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City of Casselberry Police Officers' and Firefighters' Pension Board of Trustees Minutes of February 11, 2014 Meeting Page 2 of 4 MOTION: Member Huffbrd moved to approve the minutes of November 12, 2013 as amended. Motion was seconded by Member Hettler. Motion carried unanimously by voice vote 5 -0. 5. Audience Participation The floor was opened for audience participation and no one came forward to speak. 6. Presentations A. The Bogdahn Group - Quarterly Financial Review Presentation Mr. Mike Welker, The Bogdabn Cnoup, presented a performance review of investment activity for the quarter ending December 31, 2013. Asset Allocation: Currently, the Plan has 58% invested in domestic equity, resulting in an 8.8% overweight. This was done strategically as the stocks have performed well. Real Estate was added in order to diversify into an area that has decent return prospects without the volatility that is inherent with stocks. Financial Reconciliation: For the quarter, the plan carried a net 5.38% return of $791,930 resulting from contributions by the City and investment gains. Performance: The Plan continues to outperform in every time period, except the 3 year period. In the Universe Rankings, the Plan outperformed 83% of all state public plans. Over the 5 years, on a quarterly basis, when the markets are up, the plan is up 102.16 %, which is better than average. When the markets are down, the plan is only giving up 96.88 %, reserving capital better than average, due to less volatility in the allocations. Comparative Performance: Manning & Napier: Domestic equity is in the top 40% since inception and is ahead of index. Up 33% for last year. B. The Bogdahn Group - Updated Investment Policy Statement Mr. Welker, The Bogdahn Group, discussed the changes needed in the Investment Policy Statement to reflect the recent move into the new real estate investments. The investment target and range percentages were adjusted in Section II Target Allocations. In Section III Subsection A. Total Portfolio Performance, the benchmark was updated. Also in Section III, Subsection E Real Estate Performance was added. MOTION: Member Hettler moved to approve the Updated Investment Policy Statement. Motion was seconded by Member Strenth. Motion carried unanimously by voice vote 5 -0. 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.