F
F
D
D
D
By
state
statute
on
international
for
police
retirement,
correct
and
then
real
estate.
D
Equities,
you
know
private
debt
infrastructure.
E
D
I'm
just
saying
I
mean
we
we
operate
under
a
lot
of
you
know,
sort
of
confines
that
I
can
all
find
furry.
You
know,
obviously,
what
keeps
popping
up
is
the
equities
just
because
we
keep
making
too
much
money
and
keep
having
to
you
know
get
our
ceiling
on
that.
I
just
I
don't
know
yeah.
I
just
is
there
another
asset
class
that
we
could
look
at.
D
F
C
A
E
F
C
B
B
A
F
F
B
B
F
F
Challenges
that
given
given
this
landscape
in
order
to
get
a
reasonable
return,
reasonable
yield
you're
going
to
be
going
into
vehicles
most
likely
that
are
going
to
have
long-term
lockups
you're
going
to
put
money
into
a
vehicle.
You
know,
let's
just
use
the
private
debt
as
an
example,
so
we're
concerned
about
traditional,
fixed
income,
duration
risk
and
the
like,
so
we're
going
to
go
with
a
private
debt
type
of
vehicle.
A
F
Access
to
that
capital
for
seven
years
until
they
give
it
back
to
you,
you
can't
ask
for
it
back
unless
you
try
to
go,
sell
your
interest
on
the
secondary
market
and
you'll
probably
take
a
50
haircut
to
do
that,
so
so
any
when
you're,
when
you're
making
these
other
type
of
alternative
investments,
you
have
to
keep.
You
have
to
think
about.
Okay.
F
This
is
money
that
I'm
just
gonna
leave
over
here
for
the
next
five
seven
ten
years
and
if
the
markets,
if
the,
if
the
public
markets
go
through,
you
know
a
big
up
and
down
I'm
not.
I
don't
have
those
assets
to
go
to
to
pay
mention
to
pay
benefit
now,
ultimately,
they
may
pay
off
very
nicely.
But
again
you
have
to
wait
for
them
to
send
you
the
money.
You
can't
request
it,
and
so
there's
a
getting
back
to
the
risk
discussion.
F
That's
introducing
a
different
kind
of
risk,
there's
a
liquidity
risk,
and
so
again,
as
you
expand
away
from
sort
of
these
traditional
asset
classes,
you
have
to
give
up
some
liquidity.
Give
up
some
of
these
other
things
in
order
to
get
the
enhanced
return.
That
makes
sense,
for
you
to
you
know,
make
these
other
investments.
C
F
Well,
that
that
would
be
great
it'd,
be
nice
and
easy,
but
they're
not
out
there
there's
not
many
of
them
right,
so
so
in
order
to
get
some
of
the
the
return
and
profile
and
investment
that
you,
like,
you
have
to
in
this
case,
give
some
things
up
like
liquidity,
and
so
that
is
another
type
of
consideration
as
we
go
through
that
process.
D
How
long
just
to
get
the
ranges
into
play
and
get
it
moving?
How
long
it's
going
to
take?
I
know
you
guys
saying
it's
taking
a
while,
but
at
what
point
is
we're
at
six.
D
E
E
Depending
on
the
time,
the
other
thing
is,
I
feel
like,
as
the
administrators
say,
there's
a
there's,
a
reason
that
we
passed
the
rewrite
when
we
did
at
the
end
of
the
other
council
going
out
and
before
the
new
council
came
in.
These
ordinances
haven't
been
in
front
of
the
new
council,
these
pension
plans,
and-
and
I
think
this
is
kind
of
being
a
new
council-
you
don't
know
what
kind
of
changes
they
may
want
to
make.
So
so
just
because
we
say
this
is
what
we
want
to
change
in.
Here's
70
and
15.
E
A
E
E
A
A
D
A
D
D
I'd
like
to
make
a
motion
to
sell
something
from
the
equity
side.
I
don't
know
how
to
find
the
last
time
we
sold
the
highest
performer
over
in
that
class
to
bring
us
back
to
the
65.
F
D
C
F
C
E
F
Long
would
it
take
to
get
into
real
estate.
That's
the
only.
It
would
take,
probably
at
the
earliest,
probably
october
1st,
when
the
money
would
go
there
because
they
operate
on
a
capital
call
situation.
So
you'd
have
to
re-up
your
commitment.
You
have
to
commit
to
a
certain
dollar
amount
and
then,
when
they're
ready
to
invest
it,
they
call
it
and
typically
that's
done
on
the
calendar.
Quarterly.
E
Do
they
have
a
does?
The
real
estate
have
a
minimum
investment
standard
you
know
for
when
they
you're
trying
to
invest
more
dollars.
Does
it
need
to
be
a
certain
amount?
Okay,.
F
F
No
you're
not,
but
if
you
know
that's
just
one,
it's
specifically
hard-coded
in
the
ordinance
at
10.,
it's
really
equity
and
that
that
are
hard
coded
with
maximum
that
you
can
do
something
about
international
specified,
but
that's
state
laws.
We
can't
do
anything
about
that.
One
yeah,
so
I
just
kind
of
threw
it
in
there
as
something
to
consider.
What's
our.
F
Can,
and
but
just
practically
speaking,
if
if
that
was
the
board's
decision,
I
think
you
take
it
out,
put
it
in
cash,
then,
when
the
capital
call
comes
the
cash,
is
there
and
is
ready
to
go
as
opposed
to
the
other
side
was
if
you
were
to
leave
it
in
an
investment.
You
wait
for
the
capital
call,
and
at
that
point
you
then
have
to
sell
it
out
of
the
investment
and
then
make
the
wire.
D
Question
for
you,
as
far
as
fargo
taking
that
million
out
of
there,
I
guess
it
makes
sense
for
the
million
dollar
standpoint
next
level,
but
at
the
same
time
the
best
performance
we
have
on
equity.
Will
we
not
taken?
Why
would
we
not
take
out
the
bottom
performer
that
would
shift
the
money
there
we're
making
the
most
out
of
wells
fargo
and
I
get
in
a
month
or
three
months
you
might
have
to
reevaluate.
F
F
F
E
Also,
if
we
are
actually
thinking
about
putting
money
into
an
alternative
asset
class-
and
it
would
probably
be
hopeful
to
have
that
cash
that
extra-
you
know
that
under
1000
cash
versus
tying
it
up
in
real
estate
to
invest
in
an
alternative
asset
class.
If
that's
what
came
out
of
the
next
meeting,
I
mean.
F
3.6
at
four
and
a
half
or
four
point:
three
million
dollars
and
again
I
wouldn't
at
a
five
five
point,
three
percent
level
of
of
allocation
to
real
estate.
I
wouldn't
be
suggesting
you
harvest
some
of
that
in
order
to
make
a
different
alternative
investment.
I
would,
I
would
be
suggesting
funding
that
from
somewhere
else
in
the
pie,
so
I
wouldn't
expect
to
be
going
back
to
that.
You
know
if
you
committed
to
900
000,
I
wouldn't
expect
to
be
going
back
to
them
within
the
next
year
trying
to
ask
for
some
of
that
back.
A
A
D
Was
just
I
mean
if
we're
looking,
I
just,
I
think,
moving
the
money
into
real
estate
is
we're
just
moving
it.
I
think
that
you
know
having
5.2
million
when
he
comes
back
to
us
in
three
months
with
ideas.
Analysis
gives
us
a
little
bit
more.
I
guess
seed
to
for
that.
You
know
alternative
vehicle.
That's
just
my
take
home.
That's
your
motion.
A
D
You
understand
the
motion
was
to
sell
from
wells
capital
to
bring
us
back
to
the
65
level
and
leave
money
in
the
cash.
A
A
A
F
A
C
B
A
B
E
Correct
so
nothing
crazy
here,
but
we've
got
the
general
plan
was
kind
of
outpacing
everybody
on
refunds
and
backdrops
right,
there's
not
much
activity
in
the
police
or
prior
as
far
as
wise
or
refund
retirements.
Anything
yeah
I've
been
pretty
solid.
The
last
the
last
year
we
haven't
had
a
few
big
kind
of
people
getting
to
the
end
of
their
33-year
career
there
and
got
some
backups
from
the
general
fund,
which
we
approved
a
while
back
and
now
you're
seeing
a
closure
to
these
houses.
E
You
got
711
000
out
in
refunds
and
backdrops,
just
in
the
last
nine
months,
not
much
change
otherwise
from
total
active
participants
out
of
what
we're
we're
used
to
seeing
that
vested
number
still
kind
of
ticking
down,
which
was
I
talked
about
a
couple
quarters
ago,
which
was
just
kind
of
from
the
hiring
freeze
that
was
put
on
you
know
about
10
years
ago,
and
it's
just
kind
of
flowing
through.
I
expect
to
see
that
number
taking
back
up
here
fairly
shortly.
E
Fppta
fall
trustee
conference
going
october
3rd
through
october
6,
so
yeah
it's
going
to
be
right
down
the
road
in
sawgrass
and,
as
I
understand
that
most
of
us
who
are
cppt
qualified
need
to
go
for
the
continuing
education
because
the
conferences
were
cancelled
for
for
so
long.
I
haven't
received
any
word
of
any
kind
of
cancellation
for
this,
even
though
coca
and
delta
variant
figure,
backup
and
all
that,
but
they
just
opened
up
registration
yesterday.
So
it
makes
me
think
that
they
plan
to
go
ahead
with
everything.
E
C
E
I
don't
know
what
the
you
know.
If
you
really
didn't
want
to
do
it,
I
don't
know
what
the
program
would
look
like
to
get
back.
You
know
to
get
a
cpt.
A
D
E
E
The
conference
yeah
yeah
the
hotel
and
all
that,
but
yeah,
this
one's,
usually
bigger,
and
this
time
it's
right
down
the
road,
so
yeah
yeah
summary
plan
descriptions.
I
edited
up
all
those
and
got
everything
cleared
through
pedro,
had
them
review
all
of
them
and
pasted
posted
all
those
on
the
the
website
and
the
the
city's
intranet
for
everyone
to
have
have
access
to.