July Investment Committee Meeting
Date: July 30, 2026
Time: 8:30 - 11:30 a.m.
Location: Zoom Webinar
Santa Rosa, CA
Registration Required: No
Attachments:
The Investment Committee maintains and reserves the right to take action on any item agendized for discussion. Topics are generally ordered by priority and less pressing items may be dropped or postponed if time constraints require. The time estimates for the beginning and ending of the meeting and the individual presentations may be adjusted by the Committee.
AGENDA
I. MINUTES APPROVAL
June 25, 2026, Investment Committee Meeting Minutes
Recommendation: Approve the June 25, 2026, Investment Committee Minutes.
II. PRESENTATIONS
Systematic – Portfolio Manager Ken Burgess and Managing Director Steve Shaw will provide an organizational update and review the market, account performance, and portfolio positioning. (60 mins.)
[BREAK] (10 mins.)
III. INVESTMENT STAFF AND CONSULTANT
A. Annual Review of SCERA Investment Managers – Senior Consultant Tim Pflugradt of Aon Investments will present.
1. Annual Manager Evaluation Report (30 mins.)
2. Annual Risk Budgeting & Style Analysis (15 mins.)
B. Due Diligence Travel
1. PIMCO Due Diligence Report (5 mins.)
2. DoubleLine Due Diligence Report (5 mins.)
3. KKR Annual Client Conference (5 mins.)
C. Triennial Investment Policy Statement Review and Draft Changes (15 mins.)
Recommendation: Approve the Investment Policy Statement, as drafted, with changes to the Core Fixed Income manager guidelines, removal of Watch Status language which was moved to a separate policy, and incorporation of the new Core Plus Real Estate allocation.
D. June Rebalancing and Funding of Invesco ( 10 mins.)
IV. COMMUNICATIONS (0 mins. unless items are identified for discussion)
A. SCERA Investment Performance Report for June 2026.
B. Annual Proxy Voting Summary for SCERA Equity Managers, Twelve Months Ending June 30, 2026.
C. GTA Equity Trade Cost Analysis, Executive Summary – Select Pages, 2Q2026.
D. Aon Flash Report, “PIMCO Core Plus Rating Upgraded to Buy”, June 19, 2026.
E. The Economist, “Zombie unicorns are haunting Silicon Valley”, June 21, 2026.
V. GENERAL DISCUSSION MATTERS
Opportunity to advise the Investment Committee of new matters and for Committee members to ask questions for clarification, provide information to staff, request staff to report back on a matter, or direct staff to place a matter on a subsequent agenda.
VI. PUBLIC COMMENT
Opportunity for public comment on non-agenda items within the jurisdiction of the Investment Committee.
VII. NEXT MEETING
The next Investment Committee meeting is scheduled for Thursday, August 27, 2026, at 8:30 a .m. Planned topics for this meeting include a presentation by Dodge & Cox who will discuss the global equity portfolio they manage for the Plan. All meetings are held at SCERA in the Board Room at 433 Aviation Boulevard, Suite 100, Santa Rosa, CA, and broadcast via Zoom unless otherwise noted.
VIII. ADJOURNMENT
Public Comment Prior to the Meeting
Email Public Comment: To submit an emailed public comment to the Investment Committee, in advance of the meeting, email retirement@sonomacounty.gov by 7:30 a.m. on the meeting date. Please provide your name, the agenda number(s) on which you wish to speak, and your comment. These comments will be provided to the Committee members prior to the start of the meeting.
Public Comment During the Meeting
The public may address the Investment Committee regarding any agenda item during the Committee's consideration of the item.
Public Comment Using Zoom: Members of the public who join the meeting via Zoom will be able to provide live public comment for each agenda item, after the Investment Committee and staff have provided their comments. To provide public comment during the meeting, click or tap the “Reactions” button on the zoom meeting screen and select “Raise Hand” button. A hand icon will appear next to the attendee’s name, indicating to the host that a comment is intended.
Non-confidential materials distributed with the agenda packet and/or related to an item on this agenda submitted to SCERA after distribution of the agenda packet are available for public inspection electronically. Please send an email request for non-confidential materials to Andrea.Robles@sonomacounty.gov.
Accommodation
If you have a disability which requires an accommodation, an alternative format, or requires another person to assist you while attending this meeting, please contact the Retirement Office at (707) 565-8100, at least 72 hours in advance to ensure arrangements for accommodations.
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