General Employees Retirement Board

AGENDA REGULAR MEETING – GENERAL EMPLOYEES’ RETIREMENT SYSTEM Monday March 30, 2020 at 3:00PM “With Executive Order 2020-4, Governor Whitmer declared a statewide state of emergency due to the spread of the novel coronavirus (COVID-19). This is a new strain of coronavirus that had not been previously identified in humans, can easily spread from person to person, and can result in serious illness or death. To mitigate the spread of COVID-19 and to provide essential protections to vulnerable Michiganders and this state’s health care system and other critical infrastructure, it is crucial that all Michiganders take steps to limit in-person contact, particularly in the context of large groups. Therefore, this meeting will be conducted via conference call.” In order to dial in, any mobile or stationary telephone system will work. To accomplish accessing the conference call, use the “External Dial-In” number and wait for the prompt to dial in the “Pin Code”, both listed directly below. External Dial-In: 586-446-2663 (586-446-CONF) Internal Dial-In: 2663 (CONF) PIN Code: 4462783 (586) 446-2783 CALL TO ORDER ROLL CALL APPROVAL OF AGENDA COMMUNICATION FROM CITIZENS: To communicate your concerns or comments on the meeting, please speak when this line item is reviewed or during general discussion as thoughts and feedback arise. The City of Sterling Heights will provide necessary reasonable auxiliary aids and services to individuals with disabilities at the meeting upon 7 days’ notice to the Community Relations Department at 446-CITY. REPORT FROM LEGAL COUNSEL CONSENT AGENDA - NONE P:\Ryan\PENSION\GERS MEETING FILES\Agendas\20.03 Special\20.03 1 Special Agenda.docx REGULAR AGENDA I. OLD BUSINESS - NONE II. NEW BUSINESS A. Morgan Stanley – The Brice Group - Rebalancing Discussion ADJOURN P:\Ryan\PENSION\GERS MEETING FILES\Agendas\20.03 Special\20.03 2 Special Agenda.docx  MORGAN STANLEY GRAYSTONE CONSULTING THE BRICE GROUP CITY OF STERLING HEIGHTS GENERAL EMPLOYEES' RETIREMENT SYSTEM: REBALANCE MARKET VALUES AS OF MARCH 26, 2020 IPS IPS TARGET IPS TARGET MARKET ALLOCATION TARGET ALLOCATION VALUE AS OF MARCH MINIMUM ALLOCATION MAXIMUM +/- CASH MANAGER 26, 2020 % % % % REBALANCE % ADJUSTMENT EQUITY: Clearbridge - Large Cap Growth Equity $ 2,924,727.52 3.26% $ 3,474,727.52 3.87% $ 550,000.00 Vanguard Russell 1000 Growth ETF - Large Cap Growth Equity $ 2,868,217.52 3.20% $ 2,868,217.52 3.20% $ - Janus Capital - Large Cap Growth Equity $ 2,208,568.91 2.46% $ 2,558,568.91 2.85% $ 350,000.00 Confluence - Large Cap Value Equity $ 3,434,874.10 3.83% $ 3,434,874.10 3.83% $ - Vanguard Russell 1000 Value ETF - Large Cap Value Equity $ 2,773,031.79 3.09% $ 2,773,031.79 3.09% $ - MFS - Large Cap Value Equity $ 3,018,415.75 3.36% $ 3,018,415.75 3.36% $ - John Hancock - Large Cap Core Equity $ 3,706,830.35 4.13% $ 3,706,830.35 4.13% $ - iShares S&P 500 ETF - Large Cap Core Equity $ 3,994,358.84 4.45% $ 3,994,358.84 4.45% $ - Large Cap Equity $ 24,929,024.78 27.78% 12.00% 22.00% 32.00% $ 25,829,024.78 28.78% $ 900,000.00 Edge - SMID Cap Value Equity $ 3,307,339.83 3.69% $ 3,657,339.83 4.08% $ 350,000.00 Earnest Partners - SMID Core Equity $ 4,989,470.65 5.56% $ 5,539,470.65 6.17% $ 550,000.00 Small to Mid Cap Equity $ 8,296,810.48 9.25% 5.00% 10.00% 15.00% $ 9,196,810.48 10.25% $ 900,000.00 Aristotle - International Equity $ 8,709,372.58 9.70% $ 8,709,372.58 9.70% $ - WCM - International Equity $ 6,055,272.76 6.75% $ 6,055,272.76 6.75% $ - Harding Loevner - International Equity $ 4,210,296.59 4.69% $ 4,210,296.59 4.69% $ - Victory - International Small Cap Equity $ 2,024,244.36 2.26% $ 2,024,244.36 2.26% $ - International Equity $ 20,999,186.29 23.40% 12.00% 22.00% 32.00% $ 20,999,186.29 23.40% $ - Aristotle - International Equity $ - 0.00% $ - 0.00% $ - WCM - International Equity $ 1,079,489.53 1.20% $ 1,079,489.53 1.20% $ - Harding Loevner - International Equity $ 1,139,508.48 1.27% $ 1,139,508.48 1.27% $ - Victory - International Small Cap Equity $ 100,277.43 0.11% $ 100,277.43 0.11% $ - Harding Loevner HLEMX - Emerging Markets $ 1,607,292.59 1.79% $ 1,607,292.59 1.79% $ - Lazard - Emerging Markets $ 1,735,180.94 1.93% $ 1,735,180.94 1.93% $ - Emerging Markets Equity $ 5,661,748.97 6.31% 0.00% 5.00% 10.00% $ 5,661,748.97 6.31% $ - TOTAL EQUITY $ 59,886,770.52 66.73% 59.00% $ 61,686,770.52 68.74% $ 1,800,000.00 REAL ESTATE: Principal - REITS $ 2,416,124.18 2.69% $ 2,416,124.18 2.69% $ - Real Estate $ 2,416,124.18 2.69% 0.00% 4.00% 5.00% $ 2,416,124.18 2.69% $ - FIXED INCOME: Western Asset Management - Fixed Income $ 12,273,343.80 13.68% $ 11,723,343.80 13.06% $ (550,000.00) Boyd Watterson - Fixed Income $ 11,753,909.88 13.10% $ 10,503,909.88 11.70% $ (1,250,000.00) Fixed Income $ 24,027,253.68 26.77% 22.00% 32.00% 42.00% $ 22,227,253.68 24.77% $ (1,800,000.00) MASTER LIMITED PARTNERSHIPS: Energy Income Partners - MLPs $ 3,059,367.59 3.41% $ 3,059,367.59 3.41% $ - $ 3,059,367.59 3.41% 2.50% 5.00% 7.50% $ 3,059,367.59 3.41% $ - CASH: Cash Account $ 5,032.35 0.01% $ 5,032.35 0.01% $ - 0.00% 0.00% 0.00% Comerica Cash Account1 $ 346,741.91 0.39% $ 346,741.91 0.39% $ - TOTAL PORTFOLIO: 89,741,290.23 100.00% 100.00% 89,741,290.23 100.00% - 1,794,825.80 2.0% - 1 Information provided by Comerica Bank. 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