MINUTES OF THE CITY OF SARASOTA FIREFIGHTERS PENSION PLAN BOARD OF TRUSTEES REGULAR MEETING OF SEPTEMBER 27, 2017 Present: Chair Michael Hartley, Trustees Charles Joseph and Scott Snow Others: Attorney Pedro Herrera, Senior Pension Analyst Anthony Ferrer, Senior Pension Accountant Cynthia Akersloot and Pension Specialist Lois Belle Absent: Vice Chair Shelia Roberson and Secretary/Treasurer Pamela Nadalini 1. CALL THE MEETING TO ORDER: Chair Hartley called the meeting to order at 9:06 a.m. 2. PLEDGE OF CIVILITY: Chair Hartley read into the record a memorandum from Mayor Willie Charles Shaw, dated February 13, 2015, entitled "City Commission and Advisory Board Meeting Protocols and Pledge of Civility." 3. PUBLIC INPUT: No one signed up to speak. 4. APPROVAL OF MINUTES: 4.1. Approval Re: Minutes of the Firefighters' Pension Plan Board of Trustees Regular Membership Meeting of July 26, 2017 A motion was made by Trustee Joseph and seconded by Trustee Snow to approve the Minutes of the Firefighters' Pension Plan Board of Trustee Regular Meeting of July 26, 2017. Motion carried unanimously (3-0). 5. Investment Performance Review: 5.1. Presentation and Discussion Re: Richmond Capital Investment Performance as of June 30, 2017 Presenter(s): Howard Bos, CFA, President, and David W. Schultz, Investment Officer and Portfolio Manager, Richmond Capital Howard Bos and David Schultz came before the Board; Mr. Bos introduced himself and Mr. Schultz, providing some background on Mr. Schultz' joining Richmond. Mr. Bos provided a high-level summary of Richmond's Investment strategy; that Richmond Capital is reducing risk appropriate in the current environment, closely tracking to index; that the company is defensive and incrementally adding value; that all holdings are rated A or better which is compliant with the fund's Investment Policy Statement. Attorney Herrera entered Chambers at 9:10 a.m. Mr. Schultz provided a brief market overview and the current portfolio position; that the U.S. market is very attractive right now; that Richmond follows a disciplined approach. Book 1 Page 75 9/27/2017 9:00 a.m. Book 1 Page 76 9/27/2017 9:00 a.m. Mr. Bos presented the contract that Richmond sent via email to the Chairman. Mr. Bos stated that because the assets are held in custody outside of Richmond Capital the requirement to carry bond is reduced; that Richmond Capital therefore requested a reduction of their employee fidelity bond from $2M to $500K. AI motion was made by Trustee Snow and seconded by Trustee Joseph to approve the amendment as reviewed by Attorney Herrera. Motion carried unanimously (3-0). 5.2. Presentation and Discussion Re: Renaissance Investment Performance as of June 30, 2017 Presenter(s): Michael Schroer, CFA, Chief Investment Officer and Portfolio Manager - Large Cap Growth Strategy, Renaissance Mr. Michael Schroer, CFA, Chief Investment Officer and Portfolio Manager, Renaissance, came before the Board. Mr. Schroer provided an overview of the firm; that Renaissance is large cap and international equity; that Andy Ang has been added as an addition to the large cap management team. Mr. Schroer discussed Renaissance's large cap discipline; that the fund had a $1.5M gain. Mr. Schroer discussed Renaissance's international equity discipline; that the fund slightly underperformed in the current year; that they were underweighted in energy and financials; that the fund is up approximately 4%1 for Q2, 2017 and that Renaissance consistently outperforms benchmark. The Board thanked Mr. Schroer for his time and complimented him on his presentation. 6. UNFINISHED BUSINESS: None 7. NEW BUSINESS: None 8. ATTORNEY MATTERS: There were no attorney matters; Attorney Herrera reminded the Board of upcoming educational conferences; that the Florida Public Pension Trustees Association is hosting a conference in Tampa October 8 -11 and Division of Retirement is hosting an event November 15 - 17 in Orlando. In response to a question by Chair Hartley asking if free registration would be considered a gift, Attorney Herrera stated that he would consider free registration a gift but that Chair Hartley should send him details to review. The question arose if the International conference held in Las Vegas, NV in November will have any classes that deal with closed plans. Attorney Herrera responded that he was unsure if there are any classes specifically dealing with closed plans but he would research. 9. OTHER MATTERS: Senior Pension Specialist Ferrer stated that the fiscal year end Chapter 175 state money should be arriving the 4th week in October; that there are no foreseeable issues. There was Board consensus to add UBS discussion to the October 2017 agenda for further discussion and consideration. 10. ADJOURN. Chair Hartley adjourned the Regular Meeting of the Firefighters' Pension Plan Board of Trustees at 10:16 a.m. - U Bua Chair Michael Hartley Secretary/Treasurer Pamela Nadalini Book 1 Page 77 9/27/2017 9:00 a.m.