* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
Download board of retirement
Survey
Document related concepts
Private money investing wikipedia , lookup
History of private equity and venture capital wikipedia , lookup
International investment agreement wikipedia , lookup
Socially responsible investing wikipedia , lookup
Leveraged buyout wikipedia , lookup
Environmental, social and corporate governance wikipedia , lookup
Investment banking wikipedia , lookup
Private equity wikipedia , lookup
History of investment banking in the United States wikipedia , lookup
Private equity in the 1980s wikipedia , lookup
Private equity secondary market wikipedia , lookup
Private equity in the 2000s wikipedia , lookup
Transcript
JAMES M. CONCIALDI, CH JOEL THOMPSON Appointed Representative Plan Administrator KATHY KOEN Elected Representative DEBRA MANSELL Elected Representative ADELBERT OLIVAS County Treasurer JUDY A. MARTINEZ Appointed Representative BOARD OF RETIREMENT PUEBLO COUNTY, COLORADO MINUTES June 23, 2014 ROLL CALL Board of Directors: James Concialdi, CH Debra Mansell Judy Martinez Kathy Koen Del Olivas Present Present Absent Present Proxy to JC Also in attendance: Heath Cardie Dale Connors Cynthia Mitchell Tesh Shih Joel Thompson Jim Whitmire Davin Wolny Watershed Investment Watershed Investment County Attorney’s J.P. Morgan Plan Administrator County Employee County Attorney’s CALL TO ORDER A quorum was established and James Concialdi, chairman, called the meeting to order at 1:37 p.m. Mr. Concialdi then called for an executive session for the discussion of the election of Board officers. ELECTION OF OFFICERS Mr. Concialdi, Board chair, brought the meeting back into session at 1:45. The first order of business was to conduct the vote for officers using roll call vote. For Chairman, Ms. Koen votes for James Concialdi, Debra Mansell votes for James Concialdi, via proxy, Del Olivas votes for James Concialdi, Mr. Concialdi abstained. By majority vote, Mr. Concialdi is chair. For Vice-Chair, Ms. Koen votes for Debra Mansell, Ms. Mansell votes for Debra Mansell, via proxy Del Olivas votes for Debra Mansell, James Concialdi votes for Debra Mansell. By majority vote, Ms. Mansell is Vice-Chair. Minutes June 23, 2014 Page 2 Treasurer will be Del Olivas by statute. For Secretary, Ms. Koen votes for Kathy Koen, Ms. Mansell votes for Kathy Koen, by proxy, Del Olivas votes for Kathy Koen, James Concialdi votes for Kathy Koen. By majority vote, Kathy Koen is Secretary. APPROVAL OF CONSENT AGENDA Ms. Koen moved for approval of the consent agenda. Ms. Mansell seconded, and the Board approved. INVESTMENT MANAGER REPORT – JP MORGAN Ms. Tess Shih, Client Advisor, J.P. Morgan Asset Management presented the Portfolio Review for Pueblo County retirement fixed funds. Management for Pueblo County retirement investments began with J.P. Morgan in 2010, with the comingled funds beginning in 2012. Since then our cumulative investment gains have lead the index. J.P. Morgan’s approach is value driven. Our current portfolio has an actual 9.26% allocation to J.P. Morgan (Report attached). QUARTERLY INVESTMENT/OBJECTIVES REPORTS - WATERSHED Mr. Dale Connors, managing director of Watershed Investment Consultants, presented the Puebo County Retirement Asset Allocation vs. Target & Policy report through May 31, 2014, followed by the investment summary for May and year to date 5/31/2014. Through the five months reported our aggregate gain on all investments is 3.74%, net of fees, leading the policy index of 3.64%. Total dollars in the fund as of May 31 is 125.9 million. PRIVATE EQUITY AND MLP INVESTMENT OPPORTUNITIES Mr. Heath Cardie, and Mr. Dale Connors gave the retirement Board a presentation/training on two types of investment options that are available. Mr. Cardie, introduced Private Equity investments as a means of enhancing the portfolio on a return of investment standpoint. Private Equity historically has compared favorably with the stock market – in the 20 years ended December 31, 2013, Private Equity has shown a 15.9% gain, compared to US Equity at 9.3%. The risk associated with Private Equity is typically from the standpoint of liquidity. A recommended allocation for Private Equity would be 5% of the portfolio. Master Limited Partnerships (MLP’s) were presented by Mr. Connors as an enhancement to returns, not to limit risk. MLP investments are typically in the area of energy, specifically on infrastructure, such as pipe lines. MLPs are attractive currently because they are predictable in both their cash flow generation and growth since the US is pushing for energy independence. Risks associated with MLPs are not based on liquidity, but rather volatility on the stock exchange. A recommended allocation for MLPs would be 5% of the portfolio. Minutes June 23, 2014 Page 3 NEW BUSINESS Mr. Concialdi continued the conversation from the last meeting concerning adopting a 30 year amortization period in our actuarial valuation, per recommendation of Buck Consultants, our actuarial consultants. After discussion, Ms. Mansell made the motion to adopt a 30 year amortization period. Ms. Koen seconded and the Board approved. Mr. Thompson will inform Buck Consultants of the change. NEXT MEETING The next regular meeting will be held on July 28, 2014, at 1:30 pm in the third floor conference room of the Courthouse. ADJOURNMENT There being no further business, the meeting was adjourned at 3:40 pm. Joel Thompson Plan Administrator PUEBLO COUNTY COURTHOUSE 215 WEST 10 TH STREET, PUEBLO CO 81003-2992 (719) 583-6026 FAX: (719) 583-6549