Book 1 Page 313 10-21-2022 8:15 a.m. MINUTES OF THE CITY OF SARASOTA POLICE OFFICERS' PENSION PLAN BOARD OF TRUSTEES REGULAR MEETING OCTOBER 21, 2022 Present: Chair Demetri Konstantopoulos, Secretary/Treasurer: Shayla Griggs, and Trustee Ronnie K. Baty. Trustee Joseph Jody" Hudgins appeared telephonically. Others: Attorney Scott Christiansen, Pension Plans Administrator Debra Martin, and Pension Specialist Peter Gottlieb. Absent: Vice Chair Johnathan Todd 1. CALL MEETING TO ORDER: Presenter(s): Chair Konstantopoulos. Chair Konstantopoulos called the regular meeting of the Police Officers' Pension Plan (Plan) Board of Trustees to order at 8:15 a.m. 2. PLEDGE OF ALLEGIANCE: Presenter(s): Secretary/reasurer Griggs. Secretary/Treasurer Griggs led the Board and those in attendance in the Pledge of Allegiance. 3. PLEDGE OF CIVILITY: Presenter(s): Chair Konstantopoulos. Chair Konstantopoulos stated for the record, "We may disagree, but we will be respectful of one another. We will direct all comments to issues. We will not engage in personal attacks." 4. ROLL CALL: Presenter: Debra Martin, Pension Plans Administrator. Pension Plans Administrator Martin called roll. Vice Chair Todd was not present. Trustee Hudgins appeared telephonically. Attorey Christiansen noted that because Trustee Hudgins is attending virtually he may participate in discussions but not vote on any motions presented. 5. PUBLIC INPUT: None. 6. APPROVAL OF MINUTES: 6.1. Approval Re: Minutes of the Police Officers' Pension Plan Board of Trustees Regular Meeting of September 23, 2022. Presenter(s): Chair Konstantopoulos. Trustee Baty made a motion to approve the minutes of the Regular Meeting of September 23, 2022; SecretarylTreasurer: Griggs seconded the motion. The motion carried unanimously (3-0). 7. RETIREMENT REQUEST(S): 8. INVESTMENT PERFORMANCE REVIEW: 8.1. Presentation and Discussion Re: Newton Investment Management, Investment Performance Summary for the Period Ending September 30, 2022. Presenter(s): Keith Powell, Portfolio Manager; Marielle Gallant, Associate Relationship Manager; Newton Investment Management. Keith Howell and Marielle Gallant appeared before the Board and introduced themselves. Ms. Gallant noted that she replaced Elizabeth McManus, who has moved to the investment team within Newton, as well as that Mr. Howell, who has been with Newton for 16 years, has been added as a portfolio manager. She noted the Plan is invested in Newton's Dynamic Large Cap Value fund. Mr. Howell provided a firm overview including its Portfolio Leadership Specialist Research teams. He briefly highlighted Newton's Investment Philosophy before discussing the Client Performance = Sarasota Police Department, noting the portfolio outperformed the benchmark by both year-to-date and calendar year, and has consistently done sO in both up and down markets. On the Year-to-Date Sector Attribution, he explained why Consumer Staples and Information Technology were detractors from the portfolio's performance as well as why Energy and Financials helped it. He discussed the portfolio Characteristics on the US Dynamic Large Cap Value Structure slide, noting the portfolio is more attractively priced than the index and general market and its Estimated Earnings Per Share (ESP) is greater than its benchmark which shows the importance of strong fundamentals and business momentum. The stronger earnings growth profile compared to the value universe gives Newton conviction they capitalized on attractive prices for businesses with strong fundamentals. Newton's Return on Equity compared to the index indicates that within the value universe, demonstrates it maintains profitability while mitigating risk with strong fundamentals and competitive positions. He reviewed the slide titled Top Five Active Overweights and Top Five Active Underweights. The Board had no questions for Newton and thanked them for their presentation. 9. UNFINISHED BUSINESS: None. 10. NEW BUSINESS: None. 11. ATTORNEY MATTERS: Attorney Christiansen asked if Pension Administration has received Burgess Chambers and Associate's (BCA) quarterly report for the quarter that ended September 30, 2022; Pension Plans Administrator Martin advised that it has not, but that BCA is scheduled to presented to the Board's December 2022 meeting. He noted that it must be filed with the State in conjunction with Pension Letter 2. Attorney Christiansen provided an update on the Patrick disability hearing; the Workers' Compensation Physician was scheduled to have a discussion with Ms. Patrick's attorney and Attorney Christiansen the day after Hurricane lan struck the area but was delayed. The conference call has been rescheduled for the end of October. Attorney Christiansen received an e-mail from Robbins, Gellar, Rudman, and Dowd LLP (Robbins Gellar) alleging International Game Technology's improper actions caused the Plan investment losses due in the Book 1 Page 314 10-21-2022 8:15 a.m. Book 1 Page 315 10-21-2022 8:15 a.m. amount of approximately $114,000; Robbins Geller asks the Board to file for lead plaintiff. He noted that by not filing for lead plaintiff, the Plan would be still eligible for any award from litigation. Attorney Christiansen asked if the Board would like to decline all invitations to file as lead plaintiff or review them on a case-by- case basis. Byi informal consensus, the Board agreed it would like to review each request on a case-by-case basis. 12. OTHER MATTERS: 12.1. Presentation and Discussion Re: Asset Allocation as of October 14, 2022. Presenter(s): Debra Martin, Pension Plans Administrator. Pension Plans Administrator Martin presented the Asset Allocation as of October 14, 2022, noting they are the market values as of when Pension Administration analyzed the portfolio for payroll purposes. Pension Plans Administrator Martin noted that, regarding the 2023 Calendar, which the Board approved at its September 27, 2022 meeting, Granite Partners was added to the October 2023 meeting. Trustee Hudgins noted that he agreed with the Board's decision to review potential litigation requests on a case-by-case basis, and suggested the Board may wish to solicit comment, through Investment Consultant Larry Cole, from the fund manager which purchased the stock in question, which may add color and perspective to the circumstances sO that the Board may make a more informed decision. Attorney Christiansen acknowledged and congratulated Trustee Hudgins on receiving the Florida Bar President's Award. The Board also congratulated Trustee Hudgins. 13. ADJORN. Chair Konstantopoulos adjourned the meeting at 8:41 a.m. S6 Chair Démetri Konstantopoulos Sechelary/Tpéasurer Shayla Griggs/ Op