HomeMy Public PortalAbout2023-11-28_Quarterly_Meeting_MinutesCITY OF CRESTVIEW GENERAL EMPLOYEES' PENSION TRUST FUND
PENSION BOARD OF TRUSTEES
QUARTERLY MEETING MINUTES
198 N. Wilson Street
Crestview, FL 32536
Tuesday, November 28, 2023, at 1:00pm
TRUSTEES PRESENT:
TRUSTEES ABSENT:
OTHERS PRESENT:
1.
Joe Carr
Jerry Maughon
Wayne Steele
Chuck Powell
Gene Strickland
Tyler Grumbles, AndCo
Sean Sendra, Klausner, Kaufman, Jensen, & Levinson
Michelle Rodriguez, Foster & Foster
Call to Order — The meeting was called to order at 1:03pm.
2. Roll Call — As reflected above.
3. Public Comments — None.
4. Approval of Minutes
a. August 29, 2023, quarterly meeting
The minutes from the August 29, 2023, quarterly meeting were approved as presented,
upon motion by Joe Carr and second by Wayne Steele; motion carried 3-0.
5. Reports (Attornev/Consultants)
a. AndCo Consulting, Tyler Grumbles, Investment Consultant
i. Quarterly report as of September 30, 2023
1 Tyler Grumbles reviewed the market environment over the last
quarter and commented bright spots included bonds and
infrastructure.
2. Tyler Grumbles commented the fiscal year-to-date (FYTD)
numbers were much stronger in the domestic and international
equity markets.
3. Tyler Grumbles commented long-term interest rates increased,
short-term interest rates remained steady, and the fed was
expected to keep rates high for longer than expected to combat
inflation.
4. Tyler Grumbles commented the stock market's `Magnificent Seven',
Apple, Microsoft, Nvidia, Tesla, Meta, Alphabet and Amazon, drove
much of the returns and Apple was now worth more than the
collective value of the Russell 2000 index.
5. As of September 30, 2023, the market value of assets was
$22,429,216.00.
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6. The total fund net returns for the quarter were -3.07%,
underperforming the benchmark of -2.78%. The fiscal year-to-date
returns were 9.38%, underperforming the policy benchmark of
11.13%. The trailing returns for the 1, 3, 4, and 5 -year periods were
9.38%, 4.24%, 5.39%, and 5.28% respectively. Since inception
(07/01/1998) returns were 5.88%, slightly underperforming the
policy benchmark of 5.93%.
b. Klausner, Kaufman, Jensen, & Levinson, Sean Sendra, Board Attorney
i. House Bill 3 Requirements
1. Sean Sendra explained the State did not provide any guidance for
reporting, so his firm got together with other firms across the state
to create a template.
2. Sean Sendra commented the administrator had registered on the
State's website and would submit the template report along with
their updated Investment Policy Statement (IPS).
3. Tyler Grumbles commented his firm had sent proxy voting memo to
investment managers directing them to vote in compliance with the
State's requirement to only consider pecuniary measures.
ii. Robbins -Geller Service Agreement
1. Sean Sendra reviewed the updated service agreement and
commented the firm would not charge the Board any fees until a
claim was won.
The Board voted to approve the updated service agreement as presented upon motion by
Joe Carr and second by Wayne Steele, motion carried 3-0.
6. Old Business — None.
7. New Business - None
8. Consent Agenda
a. Payment ratification — Warrants #31, #32
b. Invoices for approval — None
c. Fund activity report for August 23, 2023 — November 21, 2023
The Board voted to approve the Consent Agenda as presented, upon motion by Wayne
Steel and second by Joe Carr; motion carried 3-0.
10. Staff Reports, Discussion and Action
a. Foster & Foster, Michelle Rodriguez, Plan Administrator
i. Education Opportunities
1. Michelle Rodriguez reviewed education opportunities that were
available to the Board.
11. Trustee Reports, Discussion and Action
12. Adjournment - The meeting adjourned at 1:17 pm.
13. Next Meeting — March 5, 2024, at 1:OOpm.
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Respectfully submitted by:
Siera Feketa, Plan Administrator
Date Approved by the Pension Board:
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