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City of Casselberry Police Officers' and <br />Firefighters' Pension Board of Trustees <br />Minutes of May 3, 2012 Meeting <br />Page 2 of 5 <br />MOTION: Member Stewart moved to approve the minutes of February 14, 2012, as amended. <br />Motion was seconded by Member Strenth. Motion carried unanimously by voice <br />vote 3 -0. <br />. Audience Participation <br />The was no audience participation. <br />A. Manning & Napier Investment Strategy Review <br />Mr. W. Gregory Holden, representing Manning & Napier, presented a review of investment strategies <br />utilized over the quarter ending March 31, 2012 and gave an overview of the performance of the various <br />funds in both the domestic and global markets. He stated that their focus going forward will be to <br />identify companies that will grow in an environment where the overall global economy is not going to <br />grow. He has great confidence in The City Pension Plan's position. Mr. Holden reported that Manning & <br />Napier filed an IPO filed in 11 /11. <br />B. The Bogdahn Group — Quarterly Financial Review <br />Mr. Bryan Bakardjiev, representing the Bogdahn Group, presented the Investment Performance Review <br />for the quarter ending March 31, 2012. He advised that this was a positive quarter, with great <br />performance over most assets. The complete report as presented by Mr. Bakardjiev is available for <br />inspection with the Board Records Management Liaison Officer. <br />Economic Environment <br />The market results for the first quarter of 2012 were very strong. International equity, Domestic <br />equity, and fixed income all posted positive gains. Emerging equity markets were the strongest <br />performers while fixed income was only slightly positive. Within the fixed income market corporate <br />securities were the strongest. Within the corporate sector the highest quality securities significantly <br />underperformed the lower quality securities. <br />During the quarter the yield curve steepened and negatively impacted the treasury market <br />Plan Review <br />The fund value at the end of the prior quarter was $9,364,019 and increased to $10,328,642 by the end of <br />Q1 2012. The change in value was largely due to investment gains which totaled 779,658 by the end of <br />the quarter. The remainder was due to contributions made to the plan. For the fiscal year the plan has had <br />a gain of $1,259,847. <br />The gain for the quarter translates to an 8.15% return. This gain is strong on an absolute basis but <br />trailed the fund benchmark which posted a return of 8.28 %. The detractor to performance for the <br />quarter was the Manning & Napier All Cap Core strategy. The strategy had a return of 11.6% for the <br />quarter, however, the benchmark had a return of 12.87 %. All other strategies outperformed their <br />benchmarks by a considerable margin. <br />The Bogdahn group will be performing an onsite due diligence visit with Manning & Napier within the <br />next couple of months. Bogdahn will provide an update on their findings at the next pension meeting. <br />Asset Allocation <br />The asset allocation of the fiend is in compliance. At the beginning of the quarter the international <br />equity portfolio was slightly underweight to the policy by 3.7% but still within the Investment Policy <br />