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From YouTube: Pension Board Briefing (02/09/2021)
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A
Okay,
first
of
all,
can
everyone
see
my
screen
share
there,
where
I've
got
the
briefing
notes
up?
Okay,
is
it
large
enough
to
see
okay
all
right?
That's
always
the
first
step
mayor
hoffman.
Would
you
like
to
take
it
from
here
or
how
you
know?
I've
never
been
a
part
of
one
of
these
briefings
before.
Do
you
want
me
to
pretty
much
go
through
this
thing?
B
C
A
The
general
employees
board
and
I'm
gonna
working
with
the
city
manager
to
make
sure
we
have
an
appointment,
a
re,
a
new
appointment
before
the
may
meeting,
since
that's
a
pretty
big
deal
meeting
so
we'll
work
on
that.
Thank
you
all
right
and
with
that
we'll
go
to
brendan
for
the
investments,
consultants
report
and
then
I'll
I'll
come
in
after
that
it
do.
We
do
we
have
greg
in
here.
I
just
wanted
to
see,
if
he's
in
here
well
we'll
do
it.
A
C
C
C
2020
was
obviously
a
difficult
year
for
everyone,
but
we
remain
committed
to
to
our
commitment
to
you
to
reinvest
100
of
the
profits
of
the
firm
back
into
the
business.
So,
despite
the
challenges,
we
were
able
to
continue
on
that
that
track
where
we
invested
in
personnel.
So
the
team
is
now
up
to
91
team
members
through
the
end
of
the
year
and
then,
additionally,
you
know
continued
technology,
investments,
compliance
marketing,
research
areas.
C
Those
are
the
the
primary
areas
that
we've
been
been
focused
on
on
that
reinvestment,
and
that
is
something
likely
to
continue
for
the
at
least
the
next
few
years.
Those
are
kind
of
the
most
capital,
intense
parts
of
the
business
and
and
we
continue
to
do
additional
reinvestment
in
that
area
and
then
the
last
item
that's
highlighted
in
the
letter
is
the
addition
of
two
new
partners,
jacob
peacock
and
dan
osika.
C
As
you
might
recall,
we
are
a
100
employee-owned
partnership,
but
we
are
in
a
program
where
that
ownership
is
being
distributed
amongst
a
greater
number
of
the
the
employees
of
the
firm.
So
we
did
want
to
just
update
you
that
the
two
members
had
been
added
to
the
partnership
group.
As
you
might
recall,
a
couple
of
years
ago,
dan
johnson
was
added
to
that
partnership.
C
C
Okay,
well
hearing
none
I'll
jump
into
the
the
first
or
the
next
page,
which
is
what
we
call
the
market
environment
and
the
short
version
is
the
market.
Through
the
end
of
the
year
was
was
fantastic,
the
last
quarter.
We
saw
international
markets
up
about
16
percent.
We
saw
the
s
p
500
up
about
12,
which
just
continued
that
recovery
from
what
was
that
awful
quarter
back
in
in
the
first
part
of
the
year,
so
that
the
theme
really
remained
the
same.
C
You
had
the
fed
continuing
to
to
support
the
markets
and
indicating
that
they
would
do
more
if
they
had
to.
We
had
the
uncertainty
of
the
election,
get
behind
us
in
the
quarter
and
then
continued
optimism
as
we
had.
You
know
positive
vaccine
news
and
then
the
obviously
the
vaccine
rollout
starting,
but
I
think
what
you're
seeing
with
the
underpinning
of
the
fed
support
and
again
the
market
trying
to
look
forward
related
to
to
the
covid
vaccines
that
maybe
things
will
return
to.
C
C
When
you
look
down
in
the
bottom
right
hand
corner,
you
can
see
that
over
the
course
of
the
year,
growth
still
did
significantly
better
than
value
value
was
positive,
single
digits,
but
depending
on
which
benchmark
you're.
Looking
at
that,
the
growth
benchmark
was
up
somewhere
around
38,
so
a
substantial
level
of
out
performance
as
we
move
to
the
next
page.
C
So
the
the
rates
on
the
shorter
end
of
the
curve
haven't
changed
a
whole
lot,
but
they've
started
to
rise
on
the
high
end
or
on
the
long
end
of
the
curve,
and
so
those
longer
interest
rates
are
going
up
which
is,
is
you
know,
generally
a
positive
sign
related
to
economic
growth?
I
mean
that's
the
bond
market,
saying
they're,
expecting
growth
in
the
future
to
be
better
than
they
did.
C
Again
those
those
changes
are
relatively
muted,
but
did
want
to
point
that
out.
Moving
to
the
next
page,
just
tracking
the
the
asset
value
of
the
portfolio
relative
to
kind
of
that
assumed
rate
line,
as
well
as
your
cash
flows,
and
you
can
see
this
graph
is-
is
kind
of
looking
better
and
better.
As
of
the
the
last
few
quarters,
so
you
can
see
the
increase
in
assets
up
to
111
million
dollars
well
in
excess.
C
Now
of
that,
92
million
dollar
line
that
represents
the
assumed
rate
of
return
and
then,
of
course,
the
bottom
line
represents
those
those
blue
bars
at
the
bottom.
Excuse
me
represent
that
net
cash
flow,
so
you're
actually
negative
cash
flow
by
a
fairly
significant
margin,
yet
we're
able
to
continue
to
grow
the
assets
of
the
plan
at
a
faster
rate
than
certainly
than
the
net
outflows,
as
well
as
the
assumed
rate
of
return.
C
That
is
a
a
very
positive
looking
chart
there
moving
on
to
to
the
next
page,
just
a
quick
snapshot
of
the
asset
allocation,
the
breakdown
by
manager
and
dustin.
If
we
could
actually
just
go
to
the
next
page,
which
summarizes
the
total
breakdown
by
asset
class
relative
to
target,
what
you'll
notice
is
we're
about
4.7
percent,
overweight
to
domestic
equity,
about
1.9
percent,
overweight
to
international
equity
and
underweight
a
comparable
amount
to
both
domestic
as
well
as
global,
fixed
income,
and
that's
really
just
a
function
of
performance.
C
C
C
C
and
for
the
year
40.7
versus
this
benchmark
of
38.,
so
obviously
fantastic,
absolute
performance
up
over
40
percent,
but
even
a
little
bit
better
than
the
benchmark
jpmorgan
equity
income.
That
is
our
our
large
cap
value
fund,
did
about
13,
but
that
was
behind
its
benchmark
of
16
and
then
for
the
year
versus
about
2.8,
so
again,
good
relative
to
the
benchmark,
but
certainly
very
muted,
results
relative
to
wells
and
then
the
growth
portfolio.
C
C
But
as
you
can
see
over
the
longer
periods,
that
portfolio
has
done
very
very
well
over
time.
I'm
just
obviously
had
a
difficult
quarter
and
difficult
year,
but
we
don't
view
that
as
a
as
a
long-term
problem,
just
a
kind
of
a
a
difficult
quarter
in
what
was
a
very
volatile
period
as
we
move
on
to
the
next
page,
you
get
into
our
international
portfolio,
and
you
had
very
good
results
here.
C
That
concludes
all
of
our
equity
portfolio.
So
now
we
get
into
fixed
income
and
our
other
assets,
so
you've
got
sawgrass.
Who
I
understand
is
on
the
line
we'll
be
speaking
with
you
shortly,
but
they
had
a
good
quarter
up
43
basis
points,
beating
the
benchmark
and
for
the
year
eight
and
a
half
percent
versus
about
7.2.
C
C
The
the
next
portfolio
is
your
pimco
diversified
income.
Again,
this
is
what
replaced
templeton
global
bond
that
had
been
underperforming
for
a
while
and
it's
off
to
a
good
start
for
the
quarter,
4.17
versus
about
three
and
a
half
percent.
So
that's,
obviously
a
very,
very
nice
return
there
and
then
we've
got
our
jpmorgan
real
estate
portfolio,
1.9
versus
about
1.3,
for
the
benchmark
and
for
the
year
roughly,
in
line
at
about
1.4.
C
We've
talked
previously
about
some
of
the
valuation
issues
with
real
estate
they're
working
through
that
that
kind
of
part
of
the
valuation
cycle
so
returns
in
the
in
the
short
run,
are
likely
to
be
muted
here
for
the
next
few
quarters.
But
then,
as
additional
transaction
activity
takes
place
and
additional
market
information
and
recovery,
hopefully
we'll
see
that
pick
back
up
in
the
latter
part
of
the
year.
C
But
the
next
page
is
the
item
that
I
referred
to
a
minute
ago,
and
hopefully
this
doesn't
give
you.
You
know
flashbacks
to
your
high
school
chemistry
class,
but
I
think
you've
seen
this
from
us
before.
It
is
just
the
the
calendar
year
returns
of
most
of
the
major
asset
classes
and
they're,
ranked
by
from
best
performing
on
top
to
the
worst
performing
on
the
bottom
and
really
the
the
short
version
of
this
particular
chart
is.
This
is
why
we
diversify
the
fund
in
any
year.
C
We
really
have
no
idea,
what's
going
to
be
the
best
performer,
the
worst
performer
or
somewhere
in
the
middle,
and
that's
why
we
we
build
the
portfolio
that
has
a
reasonable
blend
of
of
different
asset
classes.
Large
small
growth
value
international
to
to
try
to
you
know,
optimize
the
the
return
possibility
of
the
fund
while
minimizing
the
relative
amount
of
risk.
So
again
most
you
know
folks
like
to
see
this
graph
and
we,
since
we
had
it
updated
through
the
end
of
the
year.
C
C
We've
continued
to
have
good
results
in
january
and
the
early
part
of
february,
so
the
portfolio
is
actually
up
to
115.1
million
dollars
up
roughly
another
four
million
dollars
from
where
we
were
at
the
end
of
the
year,
but
that
has
further
increased
the
the
equity,
overweight,
so
obviously
not
having
a
a
you
know,
an
official
meeting,
I
guess
I'll
sort
of
pose.
The
question:
are
we
able
to
to
take
some
action
related
to
rebalancing
or
at
least
follow
the
policy?
A
C
A
Yeah
I
I
did.
I
did
think
that
we
had
a
couple
of
big
backdrop
payments
coming
out.
I
know
we
had
you
know
almost
almost
400,
000
and
big
backdrop
payments
coming
out
in
january,
and
I
thought
that
would
be
enough
to
rebalance
just
to
bring
down
some
of
that
equities
combined
with
our
normal
drawdown.
A
C
C
A
C
A
C
Good
and
then
the
only
other
item,
that's
sort
of
related
to
to
our
reporting
would
be
the
the
news
item
out
of
sawgrass.
So
I
understand
that
greg
is
on
the
line.
So
if,
if,
if
you
guys
feel
it's
appropriate,
maybe
it'd
be
best
to
bring
him
in
at
this
point,
to
to
kind
of
explain
some
of
the
the
personnel
turn
over
there
and
discuss
that
with
the
group.
B
Okay,
I'm
sure
you
can
hear
me
if
you
can't
see
me.
Oh
there
I
am
good
afternoon.
I
know
most
of
the
people
on
that.
I
see
the
screen,
although
dennis
pavlovsky
was
kidnapped
by
someone
with
a
big
beard,
it's
good
to
see
it,
but
for
those
who
don't
know
me,
my
name
is
greg.
Goss
from
client
services
director
for
sawgrass
asset
management.
I've
been
with
us
now
it's
my
14th
year
and
I
used
to
attend
all
your
meetings.
B
I
used
to
go
to
every
one
of
your
meetings
and
finally,
someone
said
to
me:
why
are
you
going
to
all
our
meetings?
You
only
you
only
present
once
a
year
or
every
every
once
in
a
while.
So
now
we
come
when
you
ask
us
to,
and
today
I'd
rather
be
in
person
with
everybody,
but
obviously
we're
all
in
separate
locations
due
to
the
virus,
and
hopefully
this
will
be
in
six
months
or
three
months,
we'll
be
able
to
sit
down
and
meet
again
together.
B
B
B
We
all
do
I've
got
big
shoes
to
partially
fill,
but
he
had
no
one
who
left
the
firm
had
any
any
operational
duties
at
all
with
your
portfolio
at
all,
chris
herb
may
have
produced
a
report
or
two
that
was
sent
to
anco
that
may
have
contained
some
of
your
data.
Anthony
brooks
is
on
the
equity
side
and
of
course,
chris
didn't
really
deal
with
you
guys
even
on
the
client
service
area.
So
I
wanted
to
let
you
know,
because
these
these
were
important
people
to
our
firm.
B
We
hated
losing
them,
but
the
firm
is
still
on
solid
ground,
we're
still
at
3.28
billion
in
assets
under
management
and
and
the
the
guys
running.
The
show
on
the
investment
side
are
still
with
us
and
and
most
importantly,
I'm
still
with
us.
So
you
still
get
to
deal
with
me,
even
though
it's
been
a
while,
so
that
was
tongue-in-cheek.
B
I
wasn't
trying
to
be
cocky
just
for
those
who
who
weren't
listening,
but
I'm
here
to
answer
any
questions,
but
I
also
wanted
to
be
transparent
and-
and
you
know
this
whole
year,
I've
been
on
the
phone
every
day
explaining
this.
The
same
story
to
people,
so
it's
good
to
get
everybody
at
once.
I
know
we
already
had
a
call
with
anco
a
month
ago,
but
are
there
any
questions
or
comments.
B
Okay,
well
as
soon
as
this
thing's
over
and
you
guys
are
comfortable.
Let's,
let's
open
I'll
grab
dinner,
we
don't
have
fpptas
anymore.
We
don't
have
conferences,
it's
it's
frustrating,
especially
for
what
I
do.
So
thank
you
for
your
time
and
and
your
and
your
ears
on
this,
and
we
appreciate
your
business
and
your
trust
and
confidence
where
we're
actually
in
your
zip
code
and
you're
taxing
authority
of
jacksonville
beach,
and
we
really
appreciate
the
relationship
and
look
forward
to
continuing
that
and
thank
you.
A
A
A
Coming
back
up,
we
do
have
some
upcoming
retirements
or
in
katherine's
situation.
She
is
already
departed.
We
do
so
start
with
richard
langston
and
we'll
approve
these
at
the
next
meeting
or
the
next
meeting
that
we
have
there's
a
line:
crew
leader,
overworks
he's
doing
the
backdrop
has
met
his
agent
service
requirements,
and
I
know
this
says
30
years
of
service,
but
you
know
it's
actually
33
that
he
is
backdropping
for
three
of
it.
So
that's
why
the
effective
dates
2018.
A
A
We
have
annette
hayes
here
as
well,
who
separated
some
time
ago.
Probably
I
believe,
four
years
ago,
yeah
right
there.
That
was
when
I
first
started
working
here
and
she
was
in
the
utility
billing
department
for
25
years
and
just
deferred
her
retirement
until
she
became
age
eligible
which
starts
next
month
and
then
katherine
martinez,
permit,
specialist
I've
been
with
the
city.
A
So
we've
not
really
had
the
conferences,
just
like
greg
had
said
and
because
of
that
eddie
and
I
pretty
much
have
to
attend
this
virtual
fppta
conference
that
is
going
to
be
held
in
may,
or
else
we
lose
our
cpt
cppt
certification.
So
we
have
to
attend
that
now.
The
rest
of
you
have
the
option
to
attend.
Either
this
one
or
the
one
in
the
fall.
A
We
don't
know
yet
if
the
one
in
the
fall
is
going
to
be
an
in-person
meeting
or
if
it's
going
to
be
virtual
as
well,
so
that
would
be
nick
debbie
and
david
and
jason.
So
anybody
else
who
is
interested
and
would
like
to
to
learn
about
it.
You
know
anybody's
interested
in
these
conferences.
I've
just
wanted
to
pass
along
through
my
contact
with
fppta
what
our
current
status
is
for
everyone
and
make
sure
that
none
of
us
fall
too
far
behind
here.
A
A
A
A
A
C
A
Might
we
thought
it
might
be
a
challenge
with
with
everything
going
on
to
still
meet
in
person?
I
know
some
people
don't
want
to
meet
in
a
a
room.
You
know
with
15
or
so
people
at
this
point
in
time
and
really
there
there
wasn't
anything
extremely
pressing
that
we
needed
to.
You
know,
move
monies
around
or
anything
that's
meeting.
So
the
idea
was
to
do
a
briefing
and
then
just
pass
the
minutes
and
approved
the
investment
report
at
the
may
meeting.
A
Okay,
we
won't
have
to
have
a
special
meeting
regarding
that
rebalancing.
Will
we
well
well,
like
I
said
I'll,
follow
back
up
with
with
brendan
on
that?
If
we
do
it,
it
probably
won't
be
everybody
all
at
once.
It
may
be.
You
know,
try
and
get
at
least
three
members
from
each
board
to
come
in
at
different
times
whenever
it
works,
I'll
coordinate
with
those
people.