Police Retirement Board

City of Columbia, Missouri Meeting Minutes Police Retirement Board Friday, March 11, 2016 Conference Room 1C Joint Investment Committee Columbia City Hall 9:00 AM 701 E Broadway I. CALL TO ORDER II. APPROVAL OF MINUTES Mr. Yoakum moved to approve the minutes from the December 11th, January 15th, January 22nd, January 29th and February 12th meetings. Mr. Collins seconded the motion and the minutes were approved unanimously. III. REPORTS Presentation by Marc Shegoski, UBS Mr. Shegoski said that instead of bringing in an investment manager to talk to the Board about MLPs, since he felt it was not the right time to invest in MLPs, that he would conference call in with Rob Romano of UBS’ equity stock trading desk to give a macro view of the current state of the market. Mr. Romano gave an update on the current state of the market, both globally and domestically. Mr. Shegoski reviewed the market outlook for domestic and global markets. He and Mr. Sears then reviewed the portfolio and account report. He said with the market volatility that was recently experienced, he was going to discuss why UBS feels the current environment is highly volatile with low returns and why UBS expects global growth to accelerate modestly as monetary policy remains accommodative and both the dollar and oil prices stabilize. He said the fixed income portfolio was slightly under because we’re now at a 60/40 ratio. He continued by saying UBS added to the report the total large cap index, as well as mid and small cap indexes. Mr. Sears said Bahl & Gaynor tends to be one of the more conservative growth managers, focused on dividend growth, and is now performing. Argent, however, he said was now reversing and not performing as well. He said MFS was more of a traditional manager and O’Shaughnessy was trailing right now but was the best performer in the portfolio. Mr. Sears said West End was doing fine. He said the two mid-cap managers, Goldman and Oak Ridge, were underperforming. Mr. Yoakum made a motion to move funds from iShares and split the funds 50/50 between Kanye Anderson and PNC, Candy Cornman seconded, and the motion was approved unanimously. City of Columbia, Missouri Page 1 Printed on 6/16/2016 Police Retirement Board Meeting Minutes March 11, 2016 IV. NEXT MEETING DATE June 10th, 2016 V. ADJOURNMENT Mr. Collins motioned to adjourn, Mr. Yoakum seconded. Members of the public may attend any open meeting. For requests for accommodations related to disability, please call 573-874-7214. In order to assist staff in making the appropriate arrangements for your accommodation, please make your request as far in advance of the posted meeting date as possible. City of Columbia, Missouri Page 2 Printed on 6/16/2016