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Documentation_Regular_Tab 02_08/09/2018
� Summary of Actions for Quarter ending 03/31 /18 Presented July 12 , 2018 ���� - - - _ - _ _ :�.��:_. , - - -- - - - - - _ _ � ._ , - _ _ �� > ,. . ,. . �,, . � . - -- _ ��< , � ; � `,. ; . _ __ _- - _. � - 3'.�1,r. .. . . . . . ._. _. �h .r �� ■ umma o c ion � The regular quarterly Board meeting was held on May 14 , 2018 . The next meeting is scheduled for August 6 , 2018 . ��� _ �1�ri,� ��,�.� u � � `� �+ � " ^ ����� �� �\�\ �\\� \ D\@��\\\�`\ ` � . �S �f�a�' .. . . . ... ��. �������� �\\\\� ���O�\ . ��\\\�\, c . xACJ�A�.. �..�;�?,� . ,c..� : :. . Oc.::� �,��..� \\pyv�. �\:����. . ���:, �.va. � ������ . m., � � �'�..�' F.t ' � ..... . . . "� . .`. .... . �,... . � . . . \�' �. '����`,�5�..��`�.+.t�t�: �::^.. �� . . 3*`Z Z .W .. . � �� 'F \.z � � . 4`,}��. \\ ��. .. R °k.3 �� �Z. . � { ��4 =. � d . h ����� . � . ,������ ; , � � ���r � � <� ; , � s... . . ,,..,� , , .. . .� ,,; ���,, ��.. >�. . � . -�� Q ���`�� ��� \�� � �� a\°��\\�� ����::��\�.��a� \������ ��o ��� � �:��� ��� �� ;��.o� ��:�\.�'a� a � �� � � � � \ S� � ��� �:y ���ti�,�.� ����o F�., : ; � � � ° \ �����?��� �s,.. ��"����4 �� � „ � � �'��*���> � � 1� A� � � `� � - �.,. s �� �.� \ �, ��� � � l� � \ � \ 6.._ , _ � .d .. . \\ � ; ��� � ��� � � � � ���� � � ������ � �� ���� � ,� ��: + ,�; ����: � ,...� �,.. . .., _...,., ��..,....... ..�..,..... .._. .. > , . ;......, ,. ...... .... . � �,.. :�:.� � � ����': ��� � �x� � � ��� �� � � � �����` � ����� ;�� �� � � �����m �� �� ��: ������ � � � � � Y ' �� ,1`t T< �l d4�}+ r����x4 s 3 ��.��+s�����.�����.�'��g���� �' \\\� ..�'.� . . � „,� ��i�������a � � „ � ���� ���' ,�, � �� ; � � � � . � � � , � ,��m `� ". h q 3 . . . � . . . . 1���� E �� �` . . � � �. � . � � . � 3�'d."r� 7 °c x � . . . . . � . .. ..w3� �� � S � , . � � ,i yt}� y,. � �� . . . b. c� �� . V f. y��,a�.�..�x� '��a� 3 �.a ��am�� �� ti �� � ������� �: ����,�� �a� i s� � .., x� .5d a.��' \ � ���c�\� � �� � .' \\. ,�'S"�� o�-e.:�...,.�z;i�. '�p. a°`���C., +�c�l,���� �.�`R3" �.� � h ro �.. '.o k�+, ..<�.. . �«ax.��*,�+���� `3�. "�.. � � � i. ��.� ;'�� ��'�� „�� � , '.'°^qa. e��, �1.'i-�� � ;k�t � � �,��b .i+�� . .��.s}3,�'� '� a '� \ � � �� ��, ,�. . ��... aw. a"'' .�i � " E ., .� e � ��� ti't,��t ��,,. .,r,�; � �.� ���� a. '�.` ., g � � � � � sz� �x � � � . \ �:�� �,: �� �i � .'. . , . . t ''r n . �� � . '"�`cT�`�'u'�i.�`�ti��#v. � `"•ak�:. iy i r� �:.: \ � i.�: �� -j .\1 ..�, ��.��i�a�� ��,�1�p��"��;���i£ , �ns.,a � ����� ���L���.1.. ,�����\��i"'..". �\�: � ��� :\�:. �. ...�u�� :..� �� ��. \� �� s�� � ����..: \m�s`: �„F�,>�.. �,c�(�"�.�e;., ..`�Cj::�� 4 ^�r � �,� ��� � � ���\��� � �\� \ �z\ � �� � �� �\\��\ �� i.c�,.� ���,' ,, � o `��, ��`� �`w`����� ���`�, �\��SY �w\� �\��J��� � s � x r'�e � �� Q �i� ����\��� �� ��e� � ����������'��`?>��\\� �` � �a' , �' � � � �� �� � �� ��`�� Y �� � a � � �� �3�'`ky�1 \i'n� ���fl ���'�.. 3' y�. �`� �\�a � ' �.�� �u;0`� ��S �����¢ ^��w"�.�� A k ���, ..��� � ?����`,�, y�'.� `4 �9a� a�� �` .�u Y - �.-, y���„y�e.,p�. K �tAP.�.. . . 1 .� .. �'� �4:� i. . �r{ ' �. • -"� �-- �. �k .._ ...._ . . . n o e o Tyler Grumbles reviewed the 03/31 /18 report. At the end of the quarter, the Plan 's market value was $5 , 290 , 318 . At the end of the quarter, the asset allocation was: � Domestic Equity 51 .8% � International Equity 15.7% � Domestic Fixed I ncome 18.3% � Global Fixed Income 4.7% � Real Estate 9.3% � Cash Equivalent 0.2%. V..�F% E.,...�. , . . 4 Tequesta General Empioyees' Retirement Plan Asset Allocation by Asset Class As of March 31. 2018 December 31,2017:;5.240,057 March 31,2018:f5,290,3�18 .:5,- _. - - G�h c .aay.�:rs ... ..w::,,. ��. ` � d �S �s. £" r'y�._. . .y�./,'t�. . �� {�oGaf Fxetl wamrtye �_+ � GBob�i Fnaet!k�Carne t A � y��s,f� t :` �., . �_; f�,,. 3 ,*�;@�• . T��Sn_-�.��� � � "# M.•� } � •. � t ���i 74� a�';,-�k - it+.� :�..� . . �J .: a . . �.'... . .. .. �. _, � . . . � . . .'��. ..�� .,�� �.�.., .. . "... . . `�..w- i , r ; . 4 } • .�,..,. ���� �5� � r�' r c� � _ _ , ._. • ` ' . . r � m k �'. zr��;r' �` �*� � ���._ ` • .�.�±' � .�,�:�'��' ., , : s_ - Durtaescc frxer lnoa*se S3ome5ticF:�aaf x�comr Cn"+�r+es::c Etiu'A.Y � E�an'+rsr.�:�vM.MtM . .^.!z3T.34^�{73�G•�.`�F,V 7St.e�fTi3;,:.�'e�:�,�i:4ty �\�\ �� ; � �0������� �����o� ; ��\���� ' �`\�\ \\�O\\\����\�`���\� . ��\�� ����� ��\\���\\\\�\ \�� � � �`�����\�\� `\ � .;,: ���0,: ��,: �\�\\, �: � Apocatio[� Allocai'son M.�rket Valu� Aliocation Market Value Allocatian ■ DomesticEqurty 2,7U��.1� St.S • DomesticEqui2y 2.7d1,1�.4 51_8 �� intemational Equi?y 807,702 15.4 � Intemationai Equity &3D,578 15.7 s pomestic F;xed Incorr�e 949,T37 18.1 ■ Domestic Fixed Income 968,17d 18_3 Glot7al Fixed Incon�e 235�551 �_6 �l�ibal Fixed tncome 248.a44 4_T ■ Totaf Real Estate 483_45� 9.i ■ Tota!Re�Estate d9i,5�0 9_3 �"�:r�=���;�,�I=-r-;t�. =,�: �t'�"� � Ll ■ C:33sh EquiValents 1fl,718 Q_2 -- -- II������ _ _ "�. _ __ 5 ■ ana er sse oca � on 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 � 6 _ ,� Tequesta General Employees' Retirement Plan Assei Allocation by Man�ge� As of March 31.2018 Uecember 31,2017:55.240,057 M�ch 31,2018: S5.290,318 .r,. R�n Ra�Fr��.x � r� � �aea�Ra�Fr-�x� '�� , , , r t , _ ... 4:A ��:w����, k �... G S� . , .. . . . . a lrr�' � ��7��F�^� � ' � ��13f73E.hr.,ty , � �.. � . ., . ,,:,_r .` . . . . '.; �. �i �' �� :, ...,.. . w.,. , . s ...: , . .. . . .. . ; .� . .,. .. ,. , ,:. - .." .:. . . . . 'e ❑dfl3�U[C .�'13 P;141� �.."�..:_:.__ . . .� ..,_., .. . - ... . .. .;. ... ,L -..�.� ��\��� Y�.Y3 �?2Y S�t�A1211�.2t ITdEX rtl'.�.�'Ss r , ..,. . �. �. �. �\� � \:;' ':�1gL'3(O �{?L��1PC��'11d!fiE4 rT9@h J�?C`:� \�\\�\ \ { 5 �l. \\��\ � �\��. � �^ E:sfrG3+.^_e�E"'KL>:t i �,3';.ar..^.,KEFcv�x'' �. k '..::�i� .,���: �..:� •�` � .. ... ... ��\�\\-...... � .. . � �\\.`: \� .:��\�� � \ ��\ ���� �\\.:` ���.+ \� � � \\\\\�� \' ��\��, Allocation AHocaiion Market Vaiue AI{acaUon Market Value AIlocation ■ �lan�Equity 1,385.168 2€�.d ■ Dana Equity 1,40d,901 26 6 ■ Vanc��ard Total Stock Markei Index(VITSX) 1,319,936 25_2 ■ L°anguard Total Stock Market incie�c(VITSXj 1,336.253 25.3 � EuroPacific(RERGX) 807,702 15.4 � EuroPaci6c{RERGX} 830,�T8 15.7 ■ [7ana Fixed 9d9,737 18.1 ■ Dana Fixed 96A.174 18.3 Templeton Gto�l Tota!Retum#i6(FTTRX) 239,4�1 4.6 T�mpleton G#obai Total Retum R6(FTTRX) 24#�.744 4J ■ ASB Reai Estate 483.d53 9_� ■ ASB Reai E�tate 491,55(J 5.3 � _ ' '+ 1 � • R8�€3 1t�,118 02 �� ' 7 � ,� Tequesta General Emptoyees' Retirement Plan Asset Allocation vs Other Public Pension P'ians As of March 31.2018 Plan Sponsor TF Asset At�ocation vs.All Public Pfans-Total Fund 76.d ________...._____._._.._____..._..._..__. _.._._._._._..._.._..__�_....__.._......_�___..�....�_....._.........__..._.._..__..________�............_...._..__..._... __ 68.0<.< i 3 � 60.t1 .. '' �z_o��� • aa.a,.. i � C �s.o..< 0 a A ' ; �__._.�.�..,"'_,....,,;,.. 3 � 28d...; ; � 2Q 0...;. s • ,z o...: � ..�� � 4 0 � �} _ • • -4.0 • 3 I -��.0 �..... . .. ... ..i. ... . .. ... . ...... .. . . . . . � .... . . .:. ....... . ......... . . �........ ........ .....� US Equity U►tl.Equity U5 FixQd lr�came Intl.Fnced Income lLlternative Inv. Real Estate Cash • TeQues�General Empioyees 51.81 (22j 15.70 fAd� i8 30 t90) 4.70 {59) 0.04 9_29 !35} 0.19 (87) 5tt�PercenGEe �.2�# �4.95� 4.3.d4 8.57 21.70 12.55 3.93 1 st tlu�ttil.e 51.97 17_28 3�.d0 �_14 1 d.d5 f O.Q2 ?.Q9 Med+an 45.81 15.39 28.61 d_81 825 7.64 0.84 3rcf Quart�e 41.51 13.11 23.57 4.42 3.27 5.01 Q.52 95th Percentiie 32.51 8.11 f�11 2.73 OA4 3 64 QQ7 PapLlati�n 135 t?9 138 56 22 77 122 �i�, . v ,�, :,�.�� 8 Tequesta General Employees' Retirement Plan Asset Allocation History by Portfolio As of March 31.2018 M�r-�018 Dec-21l17 Sep-2097 Jun-2Q47 Mar-2017 {SI °�a fSl �;a (S) °�b f5i �b fS) �� �70te1 Equ(fy �.�`�".�� 3,5T1,732 �7.51 3,512,$t38 67.�4 3,250,�7d 66.02 3,056.5i9 65.51 2,927,63� 65.84 Domestic Equity 2,741,154 51.81 2,705,104 51.f2 2,487.177 �0.51 1,3�1,459 49.97 2,25d,341 5t�.6S Dana Lar�e Cap Gore 1>4Qd,�1 26.55 1.385,i68 26.d3 1,264.504 25.68 1,19�,0�5 25.55 1,14�.480 25.83 Vanquard Total Stock Mark$t lr�dex(VITSX} 1,336,253 25.?fi 1,319.936 25.19 1.222.67� 24_83 1,139,374 2d.42 1,1D�.8fi1 24.87 Intemational Equity 830,578 15.70 807.702 15.41 763,497 15.51 725,060 15.54 6T3,289 15.14 EuroPaaCse t�rc�wfh Fund R6(RERGX} �30,57$ 1�_74 807;702 t'�.d1 7�i3,497 15.51 725,Ofa0 1F�.54 b73,28a 15.14 Total Fixed InCorne 1,216,918 ` 23.00 1,189,66$ 22.70 1,467.t43 23.70 1,114,297 �3.88 ��907.159 24.9� 6amestic Fixed Incane 96g,174 18.30 949,737 18.12 926,8&8 i8.82 683,599 18.94 87d.161 19.&6 Darta Irrtem�ediate Fir.ed Incorne 9t►8,174 18 3� 54�,737 18 12 92&,8&B 18.82 883,5�9 18.�d S7d,161 1y 6ti Global Fixed Income 248,744 d.70 ?39,951 4.58 240,275 4.88 230,698 d.94 232,998 5.24 Templeta�Gbbal Totat Retum R6(FTTRX) 248,744 4.70 239,951 4.58 240,275 4_88 230,698 d.3�4 232.998 5.24 Total Fte�l Esta�e ��,��„����„::�� 491,5�A �� J.29 483,45�� �� � 9.Z3 � 474,871 9.64 �' 3?3,104 8.t�1 371,E99 � 8,36 � �SB Reaf Estate 491,55� 9.2�+ 483,453 5.23 d7d.�71 9.6d 373,10� 8.OU 371,&19 8.3fi ��..� , � � � �. . � � .: � � � � � � � � � � �� � � � � � � � � � � �� � , � � � �. \ � � \\ � \\\\ � � � � \ \� \ �. �� � \ \ \ \. \\ � \ \ �� \ \ \ \\\\ \ \ \ \ �:�\\ \ \ \ \ \ \\ �\\� �\ \ � \ \ \ \ \\ . \ \ \\ \ \\ \\ . � \ \\� \ \ \ \\\\\ \\ \ \\ \ \ \\\\\\\. \ \ \\ \\\\�\\\\\ \\\ \ \ ..� \ \ \\\\\\\\ �\ \ \ \\ \ \ \\ \ 4 \.\ \\ \ ' h o t \\. . �O \ \ \\ \\\\ �\O \ \ �� Acc u�s \\ .. \ \O\\ \\ \\ \ \ � \ \ \ .�. _,.\� �\�� �... � �� � � \ \ \ ���.. � � � , �� ��, ,� \� \ � ��\�.� � � � � \ ��. \ � \\ \�\ \\ � � �, \ \ , . �. \ ,. � , \ � `� \ \\.. ��, \ � \.�. .., ,. \ \\�. \\ \ \ .\ _.�. ,..� \ \ �\ ,., � \, \ � .. . �\ \ \ �. , � , �\\ � \ ���� \ \\ .,\\�,\\\\ _a, � �, \\ \ � ..,\\ \ \\ \,\ \\\ \ \ . �\�\\\\\�\�\\\\\O\\\\\\\\\.,_ � , , . \\\\ � � \\ \ \.. �\\ \\\\\\\\\ . \\\`� �\\ , \ \\\\�,,,. \�\�� \ � \ ,� � \\\\\..,, \\\\\\\\\\\\\\\\\\\\\\\\O\\\\\�\\\\\\\\\\.\\\.\\\\\\\\\\��\�,\\\\00\\\.��.\\O\\��0���.�\,,\:\\\\� \ „\ �\\\\�. �\\\\\\\\\\\\\\\\\\\\\\\\�\\\\\�\\\� ,\\\\\O\\\\0���� R8D 10,118 0.19 54,1i0 1.03 31,29d 0.64 121,877 2.61 40,305 0.91 ;Tof�lEund �������������� ��� 5,24t�,318 100.OD ���.. 5.�40,057 10�.00 A,923,982 `��- 1d0.00 \\=' �,665.798 i�O.Qti 4.4�6r99� '��� �I�.O� ,�: . -�..i�; -, . �;� , g .R �,'�,:, � ua er e urns Total Fund (Gross) 0 . 02% vs bench at -0 .46% . Dom . Equity -0 .44% vs bench at -0 . 76% Intern ' I Equity 1 . 05% vs bench at - 1 . 08% Dom . Fixed Inc. - 1 . 09% vs bench at - 1 . 05% Global Fixed Inc. 1 . 66% vs bench at 0 .49% Real Estate 1 . 99% vs bench at 2 . 15% .,.. ,�--�� 10 Tequesta General Emplayees' Retirement Plan Trailinq Returns As af March 31.2018 QTR FYTD 1 YR 3 YR 4 YR 5 YF �nCep�� Inception Date Totat Fte�d 0,02 (2f) 4.38 (iZf i1.92 �i4) 8.14 (52S 8.65 C�� $.2d (�dy fi.�1 �24) 11.�01!2000 ;Y - • - :t�cy _, , „ . , , , _ : _. �.I - _;! �. - _���-Totat Fund Iv4adran ; , _ ,- _ - - - Total Fimd(Net� -0.07 4.21 11.55 5.71 6.d5 7.77 5.98 11:61�2000 ?;;�Fl�'�,. --'f- _ ;1�` - = . +.���-.�I .-._ ;'.�,��; _ c; c � `S`: \°r \� � ��. � Total Eqt�it� � -0.09 �.;: 6.39 ;� :< 17.�5 6.3d ,,�� 9:39 ,��' 11.9T � � 9.19 02j0112QU�4 ;� -_ - . - :_: -- ._ �_� -. Domes[ic EquiTy -U.44 (51} fi.74 �37� 16.i7 (32) 8.d4 (79) 10.Q3 (7Q) 13.Ot7 {5$) J.91 (12) d2i01!2004 C�SF "��� �r���p. -lr7t� �1i5'; '�.8=4 - i i''� iL1 7C, r33! 11 �r= t:i�i % 7.'� i���i 5_34 ,�.5t ,,. �- _ L.t a� :•ap�:o:e�QuitY(SAfCF)Median -C.4� :.__ 1__- 1�.��� 1J�_' " .: z+.i.� International Equty 1.05 (BJ 5.34 (8} 21,22 (7► T.98 (1) 7.22 �1) 8.35 (2) 9.10 (6} f17��1,�200g P.� '�� � . '���f� _ .!SA -1.Ob ��1�. _ �:1 _ . 1'�'_ riyl b.nF� '. � (14� . _ �c�, c j5 _.- .. � -..-'� ---__t:ap Core EQuitY(MF)Median -1 �� _ - � _3 -� _�" <= ' 1,. Total Fixed I��carne �� ���:� -0.5`s -0.93 .. U,6U 1.73 2.27 �_;� 9.� 4,14 01�`01!2004 :� Domestic Fixed Income -1.09 (87) -1.14 (86� 0.6� (67) 1.2i (66) �.00 {45} 9.76 {35) 4.d6 (26) 01i01:2004 �Ofl]o-?S21C FCr:@����I1C4fMtB r'0)IC'� -i.i7�� i=�i� -' ,_ ;.`_��. 2� =�� i�,_�1 1.1�� t`_' �F'•1 ih_,1 1.�,r.+ (t'.�.+ _.�:�� i:`7�_'��I !d"vS 1 '_ 1['.'efr5t@�I�'2 Qt1�3t1t?R(ru,41+CF)1Y1C+dt3t1 -C.`:I�l -iJ.i�.� �;:?-� 1.� ?.y�l 1.*�? 3.�4 Global Fixgd incane 1.66 127) -0.10 (89) 0.35 (1t1Q) 2.61 (37} 2.25 (37} NJA 2.44 (40) 11�rI1�2U13 �_;9��",,_�i Fixa�� N��,,�U��me,ltldex �.4� i5R} t.L�� 1n3�,� r?��£�, �3�wt 5.15� �:1 Y 3.�,.� ,'�C:. "- - _ �:::, it�:;coba���y.e���ncome(MFI Median G.74 1.63 _ �' 2 4�y l.72 To�al�e�!Esiate a �,�� � ����� � �' 1.�9 (64) 4.09 (6T� 5.60 (100} N?A � ` N,A �� N;A 5.d6 (300) 07?bif2016 ��� M �, ,m�r��� _a�.. �_ t�. �.�� � . r� �_,: r�.; . = ;,�n End�ivers�fied Core tE:":` _ : _ . ., '-: - _: ,,yl �- . __, _ ., � _ ;_,, �� ,- , - ;,a�e Rea{Estaie iS?,-�.=:F,t1 ,,;-- . � -, ��� 11 ■ � sca ear e urns Total Fund (Gross) 4 . 38% vs bench 3 . 68% . Dom . Equity 6 . 71 % vs bench at 5 . 84% Intern ' I Equity 5 . 34% vs bench at 3 . 93% Dom . Fixed Inc. - 1 . 14% vs bench at - 1 . 13% Global Fixed Inc. -0 . 10% vs bench at 1 . 07% Real Estate 4 . 09% vs bench at 4 . 35% See Chart on previous page �� . �_�. . . . . . _ 12 •`'�'�, Additional Investment P rf rm n e o a ce aata The returns were in the 12t" percentile for the fiscal year and in the top third of the peers since November of 2000 . - The 4 . 38% fiscal year return is on track for the year. See Charts on next pages for: � Trailing returns for each Manager � Long Term Performance .:; �� �� ���, * },�� 13 Tequesta Gerkral Employees' Ratirement Plan Trailing Retums As of March 31.2018 G2TR FYTD 1 YR 3 YR 4 YR 5 YR fnceptica� �nception Date Domesuc Equity Strategies Dana Lar�e Ca�Cc�re -�.3d (d3) 7.67 (21j 18.42 {12) 9.70 t�) 10.99 (d9) 't3.79 (35) 9.41 (36) 11l01;2005 �` ",_- �, -f"• i55': 5 8d f'65; 13 9�+ (5�1 1;�7c ?'si 11.26 ?d�) 13 31 i�%i _ - �.. �"v"�.. _ L_�r e�'==e( . �:�I , _�«.�F1 h���013� -��.-1� G.�_' 'd?', li.l�'"� 10.53 ''� �� = 1-1 Van{�uard Totai 5tock Market Index(VITSX} -0.58 i46) 5.72 (43� 13.8Et (38) N,A NIA NIA 1&.65 (33) 12f01/2016 � �5.,�;�� �Gv� .j� , -= n-! �!� =�_r;F �dF�. '�'.?�! �4�r 10.?`c �t�� 1E1.7o (14� ���i? r�- � -- �?��I IM l���.A1ud,a-Gap i�ore EGuity+,M�)tvieQian -�7.�i4 5 4� 1;s 02 8_34 9.�0 1�.76 i5 r�Ci `- �. <. �..�:.�� ,,>�.., . ,.. >,.,, ... ,.:::.�.: ,....., ,...., .. ' ' • ::��..A\.,�y�.A�Ao��.��V�. ..:�"�� .:ct,>:�: ,,,,��:�� ..,;..���A����� .<°.;:.. �vVA�\�A::.. A,.,.� ..:a �o.;. Inter«aUonal E u�i Strate ►�s \\� AO�.��.� � � �_ � �<� � : �� �� � s\�����:, ��: :.. , : : .:. �:�� ���... 4 Y 9 ��\� . ��:,,�,,. ' �����\. � ��.��� _� ,... ;��\� .� �. .>> ;;;� , .... o ,.. � EuroPacific Growth Fund R6(RERGX) 1.05 (8) 5.32 {B} 21.2fl (7) 7.94 �1) tdtA N!A 6.38 (1) 06,�41,'Z01d MSC?HG�Nori�ex JSa 1 O8 {d6) 3.93 t�:: ;;G�� �fy_� 6 6& {3) 4&2 bi4,t r,3i �,��.j d 1Q �;1d1 i��1 1ri:emationa!LarQe Ca�,;�c;ie Ea�.��t;� :".r i L1�•���;n 1 16 2g3 1d 3-3 4.96 3.62 5.:�� 3.C7 DWrisStie Fixed�neotrie Strat � s . '��� 3 � � , �� � .. ... ..... .,... ��. \.... .�.....�.,.........a:a �.. ... . ..�..........�<.�..�:.......�.... . . , .�:_......, .:,�... ..:. . ... ...� ......... . ...,.... ... ... .., ..:�....�p,p\�.� ,�:a�� ,\��\\\\�;���,,`������������\\ .....�� ..� . . Dana Intermediate Fixed income -1.09 (8T) -1.14 (86) 0.68 i6� 1.08 (82) 1.90 (56) 1.1i8 (41) d.04 (55) 11101,'2005 DOIT'taSttC F,r:Ou"ItI�rYllie ��?�;C;� -1.L�°, +;1����i �i ip�,S Qr1 �'09l 1.D� ��'�l 1.$1 ,"`j 1.4E� �?�1 ?C5 ?$��1 Itv9 l,;.inferrnedi3��C�urati:,r is,A+CFf Mediaa�� -C.9C� -U 84 G-�3A 1_34 #�+6 L63 4.�15 ...., . .>...,.,.:, ,��? �.;���� �. ����o��� ���.�. � ,, ..... G�Ob$�FIX@(��1106R12$2f8[@gl�$ � � :. :..: A \. � : ti' �VA\��� ��� \\\V��,.�' \-::.� \�AV�A�� A\\�A� � . .. �,. � � :�. ��; _... :.:�v- �.� �: �.>:.:� ^:�� .A..�:: � . .�...;: , �a\; �� Templetof�Glabal Total Return R6(FTTRX) t.66 (27� -0.10 (B9� 0.35 (100j 2.81 (37) 2.25 (37) NiA 2.44 (40) 11E01;2013 v�UJ3��Fi.;��� ���ivi�,l:_ �1��= _.�� �,:it' �.�� ,:�?. �.._: �-:ty'i __.�r ,.,f: �._�-r _'�' _ .7 f�j �ro ;1�) fM Giahai F�xed Inc4une fMF�Mt�dian C}.73 1.63 5.57 2.4� 1.72 1.6� 2.02 Re81 Esi�te Str8�8gies � _.. ��..�._ ._. . ..�.. w.. . .. .. .,�. ASB Reai Estate 1.99 (S4) 4.09 t67� 5.69 {100) N,•A l/rA NiA 5.4b (1D0) 07�r01;2016 NC-��IFFi��'�� �t1�X-C�p@llEfldD1V@I916C+dGOfe(E�Nj Z�IS -4'�+' d.55 1=13} .."-�, 1d �;I��j 1,_�._`_. �,3'-i! 10�+'3 ;�l5; ?14� (7:�•i � _ =�31 _�, _ a O�:e:.Erd Prnrate Reai Esiate(SA+CF)Median �.td a."�� ,�4� 1 U '�� 10.73 11.7C r,<<+ 14 Tequesta General Employees' Retirement Plan Long-Term Perfarnwnce As of March 31.2018 Plan G�owth S6,325,000 2 55,270,833.5 55.�..�a�� 54,2�t�6,66�6_8 �� 0 3 a � � 53,�62,50�.1 �' $2.$71,C7't.4 a � 52,108,333_4 51,054,166_7 ; 50�0 � a , c s . > , � 3f00 fi101 3102 12l02 5103 6l04 3105 12I05 9V06 �107 3/08 12108 9� 6110 3d11 92111 9J12 fi113 3Ji4 12l14 9/15 6l1S 3l17 �3Ii8 - Tota1 Fund Net Cash Flow Tr�tling Returns QTR YTD 1 YR 2 YR 3 YR 5 YR 7 YR 10 YR 15 YR -�!li �Il� . �_ �U L��_ ,..'l� � ._ �11� 1'�_ _ _ _.1_ �. , � . � i.;'�� � 1� �__.. � 3. '.7. . _.. _- 7otal Funtl Policy -0-A6 (60} -0.d6 (6tl) 10.61 (36) 11.16 (26) 7.52 (7J 8.53 (26) 8.34 (21) 6.86 {d4i 6.21 (�S9j Niedian -0.36 -0.36 10.06 10.44 6.t� 7.77 7.49 6.76 7.ti0 Fisc�►I Ye�r Returna FYTD FY 2017 FY 2016 FY 2015 FY 2014 FY 2Q13 FY 2012 FY 2011 FY 2010 'i't�i{F�.�n:' '? _ 1r . " 6 t' : _i C- 'i. 1' _� i'�.i � �- i^-�� _,. ,'1 i � _. . _ !i"; � _ Total�und PolicY 3.bE; (3�#) 13.13 {27j 11.2� (4} -t_32 (73) 11.5d (21} 11.19 (7�} 19.(ki q53� 1.26 {2Q} 9.dU (52) Median 3.44 1223 9 42 -0_32 10.18 12.33 18.17 0.08 9.d8 15 Additional Investment �'erf rm n o a ce Data Dana , the domestic core balanced manager, was at the meeting . Dana reported that they reduced their fees to 25 bps for fixed and 65 bps for equities. See Charts on slide 14 for long term returns. See the next pages for: � Summary of Portfolio � Fixed I ncome Characteristics � Equity Portfolio Characteristics The entire presentation book is available at: �i[��:iiw`vv�vv.r�S�Ui��C��1i�i�.�Urriir�i��101i i��u�=Ur1C�Si5�i�Ct%2GYourVio2UFund/ i equesta`%2U�en eral%20Employees'%20Pension%20Fund/80Fund%20Performance/Dana's%20Quarterly%20Per f�rm����°��2�F?e�c��t°/_.����_�1r_� ����l� ��. ��.. 16 �...._ • � • . • ! • • � � � � � ,+ . , � ,�,� �. � .r� e: ;. Portfolio Value on 09I29/2017 �2,491,577.1G •r� � Contributions,ti'rithdrawals ,�,95,3FG.77 Short Term I+�vestments 1 l 1.451 �.7 1.393 125 Investment Income �28,583.81 Treasury Bonds 221,0�7 9.3 4,838 220 Unrealfzed GaiNLoss �48,983.57 Agency Bonds 67,025 2.8 I] .00 Realized GainlLoss 58.942.1 1 PJlortgage Bonds 1fi9,890 72 5,858 3.46 Change in Accrued Income ���:�� �-�:�; Corporate Bonds 305,341 12.8 13,816 d 56 T�xabie Bond Funds 131,323 5.5 3,Z07 Z_44 Portfalio Value ain 03129/201$ $2,373,190.4$ Domestic Equity SVategy 1,367,103 57.7 30,022 2.20 Total Gain $8G.26z.55 Total Portfolio 2,373,190 100.0 59,133 2.50 Account Value{s)pver l.ast 1?Months 52.500.000 � �,•�••�W 52.000.000 S1,S60.000 S1.000.000 _ A9ency 8onds � Corp�ate Bonds S�OD,00o � Domestic�quity Strategy so . __ � Mortgage Bonds '� �` " R " '` " ^ '` " � d' `° Short Term Investments � � � � � � 0° � � � �' � � Taxabbe Borui Funds p � Treasury 3onds ,. �,':_ �. . , _ ,_.� t_ �•, , � ,: 'k."_' f� � ' rdm� �t � � i � 1 . 1 f 5&P 500 Index -0.76 5.84 13.99 13.31 8.71 � . _-�.: � � E . ��,,'��,:. lrt�-,�,e,i;at� '�,ri�- �,�.�t�- -1_06 -t13 0.51 1.46 3.70 � ��� 17 -� ;\' . • � . / 1 ! : Dana's successful long-term track record is based upon consistent portfolio characteristics and disciplined risk controls : Dana seeks to build portfolios with lower valuation risk than their benchmark while not sacrificing growth or quality : �ana Large Cap Equity Strategy is extremely well positioned in the current environment,as the aggregate holdings are generating faster growth in earnings and dividends with in-line sales,yet trade at an attradive discount to the market Dedi as of ASurh 31,20 t3 Forward P/E EV/EBITDA Price to�ree Dividend reld Valt�ation Discouut (Weighted Harmonic Average) (Weighted Harmonic Average) Cash Flow t7 - ta ?4 , 2.3 r Dana consistently holds . •. � .. , a valuation discount ' ' relative to the � � benchmark index -- - -�- � � - -- c Dana LC Equity S&P 500 Index � Dana LC Equdy SB�P 500 Index c �Dana LC Equiry S&P 500 Index ��� Dana LC Equiry S&P 500 Index Superior Gro«�tEi Potential Historlcal 3 Year FYl EPS°h�Growth FY1 Sales 9u Growth 3 Year EPS°k�Growth Dividend Growth 15 25 9 , ;6 � Better historical and • , � ', ; ,� : �� ; � � projected growth than � the benchmark ` � �� D -- 0 0 � 0 Dana LC Equit�r S&P 500 Indef Dana LC Equ�y S8P 500 Index Dana LC Equiry S8P 500 mdex Dana LC Equiry S&P 500 Index Quality Earuiugs & I�lauagenieut �urn on Equity(ROE) Net Margin Asset Tumover LT Debt to Capital (Weighted Median) 25 14 0.8 42 : : Oana holdings tend to � '� � ' � � � .. ! " ' � have strong balance ; sheets with above i o . _._ o T_.. c.o -T o ., ; average profitability Dana LC Equihr S8P 500 Index Dana LC Equdy S8P 500 Index Dana LC Equrt�r S8P 500 Index Dana LC EquRy S&P 500 IndEx - ° t,. . .:. : _ - ..:. - 18 _ �.._. � r a ers The Board reviewed and revised the budget and began the preparation of the budget for next fiscal year. The Board discussed the materials provided to retiring members to ensure that information regarding the commencement date was communicated properly. The Board made suggestions for changes. The Board took notice of the upcoming member election for Trustee Rick's position . The next meeting is scheduled for August 6 , 2018 at 1 : 00 p. m . �'*�� 19 r......