HomeMy WebLinkAboutDocumentation_Regular_Tab 01_08/10/2017 TEQUESTA GENERAL
EMPLOYEES ' PENSION
TRUST FUND
Summary of Actions for Quarter ending 06/31 /17
Presented August 10, 2017
Summary of Actions
The regular quarterly Board meetings were held
on June 13, 2017 and July 31 , 2017.
The next meeting is scheduled for November 6 ,
2017.
03/31 / 17 Investment
Performance
Dana Capital Management
Dana LargeCapEquity
Dana Returns
Amtx m mane Gras Of Fes s Marmited Avenge Amaral
Moult 3I31f2017 GTO RUM Syr ttoqlon
Woe-Toposts Gomel Employs PsnslOn 7.87 12.77 e.SC 8.40
nod-LC
SAP 500 in0lx 6.07 10.12 10.37 625
Mob•Ts*INts Goners!Employ Pension 0.C3 -1.3C 2.31 4.43
Fuld-Find Imam
e=ays interne:131e Ample 0.68 -1.38 225 3.91
Dana EquityLar eCap
�
CharacteristieS
As of Match 31, 2017
Pnce to Earrings Raoo Enterprise Value EBITDA Sales Growth Rate EPS Growth Rate
Forward 12 Months (Weighted Harmonic Average! Histoncal 3 Years Estimated 3-5 Years
tWerghted Harmonic Average]
t
14.24 '1 11 91 11.10
16.11 11J4 11.10 S 12
4..05
J
Dana LC Equity S&P SOO Index Dana LC Equity S&P 500lndex Dana tC Equity S&P SOO Index Dana LC Equrty S&P 5001ndeA
Retum on Equity,ROE'; Market Cap tSGrdionst 3 Year Dividend Growth Drvidend Ytetd
;Weighted Avg Median)
2137 22Jt i6i ~ 11Sa
120 13 13.24 2-20 2.02
27.10 20-3C
c Dana LC Equity S&P SOO Index c Dana LC Equity S&P 500 Index Dana LC Equity S&P SOO Index Dana LC Equity S&P SOO Index
Dana Large
Cap Equity
Dana's investment process focuses on management teams that execute at a high level
Dana large Cap Equity holdings have consistently provided quarterly earnings surprises at a rate greater than the benchmark
Peseesstase a Companies Ltees►sig a Deasaas Baess.nss Estimates Thcough Maeda 31. :017
•Darn large cap tgwty 5.6P WC,ini2.
•
,� •'p! ^mow
!. s~
•
Q2 03 Q4 Q1 02 03 Q4 01 42 Q3 Q4 Q1 Q.: Q3 Q4 01 Q2 QS Q4 Q7 ur QS 44 41 Q2 Q3 Q4 Qi
'10 '10 '10 '10 '11 '11 .11 '11 '12 '12 '12 '12 '13 '13 '13 '13 '14 '14 '14 -14 '1S -IS '15 '1S '16 '16 '16 '16 '17
DanaLargeEquity ap
Historical Market Capture • Limiting the Downside and Participating In the Upside
As of March 31, 2017 (gross of fees)
Annualized Up Market Retum Annualised Growth Market Return
:r.
28.19% 25.7 % Our pfOCP55 SlfiVeS t0 perform
7.12% well in all markets, but our
clients have found that over
a. . longer time periods limiting the
a.
Dana tC Nutty S&P SOD ender Dana IC I gutty 56P sop rnoeir downside has benefitted their
48 Up Market Quarters 34 Growth Market Quarters total portfolio,
Annualized Upside Capture Ratio. 101.57% Growth Market Beta:0 98
Annualized down Market Retum Annualized Value Market Return Total Cumulative Return
ow ON/ =p..
7.2446 2711J/4%
i
-22.4216 14181%
3.28%
-27.76%
0` , pM
aria IC I gutty SAP 51:0 noel Dana tC Nutty 58P SOp!noer Dana IC Fqutiy S&P 500Indeir
23 Down Market Quarters 37 Value Market Quarters 71 Market Quarters
Annualized Downside Capture Ratio:80 764.. Value Market Beta:084
06/30/ 17 Investment
Performance
AndCo Consulting
AndCo Report
Tyler Grumbles reviewed the 06/30/17 report.
At the end of the quarter, the Plan 's market value was
$4, 665, 798 .
At the end of the quarter, the asset allocation was:
Domestic Equity 50.0%
International Equity 15.5%
Domestic Fixed Income 18.9%
Global Fixed Income 4.9%
Real Estate 8.0%
Cash Equivalent 2 .6%.
Tequesta General Employees' Retirement Plan
Asset Ad cation lay Asset Class
An or June 30,20 17
Yaroh 31,2017:54.4411,913 June 30.2017_ $4,09-5 790
ia„La-w>,e•ia Cmh Lgrea.rt•
...,1_1.11 Cad 1•'mTr
b•r•ad 4mm. 11
;
`.-
Dor...r and hmr*
nomadic to i1 [7rr+a t r and Kara
,0000) .)000.
l
i rf•-fb-il Lq" .mnd-•.I.grr
Allooatloal Ailooatlon
Market Value Allaoahon a8arkat Value Allaoahon
■ Oomestc Equity 2,254 5-L1 53.7 ■ Dome:to Equity 2,331459 53.D
Internakana!Equity 67 3 299 15.- international Equity 725.05D 15.5
■ Domncc Fixed Income e74 151 19.7 • Domestic Fixed Income 883 599 18.9
Globa Fixed Income 232 999 5.2 Global Fixed Income 230.698 Al
. "rota Real Estate 371 519 9.4 . Tatar Beal Estsaee 373.104 11.1)
• Gash Equivalents 40 235 3.5 + Gash Equivalent. 121.677 2.5
Pape 10
Manager Asset Allocation
Charts on next pages address:
Asset allocation of managers
Asset allocation to asset classes compared to public
pension plans across the United States
Asset allocation of the Pension Plan over time
§‘\''
4•
Tequesta General Employees'Retirement Plan
Asset Allocation by Manager
Aa of June 30,2017
March 31,2017:$4A4Q,313 June 30,2017:84,605.730
1 Mourn lS 11 mug
III
rlr Pdl Q f1 Wp
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1111111111.0.-
Allocalion Allocation
Manse?Value .!,..1 location Market Value Allocallon
■ Dana Et:4.4 1,a48,480 25.E ■ :Ana Emalt} 1,1922)3E5 25.5
■ Varruard Total^;lock Mallet Index(VI r t;x1 1.1LL,8E 1 24 S ■ Vanguzd Total Mock Market Inclek(VITSX) 1,139,374 24.4
.noDao11c iRERGX} E73.2E9 15.' EJropaofc I RERGX; 725)360 15.5
Tana Fxed e74.1 E 1 13.7 Tana Fixed 883,545 18.9
TerhoNton.;anal Total Return Rb 4FTTRX} 232,3;6 5.2 Terhaletrn aobal Total Reim RE(FTTFN 730,65E 4.9
■ .403 Real-,131e 371,3'9 3.4 • ADS Rea Mate 373,1D4 8:0
• Rd 40,3C5 .3.5 ., RAD 121477 2.6
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06/30/ 17 Quarter Returns
Total Fund (Gross) 3 . 10°/0 vs bench at 2 . 91 % .
Dom . Equity 3 .42`)/0 vs bench at 3 . 09`)/0
- Intern ' l Equity 7 . 69% vs bench at 5.99%
Dom . Fixed Inc. 1 . 08°/0 vs bench at 0 . 92`)/0
Global Fixed Inc. -0. 99% vs bench at 2 . 79`)/0
Real Estate 0 . 66% vs bench at 1 . 79%
rag
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06/30/17 FYTD Returns
Total Fund (Gross) 9 . 77% vs bench at 9 . 13% .
Dom . Equity 14. 86% vs bench at 13 . 52%
Intern' I Equity 12 . 89% vs bench at 13. 08%
Dom . Fixed Inc. -0.40% vs bench at -0 .47%
Global Fixed Inc. 12 . 18% vs bench at 0 . 54`)/0
Real Estate 2 . 79% vs bench at 5. 89%
See Chart on previous page
Additional Investment Performance
Data
The Board determined to increase the allocation
to the Real Estate by $ 100 , 000 .
See Charts on next pages for:
Trailing returns for each Manager
Long Term Performance
Tequesta General Employees'Retirement Plan
Trailing Returns
As of June 30,2017
QTR FYTD 1 YR 3 YR 4 YR 5 YR Inception Inception
Date
DOrnestic Equity Strateglea
Dana Large Cap Core 310 (25) 17.11 (7) 19?2 (34) 7.32 (73) 1275 (54) 14.55 Oa) 8.81 (42) 1 110 1/2 005
SIP WO lidex 3.09 (431 13.52 (471 17.90 (45) 9.61 (351 13.16 i421 =.3 .-- =-- Eat
IAi U.S.Large Cap Coe Equity(:A+CF)Medlar 2.55 13.31 17A3 9.17 12.85 14.50 8.7
Vanguard Total Stack Market Index(VrfSX) 3.03 (31) Mill MIA WA WA WA 11.10 (30) 12101/201C
-,.::_ _-_- 3.02 (391 13.52 (3,51 18.51 (42) 9.16 (121 12.93 (14i 14.58 (221 1106 (32)
;1 U O.Mt1tl�;ap Core Ecu = ,-. _ 2.76 12.42 17.96 7.03 11.30 13A9 10.16
International Equity Strategea
EuroPaclffc Groan Fund R6(RERGX► 743 (12) 12.16 (50) 22.111 (24) 3.72 (1) 1191 WA 343 (1) 0010112014
M^,C1 AC World ex USA 5.99 (531 13.06 (451 2123 (42) 127 (331 6.15 (271 7.70 (371 1.79 (24)
1M Internatonal Large Cap Um Equ:1 tot._°)Median 6.64 12.85 19.83 0.68 528 7.37 0.92
Domestic Fixed Income Strategise
Dana Intermediate Fixed Inco-mh, i.00 pc) 4.40 foal 447 coal 2.17 164 200 la) La c301 4]4 (SO) t1A1i05
xr_aC'Ixei Ireorle PUi;,1 a.94 (771 -0.47 (931 -0.16 (86) 2.01 [701 2.38 (651 1)37 17T1 3.93 (90)
.,1 U O.Irtennedlaie Dural=(SA+CF1 Medial 1.03 0.01 0.39 221 2.54 2.17 4.33
Global Fixed Inwrne Strategies
Templeton Gloria Total Return RG IFTTRX) 4.30 coos) 12.111 (1) 1141 (1) 145 125) WA WA 257 (23) 1 1 101/2 013
_Icba Ftxeoinoopeindex 2.79 (231 0.51 (391 3.64 (25) 2.38 (191 4.35 ( ) 371 (161 - _ _
',1 Gobal Pored Ircarrle iMFI Median 2.25 -0.03 1 A4 OAS 2.12 1.64 1 t.
Real Estate Strategies
Ada Real Estate 0.04 (100) 2.70 (1111) 441 (100) MIA WA WA 441 (100) 47101,701E
, El Fu-. des-Opel End Diver$IM1ed Core i;BY; 1.79 (50i 5.89 (431 826 04) 11.61 (38i 1178 (511 11.79 (541 82E 1441
-,I Ll O.ran End Prvale Real Estate(OkiCF Mediar 1.79 5.74 8.04 11.11 11)33 11.96 8.04
'rtnrror Ir mum Tr16?Iran ma a ym rr■yrularc Aroma aid=maser r wormer Gr ee's 1•ogcn mar■10.13.211115 Oyu Caa rquty=collar.riarrrad pfr to O ldK»
i
.8
Page 19
Tequesta General Employees'Retirement Plan
Long-Term Performance
Ae of June 30,2017
Plan Growth
59,7a1,000.4
54,791,5E7.0
53,E-13,333.5 -
o t
-
a -
1 52,075:X0.2 ._. -
�.
3 _ _--
51,916,666.8 _ -
_-- �i
,959,333t _,__.---"-----._''
--_ _
_--
it-
5,3 c _____---\
3,t0 501 3;132 12.T2 9133 5TA 3405 '215 9.06 607 3'66 12sei wig 6'10 3;11 12.•1 9:12 5.'3 3:14 1214 3'1E E:15 5,17
Tota Furl] Ne'Gph Flow
Trailing Returns
11'TR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR
<, =L-7 i.%0 1:391 8A6 (17) 1214 (471 5.16 (64) 4.94 (671 8.3E 1531 973 (301 6.03 (30) E 33 ;E.0
Iota Fund Policy 2.91 (54) 7.74 (45) 1285 (29) 7.52 (5) 6.39 (19) 926 (39) 9.133 (28) 5.76 (45) 5.78 {96}
Medlar 2.96 7.63 1205 6.08 F..40 6.99 9.50 5.66 5.78
Fiscal Year Rotuma
FYTD FY 2015 FY 2015 FY 2014 FY 2013 FY 2012 FY 2011 FY 2010 FY 2009
=L- 3.77 `5; 6.7E 197) C.06 _ 11.32 (isi 12.133 1611 18.39 (33) 1.62 i151 10:01 (41) 1.76 :3',
Teta Find Polky 9.13 (33) 1129 (6) -1.32 (75) 11.54 (24) 11.19 (78) 18.06 (54) 128 (21) 9A10 (59) 0.48 (76)
Medan 5.64 943 -9.31 10.54 12.65 1021 -0.11 9.72 1.94
vim-Gros A11.-6!_l'Imwr_Ir Iud
&r.
Other Matters
Administrative Manager and
Attorney Reports
Other Matters
The Board received the favorable determination letter from the IRS and
reviewed and approved forwarding the amendments required as a
condition of receiving the favorable determination to the Village Council.
The Board discussed the annual budget.
The Board was informed about the fraud committed in Miami Beach in
one of its checking accounts. They were also presented with memos
regarding internal controls and the availability of cyber liability insurance
for discussion.
The Custodian made a presentation at the July 31 meeting. The major topic of
discussion was cyber theft coverage.
Board approved attorney fee increase to $265 per hour after reviewing
Attorney Fee Comparison provided by Pension Resource Centers.
°.
Other Matters
Board reviewed and approved as amended a draft
"What to Expect Upon Retirement" Document created
by Pension Resource Centers.
Board took notice of upcoming participant election for
Trustee Gload's position . Her term expires 8/18/2017.
The next meeting is scheduled for July 31 , 2017 at
1 :00 pm . Future meetings and proposed agendas for
the meetings are on the following slides.
Proposed Fiscal Year 2017/2018
Calendar
November 6, 2017 — 8 : 30 am
Presentations
ASB Real Estate (annually)
Dana Presentation (bi-annually)
Bogdahn Consulting (quarterly)
FPPTA Upcoming Events
Trustee School: January 29-February 1 , 2017; Orlando
Miscellaneous
Election of Officers (annually)
Review Investment Policy Statement (annually)
Proposed Fiscal Year 2017/2018
Calendar
February 5 , 2018 — 1 : 00 pm
Presentations
GRS Presentation - Review and approve the Actuarial
Valuation Report and the Chapter
112.664 Compliance Report and distribute employee
statements (annually)
AndCo Consulting (quarterly)
FPPTA Upcoming Events
CPPT CEU Wall Street Program: March 28-April 1 , 2017;
New York
Miscellaneous
Review Annual Investment Rate of Return assumption,
AndCo Consulting sends letter to D.M.S (annually)
Proposed Fiscal Year 2017/2018
Calendar
May 7, 2018 — 8: 30 am
Presentations
Dana Presentation (bi-annually)
AndCo Consulting (quarterly)
FPPTA Upcoming Events
Annual Conference: June 25-28, 2017; Orlando
Miscellaneous
Prepare FY2019 Budget, make final FY2018 Budget
Adjustments (annually)
Verify website has current reports — SB534/F.S. 112.664
requirements (annually)
Reminder: Form 1 is due July 1 (annually)
Proposed Fiscal Year 2017/2018
Calendar
August 6 , 2018 — 8 : 30 am
Presentations
Fiduciary Trust Presentation (annually)
AndCo Consulting (quarterly)
FPPTA Upcoming Events
Trustee School: October 8-11 , 2017; Tampa
Miscellaneous
Develop calendar for upcoming year (annually)
Review Summary Plan Description (bi-annually)