►
Description
City of San José, California
Federated City Employees' Retirement Plan Board, May 18, 2023
This public meeting will be held at San José City Hall and also accessible via Zoom Webinar. For information on public participation via Zoom, please refer to the linked meeting agenda below.
Agenda: https://sanjose.legistar.com/View.ashx?M=A&ID=1103396&GUID=F5F24F3B-A6CE-434A-BC07-79AAE3CB00C9
D
B
For
meeting.
this
is
a
hybrid
meeting
and
so
those
who
are
attending
virtually
please
do
so.
Unless
you
are
speaking
in
english,
please
raise
your
hand
and
the
staff
will
alert
the
chair.
All
votes
will
be
local
votes..
We
have
orders
of
the
day..
We
have
a
certain
item
at
10:00
a.m.
which
is
item
five.
B
B
B
B
B
B
I
do
so
by
raising
their
hand
in
zermatt
or
by
joining
by
telephone,
by
pressing
star
nine
on
their
telephone
or,
if
they're,
here
in
the
room.
Please
state
your
name
for
the
record
prior
to
providing
your
comments.
speakers.
We
believe
will
be
limited
to
three
minutes.
in
addition,.
Public
comment
on
each
agenda
item
will
be
heard.
As
the
agenda
item
is
reviewed..
Are
there.
B
B
G
B
L
For
those
we
spoke
about
your
facility
of
your
term
in
november,
and
you
are
gracious
enough
to
use
this
application
process
to
allow
us
to
do
it
sooner.,
so
you
will
be
miss.
You
should
know
that
in
closed
session,
we
discussed
whether
to
give
you
a
black
for
six
months
of
our
lunch..
We
don't
have
hope
and
we
hope.
L
M
M
M
M
M
M
O
O
Through
it
a
little
bit
more
quickly.,
so
the
reason
that
we
do
it
then,
on
an
annual
basis,
is
that
private
investments
we
don't
control
the
timing
of
the
cash
flows
in
and
out
of
those
investments.
So
the
managers
have
the
discretion
to
make
particular
investments
as
they
realized
or
sell
those
investments
return
the
capital
back
to
us.
So
we
have
a
plan
and
assumptions
about
the
timing
of
those
cash
flows
in
and
out
of
those
investments,
as
well
as
the
expected
returns
of
those
investments
to
produce
this
output.
O
That
shows
how
we
can
get
to
and
maintain
the
target
asset
allocation.
This
document
has
two
different
outputs.,
so
one
is
based
on
a
three
percent
venture
capital
target.
Allocation.
one
is
based
on
a
four
percent
of
venture
allocation.,
so
those
are
the
two
different
options
within
the
markets
that
are
being
considered
in
the
core
asset
allocation
mix
is
in
the
next.,
so
we'll
be
presenting
both
of
those.
so
getting
into
the.
O
Actual
results
and
what
we've
done
over
the
current
fiscal
year,
we're
expecting
to
make
commitments
in
the
year
that
ending
in
june
30th
is
then
about
six
six
weeks
for
a
total
of
one
hundred
and
thirty
three
dollars
million..
So
that
is
less
than
the
basic
plan
about
eighty
nine
percent
of
it
and
I'll
show
some
of
the
asset
classes
that
we
chose
to
under
commit
two
thirds
of
those
commitments
have
out
of
the
fifteen
were
with
existing
fund
manager
relationships..
O
We
talked
about
the
maturity
of
our
credit
markets
program
that
many
existing
relationships
that
continue
to
expand
the
current
positioning
versus
our
target.,
we're
at
twenty
two
point:
nine
percent
for
private
markets,
which
is
about
one
point:
nine
percent
above
the
twenty
one
percent
target..
The.
O
Changes
in
asset
allocation
that
are
being
considered
are
either
to
a
20
percent
or
twenty
one
percent
target..
If
you
think
back
to
shoot
off
an
eighteen
or
nineteen,
the
target
is
higher
at
twenty
five
percent..
The
market
environment
has
changed
quite
a
bit
and
there's
three
changes
that
we
made
in
the
last
year.
O
First
being
the
banking
crisis
that
we're
all
aware,
of,,
second
being
that
valuations,
have
moderated
but
still
remain
elevated.,
so
you
can
think
of
it
as
going
back
to
twenty
nineteen
or
twenty
twenty
level
valuations
and
the
last
one
is
that
capital
is
no
longer
in
commodity
in
the
past,
especially
but
in
private
markets.
There
was
a
lot
of
capital
chasing
limited
amount
of
deals,
and
it's
now
that
there's
less
deals.
O
Deployment
by
each
of
the
asset
classes.,
I
mentioned
the
review
that
we
committed
less
than
expected.,
there's
being
venture
capital.
If
you
on
the
far
right
of
that
column,
60
percent
of
the
band
was
committed.,
the
other
two
that
were
committed
real
estate,
add
in
eighty
four
percent,
private
debt
and
ninety
three
percent..
O
So
in
the
uncertainty,
the
real
estate,
given
the
changing
capital
markets
and
interest
rate
impact,
we've
been
disciplined.,
samone,
venture
capital
and
given
the
tremendous
shift
in
valuations
that
are
taking
place,
we've
been
cautious
in
the
deployment
of
capital
and
similarly
with
private
debt,
because
we
were
overweight
relative
to
the
target.
We
have
the
expectation
that
our
future
plan
would
be
less
than
the
thirty
million
that
was
in
the
current
fiscal
race..
So
we
made
an
effort
to
reduce
that
slightly
as
space
shows.
Our.
O
O
That
has
a
comparison
to
where
we
expect
to
be
as
of
june
30th
of
this
year
compared
to
last
year
than
forecast.,
so
we're
actually
four
percent
higher
than
where
we
had
expected
to
be..
There's
a
few
reasons
for
this.
the
main
one
being
the
denominator
effect
where
public
assets
have
declined
in
value
much
faster
than
private
assets.,
so
the
planning
assets
are
lower
than
private
assets.
Have
a
defined
we've
also
seen
an
acceleration
in
capital
calls,
as
new
investments
are
being
made
faster
than
money
is
being
returned
to
us
as
there's
fewer
sales.
O
Net
asset
forecast
for
the
next
ten
years.,
it's
the
foundation
of
the
recent
finance
it
uses
the
current
values
layering
in
the
expected
return
of
the
plan,
as
well
as
actuarial
information
based
on
capital
flows
in
and
out
of
plan..
So,
contributions
from
employees,
the
employer,
as
well
as
benefit
payments,
and
what
you'll
see
is
that
the
upcoming
five
years
are
slightly
below
what
we
had
for
gas
last
year
because
of
the
lower
starting
point
over
the
back,
the
back
half
of
those
five
years.
Two
thousand
twenty,
eight
thirty
two
are
slightly
higher..
O
There's
two
outputs
that
we're
going
to
show
today
and
I
guess
the
approval
by
the
board
will
be
contingent
on
the
next
item
and
where
which
asset
allocation
mix
gets
approved.,
but
first
I'll
show
the
three
percent
capital
target.
So
this
would
be
lower
than
the
four
percent
that
it
is
today..
The
key
difference
is
so
to
back
up,
so
the
modeling
was
done
by
our
consultants
and
riverman
for
the
buyout
asset
class
and
the
investment
grade
for
the
other.
O
O
Has
a
visualization
of
that
three
percent
target.
so
currently
we're
above
target
and
the
way
to
read
this
is
that
the
dark
bars
are
the
actual
expected
exposures
for
each
of
the
next
ten
years
for
each
each
of
the
four
different
each
of
the
five
different
private
asset
classes
and
the
lighter
shaded
bars
are
where
we
would
need
to
be
at
exactly
at
target
over
that
time..
So
you
see
that
over
time
we
get
closer
and
closer
for
each
of
the
five
asset
classes
in
the.
O
Is
based
on
a
four
percent
venture
capital
target
and
compared
to
the
three
percent
target,,
the
only
difference
is
that
venture
capital
would
be
two
million
lower
than
the
current
plan
instead
of
ten
lower..
So
that's
the
difference
and
looking
at
it
visually
here
again.
Similarly,
looking
towards
the
target
over
time-
and
this
is
a
combination
of
art
and
science-
that
will
be
exactly
like
this,
but
this
is
our
best
estimate
of
how
we
can
get
to
and
maintain
targets..
O
So
I'll
take
questions,
and
I
think
we
do
need
action
on
this
item.,
so
it
would
be
either
either
this
page
with
page
eight,
which
has
the
three
percent
budget
target
highlighted
or
page
nine.
If
a
four
percent
venture
capital
target
is
approved
by
the
board,,
the
next
asset
allocation
item..
Thank
you
so.
L
G
O
It
does
have
some
impact.,
I
think,
not
to
the
full
extent
of
a
drop
in
the
level
of
public
equities
for
example,,
but
there
is
a
decline
in
new
investments
that
are
being
made
at
lower
valuations..
So
I
think
that's
where
it's
most
evident
that
we're
able
to
buy
at
overvaluations
the
existing
investments
in
many
cases
are
actually
performing
well
there..
O
O
G
I
O
Smallest,
the
primary
asset
classes
within
real
estate
primary
sectors-
though
I
would
say
maybe
15
percent
of
the
real
estate
allocation-
is
to
office..
We
didn't
have
the
investment
committee
in
december.,
we
showed
actually,
in
the
last
three
years,
only
three
percent
of
our
real
estate
investments
have
been
in
office
buildings,
the
last
three
years,
a
very
limited
near-term
exposure
of
what
investments
that
we've
selected,
as
well
as
what
our
managers
have
been
investing
in..
So
it's
been
a
tough
asset,
even
before
the
that
I
was
very
capital.
B
K
K
J
O
O
and
during
these
periods
of
time,
there's
usually
less
capital
that
people
are
willing
to
invest
in
that
in
those
periods,
because
it's
it's
scary
to
be
doing
that
at
that
time,
when,
when
there
is
that
concern,
the
other
end
of
the
spectrum
is
both
on
the
general
partners
that
are
making
those
investments.
they're.
O
Also
being
cautious,
because
they're
aware
of
the
risks
that
they're
facing
and
the
market
environment
is
changing.,
the
other
items
that
were
mentioned,
inflation,
interest,
rates,
geopolitical
risk,
banking
issues
that
make
it
harder
to
generate
the
type
of
returns
that
were
easier
to
generate
in
the
past..
So
the
capital
that's
available
today,
either
from
limited
partners
ourselves
or
the
general
partners
that
are
making
those
investments
that
capital
commands
a
premium
now
where,
whereas
in
the
past,
there
was
so
much
of
it
that
your
investment
to
choose
from
many
different
sources
of
capital.
O
O
O
Eighteen,
we
had
a
10
percent
target
allocation
credit
markets,
the
asset
class
that
had
the
largest
target
we
had
one
of
the
lowest
actually
was
buyouts,
because
there
are
many
years
that
the
plan
did
not
make
buyout
investments..
So
in
twenty
seventeen
eighteen
nineteen
there
is
a
large
push
into
the
buyout
asset
class..
G
G
G
G
B
B
O
B
O
B
B
M
Mentioned
before,
we
have
discussed
this
not
once
but
twice
at
the
investment
committee..
We've
had
extensive
discussions
on
this
item.,
so
I'm
actually
going
to
have
requested
laura
to
go
straight
into
the
some
of
the
summary
page,
the
decision
page.,
but,
of
course,
throughout
the
process,
we're
happy
pick
any
and
all
questions
from
all
of
you..
So
without
further
ado
over
to
laura
and
I
logged
in-
I
don't.
G
G
All
right.,
and
so
we
go
through
a
process
that
the
long
and
collaborative
process
with
your
investment
staff,
where
we
start
out
with
a
lot
of
different
asset
allocation
options,
that
we
look
at,.
We
usually
use
the
current
asset
allocation
as
a
starting
point,
mainly
because
there
would
be
a
lot
of
transaction
costs
to
just
completely
shift
on
an
annual
basis,
and
also
it
is
an
asset
allocation.
G
Investment
policy,
which
is
stated
on
page
three,,
we
do
look
at
this
annually..
That
is
something
that
we
might
speak
about
the
staff
on
the
boards
about
going
forward..
I
would
say
it's
best
practice
to
really
do
it
in
the
of
allocation.
Every
three
years,
rather
than
looking
at
every
year,
again
being
committed
to
long
term
asset
allocation
have.
G
If
you
take
a
look,
at
the
left
hand,
column,
that's
the
current
federated
asset
allocation.,
so
we
look
at
a
split
between
growth
and
then
income
and
diversification.
If,
for
those
of
you
who
weren't
on
the
board
for
the
past
several
years
prior
to
the
pandemic's,
the
board
was
very
or
the
asset
allocation
was
quite
low
risk
and
trailing
peers
for
many
years,
and
we
work
with
a
lot.
G
G
Seventy
five,
twenty
five-
and
if
you
look
at
the
bottom,
you
can
see
the
market
is
expected,
returns
for
10
and
20
years
for
each
asset.
Allocation..
The
risk
consultant
verus
calculates
the
standard
that
we've
collected,
that
from
them
and
in
your
policy
the
risk
limit
is
twelve
percent..
That's
a
guideline
and
the
board
has
a
comfortable
twelve
point:
one.
no,.
But
if
you
take
a
look
at
this
bmc
come
in
below
six
percent..
The.
G
G
G
G
G
G
G
Have
a
chart
here
on
page
fourteen..
I
know
you
always
say
this,
but
take
with
a
grain
of
salt
because
it
is
self
reported..
So
while
you
have
a
dedicated
allocation
for
emerging
markets,
equity,
many
of
these
folks
are
investing
in
emerging
markets
equities,
but
probably
won't
fit
into
global
equity..
So
this
shows
that
the
peer
funds
have
a
medium
emerging
market
equity
allocation
of
three
percent
that
is
lower
than
we
typically
see
for
most
funds,
or
so
we.
G
In
alpha,
as
I
mentioned,
federated
and
a&e
are
quite
similar
from
a
risk
perspective,
mixi,
as
you'd
expect
with
a
lower
standard
deviation,
would
have
less
than
worst
case
scenario
returns
a
lower
probability
of
experiencing
negative
returns,
but
would
also
have
a
lower
probability
of
achieving
your
target
greater..
We
probably
probably
have.
G
G
Mixi
would
protect
in
most
of
these
market
environments,
with
the
exception
of,
say,
a
rate
spike
environment,
given
that
it
has
more
fixed
income..
Looking
at
the
positive
scenarios
here,
you
see
differences..
We
see
that
plummeting
dollar
scenario
on
the
bottom
page..
So
with
a
view
with
more
knowledge
about
assets,
we
do
better
in
implementing
scenarios..
We
also
look
at
stress
testing
on
a
forward
looking
basis.
what
we
think
of
these
portfolios
in
a
rising
interest
rate
environment
where
credit
spreads
widened,
significantly,
the
dollar
changes
in
value
or
us
equities
decline,
quite
a
bit..
G
Protecting
better
and
negative
market
environments.,
they
keep
it
up
less
on
the
upside
one,
other
type
of
analysis
we
like
to
look
at
and
we
call
economic
regime
management
we
found
a
really
important
drivers
of
returns,
depend
on
surprises
in
the
market
environment.
we
might
have
inflation,
but
if
it's
the
inflation
that
everyone
expects
it
usually
doesn't
change
market
prices
that
much
worse..
G
If
there's
a
surprise,
it
does,
and
so
we
look
at
the
sensitivity
of
the
different
asset
allocations
that
we're
considering
today
to
growth,
inflation,
interest
rates
and
systemic
risk,
systemic
risk
being
like
a
global
financial
crisis
type
environment..
They
can
see
that
the
current
portfolio
has
the
best
positive
sensitivity
to
growth
and
inflation.
nixey.
G
G
G
G
G
Historically,
that's
definitely
been
how
people
get
more
conservative,
at
least
on
the
equity,
the
fixed
income
side,
the
market
environment.
We
have
now
might
be
a
little
bit
different,
given
that
the
fed
has
raised
interest
rates
so
much
over
the
past
few
years,
and
many
people
think
that
that's
going
to
level
off
event
and
also
the
inflation
scenario
that
we
have
now
is
sort
of
unprecedented
probability..
G
There
might
have
been
some
recessionary
environments..
I
haven't
seen
a
specific
study
that
were
driven
by
inflation,
but
we
haven't
really
seen
much
of
that
since
the
70s.,
so
last
year
was
really
unique
in
the
fact
that
bonds
provided
no
diversification
benefit,
I
think,
because
historically
they
have
in
most
recessions,
having
more
bonds
has
a
positive..
We
talk
a
lot
at
the
investment
committee
level
about
how
yields
on
bonds
are
lot
more
attractive
than
they
were
before.
In
my
twelve.
G
One
of
the
other
things
I'm
wondering
is,
I
know
that
you're
part
of
the
fixed
asset.
you're
looking
at
10
year
bonds,
but
would
you
consider
more
intermediate
bonds
by
the
end
versus
intermediate??
There
is
some
kind
of
certainty
with
regard
to
what's
happening
with
interest.,
so
we
look
at
overall
portfolio
returns
on
a
10
to
20
year
basis,
but
the
investment
grade
bonds
that
you
see
here
are
like
a
barclays
aggregate.
So
that's
five
or
six
years.
and
what
about
the
long
term,
long
term,
government,
bonds.
G
Five
years,
plus,
sometimes
twenty
plus
long
term
government
bonds
generally
are
the
only
asset
class
that
does
well..
You
have
like
a
big
geopolitical
risk
environment
that
wasn't
the
case
wednesday,
russia
and
ukraine,
and
you
saw
volatility
only
because
of
the
interest
rate
environment.,
the
historic,
historically
long
term
government
bonds
have
done
well.,
they're
scared
of
everything
else..
Let
me
just.
G
B
G
G
Historically,
hedge
funds,
many
times
were
long
short
term
investments..
They
were
supposed
to
be
alpha
generating
in
market
environments
that
were
going
to
have
a
crazy
return,
but
philosophy
that
that
we
share
with
your
investment
staff.
Is
that
they're
going
to
lock
capital
for
some
period
of
time
and
pay
higher
fees
than
the
us
equity
index?
Fund,
for
example.
make
sure
that
you're
really
getting
a
different
type
of
exposure,
and
so
you
can
see.
G
you
can
see.
For
example,
we
saw
that's
a
global
macro
fund
that
can
between
currencies
and
different
any
asset
class
under
the
sun
and
had
a
twenty
point:
seven
percent
return
or
the
one
year
period
when
we
saw
a
lot
of
really
challenged
asset
classes
in
some
of
these
bonds
are
long
volatility..
So
they're
going
to
do
well
when
the
vix
spikes
some
of
our
trend
following..
So
they
are
going
to
as
equity
markets,
move
down,
they're
going
to
benefit
from
that..
So
you
have
here
the
relative
value
allocation
and.
G
G
K
All
had
our
own
opinions,
so
I'm
speaking
for
myself,,
not
speaking
for
the
committee..
We
began
work
four
years
ago
to
take
a
plan
that
was
forty,
seven
percent,
funded
to
liabilities,
to
try
and
get
it
back
to
a
more
healthy
status
without
taking
undue
risk
and
that's
exactly
what
we
did..
We
outperformed.
We
went
from
seventy
seven
years
to
second.
K
We
did
that
not
knowing
what
our
risk
appetite
is,
because
we
know
that
unless
our
sponsor
tells
us
what
our
backstop
is,
if
you
have
a
big
backstop
to
take
a
lot
of
risk,
if
we
take
a
risk
with
the
risk
of
being
able
to
give
retirees
their
monthly
checks.,
so
we
work
very
closely
with
our
risk
consultants
to
figure
out
what
was
an
acceptable
risk.
Budget.,
that's
the
terminology.
I
use
this.
This
divorce
should
be
thinking
in
10
and
20
30
year
horizons.
We
should
not
be
thinking
in
one
or
two
year
horizon.
K
K
The
best
job
we
can
of
not
putting
the
plan
at
risk,
our
subpoenas
for
which
is
a
measure
of
risk
with
top
decile.
Well,
we've
also
produced
solid
returns..
That's
like
that's,
always
a
feat
of
magic
that
I
didn't
cio
and
the
consults
and
their
staff
and
the
staff
a
lot
of
credit..
I
think
what
we've.
K
K
K
K
K
For
us
to
consider
and
then
the
wisdom
of
our
collective
judgment.
but
absent
that,,
what
that
does
is
they
build
these
decastro
models
that
are
all
of
these
scenarios?
Even
more
than
any
of
the
scenarios
we
mentioned
or
the
studies
you
cited
or
the
countless
studies
that
I
could
cite
to
that,
like
the
chief
strategist
at
morgan,.
K
K
K
but
directionally,
it's
probably
right..
So
I
know
I've
said
a
lot
for
all
of
those
reasons.
Unless
there's
a
real
compelling
motivation
to
change,,
we
make
these
asset
allocations
expected
the
next
four
or
five
or
six
years
to
have
these
types
of
events
that
we're
experiencing.
they're,
not
denovo.,
they're,
actually
they're,
embedded
in,
and
that
creates
the
asset
allocation..
K
And
the
last
thing
I'll
say
is
at
some
point.
I
think
it
would
be
worthwhile
to
have
a
conversation
about
moving
out
strategic
asset
allocation
to
three
or
four
year
cycle,
because
one
of
the
things
we've
done
really
well,
I
think,
over
the
last
three
years
is
institutionalized.
our
investment
program,
which
should
never
have
been
before
the
governance
through
our
investment
in
policy
work
with
cortexes.
K
I
I
B
Rapidly
changing
conditions.,
that's
a
fool's
errand.,
but
I
do
believe
that,
as
the
years
go
by,
we
can
look
at
what
we
think
has
perhaps
been
a
strategic,
more
permanent
change
and
to
adjust
the
asset
allocation
accordingly..
The
options
before
us
are
all
fairly
similar
is
only
very
modest
changes..
So
we're
not
talking
about
some
radical
changes
and
in
fact
our
asset
allocation
has
remained
exactly
the
same
since
our
fateful
march
of
twenty
twenty
decision
to
increase
the
risk
of
the
plan
which,
as
you
pointed
out,
was
extremely
timely
and
served
us
well..
B
B
B
Future
equity
returns
now
in
the
area
of
fixed
income,
it's
been
fairly
accurate,
but
in
the
area
of
equities-
and
it
varies
as
well-
it's
much
more
volatile
sector
and
in
emerging
markets
in
particular,
we
can
see
that
we
look
at
the
green
line,
which
is
the
forecasted
twenty
year
expected.
Return
has
been
consistently
higher
than
the
actual
ten
year
return,
since
at.
B
B
China
particularly
concerns-
I
don't
want
to
be
facing
a
situation.
We
didn't
have
a
large
investment
in
russia
when
they
made
some
very
sudden
and
strategic
turns.,
but
we
do
have
a
large
investment
in
china..
It
is
actually
the
second
largest
single
country,
investment
for
our
portfolio
after
the
united
states,
we're
slightly
underweight
china
versus
the
world,
but
it's
still
a
big,
big
component..
So
one
change
I
would
consider-
I
would
like
us
to
consider-
is
reducing
our
emerging
markets.
Exposure.
B
Space.,
it
seems
to
be
possibly
in
a
secular
decline.,
I'm
not
sure
if
people
are
going
to
return
to
the
office
the
way
they
once
did..
It
sounds
like
our
exposure.
There
is
relatively
light,
so
I'm
not
sure
what
asset
allocation
changes
we
make
to
accommodate
that.,
but
I
think
that
is
more
or
less
permanent
change
that
one
would
need
to
accommodate.
B
B
B
Strategic
trends
that
I
think
we
can
consider
accommodating
with
asset
allocation.,
we
haven't
changed
in
three
years
and
while
we
shouldn't
be
changing
it
rashly
or
radically,,
we
should
consider
changes
as
time
goes
on..
So
that's
that
has
been
the
tenor
of
the
debate
and
the
discussion.
The
are
there.
G
Individual
countries,
which
would
be
a
better
way
to
do,
that.,
we're
also
from
the
consulting
perspective,
I'm
a
little
leery
of
the
board,
determining
if
we
want
this
much
for
this
company,.
This
much
in
that
country
that
I
think
go
down.
A
road
is
perhaps
not
good
governance..
So
I
think
if
you
were
to
consider
reducing
emerging
markets,
we
see
that
just
reducing
two
percent
out
of
the
total
asset
class
voters
would
make
most
sense,
and
that
would
then
also
reduce
to
is
there
any.
G
Sure
that
for
asset
managers
to
have
the
strategies
that
they
can
market
and
so
we
then
talking
and
asset
managers,
have
been
talking
up
china
only
and
in
china
strategies.
One
might
argue
that
as
part
of
the
proliferation
of
different
strategies,
that
leads
to
more
fees
for
asset
managers..
But
there
are
a
lot
more
options
and
there
needs
to
be
for
individual
country
funds..
Some
folks
want
to
bail
out
china,
so
they
can
invest
more
in
china,
other
folks
from
china
so
that
they
could
invest
less..
G
I
G
K
Away
from
the
united
states
toward
china,
for
instance,
I
think
it's
uae
to
saudi
arabia..
Thirty
three
percent
of
their
gdp
is
based
in
china,
while
their
sovereign
portfolios
are
two
percent..
They
want
to
do
that
to
eight
percent..
That's
all
forex
increase
and
they're
saying
almost
will
come
at
the
expense
of
the
us..
There
seems
to
be
a
multipolar
desire
to.
K
K
Can
be
played
through
venture
capital
or
not
venture
capital.,
so
just
to
be
fair
about
that
are
probably
the
places
on
a
risk
adjusted
basis
where
you
can
find
out
about
your
portfolio
that
needs
alpha
pretty
desperately..
Now
that's
just
one
opinion.
Just
like
the
was
just
that
one
opinion..
I
don't
put
a
lot
of
confidence
in
his
or
in
mine
either..
I'm.
B
B
B
B
L
L
L
L
L
L
L
You
know
that
the
staff
is
also
working..
We
also
have
trained
for
all
of
this.
That's
especially
the
station
and
the
administrative
that
who
is
going
to
be
working
with
michelle
one
of
those,
especially
as
we
work
with
police
and
fire
together
when
we've
been
there
made
it.
So
we
have
also
initiating
that
process,
and
I
just
wanted
to.
L
L
G
G
G
D
L
H
Thank
you.
Mr.
chairman
hayman
deputy
director.
I've
been
talking
about
this
memo..
This
memo
is
requesting
approval
to
negotiate
executive.
Fourth,
amendment
to
the
agreement
with
marty
boyer
from
communications
advantage
to
extend
the
term
of
the
agreement
through
june
30th..
Twenty
twenty
four
and
no
additional
budget
is
being
requested..
The
services
provided
by
mr.
boyer
are
related
to
the
tajikstan
communication
and
the
board
adopted
that
if
they
are,
may
twenty
twenty
board
meeting
miss
boyer.
She
currently
works
with
the
rest
of
the
newsletter
and
social
media
posts,
so
the.
H
H
Approval
is
also
a
binding
contract
that
was
signed
and
accumulated
contract
value
with
a
single
vendor
above
50
thousand,
which
is
the
case
for
this.
Contract.
staff
are
requesting
approval
to
negotiate
and
execute
the
fourth
amendment
to
the
agreement
with
fiscal
year
to
extend
the
term
of
the
agreement
through
june
30th,
twenty
twenty
four
with
no
additional
budget..
So
what
is.
B
B
B
B
We'll
call
them
back
one
by
one,
so
there's
no
advantage.
No
one
will
hear
the
question
before
anybody
else..
It
will
ask
them
and
they
will,
while
they're
here
we
will
have
additional
time
for
additional
questions
clarifications
and
then
we'll
go
to
our
selection
process..
So
any
any
questions
comments
about
just
the
process?.
I
do.
B
B
A
A
D
Of
the
purposes
here
for
doing
the
interviews
is
to
test
their
commitment
and
capabilities
to
serve
on
this
board
in
terms
of
their
time,
commitments
and
ability
to
review
the
materials
and
be
a
fiduciary
trustee
of
the
board..
I
think
those
are
the
guiding
principles
in
terms
of
asking
the
candidates.
What
kind
of
questions
for
example,
time
commitment
is
the
huge
one,
and
if
we
have
a
trustee
appointed
to
the
board,
we
would
expect
that
they
read
all
the
material.
we
prepared
to
come
to
the
meetings
and
engage,
and
so
with
that.
D
G
G
K
This
is
even
a
follow
up,
but
I
certainly
when
I
became
a
trustee.
I
think
I
underappreciated
how
many
issues
we
deal
with
that
are
not
related
specifically
to
the
pension
plan
and
the
investments..
I
think
of
this
role
as
dealing
with
investments..
In
fact,
you
do
very
little
of
that
and,
if
you're
not
in
the
investment
committee,
you
really
don't
do
much
of
it
other
than
an
issue
comes
to
the
board.,
but
we
are
dealing
with
disability
and
you're
dealing
with
a
lot
of
issues..
K
K
B
B
B
B
L
L
L
Joanie,
what
kind
of
base
knowledge
they
have.
jane,
the
issues
that
allowed
you
to
make
a
determination
that
apple
related
investments,
because
that,
in
that
kind
of
skill
set
because
of
the
events,
and
so
just
again,
because
we're
talking
about
our
foreign
investment
philosophy,?
I
just
want
to
make
sure
I
know
that
they're
not
important
questions..
I
want
to
be
that
we
keep
track
and
make
sure
that
we
think
about
questions
that
are
all
related
to
investment.
A
A
B
B
B
B
G
G
K
J
J
J
E
I
just
wanted
to
expand
terry's
point
about
the
employee,
related
ones,
and
what
I
was
looking
at
was
asking
their
experience
in
dealing
with
employees,
employee
issues
such
as
evaluations,,
hiring,,
firing,,
recruiting
and
employees
who
are
injured
on
the
job
and
having
to
deal
with
a
reasonable
accommodation,,
something
like
that..
I
think
your
point
about
the
work
of.
K
J
A
B
A
Other
question
sorry
harvey
as
well,
I
think
addresses
that..
So
if
you
like
that
question
and
it's
like,
are
you
aware
that
the
position
requires
participation
in
and
understand
of
more
than
investments??
It
includes
benefit
administration,
disabilities,
risk
management,
direction
and
oversight
of
executive
personnel,
etc..
Do
you.
B
D
J
G
G
L
L
B
The
time
commitment
that
is
required?
how
much
time
do
you
think
this
may
take
a
four
month?
Second,
lady??
What
experience
do
you
have
in
human
resource
issues,
whether
it's
evaluating
employees,,
evaluating
staff,,
hearing,
disability,
hearing
or
similar
experiences,
either
formal
or
informal??
The
plan
is
currently.
B
A
B
L
B
Ask
a
series
of
questions
we're
going
to
ask
of
all
the
candidates,
and
then
we
are
going
to
have
a
follow
questions
from
all
members
of
the
board..
So
the
first
question
is:
if
you
would
like
to
make
a
brief
introduction
to
yourself
and
tell
us
what
talents
do
you
believe
you
are
bringing
to
the
board
as
an
applicant?
ok,
perfect..
Thank.
R
You
very
much.-
and
I
guess
I'll
start
real
briefly
with
my
studies
and
credentials
and
then
talk
to
you
about
my
passion
for
wanting
to
be
on
this
board.
So
I've
studied
finance
and
statistics
for
all
of
my
career
so
far,
which
is
that
in
the
last
15
years
of
school,
undergrad
and
finance
graduate
degrees
in
applied
statistics
and
international
investments
and
then
finishing
my
ph.d.
in
finance,
along
with.
R
R
R
The
reason
I
find
it
fascinating
to
be
on
a
board
that
would
oversee
asset
allocation
for
a
pension
fund
is
sort
of
two
fold.
one,,
the
professional
interests
that
I
have.
It
aligns
very
well
with
all
the
work
that
I've
done,
studying
finance
for
so
long
and
continuing
and
appearing
to
study
for
another
many,
many
years
to
come,
that
this
fits
right
inside
that
process
of
not
only
bringing
my
knowledge
in,
but
also
learning
additional
knowledge
about
finance
and
investments.
Where
the
second
piece
that
I
I
guess
my
passion
for
this
would
come
from-
is.
R
I've
always
been
involved
with
trying
to
help
others..
I
volunteer
for
a
first
ti,
for
example,
in
silicon
valley,
to
help
kids
learn
life
skills,
gof.
I
serve
on
many
different
committees
across
the
campus
through
through
my
years
here
in
an
effort
to
try
to
make
some
difference,
and
I've
never
had
the
opportunity
to
do
so
in
the
field
that
I
study,
which
is.
R
Finance,
it's
always
been
and
random
other
interests.
I
have,
but
there's
not
many
opportunities
where
you
can
try
to
make
a
difference
and
help
those
meaning
the
beneficiaries
get
what
they
deserve
in
the
field
of
finance..
So
that's
the
the
major
passion
I
have
in
my
last
statement
would
say
that
as
an
academic,
we
spend
our
careers
questioning
and
asking
a
lot
of
questions,
trying
to
make
the
best
decision
and
get
to
never
a
black
and
white
conclusion,
but
a
very
generalized
view
versus
anecdotal
evidence
that
comes
from
practitioners..
R
R
R
The
historical
to
the
newest
potential
investment
opportunities.,
it's
nice,
that
it
aligns
with
the
career
that
I'm
in
and
as
a
professor.
We
have
a
lot
of
autonomy
in
our
time
and
a
lot
of
autonomy
into
what
we
do.
and
speaking
with
the
dean
of
the
business
school
and
my
department
chair
that
this
is
work
that
I
would
do
as
part
of
my
work
as
a
professor.,
so
which
would
allow
me
to
kind
of
double
dip.
R
The
time
where
I'm
doing
work
as
a
professor,
simultaneously
doing
work,
prepping
for
the
time,
commitment
and
understanding
that
the
board
has
because
I've
never
worked
in
pensions.
And
I
recognize
that
that
that
would
be
a
transition
that
would
be
made
from
my
typical
portfolio
management
experience..
I
ask
a.
I
I
R
Yeah.,
if
you
want
ours,
I
mean
I
don't
know
what's
expected,
but
I
could
definitely
find
a
way
to
put
ten
hours
a
week
into
work.
If
that's
what's
required.,
if
it's
more
than
that,
then
it'd
probably
have
to
be
a
discussion..
But
from
my
understanding
in
discussing
it
again
with
the
chair,
it
seemed.
R
Like
that
was
plenty
of
time,
obviously,
depending
on
what's
going
on,
there's
flexibility,
but
if
I
had
to
put
a
number
on
it
that
would
be
it..
Regarding
governance,,
I
think
this
points
back
to
a
bit
of
arbitration
work
that
I've
done
with
finra
and
the
training
you
go
through
around
really,
really
around.
R
R
Potential
claims
that
are
coming
in
that
you'd
approach
it
with
similar
light
of
trying
to
get
the
full
story,
asking
as
many
questions
as
needed
in
order
to
understand
that
story
and
then,
ultimately,
following
the
whether
the
precedents
or
rules
and
making
the
best
decision
as
a
team
going
forward.
thank
you..
The
next.
B
B
R
So
I've
had
a
little
bit
of
experience,
not
it
it's
nothing
that
I
can
stand
up
and
say
I've
done
a
lot
of
work
or
governance.
Work.
finra
is
the
only
other
point
I
can
point
to
regarding,
as
I
said,
regarding
fair
and
free
markets,
that's
the
goal
of
those
hearings
is
to
understand
that
did
someone
have
their
money
invested
appropriately
or
not?
R
R
B
B
R
R
That
most
are
considered
under
funded
based
on
how
they
measure
metrics
and
the
potential
outflows
that
are
given
to
the
beneficiaries..
So
that's
always
a
challenge..
I
don't
see
that
challenge
going
away..
I
think
that
the
due
diligence
and
the
effort
put
forth
by
the
board
to
advise
asset
allocation
becomes
very
important
in
that
discussion
and
as
we've
stated,
the
time
and
effort
that
we
put
in
as
individuals
to
bring
different
perspectives
and
as
a
group
find.
R
R
R
B
B
Thank
you,
mr.
andre,
for
applying..
Thank
you
and
we
appreciate
your
interest
in
serving..
It's
it's
both
a
challenge
and
a
privilege..
So
what
we
intend
to
do
is
ask
for
the
questions
that
we've
asked
of
all
the
candidates
and
after
that,
ask
you
to
remain
behind
we'll
question
the
final
candidates
and
then
we'll
open
the
floor
to
all
the
trustees,
to
ask
any
follow
up
questions
or
additional
clarifications,
and
also
for
any
questions
that
you
may
have
with
us..
So
I'm
going
to
ask
the
four
questions
one
is.
Q
Q
Q
Also,
I'm
also
a
registered
investment
advisor..
This
discussion
of
asset
allocation
was
very
interesting
to
me
because
I
go
through
this
with
my
clients
and
I
tend
to
look
at
things
that
are
three
to
five
year
horizon..
However,
the
difference
in
my
particular
world
is
my
clients
evaluate
before,
and
so
I
know
when
go.
Q
Q
Also
is
involved
in
medical
and
medical
plan..
I
was
in
charge
of
administering
the
medical
plan
at
a
company
for
many
years,
and
so
I
know
the
real
world
considerations,
the
costs
and
benefits.
I've
also
had
basically
shall
we
say,
employee
feedback
in
the
health
plans
and,
in
fact,
my
current
role
as
the
head
of
operations
of
the
startup.
I
am
involved
with
setting
up
our
medical
plan
as
we
wrap
up
unemployeds.
I.
Q
B
Q
With
my
ceo-
and
he
says
this
is
really
interesting-
that
he
really
wants
me
to
do
this
particular
job..
So
he
said,
if
you
need
to
take
all
the
time
you
need
to
participate
in
this
role.,
he
thinks
it's
very
important
that
our
company
in
public
service
to
the
communities
that
we
operate
and
by
the
way,
we're
running
to
where
you
are
headquartered
in
santa
fe,
a
lot
of
what
we
do.
B
Q
I
Q
Q
Q
Q
Think
I
would
have
the
expertize
per
say
to
invest
in
those
markets.
one
of
the
things
that
you
would
have
to
have
to
do
a
good
job
with
that
is
having
people
that
were
really
specific
country
knowledge
like,
for
example,
china
came
up..
You
have
what
I
consider
political
risk.,
but
there's
another
issue
in
china.
Q
Having
worked
as
an
accountant
is
that
I
do
not
trust
the
accounting
standards
in
china
to
some
extent
there
has
been
a
lot
of
accounting
issues..
So
when
you
look
at
these
emerging
markets,
you
have
to
look
both
at
political,
risks,,
systemic
risk
and
stuff,
like
accounting
in
this,
and
so,
and
also
like.
Q
Q
Q
Q
They
are
is
being
tight
right
now.
That's
working
to
my
company's
advantage.
however,,
that's
once
again,
so
many
dollars
chasing
good
opportunities.,
so
venture
capital
is
a
really
good
investment,
but
to
invest
in
venture
capital,
limited
partnerships.
You
really
have
to
evaluate
the
performance
of
the
people
involved
over
time..
Q
Q
One
is
commercial
real
estate
in
a
lot
of
markets,
except
for
say,
buildings.,
some
of
the
stuff
that's
going
to
be
selling
on
70
percent
on
the
dollar
of
their
two
thousand
nineteen
valuations..
So
once
again
investing
in
commercial
real
estate.
A
real
careful
analysis
needs
to
be
done
by
the
professional
managers
of.
Q
Q
B
B
Coming
mr.
vogel
and
thank
you
so
much
for
applying.,
we
need
qualified
applicants
for
the
board
and
really
major
stepping
forward
and
putting
your
name
forward..
So
we're
going
to
ask
for
questions
of
you
here
that
we're
asking
all
the
other
applicants
and
then
we're
going
to
open
the
floor
to
all
the
trustees,
to
ask
additional,
follow
up
questions
and
and
allow
you
to
ask
questions
as
well
us.
B
F
F
F
These
policies
and
these
policies.
yes,-
I
also
do
my
research..
I
have
a
number
of
various
teaching
and
research
assistance.
I
and
receiving
various
grants.
I
have
the
military
reporting
responsibilities
that
come
with
this
assignment,
with
the
additional
for
lack
of
a
better
term.
Because
of
this
group.-.
B
F
F
F
F
F
F
B
B
K
K
R
K
K
R
R
Life.,
I
think,
that's
in
terms
of
the
the
finance
side
of
this
committee
and
overseeing
a
pension
fund,
that
that
is
the
major
goal.,
so
as
the
governance
entity,
monitoring
or
advising
board
those
two
roles
play
in
one..
We
need
to
monitor
those
that
are
managing
the
money
and
some
capacity,
meaning
the
ceo
cio,
who
then
monitor
and
and
work
with
their
investment
teams,
and
then,
secondly,
advising
them,
which
is
really
probably
where
the
asset
allocation
sits
is
here,
is
what.
R
R
Active
in
our
knowledge-
and
I
think
maybe
that
points
to
some
of
the
answers
that
we're
hyper
specific
or
trying
to
showcase
our
knowledge
interest
in
financial
markets,,
capital
markets
and
investments,
because
it's
hard
to
govern
a
body.
That's
a
team,
that's
managing
three
billion
dollars
without
having
any
insight
into
how
the
management
could
go..
So
I
guess
the
tension.
R
Q
Q
Used
that
for
those
asset
classes.,
that's
the
time
for
the
board
to
start
asking
questions.,
but
if
there
is
just
minor
things,
the
board
should
not
be
involved
in
those
sorts
of
decisions..
I
do
not
think
the
governance
of
this
would
be
involved
in
any
way
of
a
particular
asset
managers
unless
there's
some
what
I
consider
these
black
swan
events
further
significant
deviations,
and
the
idea
is
that.
Q
You
know,
like
in
a
case
of
a
homeowner's
association.
You
pick
a
good
manager
and
company
and
let
them
do
their
job
and
and
then,
if
there's
really
something
that
happens,
then
you
get
involved..
But
as
long
as
they're
performing
that
the
governance
of
this
organization
would
be
of
just
being
advisory.
Q
F
K
We've
done
a
really
nice
job
of
creating
a
set
of
processes
on
governance,
investment.
Policy,
strategic
asset
allocation
to
institutional
is
the
program,
so
it
outlives
the
personal
opinions
of
the
trustees..
I
appreciate
the
answers..
I
want
to
make
sure
that
it
got
covid
in
this
forum..
I
also
would
like
on
all
these
things,
which.
B
D
B
L
B
B
J
B
L
B
Do
that
I
did
mention
that
we
would
offer
the
applicants
an
opportunity
to
ask
questions
and,
let
me
just
say
the
process
we
will
deliberate
and
we
will
vote
here
today
now
on
which
applicant
we
will
forward
to
city
council
and
it's
my
understanding
that
city
council
put
this
on
the
consent.
Calendar.
so
is,
let's
say
not.
L
R
Time,
commitment
kind
of
two
questions.
one
is
that
doesn't
have
to
be
every
trustee,
but
maybe
somebody
wants
to
volunteer
their
insight
on
what
is
what
is
your
time?
Commitment
because
there's
no
guidelines
on
what
that
time,
commitment,
is.
and
the
second
thing
would
be
for
any
trustee.
What
order
are
the
things
you
enjoy
most
about
working
on
the
board?.
A
A
A
A
A
A
But
I
will
say-
and
I
found
this
really
important
as
I
learned
when
you
walk
in
with
preconceived
notions-
you
find
that's
not
true.,
it's
a
very
different
world..
It
is
not
the
world
of
your
education.,
it
is
not
the
world
of
your
current
investments.
and
so
truste
shandra.
I
think
explain
that
quite
well
and
I
think
keeping
an
open
mind
is
going
to
benefit
any
new
trustee.
K
Think
you
should
expect
to
serve
on
two
committees..
It
could
be
more
and
then
there
are
board
meeting..
So
just
to
give
you
more
quantitative
answer,,
I
feel
like
when
I
first
joined
boards.
We
had
a
lot
of
stuff
around
the
the
overpayment
of
pension,
so
it
was
like
ten
hours
of
reading
to
be
prepared
for
a
board
meeting..
I
feel
like
both
in
the
fact
that
I
understand
the
issues
better
and
having
less
litigious
matters.
It's
been
down
to
five..
I
don't
think
there
are
any
committees
that
meet
on
a
monthly
basis..
K
Usually
five
monthly
or
quarterly
and
another
five
hours
of
reading
for
that..
So
I
mean
that's
essentially
the
time
commitment
I
do
personally
spend
time
outside
about
talking
to
the
cio
and
the
staff.
Since
I
chaired
the
investment
committee,
what
I've
enjoyed
the
most
of
the
people
there's
been
a
fair
amount
of
turnover
on
this
board
since
I
joined
and
the
board
was
terrific.
When
I
was
here,
it
was
great..
K
I
learned
from
the
real
pros,
but
every
time
we
bring
in
new
people,
the
collaborative
spirit
that
open
mindedness,
that
julie
referred
to
continues
to
persist.,
there's
a
lot
of
consensus,
but
we
also
disagree..
I
think
we
do
it
in
a
way
and
just
as
a
person
blog,
my
father
in
law
took
over
electricians
union
as
treasurer.
K
At
one
point,
his
career
had
no
finance
background
whatsoever
and
dealt
with
that
supremely
underfunded
and
taught
himself
asset
management,
hired
consultants.
fast
forward
to
his
fiftieth
wedding
anniversary
with
my
mother
in
law.,
he's
big,
corrupt
union.,
we're
slapping
my
sons
on
the
backside..
We
wouldn't
have
a
pension
today,
if
it
wasn't
for
your
grandfather..
K
G
B
Monthly
board
meetings,
typically
the
three
to
four
hours,
sometimes
longer
a
committee
meeting
last
anywhere
from
one
to
two
hours
and
usually
budget
as
much
time
and
preparation
as
we
do
for
the
board
meeting..
So
I
think,
that's
probably
an
obviously
more
at
the
beginning
as
you're
drinking
out
of
the
fire
hose
and
you
get
after
a
year
or
so
a
bit
more
accustomed
to
what's
happened..
So
I
actually
have.
G
F
Q
R
B
B
D
We
can't
ask
the
same
questions?
obviously.,
but
what
we
can
do
is
go
through
his
application
and
highlight
any
pros
and
cons
that
we
see
from
his
experience..
He
has
a
pretty
detailed
application
that
we
can
have
that
as
a
part
of
our
deliberations..
We
can
first
start
with
the
process,
go
round
round
robin
and
then
do.
B
B
B
B
J
J
J
A
K
E
G
G
G
G
G
G
G
cleveland
would
be
here,
and
I
knew
that
because
I
want
you
all
to
be
able
to
kick
the
tires
on
the
on
the
other
side,
knowing
more
about
what
you
all
do
in
closed
session
than
than
I
do..
So
that
was
why
you
didn't
make
the
motion
for
him
just
to
be
just
be
clear.,
but
it
is
definitely
an
issue
not
having
unable
to
to
do
those
interviews..
My
own
view.
B
Of
mr
cleveland,
his
background
is
very
admirable,,
very
interesting
and
diverse
background
versus
what
we
all
have
on
the
board.
however,,
I'm
going
to
be
a
little
bit
harsh
and
say
ninety
percent
of
life
is
showing
up
and
the
fact
that
he's
not
here
and
we're
asking
people
to
make
a
time.
Amendment
does
not
argue
in
his
favor..
I
don't
sort
of
what
it's
like
to.
L
L
L
B
I
G
K
Remarks
that
concern
me.,
I
do
like
the
diversity
of
background..
I
really
like
the
diversity
of
applicants
both
background,
but
obviously
discuss
some
of
the
shortcomings
of
nothing
in
the
interview,
although
I
mean
councilwoman
davis,
is
her
name
and
address
the
abbott
surname
and
then
I
believe
frosti
london
has
also
spent
a
bit
of
time
with
him.
So
maybe
we
should
put
a
little
bit
more
weight
on
that.,
but
specifically
we
haven't
been
andre..
You
know,.
I
think
this
notion.
K
K
I
A
G
G
G
K
G
That
might
be
really
useful,
but
I
think
it's
only
the
people
who
are
being
part
of
the
investment
community..
I
think
that
if
you're
looking
for
people
to
take
a
broader
role
like
I
worked
in
the
corporations
for
30,
40
years
and
they've
only
had
academic
backgrounds,
although
matthew
has
mentioned
some
of
the
managerial
experience
that
I
think
that
you
don't
want
is
purely
academic..
It
would
not.
G
A
B
When
we
talk
about
our
issues
and
having
disability
hearings,,
I
was
also
impressed
that
he
does
finra
arbitration.
it's
a
similar
type
of
sitting
in
judgment
type
of
situation,
and
he
serves
on
committees
on
campus.
So
he
has
some
experience
in
the
collaborative
process
and
when
we
asked
about
the
opportunities
and
risks
he
was
the
first
to
believe
that
the
five
were
underfunded
and
that's
that's
the
challenge
at
the
point..
B
So
as
opposed
to
these
other
candidates
kind
of
start
talking,
about,,
you
know,,
which
which
investments
they
like
for
this
year,
kind
of
thing,
which
I
think
was
kind
of
where
you
were
going
with
a
question
about
technical
issues..
So
I
think
that
speaks
well..
He's
quite
well
spoken
and
seems
to.