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City of Casselberry Police Officers' and Firefighters' Pension Board of Trustees Minutes of February 12, 2013 Meeting Page 3 of 6 coming in than going out. The return on investment for the quarter was $207,000, ending at $11.7 million once all figures are netted out. Comparative Performance: The quarter return on investment was 1.68% over the index of 1.06 %. The one year return on investment is 12.69% vs. 12.12 %. The three year return on investment is 6.76% vs. 8.43% and is slightly underperforming. There are three things to look at each quarter; 1. Is the Plan meeting 8% benchmark? 2. Is the Plan beating the indexes? 3. What are the universe rankings? Our Plan is in the 35th percentile which is a good figure. Manning & Napier makes up 53% of the fund's domestic portfolio. In the most recent quarter, Manning & Napier is up 1.6% which places them in the 12th percentile relative to US core managers. However, they underperformed in the 3 year market by 2.4 %. Manning will never outpace the market when the market is up 125% because they do not invest in the risky stock that creates the high returns. Bogdahn will watch them since their initial public offering. They have had great stock selection recently, including going heavier in mid cap rather than large cap stocks. International had a good last year and is a good companion to the domestic side. Galliard has been doing a good job recently on the fixed income side and they are 13 basis points ahead on the five year figure. Global bonds have done well since inception and our investments in PIMCO and Templeton complement each other well and are doing well. Mr. Welker may suggest that the Plan add to this area soon and increase the allocations. In addition, Mr. Welker believes that real estate should be another component for further diversification of the Plan as the market is almost back to pre -crisis levels. Finally, the inception date issue with Bogdahn and Manning & Napier was reconciled and is reflected on the current reports. 6. Consent Agenda The action proposed to be taken is slated for each item on the consent agenda. Unless the item is removed from the Consent Agenda by a Pension Board member for discussion on individual items, a single motion will approve all items. A. Approval of Expenditure Report — 1. Contractual Invoices — a. Christiansen & Dehner, P.A. - August 31, 2012 - $1,062.62 b. Christiansen & Dehner, P.A. - September 30, 2012 - $339.40 c. Salem Trust Co. — October 15, 2012 - $1,250.00 d. Galliard Capital Mgmt/Wells Fargo - October 22, 2012 - $ 2,138.44 e. Christiansen & Dehner, P.A. - October 31, 2012 - $618.70 f Christiansen & Dehner, P.A. - November 30, 2012 - $1,315.99 g. Bogdahn Consulting, LLC - December 13, 2012 - $3,875.00 2. Return of Contribution Invoices — a. No contributions were returned members during this quarter. 3. Other Invoices — a. No other invoices were paid during this quarter.