Retiree Health Care Investment Board

CITY OF ROYAL OAK RETIREE HEALTH CARE INVESTMENT BOARD MINUTES OF THE REGULAR MEETING OF THE BOARD OF TRUSTEES A meeting of the Retiree Health Care Investment Board of Trustees was conducted in the city hall conference room 309, Royal Oak MI, Monday – February 4, 2019 at 8:30 a.m. The meeting was called to order at 8:43 am Attendance PRESENT: Lee Collick- Chairperson Bret Nelson- Vice Chairperson Kim Gibbs- Trustee Kyle DuBuc- Trustee Don Johnson- Trustee ALSO PRESENT: Julie Rudd - Bd Chief Administrative Officer/ Bd Secretary/Bd Treasurer Leah Motyka - Administrative Assistant- Pension Technician Brian Green – Investment Advisor with AndCo Tom Michaud – Bd attorney with VanOverbeke Michaud and Timmony Public Comment- none Board approval of the draft minutes for January 7th, 2019 meeting Moved by Don Johnson to approve the January 7th, 2019 meeting minutes Supported by Kyle DuBuc MOTION ADOPTED UNANIIMOUSLY 5/0 Kyle DuBuc left at 8:54 am INVESTMENTS Preliminary performance summary as of January 31, 2019 presented by Brian Green Market value/allocation of assets as of January 31, 2019 is $127,320,694 Current month – total portfolio beat the benchmark 5.71% vs. 5.55% return Brian said there has been 9 drawdowns of greater than 5% since index pre-crisis peak (10/9/2007). He discussed the S&P 500 annualized total return performance over 2,826 trading days. He went into detail about first year returns and time horizons. On average, when the first-year return was 46.6%, the return through 20 years was 11%. And when the first-year return was -28.5%, the return through 20 years was 11.9%. The complete reports are on file in finance office. Moved by Bret Nelson to receive and file report and handout of S&P 500 total return index history Supported by Don Johnson MOTION ADOPTED UNIANIMOUSLY 4/0 PGIM Real Estate PRISA II Fourth Quarter 2018 Performance Moved by Bret Nelson to receive and file Supported by Don Johnson MOTION ADOPTED UNIANIMOUSLY 4/0 Seizert Capital Partners Directions 4Q18 as of December 31, 2018 Moved by Bret Nelson to receive and file Supported by Don Johnson MOTION ADOPTED UNIANIMOUSLY 4/0 Seizert Capital Partners Quarterly Report dated December 31, 2018 Moved by Bret Nelson to receive and file Supported by Don Johnson MOTION ADOPTED UNIANIMOUSLY 4/0 LEGAL-none OTHER-none NEXT MEETING AND ADJOURNMENT Next regular meeting is scheduled immediately following the retirement system board meeting at approximately 8:30 am on Monday – March 11th, 2019 at city hall room 309. Moved by Don Johnson to adjourn the meeting (9:06 a.m.) and confirm next meeting for March 11th, 2019 immediately following retirement system board meeting at approximately 8:30 a.m. Supported by Bret Nelson MOTION ADOPTED UNIANIMOUSLY 4/0