Yeah, we have Callan, our permanent fund managers here, Alex Brownie Yoggs Board.

They've got some presentation information for you all.

We also have online our one of our real estate portfolios, TA Realty.

They're new to the portfolio, and so they're they're here.

Should any questions or whatnot come up?

But uh we'll turn it over to Callan for the majority of the presentation.

If you would, there's a little button on your mic there.

Just go ahead and press that and you'll see it turn red.

There you go.

Okay, we're getting that pulled up.

Uh in the meantime, good evening, ladies and gentlemen, council members.

Great to see you all again.

Uh, my name's Alex Ford, my colleague Alex Browning.

You can call us by our last names, that's fine, however, you want to differentiate us.

But uh, together with the co-consultants for the City of Aldees from Callan.

Uh we're pleased to be here.

This is our I think favorite trip of the year.

Um, so thank you for inviting us to your beautiful city.

Um so we have an update on the permanent fund's performance through the end of June and some commentary around that.

If you do have questions along the way, please stop us, ask them.

Uh, we're happy to dive in deeper wherever helpful.

As a bit of background first, um, you know, for any new council members, just a refresher, uh, who we are, what we're doing here.

Really, that first bullet, I think is very important.

Um, we've been working together since 1997, almost 30 years.

Um, on behalf of Callan, we want to thank you for the long productive partnership and the trust in the team and Cowan broadly.

Um we really enjoy working with the city here.

As a firm, you know, we have some high-level bullet points.

I'm not going to go through everything, but um our company was incepted a little over 50 years ago, 1973.

All we do is investment consulting in one fashion or another.

Um, that's our primary focus.

That's what we do day after day, that's what we wake up uh and get excited about talking to clients like yourselves.

Importantly, um, we're privately owned, and that ownership extends to about two-thirds of our employees.

So we think that's a value add to you all, to our other clients, because everyone's in this boat together.

We're all committed, we're all rowing in the same direction.

A lot of other firms have gone through uh transactions or may have ownership concentrated in a few hands.

Uh we don't have that.

So we're we don't have those distractions.

In the middle panel, a little bit about our experience.

You can see some big numbers there.

We work with over 530 pools of capital, uh, institutional pools across the country, and that amounts to over five trillion uh in combined assets.

Um so we we work with virtually every type of institution you can imagine as a firm, and that gives us you know great insights in in the committee room and discussions about what others may be doing.

Are there any blind spots?

You know, what else should we be considering potentially?

Um then lastly, uh on the right, you can see that we're fully resourced, but a lot of those bullets get to kind of the heart of our organization, which is research.

Everything we do is grounded in research and education, um, really since our our early days in our founding.

So that's a bit about Callan.

Um, what it's like to work with us, and and hopefully this comes through in the committee room.

Um, is that you know we bring together the resources of a large firm, but at heart we really are a small firm.

So we we hope that there's a boutique like nature to the relationship with your staff and your committee.

Um, we're available all the time, we're very collaborative, um, and and that's the way we like to conduct our business.

So that's kind of our firm, just as a quick refresher.

Any questions on that or how we interact with the city and the committee and the staff?

Okay, wonderful.

Um we'll look at the the permanent fund itself now.

If you're really into the meat of the presentation, on page four, um, there's a couple different points we want to make on this page.

The pie charts at the top are intentionally colorful, and what that is indicating is that there's a good amount of diversification built into the asset allocation strategy of the permanent fund.

That's very important, as we'll see in a moment.

Uh by design, it's an all-weather portfolio meant to do well, good times, bad times, and and sideways.

Um, because we can't really predict what's coming down the pike near term, but this is essentially a perpetual pool of capital and designed to uh have that long-term view.

Now the table at the bottom kind of gets into a little more detail about that asset allocation strategy.