HomeMy WebLinkAboutMinutes - 2022.04.28 - 40774
OAKLAND COUNTY EMPLOYEES'
RETIREMENT AND DEFERRED COMPENSATION BOARD
INVESTMENT SUB-COMMITTEE MINUTES
A meeting of the Oakland County Employees' Retirement and Deferred Compensation Board
Investment Sub-Committee was held on April 28, 2022 at 10:00 a.m. in the West Oakland
Conference Room of the L Brooks Patterson Building.
I. Call to Order/ Roll Call
Members Present:
James H. VanLeuven, Jeffrey Phelps, Joseph Rozell
Members Absent: Robert Wittenberg
with notice
Others Present:
Carly Webster, Human Resources
Kelly Pena, Human Resources
Chris Kuhn, AndCo
Peter Brown, AndCo
Nancy Banker, CS McKee
Brian Allen, CS McKee
Christopher Lazzaro, Loomis Sayles
Elise Carner, Loomis Sayles
II. Approval of the Agenda
A. Moved by Van Leuven, seconded by Phelps to approve the agenda as submitted.
Motion carried.
III. Public Comment
None
IV. Regular Agenda
None
V. Reports
VI. Unfinished Business
VII. New Business
A. Chris Kuhn of AndCo lead the discussion of Fixed Income Strategy between the
trustees and Loomis Sayles and CS McKee. Brian Allen and Nancy Banker of CS
McKee reviewed the fixed income portion of the portfolio under their management,
as it relates to the current market trends.
Elise Carner and Christopher Lazzaro of Loomis Sayles discussed their strategy for
the fixed income portion of the portfolio under their management and the future
forecasts of the economic market.
B. Elise Carner and Christopher Lazzro of Loomis Sayles presented the Collateralized
Loan Obligations (“CLOs”) as a possible opportunity for the Core Plus investment
strategy.
Investment Sub-Committee Minutes
Oakland County Employees’ Retirement and Deferred Compensation Board
March 17, 2022
Page 2
C. Chris Kuhn and Peter Brown of AndCo discussed the CLO strategy with the trustees
further.
Moved by Van Leuven, seconded by Phelps to recommend to the full board, the
authorization for Loomis Sayles to invest assets of the Oakland County Employees’
Retirement System (OCERS) and the VEBA in the New Hampshire Investment Trust
(NHIT) pending legal review. Motion carried.
D. Chris Kuhn and Peter Brown of AndCo distributed the following reports and provided
brief comments summarizing highlights contained in each:
• Oakland County Employees’ Retirement System (ERS) International Equity
Manager Analysis as of March 31, 2022
• Oakland County Employees’ Retirement System (ERS) Emerging Markets
Manager Analysis as of March 31, 2022
Moved by Van Leuven, seconded by Phelps to recommend to the full board to hire
ABS Emerging Market Strategy allocating 2.5%, reduce the allocation to the ABS
Long/Short fund to 2.5% in both the OCERS and VEBA portfolios, pending legal
review. Motion carried.
Moved by Van Leuven, seconded by Phelps to recommend to the full board to
terminate Pictet EAFE Equity, hire HGK International Equity with a 3.5% allocation,
allocate 3% to the Fidelity International Index fund and reduce the allocation to
Lazard to 3.5%, in both the OCERS and VEBA portfolios, pending legal review.
Motion carried.
VIII. Trustee Comment
IX. Chairperson Rozell adjourned the meeting without objection at 12:00 p.m.
Respectfully submitted,
________________________________ ________________________________
Joseph Rozell, Chairperson Carly Webster, Secretary