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From YouTube: Pension Board Meeting (8/10/2022)
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A
So
obviously
you
can
see
generally
the
trend
over
time.
This
little
dip
here
was
kind
of
a
covid
market
where
all
of
a
sudden
we
lost
34
in
three
weeks,
but
then
we
had
a
substantial
recovery
and
obviously,
at
the
end
of
last
year,
things
were
looking
absolutely
fantastic
and
then,
of
course,
the
last
six
months
things
have
come
back
down.
The
good
news
is,
despite
this
drawdown,
you're
still
quite
a
bit
ahead
of
that
sort
of
theoretical,
assumed
rate
of
return
line.
A
A
The
other
great
thing
about
this
chart
again
is
just
to
remind
you
of
your
cash
flows.
So
you
really
went
cash
flow
negative
back
in
the
late
90s,
where
at
that
point
you
started
paying
out
more
in
benefits
than
you're
bringing
in
in
contributions,
yet
through
all
that
time,
you've
now
essentially
withdrawn
everything
you
had
in
originally
plus
an
additional
32
million
dollars.
All
the
while
you've
grown
the
total
assets
to
north
of
100
million.
A
A
Those
blue
bars
represent
the
deviation
from
our
target
weights
and
what
you'll
notice.
We
have
a
slight
overweight
to
equity,
a
bit
of
an
underweight
to
fixed
income
and
then,
obviously
that
position
in
cash.
As
you
recall,
a
couple
of
times
over
the
previous
24
months,
we've
been
needing
to
sell
equity
because
it
had
done
too
well.
If
you
will,
it
was
too
big
a
piece
of
the
pie,
but
we
weren't
really
excited
about
fixed
income,
and
you
were
quite
right.
A
I
mean,
if
you
see
we're
concerned
about
higher
interest
rates
and
fixed
income
is
essentially
down
almost
10
over
the
last
year.
So
by
holding
that
in
cash,
that's
certainly
been
a
benefit
to
the
plan,
but
that
is
just
sort
of
the
offset
we're
underweight
to
fixed
income,
but
that's
being
kind
of
offset
by
that
cash
position.
But
in
the
grand
scheme
of
things,
if
you
look
at
the
plan
level,
looking
very
good
relative
to
the
total
application.
A
A
few
more
pages
that
kind
of
slice
and
dice
some
of
that
information.
If
you
go
to
page
21,
here's
where
all
the
returns
come
together,
so
we
know
the
backdrop
wasn't
good.
At
the
plant
level,
we
were
down
10.58,
you
did
outperform
the
policy
which
is
down
11.17
and
you
placed
in
the
48th
percentile.
A
So
you
could
outperform
the
majority
of
your
peers,
but
we
were
still
down
about
10
and
a
half
on
the
fiscal
year-to-date
basis
down
12.2
slightly
more
than
the
benchmark
of
11.04.
Again,
that's
primarily
a
function
of
last
quarter.
If
you
recall,
we
were
down
a
bit
more
than
the
benchmark,
then,
when
you
get
out
to
say
five,
seven
years
we've
been
pretty
accustomed
to
ranking
very
highly
within
the
universe.
A
A
Vanguard,
total
stock
index
fund
did
exactly
what
it's
supposed
to
do.
All
spring
down,
21
versus
21,
so
essentially
in
line
with
the
benchmark,
but
obviously
that's
kind
of
the
worst
performing
area
that
large
cap
growth
space.
But
you
can
see
over
the
trailing
12
months.
If
you
recall
last
quarter,
they
really
they
struggled
down
30
for
the
year
versus
18.7.
A
The
other
fund.
In
the
large
case,
space
is
jp,
morgan
equity
income.
They
were
down
nine
percent,
but
their
benchmark
was
down
12.2
for
the
last
year,
down
1.6
versus
6.8.
So
again,
not.
A
Performance
but
quite
a
bit
ahead
of
the
benchmark
and
if
you
recall,
when
you
made
this
selection
to
hire
jp
morgan,
one
of
the
things
that
you
you
really
liked
about
them
was
their
downside
capture.
It
was
the
fact
that
it's
fairly
low
they
tended
to
outperform
when
the
market
was
negative.
So
again,
just
a
little
bit
of
a
validation
there
that
you
can
see
in
a
negative
environment.
They
have
done
a
pretty
good
job
of
protecting
capital,
the
other
fun
down
at
the
bottom.
A
Heaton
vance,
your
atlanta
smith,
cab
down
almost
12
percent,
but
the
benchmark
is
down
17.,
so
a
nice
relative
performance
there
and
you
can
see
over
the
last
year
down
about
10
percent
of
their
benchmarks
down
21.,
so
on
a
relative
basis,
very,
very
good.
A
Now.
That,
of
course,
will
be
offset
by
your
international
managers
on
the
next
page,
and
if
you
recall
last
quarter,
we
essentially
talked
about
the
same
exact
thing
both
of
these
funds
underperformed
in
this
quarter,
euro
pacific
was
down
14-6
versus
the
benchmark
of
13.5
and
wcm
was
down
17-4
versus
13.5.
A
Now
both
of
these
managers
have
very
good
long-term
track
records,
but
they
certainly
have
been
impacted,
in
particular
the
last
six
months.
They
they
both
do
have
a
little
bit
of
a
growth
lien
to
them,
and
in
this
most
recent
market
environment,
any
sort
of
growth
or
higher
valuation
has
been
punished
pretty
severely,
and
that's
really
the
major
reason
for
the
other
performance.
We
don't
view
this
as
a
long-term
impairment
or
some
you
know
problem
with
the
strategy.
It's
just
kind
of
what's
been
happening
in
the
market
in
this
rather
volatile
period.
A
Here,
as
we
that's
the
last
of
our
equity
funds,
then
we've
got
sawgrass
and
ticks
income,
our
core
fixed
income,
so
they
were
essentially
in
line
with
the
benchmark
down
4.2
versus
4.16
and
more
or
less
in
line
over
the
last
12
months
down.
9.4,
though
again.
A
Fixed
income
is
our
safe
haven
asset,
but
you
can
see
obviously
in
a
period
of
rising
interest
rates.
You
certainly
can
have
that
negative
performance,
so
they've
held
up
okay
out
performing
slightly,
and
certainly
when
you
get
out
to
the
five
seven
years
and
longer
period,
they've
done
quite
nicely
continuing
to
outperform
pretty
consistently
over
time.
A
So
I'll
kind
of
pause
here
and
say
you
know
obviously
for
fixed
income.
12
months
ago
we
weren't
thinking
we
were
going
to
see
negative
10
out
of
pace,
but
obviously
that's
the
case.
So
it's
not
great
to
see
it.
The
one
thing
a
little
bit
of
positivity
that
I'll
put
on
this
is
now
that
interest
rates
have
moved
up
fairly
significantly
we're
starting
to
receive
some
income,
some
yield
off
of
that
portfolio
that
we
weren't
getting
before.
A
But
we
moved
on
to
global,
fixed
with
pimco
diversified
down
a
little
bit
more
than
the
benchmark,
91
versus
83
and
essentially
in
line
over
the
last
12
months
since
deception
of
2020.
That's
on
the
far
right-hand
side,
you
can
see
negative
6
8
versus
8.7,
so
they
have
outperformed
overall
but
essentially
been
in
line
for
most
recently
and
then
the
kind
of
the
shining
light
in
terms
of
the
quarter
and
the
year
is
our
real
estate
portfolio
with
jp
morgan.
A
A
I
would
venture
to
guess
that
if
we
were
sitting
in
this
room
12
months
ago
and
said
how
many-
how
many
of
us
think
that,
a
year
from
now
we're
going
to
get
30
out
of
real
estate,
considering
we're
kind
of
still
fresh
in
the
mind
of
covid,
you
know
work
from
home
zoom
meetings.
Maybe
we
don't
need
office
real
estate
anymore?
Maybe
we
don't
need
malls
things
like
that.
A
A
The
only
thing
I'll
mention
is
30,
is
unexpected
on
the
way
up-
and
I
wouldn't
you
know-
think
it's
going
to
last
all
that
long,
not
to
say
that
we're
expecting
some
huge
major
drawdown
of
negative
15
or
20,
but
certainly
something
more
normalized
in
that
kind
of
high
single
digits
would
be.
You
know
expected
so
so
again,
wonderful
to
see
it,
but
again,
that's
that's
not
likely
to
continue
and
again
most
of
the
way
these
valuations
are
done.
They
tend
to
lag
the
broader
economy,
where
the
equity
market
kind.
A
A
Let
me
pause
there
see
if
you
have
any
questions
or
comments
of
anything
that
I've
covered
so
far
when
you
went
to
the
growth
portfolio
on
day,
14
yep.
Do
you
have
an
estimate?
I
mean
I
want
to
put
you
on
a
spot
where
that
plan
set
apparently
today
or
this
week
or
no,
I
don't
have
an
estimate,
but
I
have
the
dollar
finger.
Okay,
there
you
go.
A
A
B
A
Out
today,
when
I
was
delivering
when
I
was
talking
about
this
particular
chart
on
page
53
last
week,
I
was
making
some
comments
here.
Hopefully,
cpi
is
going
to
roll
over
here
pretty
soon
and
it
just
happened
today.
So
that
way
they
want
to
make
it
seem
like
so
so.
The
graph
that
you
have
is
the
end
of
june
or
the
july
print
of
the
cpi.
A
A
A
If
you
look
at
the
blue
bars
at
the
top,
that's
food,
they
range
somewhere
between
7
and
14,
year-over-year
change-
I
don't
know
about
you,
but
I
think
for
most
folks.
If
prices
go
up,
they're
still
buying
food
and
they're
still
buying
gas,
and
so,
if
you
have
to
spend
15
percent
more
on
your
food,
if
you
have
to
spend
60
percent
more
on
your
fuel,
that's
less
money
that
you
have
to
spend
on
travel
on
discretionary
purchases,
and
so
as
the
market
is
looking
at.
A
A
A
B
A
A
The
concern
was,
in
my
opinion,
that
you
get
two
or
three
months
from
now
cps,
still
at
nine
one,
nine,
two,
nine
three
everything
that
the
feds
said
they
were
going
to
do
has
been
priced
in
then
they
have
to
come
out
and
say:
okay,
that
wasn't
enough.
Now
we
gotta
come
out
with
round
two
another
five
or
six
or
whatever,
and
that's
what
the
market
wouldn't
have
been
ready
for,
and
so
I
think
the
hope,
the
reason
and
getting
my
estimation,
the
reason
you're
seeing
the
market
reacts.
A
About
whether
the
fed
is
going
to
have
to
come
out
and
raise
rates
further,
certainly
weighs
in
on
the
market,
the
other
thing
getting
to
uncertainty
is
we've
got
an
election
coming
up
and
in
a
way
it
probably
doesn't
matter
a
whole
lot.
What
the
outcome
is,
but
just
getting
clear
of
that
election,
then
the
market
has
a
better
understanding
of
what
the
rules
are
going
to
be
for
the
next
two
years.
That
also
tend
to
be
positive.
A
A
A
It's
kind
of
they've,
essentially
priced
in
like
another
one,
roughly
changes
every
day,
but
you
know
so
they're
expecting
probably
another
three
quarters
of
a
percent
in
august
or
no
sorry
september,
and
maybe
another
quarter
after
that.
That's
kind
of
what
the
fed
already
indicated
they
were
going
to
do.
A
The
question
is:
if
we
get
two
three
four
months
from
now
and
then
the
fed
has
to
come
out
and
say:
okay,
we're
going
to
have
to
keep
going.
I
don't
think
that's
the
price,
but
again
what
we're
seeing
valuations
on
equities
have
come
down.
Pretty
soon
interest
rates
have
moved
up.
Inflation
is
rolling
over
if
not.
A
A
The
first
increase
of
a
quarter
point
was
in
march,
so
we're
really
only
five
months
in
a
post
that
first
rate
increase,
then
you've
had
three
quarter
points
done
twice
and
probably
a
third
time
next
month.
So
as
you
get
into
the
latter
part
of
this
year
and
into
the
first
part
of
2023
you're
starting
to
get
more
of
the
full
impact
of
those
increases.
So
if
you're
already
getting
cpi
rolling
over-
and
you
still
have
yet
to
get
kind
of
the
full
impact
of
those
increases,
I
think
again.
A
B
A
The
other
thing
I'll
mention,
typically
in
a
quarter
like
this,
we
get
to
talk
about
rebalancing
when
something's
down,
16
or
20
percent.
It
usually
creates
some
opportunities
in
the
portfolio
and
because
fixed
income
has
been
down
10
over
the
last
year
and
equities
have
been
there
really
isn't
that
opportunity
that
typically,
we
would
see
in
an
environment
like
this,
so
you
know
as
painful
as
it
is
to
look
at
these
numbers
a
lot
of
times.
It
again
creates
opportunity,
hey
small
caps,
doing
very
poorly
we're
way
underweight.
Let's
move
some
over
there.
A
A
There
really
isn't.
You
know
you're
all
right,
you're,
still
overweight
by
a
percent
or
so
in
equity.
You
know
I
was
thinking
that
it
might
be
a
little
bit
lower
and
of
course,
that's
just
30..
When
you
look
at
the
july
of
day
numbers
or
the
august
5th,
it's
already
actually
up
a
little
bit.
So
we
really
don't
have
that
opportunity.
A
The
one
area
again
at
some
point,
I'm
not
sure
we're
there
yet,
but
in
fixed
income.
You
know,
18
months
ago
you
were
getting
one
percent
on
that
portfolio
now,
you're,
probably
getting
I'm
actually
getting
some
races
here
they
might
come.
It's
probably
like
three
and
a
half
percent
yield
three
point:
five,
two
exactly
so
you're
starting
to
get
some
yield
there,
and
so
you
know
at
some
point.
If
we
think
rates
really
are
stabilizing
and
don't
have
another
leg
up,
then
maybe
moving
a
portion
of
that
cash.
Because
again
that's
not
doing
anything.
A
You're
earning
you're
getting
this
yield
of
two
or
three
percent,
but
you're,
giving
up
five
percent
in
price
depreciation
at
the
end
of
the
day.
You've
lost
money.
If
we
start
to
see
those
rates,
they've
been
stable,
actually
for
the
last
little,
while,
if
anything
that
would
come,
but
if
that
continues
to
be
somewhat
stable,
then
we
can
kind
of
jump
in
and
collect
that
three
and
a
half
percent,
as
opposed
to
sitting
in
the
money
market,
which
is
paying
very
little
but
again
relative
to
the
overall
education
there's,
not
a
glaring
opportunity.
A
A
A
A
A
I
think,
more
importantly,
you
know
obviously
you're
going
to
have
this
volatility
day
to
day
month
to
month.
The
key
is
that
that
we're
on
more
stable
economic
footing-
and
hopefully
we
don't
see
this
dramatic
uncertainty
related
to
future
interest
rates.
You
know
again,
the
market
is
concerned
that
we're
going
to
go
from
from
a
three
percent
fed
funds
to
six
percent
over
the
next
couple
years.
A
There's
there's
additional
concerns
that
they're
going
to
have
to
deal
with,
but
but
I
think
what
they've
already
you
know
again,
what
they
priced
in
is
the
fed
going
to
say
three
percent
unfit
funds-
that's
kind
of
already
expected,
so
the
real
question
is:
do
we
have
to
change?
Does
the
market
have
to
change
what
they're?
Expecting
again
it
looks
like
news
is
headed
in
the
right
direction,
so
those
numbers-
hopefully
we
can
kind
of
relax
a
little
bit
on
that.
B
B
B
B
That
were
even
invested
and
decided
not
to
wait,
yeah
and
decided
not
to
wait
until
they
reached
retirement
age,
because
it
would
be
some
time
to
wait.
So
they
pulled
both
the
funds
out,
but
I
think
one
of
those
last
years
in
here
from
this
year,
so
we
have
those
type
of
situations
with
cooldowns
and
long
songs,
but
not
necessarily
bad
for
the
plant
or
anything.
It's
just
something
to
keep
an
eye
on.
Are
they
replacing
all
these.
B
B
Continuing
education
we've
got
two
upcoming
opportunities.
There
we've
got
the
fppta
meeting
for
the
fall
trustee
school
at
in
orlando
october,
2nd
through
5th,
and
then
the
50th
annual
police
and
firefighters
november
3rd.
B
B
Pension
administration
software-
I'm
just
trying
to
keep
you
guys
updated
on
this.
The
rfp
was
done.
The
selection
committee
made
the
selection
and
we're
taking
this
to
council
on
monday
I'll,
be
presenting
it
to
the
council
on
the
15th,
and
hopefully
they
approve
it,
and
I've
already
been
kind
of
in
talks
with
the
company
to
see
what
data
we
need.
I'm
trying
to
get
that
from
rit
department
now,
so
we
can
like
hit
the
ground
running
whenever
this
gets
approved
by
council
and
the
goal
is
to
have
it
up
and
running
by
january.
B
B
B
Coming
up
in
october,
so
before
the
next
meeting
we'll
have
that
election
for
nick's
position
there
and
then
the
next
meeting
is
also
going
to
be
on
a
wednesday
not
on
tuesday,
because
the
general
election
is
on
tuesday
and
they'll
be
using
this
room
for
voting.
B
So
we'll
push
to
wednesday.
Just
a
note
that
all
our
our
contracts
that
we
have
as
the
pension
boards
are
ongoing
unless
we
decide
to
go
out
and
do
something
about
it,
I'm
speaking
of
the
contact
with
anco,
sherman
and
gabriel
smith.
B
Everything
from
me
any
questions.
Oh,
I
did
attach
the
a
letter
from
the
50th
annual
police
firefighter
general
statement
that
they
put
out.