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7.27% for the same periods. Since inception (11/1/1998), the total <br />fund gross returns were 6.16%, outperforming the benchmark of <br />5.92%. The fiscal year to date total fund gross returns were -0.84%. <br />4. Dave West reviewed the peer group rankings and commented the <br />plan was in the 34th percentile on a 1 -year basis and in the 21St <br />percentile on a 3 -year basis. <br />5. Dave West reviewed the performance of each manager. Dave <br />commented Transamerica was recently funded on June 1, 2015. <br />Dave commented Transamerica would be closely watched by their <br />research team and they would keep the board updated. Dave <br />reminded the board the BlackRock Multi -Asset fund was recently <br />added to the portfolio in the beginning of the year. Dave did not <br />recommend making any manager changes at this time. <br />6. The board discussed the steps that would be taken by AndCo to <br />monitor Transamerica. Dave West explained once a manager <br />showed up on their exception list, their research team would audit <br />the manager and report the findings to Dave. Dave reminded the <br />board Transamerica was a mutual fund and there was no cost to go <br />out of the investment. <br />7. The board asked about the PGIM investment. Scott Christiansen <br />commented it took time to review the documents and he found a <br />few issues in the subscription agreement. Scott advised all issues <br />were resolved and the documents are ready for execution today. <br />Dave West commented the plan should be invested by the end of <br />the next quarter. <br />8. Dave West reviewed the current asset allocations. Dave <br />commented the plan was slightly overweight in domestic equities <br />and slightly underweight in international equities. Dave did not <br />recommend making any asset allocation changes at this time. The <br />board discussed how PGIM would be funded. William Nas <br />commented he felt the funding should come from the bond portfolio, <br />as the plan was already underweight in international equities. Dave <br />West commented he had no issue with pulling more money from <br />fixed income to fulfill the capital call for PGIM. Dave stated the first <br />capital call for PGIM may not be for the full $1,000,000 commitment. <br />Scott Christiansen commented the motion from the last meeting <br />was to fund the PGIM capital call from Baird Aggregate. Dave <br />commented the recommendation to pull the money from fixed <br />income was based on the allocations at the time of the meeting. <br />Dave commented he could fund the PGIM capital call with new <br />money coming into the plan, then use funds from the fixed income <br />portfolio, and then the equity portfolio. The board discussed what <br />defined "new money." Dave West commented this consisted of <br />employee and employer contributions. <br />9. The board discussed rebalancing, the current allocations, and the <br />target and ranges stated in the Investment Policy Statement (IPS). <br />Scott Christiansen commented the board was still within all ranges <br />in the IPS. <br />10. Scott Christiansen commented if the board didn't make a new <br />motion, all funding for PGIM would come from the bond portfolio. <br />2 <br />