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Friday, June 26, 2015

GFOA Award for Excellence in Fee Management

At its regular meeting on June 24, 2015, the Investment Committee and Investment Department staff were acknowledged as winners as part of GFOA's 2015 Awards for Excellence in Government Finance. The Orange County Employees Retirement System was recognized in the Pensions and Benefits category for its "OCERS Pension Portfolio Investment Fee Transparency and Management Initiative."


"OCERS adopted a comprehensive fee policy for heightened transparency to stakeholders and to guide the organization in investment management practices - which included publishing an annual fee report in 2014," according to GFOA's official announcement on their Web site. "The policy arose from the need to show fees for investment managers more accurately, particularly those that are not invoiced but deducted from portfolio holdings. In addition, collaborative and bundled investment management for private equity funds management reduced costs for services in this area by 65 percent. This strategy, implemented after securing a legal opinion from a qualified expert external counsel, was executed in collaboration with three other California counties."

Monthly Investment Portfolio Report update

At its regular meeting on June 24, the Investment Committee received an update about OCERS' preliminary fund performance as of May 31, 2015. Chief Investment Officer Girard Miller reported that OCERS' total fund recorded a 0.46 percent increase during the month of May 2015, and the total fund has a year-to-date positive return of 4.36 percent. OCERS reported a one-year return of 5.19 percent as of that date, and a trailing five-year return of 9.29 percent. As of May 31, 2015, OCERS' total fund was more than $12.7 billion.

Investment Committee meeting action overview

In other action taken on June 24, the Investment Committee took a number of actions related to OCERS' portfolio:

Regarding I-8, the Committee did not approve the candidate profile for a non-core non-U.S. real estate fund. This item is expected to come back before the Committee for review at a future meeting.


The next regular Board of Retirement meeting will be held at 9 a.m. on Monday, July 20, 2015; the next Investment Committee meeting will be held at 9 a.m. on Wednesday, July 22, 2015. Both meetings will be held in the Board Room at OCERS, 2223 E. Wellington Avenue, Suite 100, Santa Ana, CA.

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