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Asset Management Committee: June 25, 2015

Chairman Kevin Lockett presided at the regularly scheduled meeting on June 25, 2015. The following are reports received and actions taken:

Meeting minutes for the May 19,2015 Asset Management Committee were approved.

Staff gave a brief market overview and noted that it’s very concerned about global equity valuations and being very cautious in regards to allocating capital outside of normal re-balancing. Staff noted that there are still areas to allocate capital globally, but that it’s being very patient.

Staff told the Asset Management Committee that it will be discussing the overlay strategy in more depth during the October meeting.

Staff then gave an overview of its due diligence process. Topics included sourcing and diligence of prospective managers, ongoing diligence of existing managers, and examples of internal reporting. Staff then commented on how it reports to the Asset Management Committee and its ongoing effort to improve its investment process.

Staff gave the Asset Management Committee peer comparison data for the 2014 fiscal year. Staff commented on short and long term results of the endowment pool relative to multiple peer groups and data sets. Staff also discussed distribution policy and asset allocation relative to multiple data sets.

Staff highlighted the major changes to the Endowment Pool Investment Policy Statement (IPS), Expendable Funds Pool IPS and AMC Charter. The changes to the various policies were approved by the Asset Management Committee.

Staff reviewed the salary and non-salary budget recommendations for Fiscal Year 2016. The recommendations were approved by the Asset Management Committee.