PRIM Board Organizational Update PRIT Fund and SRBT Fund ...
Transcript of PRIM Board Organizational Update PRIT Fund and SRBT Fund ...
Deborah B. Goldberg, Treasurer and Receiver General, ChairMichael G. Trotsky, CFA, Executive Director and Chief Investment Officer
Presentation to theState Retiree Benefits Trust Fund Board
PRIM Board Organizational Update PRIT Fund and SRBT Fund Performance Review
Municipal Outreach Update
Thursday, May 7, 2020By
Francesco Daniele, Senior Client Services Officer
PRIM is a $70.7 billion investment fund that invests public employeepension benefits.
PRIM does not administer benefits.
PRIM has a highly talented, experienced and focused investment staff.
PRIM’s Mission is to relieve the pension funding burden on the taxpayer.
PRIM is a self-funded agency which generates asset returns for Massachusetts.
The Project SAVE initiative is approaching $200 million annualized valueenhancing activities for the fund annually.
PRIM is independent and governed by a nine-member Board of Trustees.
The Massachusetts State Treasurer is the Chair of the PRIM Board.
A robust committee structure lends advice regarding investments andoperations.
Mission
2
Oversight and staffing:• 9 appointed and elected trustees• 4 advisory committees, consisting of 37 industry professionals and Board
members• Staff of 47 professionalso 2 Ph.D’so 10 CFA’so 6 CPA’so 2 CAIA’so 20 CFA Investment Foundations Program Certificate Holders
Core Fund Facts $70.7 billion AUM as of 3/31/2020 51 public markets portfolios 15 real estate, timber and REIT managers 100+ private equity managers; 200+ partnerships 32 portfolio completion strategies managers
PRIT Fund Overview
3
1. Stable organization: Exceptional staff with low turnover supported by a strong, stable Board and Committee structure
2. National recognition for PRIM and its staff3. Strong relative and absolute investment performance4. Sophisticated risk management platform and framework5. Timely asset allocation decisions6. Project SAVE7. Re-engineered Hedge Fund program – Portfolio Completion Strategies
a. Direct hedge fundsb. Hedge fund replicationc. Alternative risk premia harvesting strategiesd. Equity risk mitigation
8. Enhanced manager search and selection process9. Private Equity co-investment10. Direct Real Estate
Top 10 Accomplishments
4
ChairState Treasurer andReceiver-General,
Commonwealth of Massachusetts
Deborah B. Goldberg
Appointee of the State Treasurer
Ruth Ellen Fitch
Designee of the Governor,Ex Officio Member
James B.G. Hearty
Appointee of the Governor,
Non-State Employee or
Official
Peter Monaco
Appointee of the Governor, Public Safety
Carly Rose
State Retirement
Board Member (SRB)
Theresa F. McGoldrick,
Esquire
Teachers’ Retirement
Board Member (TRB)
Dennis J. Naughton
Elected Representative State Teachers’
Retirement System
Robert L. Brousseau
Elected Representative
State Employees Retirement
System
Paul E. Shanley, Esquire
PRIM Board Membership
5
PRIM Advisory Committees MembershipInvestment Committee(12 Members)The Committee advises the Board with respect to the asset allocation policy of PRIM and related investment policies, and assist the Board in overseeing the investment program. The mandate of the Investment Committee does not include real estate and timber.
1. Deborah B. Goldberg, Chair, Ex Officio Board Member2. Paul E. Shanley, Board Member3. Ruth Ellen Fitch, Board Member4. Joseph C. Bonfiglio, Massachusetts & Northern New England Laborers' District Council5. C. LaRoy Brantley, Investment Consultant6. Michael Even, CFA, Retired President and CEO, Numeric Investors7. Constance M. Everson, CFA, Managing Director, Capital Markets Outlook Group8. James B. G. Hearty, Retired Investment Professional 9. Peter Monaco, Managing Director, Raptor Group10. Philip Rotner, Chief Investment Officer, Boston Children’s Hospital11. Glenn P. Strehle, CFA, Treasurer Emeritus, MIT12. Timothy L. Vaill, Special Advisor
Real Estate Committee(10 Members)The Committee advises the Board in setting investment policy within the real estate and timber portfolios and assist the Board in overseeing these portfolios.
1. Deborah B. Goldberg, Ex Officio Board Member2. Lydia Chesnick, Esq.,Partner, Bernkopf Goodman LLP3. Robert Gifford, Robert Gifford Advisory4. Jill S. Hatton, Chair, CRE, Real Estate Investment Professional5. Anthony E. Hubbard, Esq., CVS Corporation6. Jack Lutz, PhD., Forest Research Group7. William F. (Bill) McCall, Jr., CRE, McCall & Almy, Inc.8. Garlan Morse, Jr., CRE, Morris and Morse Company, Inc.9. Peter F. O'Connell, Marina Bay Company10. Carly Rose, Public Safety Union Member
6
PRIM Advisory Committees MembershipAdministration and Audit Committee(10 Members)The Committee assists the Board in overseeing all issues related to the governance, administration, and audit functions of PRIM, and to provide recommendations for the Board's consideration.
1. Deborah B. Goldberg, Ex Officio Board Member2. Robert L. Brousseau, Chair, Board Member3. Theresa F. McGoldrick, Esq., Board Member4. Patrick E. Brock, Chairman of the Hampshire County Retirement Board5. Joseph A. Connolly, Senior Managing Director, Strategic Development, TerraCap6. Karen E. Gershman, CPA, Retired Chief Operating Officer, Health Advances7. Eileen Glovsky, Treasurer Appointee8. James B. G. Hearty, Retired Investment Professional 9. Dennis J. Naughton, Board Member10. Michele A. Whitham, Esq., Founder & Principal, Whitham Law LLC
Compensation Committee(5 Members)The Committee assists the Board in overseeing staff compensation and benefit policies. The Administration and Audit Committee is responsible for assisting the Board on other human resource matters.
1. Deborah B. Goldberg, Ex Officio Board Member2. Robert L. Brousseau, Board Member3. Patrick E. Brock, Chairman, Hampshire County Retirement Board4. Joseph A. Connolly, Senior Managing Director, Strategic Development, TerraCap5. Michele A. Whitham, Esq., Founder & Principal, Whitham Law LLC
7
PRIM Investment Team Organizational Chart
Senior Investment OfficerReal Estate and TimberlandChristina Marcarelli, CAIA
Senior Investment Officer & Director of Private Equity
Michael R. Bailey
Senior Investment Officer &Director of Real Estate & Timberland
Timothy V. Schlitzer, CRE, CFA
Senior Investment Officer Real Estate and Timberland
John LaCara
Senior Investment Officer Private Equity
Michael M. McGirr, CFA
Investment AnalystPrivate Equity
Sarah Zatoonian
Deputy Chief Investment Officer & Director of Public MarketsDavid M. Gurtz, CPA, CFA
Senior Investment OfficerPublic Equities
Andre Clapp, Ph.D., CFA
Senior Investment OfficerFixed Income
J. Chuck LaPosta, CFA
Executive Director and Chief Investment Officer
Michael G. Trotsky, CFA
Deputy Executive Director & General Counsel
Christopher J. Supple Executive AssistantMarliese Lawson
Investment OfficerAndre Abouhala
Administrative AssistantMaria Clements
Chief Strategy OfficerEric R. Nierenberg, Ph.D.
Senior Investment Officer &Director of Portfolio Completion Strategies
Bill, Li, CFA, CAIA
Senior Investment Officer &Director of Research
Maria Garrahan
8
Investment OfficerOptions & Derivatives
Joy Seth
Investment AnalystStrategy Group
Grace Gao
Investment OfficerPrivate Equity
Alyssa Fiore, CFASenior Investment Officer
Investment AnalystReal Estate and Timberland
Minching Kao
Senior Investment Officer &Director of Risk Management
James Leu, CFA, FRM
Administrative Assistant
Administrative AssistantSylvia Argiropoulos
Investment OfficerReal Assets
Eleni Klempner
Investment AnalystStrategy Group
Liu Liu
PRIM Finance and Operations Team Organizational Chart
Manager of Private Equity ReportingYisroel Markov, CPA
Manager of Hedge Fund ReportingEileen Molloy
Client Reporting & Cash ManagerJennifer Cole
Financial Reporting ManagerQingmei Li, CPA
Director of Finance & AdministrationDaniel Eckman, CPA
Director of Human ResourcesMichelle Witkes
Director of Information TechnologyDavid Griswold
Chief Investment Operating OfficerMatthew Liposky
Chief Financial OfficerDeborah Coulter, CPA
Chief Operating OfficerAnthony J. Falzone
Director of Investment OperationsGeorge Tsipakis
Accounting AssistantMorgan Burns, CPA, CFA
Financial AnalystVeronica Williams
ReceptionistMaureen Aquino
Executive AssistantSteffanny Rosario
Help Desk & Operational SupportSilas Owoyemi
Senior Client Services Officer Paul Todisco
Senior Client Services OfficerFrancesco Daniele
Executive Director and Chief Investment OfficerMichael G. Trotsky, CFA
Deputy Executive Director and General CounselChristopher J. Supple Executive Assistant
Marliese Lawson
Investment Operations Analyst Edward Caron
9
Senior Corporate AccountantSara Coelho
Client Services AnalystEmily C. Green
Compliance AnalystEllen Hennessey
Director of CommunicationsElizabeth Herlihy
External Advisors
Fund Advisors:
• NEPC - Asset Allocation
• Callan Associates - Public Markets
• Aberdeen Asset Management - Hedge Fund Investments
• Hamilton Lane - Private Equity
• The Townsend Group- Real Estate & Timber
Independent Auditors:
• KPMG, LLP - PRIM Board and PRIT Fund, Real Estate, Timber, and SASE 16 Reviews
• Deloitte & Touche, LLP – PRIM Board tax Consultant
Custodian:
• BNY Mellon Corporation
10
Michael Trotsky, CFA, the Executive Director and Chief Investment Officer of the Massachusetts Pension Reserves InvestmentManagement Board, was honored with Institutional Investor’s Lifetime Achievement Award at the third annual Allocators’ ChoiceAwards on December 3 in New York. (December 2019)
Michael M. McGirr, CFA, was selected to be a member of the ILPA’s content committee. The content committee is charged withcreating and curating content that will be beneficial for the ILPA’s membership. (October 2019)
Qingmei Li, CPA, received the Commonwealth’s Citation for Outstanding Performance at a State House ceremony with TreasurerDeborah Goldberg, Chair of the PRIM Board. (October 2019)
PRIM has adopted the CFA Institute’s Global Investment Performance Standards of integrity and transparency, effective January 1st
2019. The GIPS standards are an important part of our commitment to maintain the highest level of integrity and transparencypossible. (August 2019)
For the second consecutive year, PRIM’s Private Equity Portfolio has been ranked #1 among 163 U.S. public pension funds basedon 10 year performance by the American Investment Council’s Public Pension Study. PRIM is the only fund that has been in theTop 5 of all private equity portfolios in every year the study has been conducted. (July 2019)
CFA Society Boston has elected Michael Trotsky, CFA, Executive Director and Chief Investment Officer to serve as Chair of theBoard of Directors. The CFA Society Boston serves 6,000 professionals representing 650 companies and is part of the CFA Institutewith nearly 200,000 members. (June 2019)
For the second year in a row, Eric Nierenberg has been listed on Institutional Investor’s “Most Wanted Allocators” list. For the pasttwo years, Institutional Investor has published a global “Top 50” list of allocators they deem as most coveted for potential futurechief investment officer roles. (June 2019)
PRIM was awarded the Government Finance Officer Association’s Certificate of Achievement for Excellence in Financial Reportingfor the 14th consecutive year. (May 2019)
For an unprecedented fourth year in a row, PRIM has been nominated for “Public Plan of the Year” at the Institutional InvestorHedge Fund Industry Awards, to be held in New York on June 27, 2019. PRIM won this award in 2016. The other nominees thisyear are Ontario Municipal, New Mexico, Wisconsin, Texas Teachers and Illinois Teachers. (May 2019)
Portfolio Completion Strategies (PCS) Director Bill Li, CFA, CAIA was inducted into the EQDerivatives Investing Hall of Fame’s 2019Class, which “recognizes those individuals that have led the line in volatility and alternative risk premia thought leadership. (May2019)
Summary of Recent National Recognition
11
Unprecedented Sharp Decline
12
Velocity of COVID-19 sell-off surpassed that of GFC. Depth of this downturn is not as large as in the GFC.
↓48%
↓27%
↓46%
↓34%
50
55
60
65
70
75
80
85
90
95
100
Chart - Cumulative Performance since Onset of Decline
Dow Jones (1929) SP500 (1987) SP500 (2008) SP500 (2020)
Covid-19 Outbreak
13
Global Confirmed Cases and Deaths Confirmed Cases by Country
Confirmed Cases by StateU.S. Confirmed Cases and Deaths
Source: WHO, CDC, FactSet, and PRIM Staff.All data as of April 17, 2020.
36%
12%
5%
5%
5%4% 33% New York
New Jersey
Massachusetts
Pennsylvania
Michigan
California
Rest of U.S.0
5000
10000
15000
20000
25000
30000
-
100,000
200,000
300,000
400,000
500,000
600,000
700,000
1/24
1/31 2/
7
2/14
2/21
2/28 3/
6
3/13
3/20
3/27 4/
3
4/10
4/17
Deat
hs
Case
s
US Confirmed Cases US Confirmed Deaths
Cases: 632,781Deaths: 28,221
-
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
-
500,000
1,000,000
1,500,000
2,000,000
2,500,0001/
24
1/31 2/
7
2/14
2/21
2/28 3/
6
3/13
3/20
3/27 4/
3
4/10
4/17
Deat
hs
Case
s
World Confirmed Cases World Confirmed Deaths
31%9%
8%
6%
5%
5%4%
4%
28%
US
Spain
Italy
Germany
France
UK
China
Iran
Rest of World
U.S. Economic Data
14
Unemployment Rate Weekly Initial Jobless Claims (in millions)
CBOE Market Volatility Index (VIX)WTI Crude Oil ($/bbl)
Source: FactSet, PRIM Staff.All data as of April 17, 2020.
0%
2%
4%
6%
8%
10%
12% Historical Average: 6.1%Current: 4.4%
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020
March 13: 282,000 claimsMarch 20: 3,307,000March 27: 6,867,000April 3: 6,615,000April 10: 5,245,000
0
10
20
30
40
50
60
70
80
90
1990 1995 2000 2005 2010 2015 2020
March 16: 82.69 April 17: 38.15Historical Average: 19.27
$0
$20
$40
$60
$80
$100
$120
$140
$160
1985 1990 1995 2000 2005 2010 2015 2020
April 17: $18.27 per barrel
Historical Market Sell-Off Performance
15
Dot-Com Bubble Global Financial Crisis
Covid-19 Pandemic2018 Global Stock Market Downturn
Source: FactSet, PRIM Staff.As of April 17, 2020.
-47% -47% -45% -45%
-16%
29%44%
5%
36% 40%
60%
39%25%
4%
-6%
6%
-60%
-40%
-20%
0%
20%
40%
60%
80%
S&P 500 MSCIEAFE
MSCI EM MSCIACWI
60/40ACWIAgg
BarclaysAgg
STRIPS Crude Oil(WTI)
Peak-to-Trough (3/24/2000 - 10/9/2002) 1-Year Later
-55% -59% -60% -57%
-32%
7%
38%
-41%
72% 77%
108%
79%
51%
9%
-20%
73%
-80%-60%-40%-20%
0%20%40%60%80%
100%120%
S&P 500 MSCIEAFE
MSCI EM MSCIACWI
60/40ACWIAgg
BarclaysAgg
STRIPS CrudeOil (WTI)
Peak-to-Trough (10/9/2007 - 3/9/2009) 1-Year Later
-19%-14%
-8%-16%
-9%
2% 6%
-40%
40%
23% 20%
32%23%
9%
21%
44%
-50%-40%-30%-20%-10%
0%10%20%30%40%50%
S&P 500 MSCIEAFE
MSCI EM MSCIACWI
60/40ACWIAgg
BarclaysAgg
STRIPS Crude Oil(WTI)
Peak-to-Trough (9/20 - 12/24/2018) 1-Year Later
-34% -30% -28% -32%-20%
-1%
17%
-56%
29%16% 18%
24%16%
4% 3%
-22%
-70%-60%-50%-40%-30%-20%-10%
0%10%20%30%40%
S&P 500 MSCIEAFE
MSCI EM MSCIACWI
60/40ACWIAgg
BarclaysAgg
STRIPS Crude Oil(WTI)
Peak-to-Trough (2/19 - 3/23/2020) 3/23 - 4/17/2020
Asset Allocation Review
16
PRIT Asset Allocation Approved February 26, 2020
Global Equities 34% - 44%
Core Fixed Income 12% - 18%
Value-Added Fixed Income
5% - 11%
Private Equity 10% -16%
Real Estate 7% - 13%
Timberland 1% - 7%
Porfolio Completion Strategies 8% - 14%
17
Asset Allocation 2020: Approved February 26, 2020
Date Range: Q1 2005 – Q32019
AA 2019Approved Range
AA 2020Recommended Range Within Range
Global Equity (including Hedged US Equity) 34% -- 44% No Change Yes
Core Fixed Income 12% -- 18% No Change Yes
Value-Added Fixed Income 5% -- 11% No Change Yes
Private Equity 10% -- 16% No Change Yes
Real Estate 7% -- 13% No Change Yes
Timberland 1% -- 7% No Change Yes
Portfolio Completion Strategies 8% -- 14% No Change Yes
The ranges in the PRIM asset allocation reflect the long-standing use of bands around a midpoint. The bands have not changedand any actual weighting within the range is considered acceptable and within the asset allocation policy. Managing the assetallocation to a particular midpoint in the range is not always possible, practical or advisable.
18
PRIM 2020 ASSET ALLOCATION RECOMMENDATIONNEPC Capital Market Assumptions
Source: NEPC 19
PRIT Fund PerformanceAs of March 31, 2020
20
Total PRIT Fund Fiscal Year Market Value ($Billions)
$36.3
$41.9
$50.4 $50.6
$37.7$41.3
$50.2 $48.8$53.2
$60.6 $61.2 $60.7
$ 66.9
$71.7$74.8
$70.7
$0.0
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
$70.0
$80.0
FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20(3/31)
AUM (bil)
21
PRIT Asset Class Performance Summary
22
One Quarter Ended March 31, 2020 (Gross of Fees)
Source: BNY Mellon, FactSet.All performance figures reflected are PRIT Fund Asset Class returns.*MSCI ACWI/Barclays Aggregate is derived from a 60/40 combination of index returns.
30.0%
5.9%2.3% 1.8% 1.1%
-1.0%-4.3%
-7.7% -9.9% -11.3%-11.6%-13.0%-18.6%-19.6%-20.2%
-23.6%-25.6%-28.5%
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
PRIT Asset Class Performance Summary
23
One Year Ended March 31, 2020 (Gross of Fees)
Source: BNY Mellon, FactSet.All performance figures reflected are PRIT Fund Asset Class returns.*MSCI ACWI/Barclays Aggregate is derived from a 60/40 combination of index returns.
47.7%
21.2%
8.1% 7.6% 5.9%1.3%
-1.2% -1.5% -3.2% -4.0% -6.7% -6.8% -7.5%-10.4%
-13.9%-14.0%-18.0%
-21.0%-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
60%
Total PRIT Fund Returns Annualized Returns as of March 31, 2020 (Gross of Fees)
Source: BNY Mellon.Total Core Benchmark includes private equity benchmark.
24
-1.2%
5.0%5.2%
7.5%
-1.9%
4.2%4.4%
6.2%
0.7% 0.8% 0.8%1.3%
-3.0%
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
1 Year 3 Years 5 Years 10 Years
Retu
rns
Total Fund Return Total Core Benchmark Value Added
PRIT Asset Class Performance SummaryOne Year Ended March 31, 2020 (Gross of Fees)
Source: BNY Mellon.Totals may not add due to rounding. *Benchmark is actual performance.**Hedge Fund returns are net of fees. 25
21.2
%
15.5
%
1.3%
-1.5
%
-4.0
%
-4.2
%
-12.
7%
21.2
%
15.9
%
0.3% 1.
3%
-5.6
%
-3.9
%
-12.
8%
0.0%
-0.4
%
1.0%
-2.8
%
1.6%
-0.2
%
0.1%
-25.0%
-20.0%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
Total PrivateEquity*
Total Core FixedIncome
Total Real Estate Total Timber PortfolioCompletionStrategies
Total Value AddedFixed Income
Total Global Equity
Retu
rns
Asset Class Benchmark Value Added
Global Equity Performance
26
One Year Ended March 31, 2020 (Gross of Fees)
Source: BNY Mellon.Totals may not add due to rounding.
-6.7
%
-10.
4%
-13.
9%
-18.
0%
-21.
0%
-6.9
% -4.9
%
-15.
2%
-18.
7%
-22.
4%
0.1%
-5.5
%
1.3%
0.7% 1.
5%
-30.0%
-25.0%
-20.0%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
U.S. Large Cap Equity Domestic EnhancedEquity
Int'l Equities Emerging MarketsEquity
U.S. Small/SMID/MicroCap Equity
Retu
rns
Asset Class Benchmark Value Added
Public Fixed Income Performance
27
One Year Ended March 31, 2020 (Gross of Fees)
Source: BNY Mellon.Totals may not add due to rounding.
47.7
%
8.1%
5.9%
-6.7
%
-7.5
%
-14.
0%
47.8
%
8.9%
6.6%
-7.5
%
-9.2
% -5.3
%-0.1
%
-0.9
%
-0.7
%
0.7% 1.6%
-8.7
%
-20.0%
-10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
20+ Yr STRIPS Core FI (Agg) TIPS/ILBs High Yield Bank Loans EMD $
Retu
rns
Asset Class Benchmark Value Added
PRIT Asset Class Performance
28
Annualized Returns as of March 31, 2020 (Gross of Fees)
Source: BNY Mellon.
1 Year 3 Year 5 Year 10 Year
PRIVATE EQUITY 21.2%
PRIVATE EQUITY 20.5%
PRIVATE EQUITY 18.8%
PRIVATE EQUITY 18.2%
CORE FIXED INCOME 15.5%
CORE FIXED INCOME 7.4%
REAL ESTATE 7.4%
REAL ESTATE 10.3%
REAL ESTATE 1.3%
REAL ESTATE 6.2%
CORE FIXED INCOME 4.3%
GLOBAL EQUITY 6.3%
TIMBERLAND (1.5%)
TIMBERLAND 3.0%
TIMBERLAND 3.4%
CORE FIXED INCOME 5.7%
PORTFOLIO COMPLETION STRATEGIES
(4.0%)
VALUE-ADDED FIXED INCOME
1.8%
VALUE-ADDED FIXED INCOME
3.0%
VALUE-ADDED FIXED INCOME
5.1%
VALUE-ADDED FIXED INCOME (4.2%)
GLOBAL EQUITY 1.1%
GLOBAL EQUITY 2.8%
TIMBERLAND 4.9%
GLOBAL EQUITY (12.7%)
PORTFOLIO COMPLETION STRATEGIES
1.0%
PORTFOLIO COMPLETION STRATEGIES
0.9%
PORTFOLIO COMPLETION STRATEGIES
3.5%
PRIT Fund Ratio of Expenses in Basis Points
43 43 42
52
63
54 52 51 5450 50
55 55 53 53 54 52 52
0
10
20
30
40
50
60
70
80
90
100
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Fiscal Year
29
SRBT Fund PerformanceAs of March 31, 2020
30
Total SRBT Fund Returns (Net of Fees) - $1.83 Billion*Annualized Returns as of March 31, 2020
-10.1%
-1.8%
4.5%4.8%
7.3%7.7%
6.6%
-9.7%
-1.9%
4.2%4.4%
6.5%6.1% 6.1%
-0.4%
0.2% 0.3% 0.3% 0.7%1.6%
0.5%
-12.0%
-10.0%
-8.0%
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
CYTD 1 Year 3 Years 5 Years 10 Years Inception10/31/11**
Inception11/30/01***
Total Fund Return - ex cash Policy Benchmark Value Added
*Participant assets, excluding Mass State Retirees, were $535 million as of March 31, 2020.
*** The inception date for the TOTAL FUND was 11/30/2001. This ITD value reflects the true inception-to-date return for all SRBTF assets including legacy separate account investments as well as the PRIT GA investments.
**The inception date for the SRBTF's investment in the PRIT Fund General Allocation Account (PRIT GA) was 10/31/2011, when 82% of the fund was transitioned from separate accounts to PRIT GA. The remaining 18% of separate account assets were transitioned over the following 14 months with 100% of assets invested in PRIT GA by 12/31/2012. The ITD return of 10.1% reflects the inception-to-date return for PRIT GA assets only.
31
Municipal Outreach
32
Municipal Outreach
1. Acton-Boxborough Regional School District2. Amherst-Pelham Regional School District 3. Andover4. Ayer Shirley Regional School District5. Bellingham*6. Belmont7. Bernardston8. Bridgewater 9. Byfield Water District10. Cape Cod Regional Transit Authority 11. Chelmsford Water District12. Dartmouth 13. Dracut 14. Freetown15. Foxboro16. Greater Lawrence Sanitary District17. Greenfield18. Groton19. Halifax20. Haverhill21. Hull22. Lawrence 23. Longmeadow24. Lynn25. Massachusetts Association of Regional Planning Agencies (MARPA) 26. Massachusetts Housing Finance Authority27. Medway28. Melrose29. Mohawk/Hawlemont Regional School District (Buckland) 30. Nauset Regional High School31. Newbury32. Pepperell33. Prospect Hill Academy Charter School34. Quabbin Water District35. Somerset36. South Hadley Fire District 37. Springfield38. Stoneham
39. Sudbury40. Tri-County Educational Collaborative (Franklin, MA)41. Truro42. Waltham43. Watertown 44. West Boylston Municipal Light Department45. Westford46. West Newbury47. Weston48. Winthrop49. Woburn
*New Listing
33
Governmental Entities Participating in the SRBTF1. Town of Acton2. Town of Amherst3. Town of Ayer4. Town of Bedford5. City of Beverly6. BiCounty Educational Collaborative, Franklin, MA 7. Town of Blackstone8. Boston Redevelopment Authority9. Town of Boxford10. Town of Braintree11. Town of Brewster12. Town of Brookline 13. Town of Burlington 14. Byfield Water District15. Town of Chelmsford16. Concord Area Special Education (CASE) Collaborative17. Town of Cohasset18. Town of Dalton 19. Town of Dracut20. Town of Dedham21. Fall River Housing Authority 22. City of Fitchburg23. Town of Franklin 24. Franklin Regional Council of Governments25. Greater Lowell Regional Technical School26. Town of Harvard 27. Town of Hingham28. Town of Holliston29. Town of Ipswich30. Town of Lancaster31. Lawrence Housing Authority32. Town of Lenox33. City of Leominster34. Town of Lincoln35. Lincoln-Sudbury Regional School District36. Town of Longmeadow37. Lowell Regional Transit Authority (LRTA)38. Lower Pioneer Valley Educational Collaborative39. Town of Manchester-By-The-Sea
40. Manchester Essex Regional School District41. Town of Marblehead42. Marblehead Municipal Light Department43. Massachusetts School Building Authority44. Mass State Retirees (SRBTF)45. Mass Water Resources Authority 46. Town of Medfield47. Town of Middleton48. Town of Milton49. Town of Montague50. Nashoba Regional School District51. Town of Needham52. City of New Bedford53. City of Newburyport54. City of Newton55. Town of North Andover 56. Town of Northborough57. Town of Northfield58. Old Rochester Regional School District59. Town of Orleans60. Pilgrim Area Collaborative (PAC), Pembroke, MA 61. Town of Provincetown62. Shawsheen Valley Technical High School, Billerica, MA63. Town of Sherborn 64. Town of Stockbridge65. Town of Tewksbury 66. Town of Wakefield67. Wakefield Municipal Gas & Light Department68. Town of Wayland69. Town of Wellesley 70. Town of Westwood71. Town of Wilmington
34
ContactsPaul W. Todisco Francesco Daniele
Senior Client Services Officer Senior Client Services Officer
84 State Street, Second Floor 84 State Street, Second Floor
Boston, MA 02109 Boston, MA 02109
Office 617-946-8423 Office 617-946-8416
E-mail: [email protected] E-mail: [email protected]
Emily Green
Client Services Analyst
84 State Street, Second Floor
Boston, MA 02109
Office 617-946-8486
E-mail: [email protected]
35