MINUTES OF THE
BOARD OF TRUSTEES MEETING OF THE
COLUMBUS GEORGIA EMPLOYEES' PENSION PLAN
October 4, 2006
A meeting of the Board of Trustees for the Columbus Georgia Employees? Pension
Plan was held October 4, 2006 at 2:00 P.M. in the Mayor?s Conference Room.
PRESIDING: Mayor Robert S. Poydasheff, Chairman
PRESENT: Angela Cole, Finance Director; Morton Harris, Trustee;
Franklyn Lambert, Trustee; Mary Strozier-Weaver, Trustee; Col. R. George
Plummer, Trustee; Alan Rothschild, Trustee; Harvey Milner, Trustee; Chief
Robert Futrell, Trustee; Henry Swift, Vice President (Smith Barney), Richard
Swift, (Smith Barney) and Pam Hodge, (Finance Director?s Office)
ABSENT: Isaiah Hugley, City Manager; Joe Smith, Trustee; Tom Barron,
Human Resources
GUESTS: Mr. John McClure, Madison Fixed Income
Mayor Robert Poydasheff called the meeting to order. Ms. Rasch, Recording
Secretary, recorded the attendance.
MINUTES OF THE PREVIOUS MEETING:
The minutes from the September 13, 2006 meeting was presented for Approval. A
motion was made by Mr. Morton Harris and seconded by Ms. Mary Strozier-Weaver
to accept the minutes as submitted. The vote was unanimous.
INVESTMENT UPDATE:
Interim Report (Mr. Richard Swift)
Mr. Swift began by stating that this report was for a very short period of
time, 09/11/06 to 09/29/06 because the meeting in September was held on
September 13, 2006. Beginning with the S&P 500 chart, the stock market was up
slightly from 1299 to 1335. The Ten Year Treasury Yield chart reflects a
decline in the yield, from 4.79% to 4.63%.
In the performance report the fixed managers, Synovus, Tattersal and Madison
went from a combined fixed of $75,420 million to $75,946 million, up 0.70%.
The growth managers, Santa Barbara, Rittenhouse, and Trusco went from a
combined growth of $32,733 million to $33,673 million, up 2.87% vs. the Russell
Growth Index at 2.82%.
The value managers, Deutsche Asset and Spears Grisanti went from a combined
value of $39,597 million to $40,973 million, up 3.48% compared to the Russell
Value at 2.52%.
The core managers, Knott and Madison went from a combined value of $27,658
million to $28,365 million, up 2.56% versus the S&P 500 at 2.79%.
Last, the international manager, Lazard, the combined value went from $14,149
million, to $14,553 Million, up 2.86%, compared to the ACWI (All Country World
Index) at 2.75%.
The combined fixed for the total portfolio was up 0.70% and the combined equity
was up 3.00%. The total city account went from $189,557 million to $193,510
million an increase of 2.09%.
Mr. Harris commented that there were two interesting events that have taken
place; one was to see the fund come from a real low in the month of June to
where it is today and that the pension fund has never held a fund balance over
190 million dollars
Mr. Swift passed out a copy of the Kiplinger Letter and directed the board?s
attention to the fourth paragraph and the comments was on large-company stocks
and foreign stocks.
A copy of the evaluation reports and the other information presented to the
board is retained in the Finance Director?s Office by the Board Secretary and
is available for review upon request.
PRESENTATION(S): Madison (Fixed Income)
Mr. John McClure of Madison (Fixed Income) was introduced at this time and
presented his report along the following outline:
Account & Performance Summary (06/30/06 & 08/31/06)
? the market value as of June 30 and August 31, 2006 and the performance summary
Portfolio Characteristics
? Duration Strategy
? Strategy: Yield Curve Positioning
? Sector Distribution
? Historical Returns & Asset Growth
Investment Strategy
? Rate Movement and Bond Prices
? Real Fed Funds Rate
? Ten Year Treasury Yields vs. Real JOC Industrial Commodity Price Index
Portfolio Appraisal
? Listing of Holdings by Madison
Mr. McClure was thanked for his presentation and was dismissed from the meeting.
OLD BUSINESS:
a. Investment Committee Update: (Richard Swift)
A committee was scheduled immediately following the pension board meeting
NEW BUSINESS:
None
With no further business for discussion, the meeting was adjourned.
The next regular meeting is scheduled for November 1, 2006 at 2:00 p.m. in the
Mayor?s Conference Room. The guest speaker(s) will be from Evergreen and
Spears, Grisanti & Brown.
_______Julia A. Rasch ____
Julia A. Rasch
Recording Secretary
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