Retiree Health Care Board of Trustees Regular Meeting June ...
[Pages:105]Retiree Health Care Board of Trustees Regular Meeting June 24, 2019 Page 1
AGENDA RETIREE HEALTH CARE BOARD OF TRUSTEES REGULAR MEETING MONROE COUNTY BOARD OF COMMISSIONERS CHAMBERS ROOM
MONDAY, JUNE 24, 2019 ? 3:00 P.M. 125 E. SECOND STREET MONROE, MI 48161 (734) 240-7003
I. CALL TO ORDER
II. ROLL CALL
III. PLEDGE OF ALLEGIANCE
IV. APPROVAL OF AGENDA (06/24/19)
V. APPROVAL OF MINUTES (03/25/19 Regular Meeting)
VI. PUBLIC COMMENT
VII. COMMUNICATIONS
VIII. OLD BUSINESS-- 1. Discussion of possibility of quarterly meetings
IX. NEW BUSINESS-- 1. May 2019 Flash Performance 2. Transition Plan progress for RHC comingled investments with Road Commission 3. Discussion of Developed Markets Global outlook and overview of RHC investment portfolio with consideration of any need to rebalance the asset allocation 4. Expiration of terms for Bob Neely and Kay Sisung on July 31, 2019
X. PUBLIC COMMENT
XI. MEMBERS TIME
XII. INFORMATION--For Information Only 1. PA 202 of 2017 Report for Retiree Health Care (OPEB) 2. AndCo Consulting Privacy Notice for 2019 3. AndCo Consulting ADV Part 2A--Annual Amendment for 2019 4. Boyd Watterson Asset Management Portfolio, 1st Quarter 2019 Distribution 5. Boyd Watterson GSA Fund, LP--Month end May 31, 2019 6. Boyd Watterson GSA Fund LP--Quarterly Review, 1st Quarter, 2019 7. Boyd Watterson GSA Fund, LP--Consolidated Financial Report, Year-end 2018 8. Lazard Asset Management Portfolio Review, May 2019
XIII. ADJOURNMENT
The County of Monroe will provide necessary auxiliary aids and services, such as signers for the learning impaired and audiotapes of printed materials being considered at the meeting to individuals with disabilities at the meeting upon one week's notice to the County of Monroe. Individuals with disabilities requiring auxiliary aids or services should contact the County of Monroe by writing or calling the following: Human Resources ? 125 East Second Street, Monroe, MI 48161 ? Voice (734) 240-7295 and TDD (734) 240-7300
Retiree Health Care Board Regular Meeting Minutes
March 25, 2019 Page 1
RETIREE HEALTH CARE BOARD OF TRUSTEES MINUTES March 25, 2019 Regular Meeting
I. The Regular Meeting of the Monroe County Retiree Health Care Board of the Trustees was held in the Board of Commissioners Chambers on Monday, March 25, 2019.
Vice-Chairperson, Kay Sisung called the meeting to order at 3:00 p.m.
II. ROLL CALL Roll call by taken as follows: Trustees Present: Dawn Asper, David Rever and Kay Sisung Trustees Absent: Michael Bosanac and Bob Neely (both excused) Brian Green of AndCo also attended.
A quorum being present, the Board proceeded to conduct business.
III. PLEDGE OF ALLEGIANCE Vice-Chairperson, Kay Sisung led the Pledge of Allegiance.
IV. APPROVAL OF AGENDA (03/25/19) Motion by David Rever, supported by Dawn Asper to approve the Agenda as presented. Oral vote taken. Motion carried.
V. APPROVAL OF MINUTES (02/25/19 Regular Meeting) Motion by Dawn Asper, supported by David Rever to approve the February 25, 2019, Organizational Meeting minutes as presented, and waive the reading thereof. Oral vote taken. Motion carried.
VI. PUBLIC COMMENT ? None
VII. COMMUNICATIONS--None
VIII. OLD BUSINESS--None
IX. NEW BUSINESS 1. February 2019 Flash Performance--Brian Green reviewed the report with the Board. Account value as of February 28, 2019=$59,152,187.00, MTD=1.71%, YTD=8.27%. Positive news across the board. First Capital Call for American Realty, $80,000 on quarterly basis
2. Plan Expense Estimates--Brian Green reviewed the Fee Summary with the Board.
Retiree Health Care Board Regular Meeting Minutes
March 25, 2019 Page 2
3. Transition Plan for RHC Consolidation with Road Commission-- Adding 10% more assets. Will liquidate on Wednesday and will be on March 31 statement. April 3 transfer from Road Commission RHC into Monroe County RHC. Wants to do at month end.
4. Motion by David Rever, supported by Dawn Asper to support the recommended Rebalance to liquidate/terminate Tortoise MLP and redistribute to Small/Mid Cap Allocation. $500,000 cash contribution this week. Oral vote taken. Motion carried.
X. PUBLIC COMMENT--None
XI. MEMBERS TIME-- No members made any comments.
XII. INFORMATION 1. Discussion of next meeting--April 22, 2019 at 3:00 p.m. Motion by Dawn Asper, supported by David Rever to cancel the April 22, 2019 meeting and meet on May 13, 2019 which is the next regularly scheduled meeting due to the fact that both the Chairman and Vice-Chairperson will be absent for the April 22, 2019 meeting.
Discussion commenced regarding the possibility of quarterly meetings. To be reviewed at the next meeting.
2. February 2019 Boyd Watterson Asset Management Portfolio--for information only
XIII.
ADJOURNMENT With no additional business to come before the Retiree Health Care Board of Trustees, ViceChairperson Sisung adjourned the meeting at 3:38 p.m.
Investment Performance Review Period Ending May 31, 2019
Monroe County Retiree Health Care Trust Board
Equities
S&P 500 Total Return Russell Midcap Index Russell 2000 Index Russell 1000 Growth Indx Russell 1000 Value Index Russell 3000 Index MSCI EAFE NR MSCI EM NR
Fixed Income
U.S. Aggregate U.S. Corporate Investment Grade U.S. Corporate High Yield Global Aggregate
Key Rates 3 Month US 2 Year US 10 Year US 30 Year ICE LIBOR USD 3M Euribor 3 Month ACT/360 Bankrate 30Y Mortgage Rates Na Prime
Month
(6.35) (6.14) (7.78) (6.32) (6.43) (6.47) (4.80) (7.26)
3 M
(0.67) (1.73) (6.64) 0.70 (2.50) (1.32) (1.51) (4.51)
Index Returns (%)
YTD
1 Year
10.73 13.54 9.25 13.68 8.45 10.92 7.64 4.09
3.78 1.57 (9.08) 5.40 1.44 2.49 (5.75) (8.70)
3 Yr Ann 11.72 9.85 9.73 15.33 7.97 11.54 5.82 9.88
5 Yr
Ann
9.66
L
7.88
6.69
M
12.32
6.51
S
9.23
1.27
1.79
Month
1.78 1.43 (1.19) 1.35
Index Returns (%)
3 M
YTD
3.76
4.80
4.54
7.23
1.16
7.49
2.32
3.28
1 Year
6.40 7.45 5.51 3.09
Mod. Adj. Duration
5.73 7.48 3.50 7.01
Yield to Worst 2.69 3.44 6.57 1.64
05/31/19 2.34 1.92 2.12 2.57 2.50 (0.32) 4.03 5.50
12/31/18 2.35 2.49 2.68 3.01 2.81 (0.31) 4.51 5.50
Levels (%) 12/31/17 1.38 1.88 2.41 2.74 1.69 (0.33) 3.85 4.50
12/31/16 0.50 1.19 2.44 3.07 1.00 (0.32) 4.06 3.75
12/31/15 0.16 1.05 2.27 3.02 0.61 (0.13) 3.90 3.50
Russell Indices Style Returns
V
B
G
8.5
11.0
13.7
L
10.6
13.5
17.8
M
6.7
9.2
11.7
S
YTD
Currencies
Euro Spot British Pound Spot Japanese Yen Spot Swiss Franc Spot
Commodities Oil Gasoline Natural Gas Gold Silver Copper Corn BBG Commodity TR Idx
Market Update May 31, 2019
V
B
G
-8.3
-4.8
-1.5
-12.3
-9.1
-4.8
-12.9
-11.0
-9.3
2018
05/31/19
1.12 1.26 108.29 1.00
Levels
12/31/18
1.15 1.28 109.69 0.98
12/31/17
1.20 1.35 112.69 0.97
05/31/19 53.50 2.82 2.45
1,311.10 14.57 264.00 427.00 163.42
Levels 12/31/18
47.30 2.26 2.76 1,300.20 15.71 264.10 390.75 159.72
12/31/17 55.98 2.49 2.72
1,187.30 16.50 336.80 404.25 179.96
YTD Sector Returns
20.0 18.3
18.0 16.5
16.0
14.2
14.0
13.0
12.5
12.0
11.0
10.7
10.4
9.8
10.0
8.0
6.0
5.0
4.0
3.5
2.0
1.3
0.0
10.0
6.5
5.0
4.1
2018 Sector Returns
0.8
0.0 -0.3
-2.2
-5.0
-4.4
-10.0
-8.4
-15.0 -20.0
-12.5
-13.0
-13.3
-14.7
-18.1
Page 1
Asset Allocation By Manager as of February 28, 2019 : $59,152,187
Asset Allocation Summary Total Fund
As of May 31, 2019
Asset Allocation By Manager as of May 31, 2019 : $65,421,585
Allocation
? Vanguard Institutional Index (VINIX) ? Boyd Watterson Asset Management ? Vanguard FTSE Developed Markets (VEA) ? Vanguard Extended Market Index (VIEIX) ? Titanium GSA Fund ? Lazard Emerging Market ? Clarkston Partners (CISMX) ? Ancora SMID (AATSX) ? Legg Mason (Brandywine) Global Fixed (GOBSX) ? Tortoise MLP & Pipeline (TORIX) ? Cash Account ? American Realty Strategic Value ? Vanguard FTSE Emerging Markets (VWO) ? Ishares Barclays Intermediate Gov/Gredit (GVI)
Market Value 14,233,395 11,858,340 7,117,478 6,089,034 5,546,018 4,249,339 3,006,176 3,005,280 2,719,011 1,093,297 154,817 80,000 -
Page 2
Allocation 24.1 20.0 12.0 10.3 9.4 7.2 5.1 5.1 4.6 1.8 0.3 0.1 0.0 0.0
Allocation
? Vanguard Institutional Index (VINIX) ? Boyd Watterson Asset Management ? Vanguard FTSE Developed Markets (VEA) ? Vanguard Extended Market Index (VIEIX) ? Titanium GSA Fund ? Lazard Emerging Market ? Clarkston Partners (CISMX) ? Legg Mason (Brandywine) Global Fixed (GOBSX) ? Ancora SMID (AATSX) ? Ishares Barclays Intermediate Gov/Gredit (GVI) ? Cash Account ? Vanguard FTSE Emerging Markets (VWO) ? American Realty Strategic Value ? Tortoise MLP & Pipeline (TORIX)
Market Value 14,694,399 12,122,141 8,506,375 6,929,916 5,530,672 4,185,933 3,657,157 3,365,226 3,351,591 1,775,223 600,878 460,248 241,825 -
Allocation 22.5 18.5 13.0 10.6 8.5 6.4 5.6 5.1 5.1 2.7 0.9 0.7 0.4 0.0
NONE
Executive Summary
Asset Allocation Compliance Monroe County Retiree Health Care Trust Board
As of May 31, 2019
Total Domestic Equity $28,633,062.7 (43.8%)
Total International Equity $13,152,556.3 (20.1%)
Total Domestic Fixed Income $13,897,363.9 (21.2%)
Total Global Fixed Income $3,365,226.4 (5.1%)
Total Real Estate $5,772,497.0 (8.8%)
Total Alternatives $0.0 (0.0%)
Total Cash $600,878.3 (0.9%)
0.0%
8.0%
16.0% Policy
24.0% Target
32.0%
40.0%
48.0%
In Policy
Outside Policy
56.0%
Asset Allocation Compliance
Total Fund Total Domestic Equity Total International Equity Total Domestic Fixed Income Total Global Fixed Income Total Real Estate Total Alternatives Total Cash
Asset Allocation
$ 65,421,585 28,633,063 13,152,556 13,897,364
3,365,226 5,772,497
600,878
Current Allocation (%)
100.0 43.8 20.1 21.2 5.1 8.8 0.0 0.9
Minimum Allocation (%)
N/A 25.0 13.0 14.0
0.0 0.0 0.0 0.0
Target Allocation (%)
100.0 40.0 20.0 21.0 5.0 9.0 5.0 0.0
Maximum Allocation (%)
N/A 51.0 30.0 28.0
7.0 10.0
6.0 5.0
Min. Rebal. ($000)
-12,277,667
-4,647,750 -4,738,342 -3,365,226 -5,772,497
-600,878
Target Rebal. ($000)
-2,464,429
-68,239 -158,831
-94,147 115,446 3,271,079 -600,878
64.0%
Max. Rebal. ($000) -
4,731,945 6,473,919 4,420,680 1,214,285
769,662 3,925,295 2,670,201
Page 3
Asset Allocation & Performance
Total Fund Total Fund Policy Hybrid
Total Fund (Net of Fees)
Total Equity
Total Domestic Equity Vanguard Institutional Index (VINIX)
S&P 500 Index IM U.S. Large Cap Core Equity (MF) Median Vanguard Extended Market Index (VIEIX) S&P Completion Index IM U.S. SMID Cap Core Equity (MF) Median Clarkston Partners (CISMX) Russell 2500 Index IM U.S. SMID Cap Value Equity (MF) Median Ancora SMID (AATSX) Russell 2500 Index IM U.S. SMID Cap Equity (MF) Median
Total International Equity
Developed Markets International Equity Vanguard FTSE Developed Markets (VEA)
FTSE Developed All Cap ex-U.S. Index IM International Equity (MF) Median
Allocation
Market Value %
$
65,421,585
100.0
65,421,585
100.0
41,785,619
63.9
28,633,063
43.8
14,694,399
22.5
6,929,916
10.6
3,657,157
5.6
3,351,591
5.1
13,152,556
20.1
8,506,375
13.0
8,506,375
13.0
MTH -3.59 -3.80 -3.60
-6.12
-6.78 -6.35 -6.35 -6.33 -6.95 -6.95 -7.89 -5.41 -7.11 -8.95 -9.31 -7.11 -7.55
-4.71
-5.21 -5.21 -4.90 -5.54
QTR -0.38 -0.75 -0.41
-2.04
-2.14 -0.66 -0.67 -0.80 -4.50 -4.50 -6.05 -0.41 -4.65 -7.80 -6.73 -4.65 -5.43
-1.95
-1.94 -1.94 -1.95 -2.21
Monroe County Retiree Health Care Trust Board Monthly Asset Allocation and Performance Flash Report
As of May 31, 2019
YTD 7.88 7.44
7.83
Performance(%)
1 YR
3 YR
1.84
7.04
0.82
7.07
1.71
6.66
5 YR 4.98 5.08
4.43
Inception
4.94 5.75
Inception Date
01/01/1998
4.26 01/01/1998
9.71
-2.29
-
-
2.00 10/01/2017
10.95
10.74 10.74 10.42
11.88 11.88
9.18
9.63 11.35
6.95
9.88 11.35 10.19
-0.82
3.78 2.82
-3.78 -8.50
-4.29 -13.04
-4.29 -6.87
-
11.72 10.60
10.55
7.45
9.79 5.01
9.79 8.69
-
4.16 10/01/2017
-
0.73 12/01/2018
9.66
0.74
8.34
0.45
-
-0.07 12/01/2018
7.21
-0.18
5.36
-3.59
-
1.70 12/01/2018
7.19
-0.85
3.48
-6.45
-
-1.60 12/01/2018
7.19
-0.85
6.38
-2.62
6.66
-6.39
-
-
-3.62 10/01/2017
7.84
-6.68
-
-
-4.36 10/01/2017
7.84
-6.96
-
-
-4.38 11/01/2017
7.71
-6.83
6.20
1.77
-3.20
7.22
-8.29
5.86
1.39
-4.71
Page 4
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