ARLINGTON COUNTY VIRGINIA EMPLOYEES’ RETIREMENT SYSTEM Board of Trustees Meeting Minutes November 2, 2017 The President of the Board, Mr. Jonathan Kinney, called the meeting to order at 8:00 AM, in Conference Room 511C at 2100 Clarendon Boulevard. Voting Members Present: Mr. Jonathan Kinney, President Mr. Richard Alt, Vice President Ms. Michelle Cowan, Secretary Mr. Jimmie Barrett, Secretary Mr. William Ross, Assistant Treasurer Ms. Sara Teyema Substitute Member Present: Mr. Wayne Rhodes Mr. Brian Lynch Ms. Michael-dharma Irwin Various Times: Mr. Daniel Zito, Executive Director Ms. Randee Stenroos, Assistant Director Ms. Katrina Milne, Investment Analyst Mr. Stephen Euell, Accountant Mr. Tim Sanderson, Sanderson Asset Management Ms. Holly Harralson, Sanderson Asset Management Mr. Rob Gooderham, ACG Mr. Garry Musto, ACG CONSENT LIST A motion to approve the consent list, consisting of the October 5, 2017 Board meeting minutes and a letter to the County Board recommending an FY19 employer contribution rate of 21%, was offered by Mr. Barrett and seconded by Mr. Ross. This motion passed by a vote of 6-0. SANDERSON REVIEW Mr. Sanderson and Ms. Harralson provided an overview of the firm and discussed in the international value strategy. Ms. Harralson ACERS’ $91.1 million dollar investment noted that the firm promoted two individuals to Senior Portfolio Manager. Mr. Sanderson discussed the investment philosophy noting that the firm invests in developed markets outside of North America as well as selectively in emerging markets, subject to a 20% cap. The investment process and annualized turnover were discussed along with firm’s some specific portfolio holdings. Mr. Sanderson noted the twelve months ending September 30, 2017 were strong for international stocks and the fund outperformed its benchmark by 1.7% on a net of fee basis. Since inception in December of 2011, the
ARLINGTON COUNTY VIRGINIA EMPLOYEES’ RETIREMENT SYSTEM Board of Trustees Meeting Minutes November 2, 2017 The President of the Board, Mr. Jonathan Kinney, called the meeting to order at 8:00 AM, in Conference Room 511C at 2100 Clarendon Boulevard. Voting Members Present: Mr. Jonathan Kinney, President Mr. Richard Alt, Vice President Ms. Michelle Cowan, Secretary Mr. Jimmie Barrett, Secretary Mr. William Ross, Assistant Treasurer Ms. Sara Teyema Substitute Member Present: Mr. Wayne Rhodes Mr. Brian Lynch Ms. Michael-dharma Irwin Various Times: Mr. Daniel Zito, Executive Director Ms. Randee Stenroos, Assistant Director Ms. Katrina Milne, Investment Analyst Mr. Stephen Euell, Accountant Mr. Tim Sanderson, Sanderson Asset Management Ms. Holly Harralson, Sanderson Asset Management Mr. Rob Gooderham, ACG Mr. Garry Musto, ACG CONSENT LIST A motion to approve the consent list, consisting of the October 5, 2017 Board meeting minutes and a letter to the County Board recommending an FY19 employer contribution rate of 21%, was offered by Mr. Barrett and seconded by Mr. Ross. This motion passed by a vote of 6-0. SANDERSON REVIEW Mr. Sanderson and Ms. Harralson provided an overview of the firm and discussed ACERS’ $91.1 million dollar investment in the international value strategy. Ms. Harralson noted that the firm promoted two individuals to Senior Portfolio Manager. Mr. Sanderson discussed the investment philosophy noting that the firm invests in developed markets outside of North America as well as selectively in emerging markets, subject to a 20% cap. The firm’s investment process and annualized turnover were discussed along with some specific portfolio holdings. Mr. Sanderson noted the twelve months ending September 30, 2017 were strong for international stocks and the fund outperformed its benchmark by 1.7% on a net of fee basis. Since inception in December of 2011, the
ACERS-Minutes-Nov-2017-FINAL.docx