Start one call the April 23rd meetings for investment measures.

There's Matt Present.

Present.

Show Maria has been present.

Councilman Ryan.

Is absolutely David Hirsch.

Mr.

Winkleman.

Present.

Yeah, that president.

Thank you for your attendance.

And I want to stop you saying that's what the second one is.

Okay.

Also uh give uh the board's investment commissioners sure your work market environments change pretty marketing in the last several weeks, so getting an update on uh the last several weeks.

First thing you see, the month of March was a difficult month.

Uh everyone knows of course that immediately followed the February 28th, uh 2026 uh conflict when the demand started.

So you saw equities and fixed income markets uh sell off just to pick up one, I know the numbers are small, pick on one index that the uh funds are invested in.

Uh the SP 500 lost 5% of its value, so it was negative 4.3% here to date.

Other indexes lost comparable amounts.

But we also saw with concerns about the uh blockade or the uh the stoppage of the flow of oil for the straightforward moves was concerned about inflation, some of which are very real and kind of seen us today, uh had a pump that uh when there are concerns no about inflation, that takes bond yields up and the bond yields up, go up about bond prices as the commission uh go down.

So you get negative uh returns and bonds as well.

The Barclays US Ag and the Bond Index, which was a 1.8% for February, lost all those gains.

So that's the bad news.

Uh the good news is uh that uh if we were to update this from say last Tuesday, the SP 500 is now up about 4%, so it swung about 8% positive.

Uh small cap stocks are up about 11%, a little more than that.

Uh bonds gained a little bit based on a little bit of easing of concerns about inflation, the risk of being over least.

A lot of that is driven by uh better than expected news about corporate profits for the first quarter of 2026.

Uh Wall Street expected corporate America to have a pretty good first quarter.

Um, but depending on what reports you profits on the year over year basis, the quarter incomes 31st, 2026, we're up anywhere from 15 to 17 percent, and 80 percent of companies, at least within these governments, big companies uh through uh the last couple of days uh had outperform expectations.

So that's a good number.

Obviously, a lot of concern, a lot of risk in the market uh as a result of the work, but it's fair to say that the market is expecting that uh speculated, uh, that uh you have two combatants, if you will, who are heavily incented to try and uh try and come to some settlement uh or at least something short of uh exacerbated capital.

We'll see how that pans out.

But much more going on in the markets, the the labor market had a good report for uh month or uh March months of 4.3% inflation, which is reported elsewhere here, 3.3% of the year for March.

You could look at that and say, wow, that's nine tenths of percent higher than the February number.

That's the bad news.

The good news is it was in line with expectations.

So on balance, you have uh a market that's uh that's chugging ahead.

And when we go to the next page of the report on high level data uh for the retirement system, go back to the March page story uh with the negative with the sell-off, uh not quite a correction, uh, where corrections typically 10% sell off from most recent high-end index, but it's close.

Uh, with a pullback in the market, you could see in the fifth comment for the left at the top of page three, uh, fourth column.

My apologies, uh, the portfolio of the retirement system had a main four and a half percent return.

Next comp over the right, quarter to date, and year to date returns those are one of the same, of course, first three months that can be here for negative 1.8 percent market failure of the retirement system portfolio, far left-hand side, 57.4 million.

And we had a discussion before the meeting.

Um, if uh I put uh I could say I should say with uh 20 caps that negative terms now.

Uh if you asked us to issue the print this thing uh toward period time 21st or 22nd.

Uh so uh you're a much stronger position than at the end of March.

A couple of other comments before it asked me to speak to uh cash flow uh the financial uh reconciliation.

The three-month uh period has reforms primarily due to Boston's partner for the eco.

Uh maybe the small cap managers, uh, I would say both those managers uh have performance since you've hired them, so long term we're not concerned about those managers.

We'd like them to always have the form.

That's just not gonna be the case all the time.

Uh there's some other reasons, but I really single those two out uh as well as elsewhere in the equity portfolio uh sources of performance.

Longer term period period of Fed where it'd be cut the more than 12 month return through uh February 2026.

Put a stop on that.

Uh we're not waiting for that.

Other than to say that the hedge funds and price stocks from edit changes uh and our review is ongoing potential changes recommended changes, I should say uh to the hedge fund marketing for us uh becoming the future analysis.

Just go to uh one other just a couple of other records before I hand over Peter.

So public equity portfolio allocation was very close to your 68% target.

That's the second bottom second column from the left and 69%.

And then go on to the next page, page four.

Um fixed income portfolio, which is about half of the different page note, just take a code.

The return was basically flat, positive one tenth percent, the allocation 22 and a half percent, so very close to your 24% policy term.

And then the last page three, you can see text funds.

Quarter date, actually uh source of positive return.

Six tenths percent return uh market value.

In total was it seven point eight percent uh relative to one percent policy term, and I would let Peter speed to cash and cash moves now in the financial rank simulation site.

For we can wrap up our report, which starts at page six, unless there are questions, right?

Uh so trusting the question of cash on page rocking on the season six million uh in cash.

Uh we are expecting a schedule constitution on the ERS system.

Um that's just uh cash uh potential payroll um each balance as the portfolio is very much in line with its targets.

Um nothing to do this month.

Um page six, um we're going to financial reconciliation it's a little bit uh pro forma um for the month when we started uh the monthly 67 million, um contributions uh 7.1 million, uh distributions of 7.6 million, which is largely the same April.

Um we have uh uh capital depreciations are reflecting on tour uh the month of March.

Again, that's the loss, that's just the return.

Um as Jim said uh we expect that uh to improve as 7 possible again.

Um so nothing really too report um uh in terms of the financial record and July.

So we'll turn any questions.

Commissioners have any questions on that one.

No, see none, we'll take a motion to accept the report on that one.

Stop like gentlemen, all those papers say aye.

Aye.

Any opposed?

Now I move on to item two, especially relative to the various trust funds.

Gentlemen, too much.

Uh page three, uh, this will be third report.

Uh third documents would be the thickest three back.

And page three, just a summary of the returns across the trusts.

Up the left-hand side consumer market value in aggregate of the trust three, 34.5 million.

I'm looking at that and asking the question myself of GCY would that be uh modestly better than the retirement system.

Part of the reason, not the whole reason it's been big allocation of non-US markets, and non-US markets have done very well with the current system as well, uh, but also public trusts, even though uh it's an agent period or again once again, just like a retirement system would be impossible to earn two as much big down control trust as well.

You can see the returns just going down the proven date, yeah to date uh columns or two on the same in the neighborhood of negative one percent, a negative nine tenths of percent to negative one point two percent uh before the trust moving uh from top to bottom.

Uh and you can see the market fills the cloud.

Unless there are any questions, I would uh propose to uh turn over feature back to that cash and uh page four.

down approved to your date uh columns are two on the same in the neighborhood of negative one percent negative number tenths of percent to negative one point two percent uh before the trust moving uh from top to bottom uh and you can see the markets unless there are any questions I would uh propose to uh turn over here spectrum uh so on page four um again we'll show you all the trust button here um there are any cash flows uh generally cash positions are submission for spending needs uh and understand how that's scheduled uh I'm not anticipating it but there are unforeseen cash uh needs uh from the trust we recommend uh maybe following from anticipate to happen this month uh no changes no recommendations around the trust performance very much in line with my expectations regarding the trust funds no seeing none I'll take a motion to accept the report amendment two by the council amendment seconded by John all those in favor say aye any opposed the ayes have it um there is uh no recommendation for any rebalancing this month uh so we'll take a motion to continue and agree on to the next month's agenda move seconded by the chairman all those in favor say aye opposed the ayes have it anyone have any other oh we need to finally um accept the handout provided by Sarah Saveria titled by retirement system cash flows that like 2006 2026 uh into the record accept a motion to submit this as exhibit one great summary so seconded by Sarah all those in favor say aye aye opposed eyes have it motion to adjourn mr winkelmint first off the line second advice all those in favor say aye aye for your service and for commission meeting