HomeMy WebLinkAboutDocumentation_Regular_Tab 01 _01/11/2018 '
Summary of Actions for Quarter ending 09/30/17
Presented December 14, 2017
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Summ f '
a o Actions
The regular quarterly Board meetings were held
on November 2 , 2017 .
�r-� The next meeting is scheduled for February 5 ,
2018 .
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Tyler Grumbles reviewed the 09/30/17 report.
At the end of the quarter, the Plan's market value was
$4,823,982 .
At the end of the quarter, the asset allocation was:
� Domestic Equity 51 .6%
� International Equity 15.8%
� Domestic Fixed Income 19.2%
� Global Fixed I ncome 5.0%
� Real Estate 7.8%
�� Cash Equivalent 0.6%.
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Tequesta General Employees' Retirement Plan
Asset Allocation by Asset Class
As of September 30 2017
June 30,2017:54,665,798 September 30,2017:54,823,982
C2sh Ec�uiValeiits Cash Equivalenis
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Domast�c EQutly
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Inlamallonel EquMy
Allocation Allocation
Market Value Allocation Market Value Allocation
■ Domestic Equity 2,331,459 50 0 ■ Domestic Equity 2,487,177 51 6
International Equity 725,060 15.5 International Eqwty 763,497 15 8
Domestic Fixed Income 883,599 18.9 . Domestic Fixed Income 926,868 19.2
����d Income 230,698 4.9 Global Fixed Income 240,275 5A
;,7`Ota � vate 373,104 8-0 ■ Total Real Estate 374,871 7 8
�- �Sh Equfvale 121 877 2 6 + Cash Equivalents 31,294 0.6
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Mana erA All '
sset ocat� o n
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
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Tequesta General Employees' Retirement Plan
Asset Allocation vs Other Public Pension Plans
As of Seotember 30 2017
Plan Sponsor TF Asset Allocation vs.All Public Plans-Total Fund
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-12.0 US Equity Intl.Equity US Fixed Income Intl.Fixed Income Alternative Inv. Real Estate Cash
Tequesta General Employees 51.56 (24) 15.83 (30) 1921 (87) 4.98 (30) 0.00 7J7 (47) 0.65 (78)
5th Percentile 59.32 24.65 44 58 6.91 20.51 12.65 6.18
1 st Quartile 51.41 16.11 34.74 5.11 13.79 9.76 2.15
Median 46.22 14.64 30.09 4.70 9.00 7.10 1.33
3rd Quartile 42.43 12.29 22.70 4.29 3.94 4.86 0.74
95th Percentile 32.07 7.72 14.92 3.48 0.93 3.21 0.03
Population 159 149 161 72 22 gg �q7
Parentheses contain percentile rankings.
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Tequesta General Employees' Retirement Plan
Asset Allocation by Manager
As of September 30,2017
June 30,2017:54,665,798 September 30,2017:54,823,982
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R8D otal Re�urn RB(F7TRX)
etuiii R6(FTTRX)
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Dena EQu�ty . .. . ...„ .,. . Dana Equiry '4
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VanpuerA Totel Slock Market Indez(VITSX)
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EuroPaciflc(RERGX)
EumPeoHic(RERGX)
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Allocation Allocation
Market Value Allocation Market Value Allocation
■ Dana Equity 1,192,085 25.5 ■ Dana Equity 1,264,504 262
■ Vanguard Total Stock Market Index(VITSX) 1,139,374 24.4 ■ Vanguard Total Stock Market Index(VITSX) 1,222,673 25.3
EuroPacific(RERGX) 725,060 15.5 EuroPacific(RERGX) 763,497 15.8
Dana Fixed 883,599 18.9 . Dana Fixed 926,868 192
Templeton Global Total Return R6(FTTRX) 230,698 4.9 Templeton Global Total Return R6(FTTRX) 240,275 5.0
ta?e 373,104 8.0 ■ ASB Real Estate 374,871 7.8
. �Yf$iD 121,877 2.6 - R&D 31,294 0.6
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Tequesta General Employees' Retirement Plan
Asset Allocation History by Portfolio
As of September 30 2017
Sep-2017 Ju�-2017 Mar-2017 Dec-2016 Sep-2016
(b) % (E) % (SI % lb) °/ (Sl %
Total Equity 3,250,874 87.38 3,056,819 65.81 2,927,830 85.84 2,818,778 62.84 2,588,428 64.01
Domestic Equity 2,487,177 51.56 2,331,459 49.97 2,254,341 50.69 2,026,911 48.67 1,953,032 48.67
Dana Large Cap Core 1,264,504 26.21 1,192,085 25.55 1,148,480 25.83 1,529,047 3672 1,953,032 48.67
Vanguard Total Stock Market Index(VITSX) 1,222,673 25.35 1,139,374 24.42 1,105,861 24.87 497,864 11.95 - 0.00
International Equity 763,497 15.83 725,060 15.54 673,289 15.14 589,865 14.16 615,394 15.34
EuroPacific Growth Fund R6(RERGX) 763,497 15.83 725,060 15.54 673,289 15.14 589,865 14.16 615,394 15.34
Total Fized Income 1,167,143 24.19 1,114,287 23.88 1,107,1b8 24.80 1,032,981 24.80 1,034,287 28.78
Domestic Fixed Income 926,868 19.21 883,599 18.94 874,161 19.66 818,963 19.67 836,804 20.86
Dana Intermediate Fixed Income 926,868 19.21 883,599 18.94 874,161 19.66 818,963 19.67 836,804 20.86
Global Fixed Income 240,275 4.98 230,698 4.94 232,998 5.24 213,997 5.14 197,483 4.92
Templeton Global Total Return R6(FTTRX) 240,275 4.98 230,698 4.94 232,998 524 213,997 5.14 197,483 4.92
Total Real Eatate 374,871 7.77 373,104 8.00 371,818 8.36 388,101 8.84 388,380 9.13
ASB Real Estate 374,871 7 77 373,104 8.00 371,819 8.36 368,101 8.84 366,380 9 13
Canh Accounta
R8D 31,294 0.65 121,877 2.61 40,305 0.91 146,648 3.52 43,312 1.08
Total Fund 4,823,982 100.00 4,885,798 100.00 4,446,913 100.00 4,164,488 100.00 4,012,408 100.00
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Total Fund (Gross) 4 . 00% vs bench at 3 . 67% .
Dom . Equity 5 .26% vs bench at 4 .48%
� Intern' I Equity 6 . 86% vs bench at 6 .25%
Dom . Fixed Inc. 0 . 75% vs bench at 0 . 72%
Global Fixed Inc. 1 .46% vs bench at 2 . 27%
Real Estate 0 . 79% vs bench at 1 . 88%
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Tequesta General Employees' Retirement Plan
Trailing Returns
As of September 30,2017
QTR FYTD 1 YR 3 YR 4 YR 5 YR Inception Inception
Date
Total Fund 4.00 (11) 14.18 (10) 14.18 (10) 6.80 (58) 7.91 (38) 8.73 (44) 8.23 (34) 11/01/2000
I otal Fund PoNcy ;ti��� i�4i t3 13 13 13 i27� %5� �18�, ,�5C� � _ i61?
All F'ul;iic f'I�ins l��al F�in�1 Mcaian !41 12��� 12 21 0 ,�8 �6
Total Fund(Net) 3.92 13.70 13.70 6.16 7.44 8.24 5.91 11I01I2000
I�ital Fund I'olicy 3 6��' 13 13 13 13 7 50 8 50 9 03 5 70
Total Equlty 5.84 20.79 20.79 8.89 11.00 12.97 8.05 02/01/2004
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Domestic Equity 5.26 (33) 20.91 (26) 20.91 (26) 9.23 (73) 12.17 (63) 14.02 (55) 9.77 (12) 02I0112004
S&F'SUO Inil�-,, d 4h' ,.5g�� it�eS1 i',�0�� �ti ei-I j501 10 81 �.43i 1�'bH �46�, 14 :'_ �491 8_'t! it33�
IM U S Lai��� � :ai���" ir�I ��u�ty `,iA�i:l �M�-�ii:n� 1�.� itt�;�� �Et r.0 10,i4 1.' , i4 i,� is�>>
International Equity 6.86 (13) 20.63 (19) 20.63 (19) 7.73 (1) 6.99 (1) 9.16 (11) 8.99 (14) 07I01I2009
MSC I AC Woi1U ex USF1 _. i2il -��� I' �.'S, �. , , i25i `, �9 i34) 5?l; �?3; �4ti r45i t� 1r f23i
IM Internahonal Large Cap Core Equity�MFj Median 5 61 18 yn �8 94 4 55 4 36 7 30 7 13
Total Fixed Income 0.89 2.90 2.90 2.81 2.89 2.35 4.37 01I01/2004
I - � , i u'� 0 82 0 82 2 h1 2 05 NiA
Domestic Fixed Income 0.75 (45) 0.34 (79) 0.34 (79) 2.55 (39) 2.65 (39) 2.16 (31) 4.30 (26) 01I01/2004
I)on�e;t�,-I ixed Incoine f'�,li..:; �,� .�� �501 0�5 H��i ��:-, l8/) ;'26 ii01 _'3�' �;'� . ,., '0:� , ,'H �..8;;�
IM U`, i�i[r.nie�liaitr,flui�iUoi���5{A�l_'.! �IV9c:�liuii „ _� U 65 U 6� -'41 _,>., 1 �E: 4 U,-
Global Fixed Income 1.46 (60) 13.82 (1) 13.82 (1) 2.39 (29) N/A NIA 2.78 (31) 11/07/2013
Gi 'al I��xr i I �,'unir.Inilex �2� {16i ?82 (301 2 82 (301 4 74 i31 4 34 (7) 3 13 i13� 3 88 �10i
IM Gn;i,;3i I i,a��in�:urnr.�MI)Median 1 59 1 10 1 10 I 62 219 1 38 1 90
Total Real Estate 0.79 (94) 3.60 (100) 3.80 (100) N/A NIA NIA 4.32 (100) 07/0112018
N(;RFII Fund Index-Open End Diverslfied Core(FW) � 88 (33j �i 8(�� 'HU 11 01 (A9) �1 35 (50j �1 57 i54i 8 04 �q9�
U f, Upen Fnd Pri�d��,fli�al f>t.11r';5��•�'I ��M�.��i,3ii � �;:' ? I � 8 �� � ifi��'� 1 I 34 i! i,:� 8 U'�;
,�erpd99reetefthan one yearare an ....r,percenlages.Dana's Incep�ion date is 10-13-2005.Dana Core Equity contains inlernational prior to 7/1/2009.
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Total Fund (Gross) 14 . 16% vs bench 13 . 13% .
Dom . Equity 20 . 91 % vs bench at 18 . 61 %
Intern' I Equity 20 . 63% vs bench at 20 . 15%
Dom . Fixed Inc. 0 . 34% vs bench at 0 . 25%
Global Fixed Inc. 13 . 82% vs bench at 2 . 82%
Real Estate 3 .60% vs bench at 7 . 80%
See Chart on previous page
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Additional Investment Performance
Data
The returns were in the top decile for the fiscal
year and in the 34t" percentile since November of
2000 .
The 14 . 16% fiscal year return was in excess of
the assumed rate of return of 7 . 5% . This return
was in the top 10% of public pension funds.
See Charts on next pages for:
� Trailing returns for each Manager
� Long Term Performance
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Tequesta General Employees' Retirement Plan
Trailing Returns
As of September 30 2017
QTR FYTD 1 YR 3 YR 4 YR 5 YR Inception Inception
Date
Domestic Equity Strategles
Dana Large Cap Core 5.96 (16) 24.09 (8) 24.09 (8) 10.18 (59) 12.91 (46) 14.61 (39) 9.15 (39) 11101I2005
S&I'SOiI InUex 4-1r ,, IE�t;1 �50� 18 ti I (50; �U tf I i43) I;'4it' i45i 1A?:' i4�i�� d ei� 168�
IM U S Ltiiyr�;[ll�Coir,l yuily iSF1�Cf i IVI�tIiNn -!i�i' IEi 6U 123 ei0 10 54 I? i3 14 1 i H y8
Vanguard Total Stock Marketlndex�VITSX) 4.54 (39) N/A NIA NIA N/A N/A 16.15 (31) 12I0112016
Russeii 30U0 inU�x , ,, �"s��i 18�1 (33) 18 71 (33) 10 74 �12) 12 45 ��13) 14 23 ('�1� 1� 13 �32�
IM U S Multi-Cap Core Eqwty(MF)Median 4 23 17 16 17 16 8 90 10 59 13.21 14 98
Internatlonal Equlty Strateglee
EuroPacific Growth Fund R6(RERGX) 6.86 (13) 20.63 (19) 20.63 (19) 7.56 (1) NIA N/A 5.71 (1) 06/01I2014
MSCI AC VVoiiU�:h USf1 _.. ,_ . .�. ... ,_. _'u i�,. _. . 5 ly (34, _,_C; �_'3i :�.1�: ;4';i �3 5? (?1 i
IM Intemational Large Cap Core Eqwry�MF)Median 5 61 18 94 18 94 4 55 4 36 7 30 2 61
Domeatic Fixed Income Strategies
Dana Intermediate Fixed Income 0.75 (45) 0.34 (79) 0.34 (79) 2.41 (51) 2.55 (49) 2.08 (39) 4.31 (49) 11/0112005
I7 i c..itn:f ac:U In���in•c:I'nlicy U I. �.:-�Ui U;:'. iH�7� U J`: �8�1 '25 (701 ?:i,� :i�i7; � '. 'U1 i U I �t32i.
IM U S Interrnediate Uuration(SA+Cf)Median 0 72 0 69 0 69 2A1 2 53 1 96 4_30
Global Fixed Income Strategiea
Templeton Global Total Return R6(FTTRX) 1.46 (60) 13.82 (1) 13.82 (1) 2.39 (29) NIA NIA 2.78 (31) 11/01I2013
l�lobal I ixe�t Income Index 2 2 �16; '.'87 -,3U) . „_ ;3(i� 4=4 i3i �+"ia .�. '.S 13 �1_1i "i hH (10)
IM Global Fixed Income(MFj Median 1 55 �� 10 1 10 1 62 2 15 1 38 1 90
Real Estate 3trateglee
ASB Real Estate 0.79 (94) 3.60 (100) 3.60 (100) N/A N/A N/A 4.32 (100) 07I01I2016
NCI�,f If Fun�l In�1ez�)pr,n I nil Uivr:isihr.0(:uit tI�Wi I Yi8 Ci3� i 8li '�;�� ,�8C �b/i 11 Ol i49) 11 35 i50) I 1 Si� 1541 H 04 �49i
IM U J Open Filt1 F'rivF3tt ReEil f s[et6 ISA+Cf;MeC11ai� 1 6: 8 1 7 8 1�%� 10 9 z 11 34 1 I 67 t;D3
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Tequesta General Employees' Retirement Plan
Long-Term Performance
As of September 30,2017
Plan Growth
$5,750,000.4
$4,�9�,66�.� 54.823,982.1
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$3,833,333.6 �
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y $2,875,000.2 52.nz.is2s
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$1,916,666.8
$958,333.4
$0.0
9/00 6/01 3/02 12/02 9/03 6/04 3/05 12/05 9/06 6/07 3/OB 12/OB 9/09 6/10 3/11 12/11 9/12 6/13 3/14 12/14 9/15 6/16 9/17
Total Fund Net Cash Flow
Trailing Returns
QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR
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Total Fund Policy 3 67 (24) 11.68 (34) 13.13 (27) 1221 (6) 7 50 (18) 9.03 (30) 9.12 (22) 5 89 (43) 6.00 (99)
Median 3.41 11.16 12.21 10.69 6.78 8.62 8.59 5.72 7.44
Fiscal Year Returns
FYTD FY 2016 FY 2015 FY 2014 FY 2013 FY 2012 FY 2011 FY 2010 FY 2009
I��t�il I �,nu IS Ib �lui �., i9�,i i�os isa� � � ��:� ;�:�, �:�u�, � �tl rsy �J�� � ,1 ���n) �u o� ia4� � �ai:�
Total Fund Policy 13.13 (27) 11.29 (6) -1.32 (73) 11.54 (21) 11.19 (75) 18.06 (55) 128 (19) 9.40 (62) 048 (72)
Median 12.21 9.48 -0.44 10.43 12.37 1827 -0.06 9.78 1.66
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Add itional I nvestment Performance
Data
The real estate manager ASB was at the meeting .
This manager hold a diversified portfolio of real
properties across the United States .
The portfolio has low leverage ( 14 . 6% )
See Charts on next pages for:
� Fund Overview
� Regional Diversification
The entire presentation book is available at:
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ASB Allegiance Fund Overview
Established over three decades ago, the Allegiance Fund has grown into a well-diversified core platform, offering
superior investment performance. The Fund is a member of the NCREIF-ODCE index.
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Fund's Gross Assets $/,OZI �7�illion Inception Date June, 1y84
Net Assets $5,945 million Portfolio Size(sf) 10.4 million
Leverage 14.6% No. of Investments/Properties 76/141
Cash and Equivalents 1.7% Operating Occupancy 90%
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Office 30% - 40%
ALLEGIANCE FUND (%) NFI-ODCE VALUE-WEIGHT (%)
Retail 20% - 35%
Land Hotel Other 0.5% 3.0%
Residential 15% - 25% Office
0.0% 36.8%
Land Office
Industrial 15% - 25% p.3% 36.7%
Land 0% - 2%
Retail Retail
27.9% 20.0%
Industrial
Industrial 15.6%
18.0%
Residential Residential
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17.3% 23.8%
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"�'•,'• <, may not total to 100% due to rounding. Source: NCREIF 9/30/17
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ASB Allegiance Fund Regional Diversification
The Allegiance Fund focuses investments in primary markets with increasing exposure to stronger performing coastal cities.
MSA % MSA %
� New York 18.1 Washington, 8 8
D.C.
Q O � San Francisco 16.2 Dallas 8.8
Pacific O Boston 13.3 Minneapolis 6.7
31 90�o WestCentral w Northeast
6.7% V 31.4°/Q
Los Angeles 8.8 Chicago 5.1
Mountain 0 EastCentral
� 4.9% 5.1% O i •
Mideast
88% Northeast 20% - 35%
p Pacific 20% - 35%
� � Southeast MldedSt 10°/o - 15%
Southwest 1.5%
97��° Mountain 5% - 10%
O East Central 5°/o - 10%
Southwest 5% - 10%
West Central 3% - 5%
� Denotes target markets
Southeast 3% - 5%
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19
Other M r
atte s
The Board discussed Internal Controls with the Village Finance Director
and reviewed the SSAE 16 SOC 1 report from Fiduciary Trust.
The Board made plans for a Participant meeting on December 1 , 2017
in the Village Council Chambers.
The Board considered a request from Jody Forsythe for a pro-rated
pension benefit. The Plan document does not specifically provide for
this type of benefit. The Board determined to investigate the
commencement date further.
The Board approved an increase of $400-$500 annually for the actuary
to input the actuarial valuation into the State Portal. There is a set up
fee of $1 ,000 to $1 ,250 for the first year (inclusive of the fee increase).
This is work that was mandated by the State.
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ther Matters
Board took notice of upcoming participant election
for Trustee Gload's position . Her term expires
8/18/2 017 .
The next meeti ng is sched u led for February 5 ,
2018 at 1 : 00 pm . The proposed agenda for the
meeting is on the following slides .
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Pro osed Fiscal Year 2017/2018
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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;
N ew Yo rk
� Miscellaneous
Review Annual Investment Rate of Return assumption ,
AndCo Consulting sends letter to D.M.S (annually)
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