That's Claire Sticker Hall.

Chairman Mayor Spiney.

Chairwoman Slaveria has a city treasure and is absolutely possible.

Mr.

Costello is absent.

Mr.

is absent to service and then present three absently have barrens.

Wonderful.

Thank you.

Welcome everybody.

We've got our friends from Siebel here today, Peter and Julian, who are going to start with item one investment performance analysis for the fund.

Great.

Morning, everybody.

The first document, it's analysis of investment performance reporting with the training system.

Just going to touch on the market environmentally monthly detailed presentation that we will cover today.

Page one just shows you that in the last month in June, kind of a mixed market environment, a little bit of a hotter uh inflation report came out uh for May inflation remember we did it's 4.2 percent.

Uh a lot of that from energy prices uh subsequently, energy's been kind of up and down the line in the uh carnfield in Iran.

Uh there's some selling of technology, magnificent seven stocks to begin with the month.

Bottom line is uh the indexes were mixed, small company stocks did well.

And if you go to three, which is the first page in the retirement system with the world for the period 20th, 2025, you'll see that despite the fact, uh, fourth column to the left that uh large company stocks uh were negative.

The retirement system portfolio had a modest game in the month of June, 90th percent, just ahead of its index.

That's the fourth column from the left and the period, uh left-hand side, upper left-hand side with the market for 652.9 million.

So diversification of the equity portfolio across small cap stocks, international stocks, uh, as well as large cap stocks, uh helped uh what otherwise might have been a choppier month.

And if you look at the sixth and seventh columns in, uh moving in from the left, I know it's a lot of columns to calendar year.

I'll just highlight the numbers, the count year to date return for the retirement system portfolio 8.1%, and your fiscal year return, that's one year.

That's the July to June fiscal year period 14.9 percent.

Trailing the benchmark index uh for reasons that we've cited before, and uh one of those reasons uh this uh actionable is the hedge fund work that we'll be uh addressing in September, uh restructuring that portfolio.

Uh but if you look at the return for the year itself, 14.9%, very strong return.

And if you look at the three and five year manualized returns, 14.2 and 8.1% respectively, matching the index or in the case of five years uh ahead of the index.

So uh strong 12 month period, strong six month period.

Uh in terms of markets as we speak right now, uh the next uh big focus on corporate earnings and the conflict in the land and the Fed inflation, but uh strong period for the pension fund.

Um I'm gonna turn it over to Peter to cover the financial reconciliation where we can focus on uh the important fact of the actual dollars that were gained as a result of that investment concern.

Um, and Peter Lincoln cover SL page as well shortly.

So I'm really on page six uh and the same is fourth.

Um we're gonna show you uh the monthly financial facilities portfolio.

Uh you'll know that with France started the month of June with a little bit over 646 million.

Um there were um net contributions of uh 10 eight million uh in the month of June.

We are expecting more uh in the line of August time period.

Um you'll note that we had a pretty strong positive return as June suggested.

You know how that broke down is closely recorded about 875,000 uh in income was received in the month of June, and we had a very strong uh cap appreciation month where uh the investment returns generated about 5.2 million value month of June.

Uh 652.

Um we'll probably get into this next month when we go over the quarterly results into greater detail.

But um, you know, I would like to highlight it at the end of the fiscal year.

You know, we started this fiscal year with uh a little bit over 526 million dollars.

Uh we ended up at 652 million uh over the course of the trailing 12 months.

The agenda generated about 85 million from the investment portfolio, 75 million in cap depreciation, um, our investment gains, uh, and about 10 million 10 million uh income.

So that's a very good outcome for a fiscal year.

Uh I'll still order, but I thought it was relevant.

Um, any any questions about um the financial reconciliation?

Uh one thing I would highlight is the portfolio, uh, the month and the quarter and the year with uh 19 and we need we are anticipating all cash from um city accogunions to come in July and August, and we will be updating those rates uh portfolio assessments back to all.

So uh that concludes conversation or our discussion of the conventions.

Are there any questions?

Otherwise, I'm gonna move on to the trusts.

Seeing no questions, we're taking a motion to approve, done.

So move second by the councilwoman, sir.

Those in favor say aye.

Okay, aye.

Any opposed?

We'll move on to item two uh with respect to the trust funds.

Okay, so we have the analysis of the performance for the city and province trust funds.

Uh city three.

Um this is actually quite an easy discussion.

Uh this board because the performance for the trust, uh, which we lay out individually and correctively on page three.

Uh, if you look at the month return, we'll see uh the summer returns between 1.6 and 2.8 percent.

And um on a one-year basis, we've seen returns in excess of uh 21.6, largely about 22 uh percent or more.

Um again, these are very good returns, consistent in their conversation, discussion, and pension.

Um there is some great things to report.

Generally, the returns benefited from being overweight equity uh throughout the period for the discussion with equity output for any fixed income that led to added value, uh, risk management perspective.

We've kept cash um regular should be which are minimal and in line with the needs of each individual trust.

Um, and uh you know, risk management generally is adding value.

Um, in contrast, you know, our words report highlight uh we employ a number of managers to implement the investment policy of the trust.

Um act and banning has actually contributed a fair amount of value this last month, this last quarter and staff here.

Uh other than that, uh it's our position very raw unfold.

So uh I'd stop there, see if there are any questions.

Okay.

See none, uh do you know?

I that would be fine.

Okay, we'll take a motion to approve item two, the report on trust funds.

John, second councilman, all those in favor say aye.

Aye, aye.

Any approved the guys have it?

Um here's over the ad no.

Uh uh item three is our vote line to rebalancing and we do not have any discussion or vote on that this month.

So motion to continue item three for the next month's uh agenda group by John second by the councilwoman, or those in favor say aye.

Aye, any opposed, you guys have it.

Uh I'll note for the board's sake.

Um Sarah generally uh provides uh cash flow document.

It is not provided this month because there were no changes.

We will have one next month, um, which will show um, but I would also say just out loud that uh in the month of July we will have made our full pension uh contribution now that the state reimbursement has come in with the state pilot fund, uh, and the finance team continues to do an excellent job of making that payment faster and sooner than ever, and then earning interest on early payments uh early in the fiscal year, which will come uh with our first quarter tax receipts in August.

Does anyone have any other business?

See motion to adjourn.

Second by councilman, all those in favor, so we are.