OHIO PUBLIC EMPLOYEES RETIREMENT SYSTEM 277 EAST TOWN STREET, COLUMBUS, OH PERS (7377)
|
|
- Buddy Stephens
- 5 years ago
- Views:
Transcription
1 OHIO PUBLIC EMPLOYEES RETIREMENT SYSTEM 277 EAST TOWN STREET, COLUMBUS, OH PERS (7377) MEMORANDUM DATE: October 31, 2006 TO: CC: FROM: RE: OPERS Retirement Board Members Christopher DeRose, Executive Director Jennifer Hom, Director Investments Greg Uebele, Senior Investment Officer- External Management Phil Paroian, Senior Investment Officer External Public Markets Opportunistic Fund Policy Action Requested The Board is requested to approve the attached Opportunistic Fund Policy which incorporates minor administrative changes. Discussion Subsequent to the recent revisions of the Defined Benefit Policy and to the recent approval of active currency for the opportunistic asset class, staff reviewed the Opportunistic Fund Policy and found that a few minor changes were required. In particular, staff found that some wording in the original Opportunistic Fund Policy approved in September 2004 was inadvertently omitted from the revised policy approved in June That wording has been added back, as highlighted below. Recommended changes to the policy by section: Section IV Allocation The allowable range has been changed from 0-2% to 0-3% in accordance with the recently approved changes to the Defined Benefit Policy, and wording has been added to specific that this applies only to the Defined Benefit Fund. Section V Investable Instruments We have added active currency, which was recently approved by the Investment Committee. 1
2 Furthermore, since the Opportunistic Fund Policy was established in 2004, the Investment Committee and OPERS approach to Ohio-qualified and minorityowned/women-owned firms has evolved considerably. Such firms are now included amongst the traditional asset classes of U.S. Equity, Global Bonds, and Non-U.S. Equity and OPERS has adopted a separate Ohio-Qualified and Minority Manager Policy. Therefore, the reference to Ohio and minority firms in the Opportunistic Fund Policy is out-of-date. Staff has removed those references from this policy, but added wording that all opportunistic searches will comply with applicable legislation and all of OPERS policies. Staff stresses that all public market manager searches, whatever the mandate or asset class, are always conducted in accordance with applicable legislation and with OPERS policies that ensure appropriate consideration be given to Ohio-qualified and minority firms. Section VI Performance Objectives The original policy approved in 2004 specified that the benchmark for the opportunistic asset class would be the weighted average of the underlying benchmarks for each program. This wording was inadvertently dropped from the policy when it was reapproved last year. This has been corrected and the original wording restored. Section VII Risk Management The original policy approved in 2004 specified that each program under this policy would be limited to a maximum of $100 million with a target initial funding of $25 million to $50 million. This wording was inadvertently dropped from the policy when it was reapproved last year. This has been corrected and the original wording restored. Next Steps We welcome feedback from the Investment Committee on the Opportunistic Fund Policy. If there is no feedback, we request that the Investment Committee approve the changes. If there is feedback, staff can incorporate those changes into the draft and bring the final policy back for approval next month. 2
3 2 5 Years MEMORANDUM To: Investment Committee Ohio Public Employees Retirement System From: Brady O Connell, CFA Kris Ford, CFA Date: November 3, 2006 Re: Opportunistic Policy Modifications Staff has presented the Investment Committee with a revised copy of the Opportunistic Fund Policy. The Opportunistic Fund exists to foster innovation and consideration of investments that do not fit neatly into the conventional parts of the OPERS investment portfolio. This revised copy of the policy contains some proposed changes that are being put forth to first, address changes made in the Investment Policy Review that established a new asset allocation for the Defined Benefit Plan, and second, to address changes that were inadvertently dropped from the original 2004 policy when it was revised and updated in Due to this oversight, many of these proposed changes may already be familiar to the Investment Committee as they were part of the first Opportunistic Policy. Major changes: 1. Allowable range. While the target for this portion of the Defined Benefit Plan remains 1% of assets, the range is being changed from 0-2% of assets to 0-3% of assets. This change is in keeping with the general broadening of policy ranges for asset classes within the Defined Benefit plan. 2. Investable Instruments. The policy is modified to reflect that active currency is a strategy that may be considered. Additionally, references to this space being the home for Ohio-based, minority- and femaleowned investment management firms have been removed. Managers fitting these descriptions are not part of the Opportunistic Fund unless they utilize an investment strategy fitting the opportunistic definition. A separate policy has been created to govern the usage of Ohio-qualified and minorityowned managers. Ennis Knupp + Associates vox South Riverside Plaza, Suite 1600 fax Chicago, Illinois
4 3. Performance Benchmark. Another aspect of the initial policy not included in the 2005 update was requiring the Opportunistic Fund total benchmark to be a weighted average of the benchmarks of the underlying investments rather than the return of the total Defined Benefit plan. When each underlying investment is presented for consideration, a primary benchmark is put forth for measuring the success of implementing that investment. Listed as a secondary benchmark is the overall return of the Defined Benefit plan, which is included as it is a measure of the opportunity cost of investing in this category. For shorter term periods, the Investment Committee should expect the Opportunistic Fund to outperform the weighted average benchmark, while exceeding the return of the broader Defined Benefit portfolio may be a longer term objective. 4. Allocation Limits. In the risk management section, specific allocation limit sizes are established. These caps are necessary due to the policy s statement that the limited size of the opportunity fund is its primary risk control mechanism. For investment strategies new to OPERS, we believe initial allocations of $25-$50 million are prudent. Investment strategies are limited to $100 million in total so that these strategies can actively be considered for the mainstream portfolio if they prove successful. These caps were also part of the initial policy approved in EnnisKnupp recommends the Investment Committee adopt the proposed changes so that the Opportunistic Fund Policy is congruent with the Defined Benefit Policy and also so that aspects of the 2004 policy accidentally dropped in the 2005 revision are fully reincorporated into the Policy. Ennis Knupp + Associates 2
5 Ohio Public Employees Retirement System Opportunistic Fund Policy November 2006June 2005
6 TABLE OF CONTENTS I. SCOPE... 1 II. PURPOSE... 1 III. INVESTMENT PHILOSOPHY... 1 IV. ALLOCATION... 1 V. INVESTABLE INSTRUMENTS AND RESTRICTED INVESTMENTS... 1 VI. PERFORMANCE OBJECTIVES VII. RISK MANAGEMENT... 2 VIII. ROLES AND RESPONSIBILITIES... 2 A. BOARD OF TRUSTEES...3 B. INVESTMENT STAFF...3 C. INVESTMENT ADVISOR...4 IX. MONITORING AND REPORTING... 5 A. ANNUAL...5 B. QUARTERLY...5 Revision History Date Approved Policy Established August 17, 2004 Policy Revised June 14, 2005 Policy Revised Nov 14, 2006
7 I. SCOPE This policy applies to the opportunistic assets within the Ohio Public Employees Retirement System ( OPERS ) Defined Benefit Fund. II. PURPOSE This policy provides the broad strategic framework for managing the opportunistic investment program.. III. INVESTMENT PHILOSOPHY Opportunistic investing allows OPERS to conduct controlled experimentation of investment strategies and new instruments that do not fit neatly into one of the traditional asset class categories. The opportunity fund will serve as an incubator of new investment ideas and strategies. Staff will gain hands-on experience and knowledge directly from its involvement with the strategies in the opportunity fund. Staff will determine if any of the programs within the opportunity fund deserve to have a larger and permanent role in the Defined Benefit Fund. IV. ALLOCATION The opportunity fund asset allocation is established with a target of 1% market value. The range is set at 0 to 23% with a maximum ceiling of 23% of total fund assets in the Defined Benefit Fund. V. INVESTABLE INSTRUMENTS AND RESTRICTED INVESTMENTS Programs that may be considered for the opportunity fund would include, but not be limited to: Hedge funds Commodities Derivatives Active currency Ohio-based investment managers Minority-owned investment managers Woman-owned investment managers Emerging investment managers Internally-managed experimental funds All searches in the opportunistic asset class will be conducted in accordance with applicable legislation and in accordance with all applicable OPERS policies. 1
8 VI. PERFORMANCE OBJECTIVES The overall benchmark for the opportunity fund is the OPERS performance benchmark. The total fund benchmark serves as the appropriate measure of the opportunity cost of investing funds in this category. Every program approved for experimentation within the opportunity fund will require its own specific performance benchmark. The overall benchmark for the opportunistic class is the weighted average of the underlying benchmarks for each program within the class. In addition, the expectation is that longterm returns from this asset class should match or exceed OPERS total fund benchmark, which is a measure of the opportunity cost of investing in this category. VII. RISK MANAGEMENT The limited size of the opportunity fund is its primary risk control mechanism. To provide for diversification, each program will be limited to a maximum of $100 million, with a target initial funding of $25 million to $50 million. It is envisioned that once the opportunity fund is mature, no single program within the opportunity fund will account for more than 35% of the total market value of the opportunity fund. Staff will closely monitor the individual programs. Risks may include a loss of a significant portion of the original investment. VIII. ROLES AND RESPONSIBILITIES A. Board of Trustees The Board is responsible for approving the Opportunistic Fund Policy. The Board will also review this document periodically and approve any changes as well as participate in the presentation of opportunistic fund research reports. Commitments for the individual programs require approval of the Board of Trustees. B. Investment staff Staff is responsible for recommending the Policy and managing the Opportunistic Program under the framework of the Board approved Policy. Staff is also responsible for monitoring and reporting to the Board in accordance with the requirements of the OPERS Investment Policy. Staff will be required to outline the program s alpha opportunities, educational objectives, timelines for implementation, monitoring process and performance benchmark in its recommendation memorandum to the Board. Due diligence, legal review, compliance and administration are reviewed with the Director of Investments and the investment advisor before submitted to the Board of Trustees. 2
9 Reports to the Investment Committee address whether the goals of experience and learning are being met, as well as risks decomposition, performance and activity. These reports are presented through a comprehensive annual review. These reports will also discuss the status of a potential permanent role for each of the programs within the opportunity fund. C. Investment advisor The investment advisor assists staff with the policy recommendations and provides advice to the Board. The investment advisor also assists staff in monitoring the investments and researching new ideas. 3
10 IX. MONITORING AND REPORTING A. Quarterly Performance report prepared by investment advisor Investment report prepared by staff Compliance report prepared by staff B. Annual OPERS Annual Investment Plan submitted by staff. Year-end program review submitted by staff. 4
Ohio Public Employees Retirement System
Ohio Public Employees Retirement System Opportunistic Fund Policy June 2005August 2004 TABLE OF CONTENTS I. SCOPE... 121 II. PURPOSE... 121 III. INVESTMENT PHILOSOPHY... 121 IV. ALLOCATION... 2 V. INVESTABLE
More informationOHIO PUBLIC EMPLOYEES RETIREMENT SYSTEM 277 EAST TOWN STREET, COLUMBUS, OH PERS (7377)
OHIO PUBLIC EMPLOYEES RETIREMENT SYSTEM 277 EAST TOWN STREET, COLUMBUS, OH 43215-4642 1-800-222-PERS (7377) www.opers.org MEMORANDUM DATE: September 13, 2005 TO: FROM: RE: OPERS Retirement Board Members
More informationOHIO PUBLIC EMPLOYEES RETIREMENT SYSTEM 277 EAST TOWN STREET COLUMBUS, OH PERS (7377)
OHIO PUBLIC EMPLOYEES RETIREMENT SYSTEM 277 EAST TOWN STREET COLUMBUS, OH 43215 1-800-222-PERS (7377) www.opers.org MEMORANDUM DATE: February 7, 2007 TO: CC: FROM: RE: OPERS Retirement Board Members Chris
More informationOHIO PUBLIC EMPLOYEES RETIREMENT SYSTEM 277 EAST TOWN STREET, COLUMBUS, OH PERS (7377)
OHIO PUBLIC EMPLOYEES RETIREMENT SYSTEM 277 EAST TOWN STREET, COLUMBUS, OH 43215-4642 1-800-222-PERS (7377) www.opers.org MEMORANDUM DATE: March 3, 2004 TO: FROM: Cc: RE: OPERS Retirement Board Members
More informationOHIO PUBLIC EMPLOYEES RETIREMENT SYSTEM 277 EAST TOWN STREET, COLUMBUS, OH PERS (7377)
OHIO PUBLIC EMPLOYEES RETIREMENT SYSTEM 277 EAST TOWN STREET, COLUMBUS, OH 43215-4642 1-800-222-PERS (7377) www.opers.org MEMORANDUM DATE: July 1, 2004 TO: FROM: RE: OPERS Retirement Board Members Neil
More informationOHIO PUBLIC EMPLOYEES RETIREMENT SYSTEM 277 EAST TOWN STREET, COLUMBUS, OH PERS (7377)
OHIO PUBLIC EMPLOYEES RETIREMENT SYSTEM 277 EAST TOWN STREET, COLUMBUS, OH 43215-4642 1-8-222-PERS (7377) www.opers.org MEMORANDUM DATE: April 2, 24 TO: FROM: Cc: RE: OPERS Retirement Board Members Farouki
More informationOHIO PUBLIC EMPLOYEES RETIREMENT SYSTEM 277 EAST TOWN STREET, COLUMBUS, OH PERS (7377)
MEMORANDUM OHIO PUBLIC EMPLOYEES RETIREMENT SYSTEM 277 EAST TOWN STREET, COLUMBUS, OH 43215-4642 1-800-222-PERS (7377) www.opers.org DATE: March 8, 2007 TO: CC: FROM: OPERS Retirement Board Members Christopher
More informationINVESTMENT POLICY STATEMENT FOR. ABC Foundation
INVESTMENT POLICY STATEMENT FOR ABC Foundation PAGE 1 TABLE OF CONTENTS I. BACKGROUND... 3 II. PURPOSE OF INVESTMENT POLICY STATEMENT... 3 III. ROLES AND RESPONSIBILITIES...3 IV. INVESTMENT OBJECTIVES...
More informationOHIO PUBLIC EMPLOYEES RETIREMENT SYSTEM 277 EAST TOWN STREET, COLUMBUS, OH PERS (7377)
MEMORANDUM DATE: January 5, 2006 OHIO PUBLIC EMPLOYEES RETIREMENT SYSTEM 277 EAST TOWN STREET, COLUMBUS, OH 43215-4642 1-800-222-PERS (7377) www.opers.org TO: CC: FROM: OPERS Retirement Board Members Laurie
More informationOHIO PUBLIC EMPLOYEES RETIREMENT SYSTEM 277 EAST TOWN STREET, COLUMBUS, OH PERS (7377)
OHIO PUBLIC EMPLOYEES RETIREMENT SYSTEM 277 EAST TOWN STREET, COLUMBUS, OH 43215-4642 1-800-222-PERS (7377) www.opers.org MEMORANDUM DATE: February 4, 2005 TO: FROM: OPERS Retirement Board Julie Reneau,
More informationOHIO PUBLIC EMPLOYEES RETIREMENT SYSTEM 277 EAST TOWN STREET, COLUMBUS, OH PERS (7377)
OHIO PUBLIC EMPLOYEES RETIREMENT SYSTEM 277 EAST TOWN STREET, COLUMBUS, OH 43215-4642 1-800-222-PERS (7377) www.opers.org MEMORANDUM DATE: July 5, 2007 TO: FROM: CC: RE: OPERS Retirement Board Members
More informationTHE MEDICAL UNIVERSITY OF SOUTH CAROLINA FOUNDATION STATEMENT OF INVESTMENT POLICY
STATEMENT OF INVESTMENT POLICY AND OBJECTIVES February 2013 TABLE OF CONTENTS I. INTRODUCTION 1 Page II. DELEGATION OF RESPONSIBILITIES 3 III. RISK TOLERANCE 7 IV. ASSET ALLOCATION GUIDELINES 8 V. INVESTMENT
More informationOhio Public Employees Retirement System
Ohio Public Employees Retirement System Private Equity Policy DRAFT - August 2005 TABLE OF CONTENTS I. SCOPE... 1 II. PURPOSE... 1 III. INVESTMENT PHILOSOPHY... 1 IV. ALLOCATION... 1 A. CORPORATE FINANCE...
More informationINVESTMENT POLICY STATEMENT POOLED ENDOWMENT FUNDS MARQUETTE UNIVERSITY
INVESTMENT POLICY STATEMENT POOLED ENDOWMENT FUNDS MARQUETTE UNIVERSITY INVESTMENT POLICY STATEMENT POOLED ENDOWMENT FUNDS MARQUETTE UNIVERSITY TABLE OF CONTENTS I. INTRODUCTION... 1 II. INVESTMENT OBJECTIVE....
More informationUNIVERSITY OF VERMONT STATEMENT OF INVESTMENT POLICIES AND OBJECTIVES
UNIVERSITY OF VERMONT STATEMENT OF INVESTMENT POLICIES AND OBJECTIVES I. INTRODUCTION This statement is issued by the Investment Subcommittee (the ISC ) of the Board of Trustees of the University of Vermont
More informationACERA EMERGING INVESTMENT MANAGER POLICY
Alameda County Employees' Retirement Association ACERA EMERGING INVESTMENT MANAGER POLICY Amended January 17, 2013-1 - ACERA EMERGING INVESTMENT MANAGER POLICY TABLE OF CONTENTS I. SCOPE 3 II. PURPOSE
More informationState Universities Retirement System of Illinois
State Universities Retirement System of Illinois Serving Illinois Community Colleges and Universities 1901 Fox Drive Champaign, IL 61820-7333 (217) 378-8800 (217) 378-9802 (FAX) Investment Department To:
More informationTHE REED INSTITUTE DBA REED COLLEGE INVESTMENT POLICY STATEMENT FOR THE ENDOWMENT FUND
THE REED INSTITUTE DBA REED COLLEGE INVESTMENT POLICY STATEMENT FOR THE ENDOWMENT FUND Prepared and adopted by the Investment Committee Approved by the Board of Trustees, April 21, 2012 I. PURPOSE The
More informationI. INTRODUCTION II. FINANCIAL AND INVESTMENT OBJECTIVES
SAN FRANCISCO STATE UNIVERSITY FOUNDATION INVESTMENT POLICY STATEMENT FOR RESTRICTED FUNDS Approved by the Investment Committee, September 7, 2017 Ratified by the San Francisco State Foundation Board of
More informationSTATE UNIVERSITIES RETIREMENT SYSTEM OF ILLINOIS SELF-MANAGED PLAN INVESTMENT POLICY
STATE UNIVERSITIES RETIREMENT SYSTEM OF ILLINOIS SELF-MANAGED PLAN INVESTMENT POLICY Adopted by the Board of Trustees September 11, 2015 SELF-MANAGED PLAN INVESTMENT POLICY Table of Contents Section /
More informationINVESTMENT POLICY STATEMENT September 2016
INVESTMENT POLICY STATEMENT September 2016 I. OVERVIEW PURPOSE The purpose of this statement is to establish goals and guidelines regarding the management of the funds of Montrose Community Foundation
More informationOHIO PUBLIC EMPLOYEES RETIREMENT SYSTEM 277 EAST TOWN STREET, COLUMBUS, OH PERS (7377)
OHIO PUBLIC EMPLOYEES RETIREMENT SYSTEM 277 EAST TOWN STREET, COLUMBUS, OH 43215-4642 1-800-222-PERS (7377) www.opers.org MEMORANDUM DATE: April 5, 2006 TO: CC: FROM: RE: OPERS Retirement Board Members
More informationStatement of Investment Policies and Goals. Saskatchewan Pension Plan Contribution Fund. As of January 1, 2018
Statement of Investment Policies and Goals Saskatchewan Pension Plan Contribution Fund As of January 1, 2018 APPROVED on this 13 th day of December, 2017 Tim Calibaba, Chair on behalf of the Board of Trustees
More informationNorth Carolina Supplemental Retirement Plans
North Carolina Supplemental Retirement Plans STATEMENT OF INVESTMENT POLICY JUNE 2012 CONTENTS I. PURPOSE II. RESPONSIBILITIES OF PARTICIPANTS III. RESPONSIBLE PARTIES IV. PLAN STRUCTURE V. INVESTMENT
More informationINVESTMENT POLICY STATEMENT. Loyola University Maryland
INVESTMENT POLICY STATEMENT Loyola University Maryland Approved October 22, 2014 Replaces version dated October 23, 2009 with asset allocation targets approved as of June 30, 2013 I. DEFINITIONS A. Purpose
More informationCITY OF JACKSONVILLE POLICE AND FIRE PENSION FUND STATEMENT OF INVESTMENT POLICY EXECUTIVE SUMMARY
CITY OF JACKSONVILLE POLICE AND FIRE PENSION FUND STATEMENT OF INVESTMENT POLICY EXECUTIVE SUMMARY I. INTRODUCTION AND PURPOSE The purpose of the Investment Policy is to comply with statutory and common
More informationTHE REED INSTITUTE DBA REED COLLEGE INVESTMENT POLICY STATEMENT FOR THE ENDOWMENT FUND
THE REED INSTITUTE DBA REED COLLEGE INVESTMENT POLICY STATEMENT FOR THE ENDOWMENT FUND Prepared and adopted by the Investment Committee Approved by the Board of Trustees, October 7, 2017 I. PURPOSE The
More informationENNISKNUPP CAPITAL MARKETS MODELING ASSUMPTIONS
ENNISKNUPP Independent advice for the institutional investor ENNISKNUPP CAPITAL MARKETS MODELING ASSUMPTIONS Updated July 2009 EnnisKnupp s capital markets modeling assumptions play a critical role in
More informationSTATE UNIVERSITIES RETIREMENT SYSTEM OF ILLINOIS SELF-MANAGED PLAN INVESTMENT POLICY
STATE UNIVERSITIES RETIREMENT SYSTEM OF ILLINOIS SELF-MANAGED PLAN INVESTMENT POLICY Adopted by the Board of Trustees December 9, 2016 SELF-MANAGED PLAN INVESTMENT POLICY Table of Contents Section / Page
More informationLong Term Investment Pool (LTIP) Investment Policy Statement Level 1
Long Term Investment Pool (LTIP) Investment Policy Statement Level 1 CONTENTS I. OVERVIEW II. FINANCIAL GOALS OF THE LTIP III. INVESTMENT OBJECTIVES OF THE LTIP IV. PERFORMANCE REPORTING V. INVESTMENT
More information3.443 Investment Policy Objectives and Guidelines
Antioch University AURA - Antioch University Repository and Archive 3.400 Finance (Business Management) 3.000 Business Management December 2011 3.443 Investment Policy Objectives and Guidelines Follow
More informationThe. Retirement Board. of the. PoUcemen's Annuity ATuCBenept Furuf City of Chicago. 221 North LaSade. Street-Room 1626
Members of the Board Representing the Public Carole L. Brown Haydee Caldero Carol L. Hamburger Kurt A. Summers, Jr. Representing the Active Police and Disability Beneficiaries Thomas A. Beyna James P.
More informationINVESTMENT POLICY For Other Post-Employment Benefits Trust (OPEB) Prepared by the Clerk of the Circuit Court Effective March 3, 2015
INVESTMENT POLICY For Other Post-Employment Benefits Trust (OPEB) Prepared by the Clerk of the Circuit Court Effective March 3, 2015 TABLE OF CONTENTS I. OVERVIEW AND PURPOSE... 1 II. INVESTMENT POLICY
More informationROCKY MOUNTAIN COLLEGE ENDOWMENT FUND INVESTMENT POLICY
ROCKY MOUNTAIN COLLEGE ENDOWMENT FUND INVESTMENT POLICY I. Purpose. The purpose of this Statement of Endowment Fund Investment Policy ( Statement ) is to establish and explain the investment and income
More informationState Universities Retirement System of Illinois
State Universities Retirement System of Illinois Serving Illinois Community Colleges and Universities 1901 Fox Drive Champaign, IL 61820-7333 (217) 378-8800 (217) 378-9802 (FAX) Investment Department To:
More informationSTATE UNIVERSITIES RETIREMENT SYSTEM OF ILLINOIS INVESTMENT POLICY
STATE UNIVERSITIES RETIREMENT SYSTEM OF ILLINOIS INVESTMENT POLICY Adopted by the Board of Trustees March 9, 2018 INVESTMENT POLICY Table of Contents Section / Page No. Description I / 3 Statement of Purpose
More informationInvestment Policy Statement
Investment Policy Statement Adopted and approved December 12, 2012 Table of Contents Introduction:... 3 Purpose:... 3 Section I: Investment Policy... 3 Section 1.01: Investment Objectives... 4 Section
More informationU.T. System Board of Regents Report on Investments Fiscal Quarter Ending May 31, 2004
U.T. System Board of Regents Report on Investments Fiscal Quarter Ending May 31, 2004 29.8 MARKET VALUE AND PERFORMANCE SUMMARY CHANGE IN MARKET VALUE ($ in millions) PUF GEF Total Endowments (PUF + GEF)
More informationTHE COLORADO TRUST REQUEST FOR PROPOSALS INVESTOR ADVISORY SERVICES 2016 THE COLORADO TRUST REQUEST FOR PROPOSALS INVESTMENT ADVISORY SERVICES 2016
THE COLORADO TRUST REQUEST FOR PROPOSALS INVESTOR ADVISORY SERVICES 2016 THE COLORADO TRUST REQUEST FOR PROPOSALS INVESTMENT ADVISORY SERVICES 2016 1 THE COLORADO TRUST Request for Proposals Investment
More informationII. INVESTMENT OBJECTIVES
TABLE OF CONTENTS I. Introduction 1 II. Investment Objectives 1 III. Core Beliefs 1 IV. Asset Allocation & Portfolio Composition 2 V. Limitations & Restrictions 3 VI. VII. Fiduciary Duty Role of the Investment
More informationLOUISIANA STATE EMPLOYEES RETIREMENT SYSTEM STATEMENT OF INVESTMENT OBJECTIVES
LOUISIANA STATE EMPLOYEES RETIREMENT SYSTEM STATEMENT OF INVESTMENT OBJECTIVES December 14, 2017 I. INTRODUCTION...4 II. STATEMENT OF PURPOSE...4 III. CONTROLLING STATUTES AND REGULATION...4 Principal
More informationMONTANA PUBLIC RETIREMENT PLANS INVESTMENT POLICY
MONTANA PUBLIC RETIREMENT PLANS INVESTMENT POLICY Approved April 5, 2017 Revised February 13, 2018 Table of Contents Page 1. Introduction... 3 2. Purpose... 3 3. Legal and Constitutional Authority... 3
More informationINVESTMENT POLICY STATEMENT
INVESTMENT POLICY STATEMENT MISSION STATEMENT THE MISSION OF THE SAN DIEGO CITY EMPLOYEES RETIREMENT SYSTEM IS TO DELIVER ACCURATE AND TIMELY BENEFITS TO ITS PARTICIPANTS AND ENSURE THE TRUST FUND S SAFETY,
More information5.4.5 Kentucky Community and Technical College System Treasury Management Policies Cash Management Program
5.4.5 Kentucky Community and Technical College System Treasury Management Policies 5.4.5.1 Cash Management Program 5.4.5.1.1 Authority and Responsibility The ultimate responsibility and authority for the
More informationNew Jersey State Investment Council February 03, 2014 Special Meeting
Minutes of the Special Meeting Held February 03, 2014 at 11:00 AM at the Trenton War Memorial, George Washington Ballroom, 1 Memorial Drive, Trenton, New Jersey. The Trenton War Memorial was open for the
More informationInvestment Policy Statement
Investment Policy Statement Revised 10/12/16 INTRODUCTION The ( the Foundation ) is a Community Foundation that facilitates building of donor funds to provide a permanent resource for grant making and
More informationChicago Teachers Pension Fund. Investment Policy Statement
Chicago Teachers Pension Fund Investment Policy Statement Approved by the Board of Trustees September 21, 2017 1 Section I. Purpose Purpose of the Investment Policy and Guidelines Section II. Roles and
More informationAttachment 1 Toronto Community Housing Corporation Investment Policy Statement
Attachment 1 Toronto Community Housing Corporation Investment Policy Statement Revised: July 18, 2017 Toronto Community Housing Corporation Investment Policy Statement Revised July 18, 2017 1 Table of
More informationMETROPOLITAN LIBRARY COMMISSION OF OKLAHOMA COUNTY
METROPOLITAN LIBRARY COMMISSION OF OKLAHOMA COUNTY LIBRARY RETIREMENT PENSION BOARD AGENDA Members: Nancy Anthony, Chair Judy Smith, Vice-Chair Allen Coffey, Disbursing Agent Tim Rogers, Executive Director
More informationBLOOM TOWNSHIP TRUSTEES OF SCHOOLS INVESTMENT POLICY
BLOOM TOWNSHIP TRUSTEES OF SCHOOLS INVESTMENT POLICY I. Purpose/Scope The purpose of this Investment Policy is to establish a clear understanding between the Bloom Township Trustees of Schools and financial
More informationSTATEMENT OF INVESTMENT POLICY. I. Introduction 2. II. Investment Philosophy 2. III. Investment Objectives 2. IV. Investment Policy 3
STATEMENT OF INVESTMENT POLICY I. Introduction 2 II. Investment Philosophy 2 III. Investment Objectives 2 IV. Investment Policy 3 V. Investment Guidelines 4 VI. Spending Policy 7 VII. Review Procedures
More informationIssued on: March 1, 2017 Responses due: March 31, 2017
Request for Proposal for Investment Consulting Issued on: March 1, 2017 Responses due: March 31, 2017 1 I. Purpose The Ohio Tuition Trust Authority (OTTA) is looking for a nationally recognized investment
More informationPRESERVATION OF CAPITAL
INVESTMENT POLICY STATEMENT VILLAGE OF WILMETTE POLICE PENSION FUND The Village of Wilmette Police Pension Fund is a defined benefit, single employer pension plan. Although a single employer pension plan,
More informationTHE LA RETIREMENT FUND (The Fund) INVESTMENT POLICY STATEMENT SUMMARY
THE LA RETIREMENT FUND (The Fund) INVESTMENT POLICY STATEMENT SUMMARY Last updated April 2017 1. INTRODUCTION This Investment Policy Statement ( IPS ) is a formal statement of the main principles underlying
More informationRESEARCH THE SMALL-CAP-ALPHA MYTH ORIGINS
RESEARCH THE SMALL-CAP-ALPHA MYTH ORIGINS Many say the market for the shares of smaller companies so called small-cap and mid-cap stocks offers greater opportunity for active management to add value than
More informationStatement of Investment Policy Objectives & Guidelines
Statement of Investment Policy Objectives & Guidelines Scope of this Investment Policy This statement of investment policy reflects the investment policy, objectives, and constraints of the funds held
More informationFINAL INVESTMENT POLICY STATEMENT (IPS) FOR FLORIDA MEMORIAL UNIVERSITY, INC.
FINAL INVESTMENT POLICY STATEMENT (IPS) FOR FLORIDA MEMORIAL UNIVERSITY, INC. Policy Compliance The Investment Policy Statement that follows is pursuant to the enactment of the Florida Uniform Prudent
More informationSection 1-Proposed Investment Policy Statement. Proposed Investment Policy Statement
Section 1-Proposed Investment Policy Statement Proposed Investment Policy Statement 12511 SW 68 th Avenue Portland, Oregon 97223 Phone: 503-597-1600 Toll Free: 888-937-4015 Statement of Investment Objective
More informationSTATEMENT OF INVESTMENT OBJECTIVES AND GUIDELINES. Fort Worth Employees Retirement Fund
STATEMENT OF INVESTMENT OBJECTIVES AND GUIDELINES Fort Worth Employees Retirement Fund Revised January 24, 2018 Table of Contents I. Purpose of the Investment Policy...3 II. Investment Philosophy...3 III.
More informationChi Phi Educational Trust
Chi Phi Educational Trust INVESTMENT POLICY Reviewed and amended by the Chi Phi Educational Trust on June 12, 2009; amended March 26, 2010, May 18, 2010, March 21, 2011, June 22, 2012, July 26, 2012, January
More informationUNIVERSITY OF WASHINGTON STATEMENT OF INVESTMENT OBJECTIVES AND POLICY FOR THE CONSOLIDATED ENDOWMENT FUND
UNIVERSITY OF WASHINGTON STATEMENT OF INVESTMENT OBJECTIVES AND POLICY FOR THE CONSOLIDATED ENDOWMENT FUND Approved by Board of Regents April 15, 1988 Amended December 15, 1989; February 16, 1990; September
More informationTHE CASE AGAINST MID CAP STOCK FUNDS
THE CASE AGAINST MID CAP STOCK FUNDS WHITE PAPER JULY 2010 Scott Cameron, CFA PRINCIPAL INTRODUCTION As investment consultants, one of our critical responsibilities is helping clients construct their investment
More informationNon-Core Fixed Income Process & Recommendations September 22-23, 2016
Non-Core Fixed Income Process & Recommendations September 22-23, 2016 Jason Weiner, Director of Fixed Income Germán Gaymer, Fixed Income Investment Analyst Alex Williams, RVK Weston Kasper, RVK Table of
More informationINVESTMENT POLICY STATEMENT TEXAS ENDOWMENT FUNDS
INVESTMENT POLICY STATEMENT TEXAS ENDOWMENT FUNDS 1 TABLE OF CONTENTS CHAPTER PAGE I. GENERAL INFORMATION 3 II. FUND OBJECTIVES & EXPECTATIONS 4 III. RISK MANAGEMENT & GUIDELINES 6 IV. INVESTMENT MANAGERS
More informationINVESTMENT POLICY STATEMENT TEXAS ENDOWMENT FUNDS
INVESTMENT POLICY STATEMENT TEXAS ENDOWMENT FUNDS 1 TABLE OF CONTENTS CHAPTER PAGE I. GENERAL INFORMATION 3 II. FUND OBJECTIVES & EXPECTATIONS 4 III. RISK MANAGEMENT & GUIDELINES 6 IV. INVESTMENT MANAGERS
More informationTHE UNIVERSITY FOUNDATION AT SACRAMENTO STATE INVESTMENT POLICY AND ADMINISTRATIVE GUIDELINES. Table of Contents
THE UNIVERSITY FOUNDATION AT SACRAMENTO STATE INVESTMENT POLICY AND ADMINISTRATIVE GUIDELINES Table of Contents 1.0 General Guidelines........ 2 1.1 Scope and Purpose....... 2 1.2 Responsibilities of The
More informationCITY OF YORK MUNICIPAL PENSION FUNDS
Approved: February 28, 2007 Revised: November 2009 Asset Allocation Table Updated: February 2010 Reviewed for continuity: February 2016 Revised: May 2016 Revised: August 2016 CITY OF YORK MUNICIPAL PENSION
More informationINVESTMENT POLICY INTRODUCTION
INVESTMENT POLICY INTRODUCTION The Northwest State Community College Foundation, established in the 1970s, is a non-profit tax exempt 501(C)(3) organization and is dedicated to inviting resources to participate
More informationProposal. Investment Policy Guidelines For Savannah Lakes Property Owners Association. November 2, 2012
Proposal Investment Policy Guidelines For Savannah Lakes Property Owners Association November 2, 2012 Savannah Lakes POA Investment Policy Guidelines 5812 US Hwy. 378 West McCormick, SC 29835 864.391.4116
More informationSpecial Needs Trust Foundation
Special Needs Trust Foundation Investment Policy Statement January 18, 2013 This investment policy statement should be reviewed and updated at least annually. Any change to this policy should be communicated
More informationOBERLIN COLLEGE Board of Trustees
OBERLIN COLLEGE Board of Trustees Investment Policy Statement Adopted: June 2015 Oberlin College Investment Policy Statement OBERLIN COLLEGE Investment Policy Statement Section Page 1. Purpose... 2 2.
More informationSTATEMENT. 2. Establish a clear understanding for all involved parties of the investment goals and objectives
STATEMENT OF INVESTMENT POLICY AND OBJECTIVES SCOPE OF THIS INVESTMENT POLICY This statement of investment policy reflects the investment policy, objectives, and constraints of the Holy Trinity Episcopal
More informationUniversity of Virginia Debt Policy Dated February 22, 2013
University of Virginia Debt Policy Dated February 22, 2013 Table of Contents I. Overview... 2 II. Scope and Objectives... 2 III. Oversight and Approval... 3 IV. Debt Affordability and Capacity... 3 V.
More informationBoard Investment Policy Investment Manager Monitoring and Communications Policy
Board Investment Policy Investment Manager Monitoring and Communications Policy I. Purpose A. This policy outlines the SJCERA s monitoring and retention of investment managers for the Board of Retirement
More informationINVESTMENT POLICY STATEMENT CITY OF DOVER POLICE PENSION PLAN
INVESTMENT POLICY STATEMENT CITY OF DOVER POLICE PENSION PLAN August 2016 INVESTMENT POLICY STATEMENT CITY OF DOVER POLICE PENSION PLAN Table of Contents Section Page I. Purpose and Background 2 II. Statement
More informationMUNICIPAL EMPLOYEES ANNUITY AND BENEFIT FUND OF CHICAGO
MUNICIPAL EMPLOYEES ANNUITY AND BENEFIT FUND OF CHICAGO A Pension Trust Fund of the City of Chicago Request for Proposal: Active Core Fixed Income Strategy January 2, 2018 I. OVERVIEW REQUEST FOR PROPOSAL
More informationStatement of Investment Policies. New Brunswick Public Service Pension Plan
Statement of Investment Policies New Brunswick Public Service Pension Plan Board of Trustees revised December 1, 2016 INTRODUCTION... 1 A. CHARACTERISTICS OF THE PLAN... 2 B. RISK TOLERANCE AND FUND OBJECTIVES...
More informationStatement of Investment Policies. New Brunswick Teachers Pension Plan
Statement of Investment Policies New Brunswick Teachers Pension Plan Last reviewed: November 24, 2016 INTRODUCTION p. 1 A. CHARACTERISTICS OF THE PLAN. p. 2 B. RISK TOLERANCE AND FUND OBJECTIVES.. p. 3
More informationAmended as of January 1, 2018
THE WALLACE FOUNDATION INVESTMENT POLICY Amended as of January 1, 2018 1. INVESTMENT GOAL The investment goal of The Wallace Foundation (the Foundation) is to earn a total return that will provide a steady
More informationMUNICIPAL EMPLOYEES ANNUITY AND BENEFIT FUND OF CHICAGO
MUNICIPAL EMPLOYEES ANNUITY AND BENEFIT FUND OF CHICAGO I. OVERVIEW Request for Proposal: Full-Service Investment Consulting January 19, 2018 The Municipal Employees Annuity and Benefit Fund of Chicago
More informationNoblesville First United Methodist Church Foundation. Investment Policy Statement
Noblesville First United Methodist Church Foundation Investment Policy Statement Adopted November 23, 2004 Revised November10, 2005 Revised August 31, 2015 Revised November 11, 2018 Table of Contents I.
More informationInvestment Policy FIN-TRE-150
Investment Policy About This Policy Effective Dates: 10-01-2006 Last Updated: 12-06-2018 Responsible University Administrator: Vice President and Chief Financial Officer Policy Contact: Alex Yuchvid Director
More informationState Universities Retirement System of Illinois
State Universities Retirement System of Illinois Serving Illinois Community Colleges and Universities 1901 Fox Drive Champaign, IL 61820-7333 (217) 378-8800 (217) 378-9802 (FAX) Investment Department To:
More informationSample extract from the 2016 Glocap Hedge Fund Compensation Report
Sample extract from the 2016 Glocap Hedge Fund Compensation Report HFR is proud to have joined Glocap Search as a partner in the publication of the 2016 Glocap Hedge Fund Compensation Report. HFR has contributed
More informationUNIVERSITY OF CENTRAL MISSOURI FOUNDATION INVESTMENT AND SPENDING POLICIES FOR FUNDS FUNCTIONING AS ENDOWMENTS
I. PURPOSE UNIVERSITY OF CENTRAL MISSOURI FOUNDATION INVESTMENT AND SPENDING POLICIES FOR FUNDS FUNCTIONING AS ENDOWMENTS This Policy statement includes both objectives and guidelines intended to apply
More informationINVESTMENT POLICY STATEMENT AND GUIDELINES
INVESTMENT POLICY STATEMENT AND GUIDELINES Revised April 2014 v. 4/29/14 1 Mission Statement The Chester County Community Foundation connects people who care with the causes that matter, so their philanthropy
More informationManaging investment responsibilities. WEIGHING THE OPTIONS IS AN INVESTMENT POLICY STATEMENT RIGHT FOR YOUR PLAN?
PRICE POINT July 2017 Timely intelligence and analysis for our clients. Managing investment responsibilities. WEIGHING THE OPTIONS IS AN INVESTMENT POLICY STATEMENT RIGHT FOR YOUR PLAN? EXECUTIVE SUMMARY
More informationRESOLUTION NO A RESOLUTION OF THE BOARD OF DIRECTORS OF THE SAN BENITO COUNTY WATER DISTRICT RESTATING THE DISTRICT S INVESTMENT POLICY
RESOLUTION NO. 2016-11 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE SAN BENITO COUNTY WATER DISTRICT RESTATING THE DISTRICT S INVESTMENT POLICY WHEREAS, Article 2 of Chapter 4 of the California Government
More informationOHIO PUBLIC EMPLOYEES RETIREMENT SYSTEM 277 EAST TOWN STREET, COLUMBUS, OH PERS (7377)
OHIO PUBLIC EMPLOYEES RETIREMENT SYSTEM 277 EAST TOWN STREET, COLUMBUS, OH 43215-4642 1-800-222-PERS (7377) www.opers.org MEMORANDUM DATE: June 3, 2005 TO: FROM: OPERS Retirement Board Members Julie Reneau,
More informationNATIONWIDE MUTUAL FUNDS One Nationwide Plaza Mail Code Columbus, Ohio (800)
NATIONWIDE MUTUAL FUNDS One Nationwide Plaza Mail Code 5 02 210 Columbus, Ohio 43215 (800) 848 0920 January 31, 2018 Dear Shareholder: The enclosed Information Statement details a recent subadviser change
More informationState Universities Retirement System of Illinois
State Universities Retirement System of Illinois Serving Illinois Community Colleges and Universities 1901 Fox Drive Champaign, IL 61820-7333 (217) 378-8800 (217) 378-9802 (FAX) Investment Department To:
More informationPortfolio Management Strategies for Insurance Pools
Portfolio Management Strategies for Insurance Pools NLC RISC Trustees Conference Presented By: Kenneth Schiebel, CFA, Managing Director Mark Yasenchak, CFA, Director May 11, 2018 PFM Asset Management LLC
More informationBest Practices for Investment Committee Governance
BUILDING A BETTER INVESTMENT COMMITTEE Part 2 of a Series Best Practices for Investment Committee Governance INDEPENDENT. Christopher M. Meyer, CFA Managing Principal, Truepoint Institutional Advisors
More informationMemo. The Board of Trustees SDCERA. Brian White, CIO. Satya Kumar, CFA Steve Voss. Date: April 19, Salient Partners Due Diligence
Memo To: The Board of Trustees SDCERA Cc: From: Brian White, CIO Satya Kumar, CFA Steve Voss Date: April 19, 2011 Re: Salient Partners Due Diligence Overview In November 2010, Integrity Capital, LLC (Integrity),
More informationCalgary Foundation - Statement of Investment Policy
TABLE OF CONTENTS 1. Purpose of the Statement of Investment Policy... 2 2. Investment Objectives... 2 3. Risk Tolerance... 2 4. Liquidity of Investments... 3 5. Time Horizon... 3 6. Asset Allocation...
More informationThe Opportunity Allocation
Research Presented by HEK s Idea Development Forum: The Opportunity Allocation A Tool to Provide Maximum Flexibility with Implementation May 2013 Hewitt EnnisKnupp, An Aon Company 2013 Aon plc Consulting
More informationStatement of Investment Policies and Procedures. for the. Canada Post Corporation Registered Pension Plan (Defined Benefit Component)
Statement of Investment Policies and Procedures for the Canada Post Corporation Registered Pension Plan (Defined Benefit Component) PBSA Registration. No. 57136 Approved by the Pension Committee of the
More informationCORPORATE GOVERNANCE POLICY
CORPORATE GOVERNANCE POLICY I. Purpose The Corporate Governance Policy (Policy) outlines the objectives, legal authority, and procedures guiding LACERA s corporate governance program. II. Strategic Objective
More informationExperienced investment management
BRINKER CAPITAL Experienced investment management 30 years of excellence in investment management Our time-tested and disciplined investment process Better outcomes through experience, consistency, and
More informationEvolution of Fixed Income Investments: The Path to a New World Approach
Evolution of Fixed Income Investments: The Path to a New World Approach CFA Society of Pittsburgh April 21, 2011 Bill Nemerever Partner LLC Proprietary information not for distribution beyond intended
More information