NEW YORK CITY EMPLOYEES’ RETIREMENT SYSTEM

Scott C. Evans Chief Investment Officer

THE CITY OF NEW YORK OFFICE OF THE COMPTROLLER

BUREAU OF ASSET MANAGEMENT 1 CENTRE STREET ROOM 736 NEW YORK, N.Y. 10007-2341

SCOTT M. STRINGER

COMPTROLLER

TELEPHONE: (212) 669-8318 FAX NUMBER: (212) 815-8503 PTROLLER.

EMAIL: SEVANS@COMPTROLLER.

MEMORANDUM

TO:

FROM: DATE: RE:

Trustees New York City Employees' Retirement System

Scott C. Evans

July 21, 2015

NYC Employees' Retirement System Investment Meeting ? July 28, 2015

Enclosed is a copy of the public agenda for the July 28, 2015 Investment Meeting. The meeting will be held at 335 Adams Street - Suite 2200, Brooklyn, N.Y., (beginning at 9:30am).

If you have questions about any agenda item, please contact me at (212) 669-8318.

I:\Investment Strategy\Agendas\AGENDAS -NYCERS\07 - July 28, 2015\Memo (Public).doc

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THE CITY OF NEW YORK OFFICE OF THE COMPTROLLER

1 CENTRE STREET NEW YORK, N.Y. 10007-2341

Scott M. Stringer

COMPTROLLER

NEW YORK CITY EMPLOYEES' RETIREMENT SYSTEM INVESTMENT MEETING JULY 28, 2015

LOCATION:

335 Adams Street, Suite 2200 Brooklyn, N.Y.

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NEW YORK CITY EMPLOYEES' RETIREMENT SYSTEM INVESTMENT MEETING JULY 28, 2015 PUBLIC AGENDA

I. May Monthly Performance Review: (30 Minutes)

Page 4

II. Diversity Initiative for Managers Update: (20 Minutes)

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III. Trustee Education ? Asset Allocation Review (Callan): (45 Minutes) 73

APPENDICES:

? Basket Clause

119

? Liquidity Analysis

121

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PUBLIC AGENDA

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I. May Monthly Performance Review:

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Monthly Performance Review May 2015

Prepared for the New York City Employees' Retirement System

7.28.2015

THE CITY OF NEW YORK OFFICE OF THE COMPTROLLER

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TABLE OF CONTENTS

Economic Indicators ?From BAM ... .....................................................................................................................................1 Market Indicators ?From BAM ........................................................................................................................................... 14 Market Indicators for May & June.......................................................................................................................................27 Contribution to Returns........................................................................................................................................................31 Asset Allocation and Adjusted Policy Weight Mixes ............................................................................................................ 32 Classification of Investments. ............................................................................................................................................... 34 NYCERS Market Values 2014-2015................................................................................................................................37 NYCERS Market Values 2006-2015................................................................................................................................38 Manager / Benchmark Comparison Report ......................................................................................................................... 39 Private Equity Fund Supplemental Details .......................................................................................................................... 59 Private Equity Cash Flow Tracker ....................................................................................................................................... 63 Real Estate Fund Supplemental Details ............................................................................................................................... 64 Real Estate Cash Flow Tracker ............................................................................................................................................ 65

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