VLCT Joint Investment Committee Meeting
10:00 AM, Friday, January 26, 2018
VLCT Offices, Montpelier, Vermont
Committee Members present:
PACIF: Carl Rogers, John Lawe, Jerry Storey and Jackie Higgins
VERB: Bill Shepeluk, Joe Colangelo
VLCT: Brendan Whittaker
Staff Present: Joe Damiata, David Sichel, Fred Satink
Others Present: John Mohr (Strategic Assets Advisors (SAA)), Amanda Abdella and Jason Bilodeau (Standish), David Atherton (PACIF Board member (10:15)
Chairman Lawe called the meeting to order at 10:02 am.
Upon motion (Shepeluk/Rogers) duly adopted, the Committee voted unanimously to approve the agenda.
Upon motion (Whittaker/Rogers) duly adopted, the Committee voted unanimously to approve the minutes of the September 8, 2017 meeting as presented. (Jerry Storey abstained from the vote)
John Mohr from SAA reviewed the trusts' investment performance during 2017. Total returns for the year, net of fees, were 6.07% for PACIF and 5.74% for VERB. He advised the committee of SAA's recommendation to balance the asset allocation to risk assets to 50% of Net Position once the 2017 financials are completed.
Jason Bilodeau and Amanda Abdella reviewed the fixed income portfolio performance during 2017. They also reviewed Standish's investment outlook for 2018.
John Mohr reviewed the peer group analysis completed by SAA for the investment performance and styles of public sector pools that use SAA for investment advisory services. PACIF's fixed income duration is longer than average and that has benefitted investment returns over the most recent three and five year periods.
John Mohr reviewed the SWOT analysis completed by SAA for the trusts.
John Mohr conducted a training session on "Tax Cut and Jobs Act Key Provisions, Timing & Impacts".
Upon motion (Storey/Rogers) duly adopted, the Committee voted unanimously to adjourn the meeting at 12:22 p.m.