Pompano Beach General Employees Retirement System

Pompano Beach General Employees Retirement System

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Chairman's Message


A Message from your Chairman

Everyone has heard of the saying, "do not put all of your eggs in one basket".

When it comes to investing, never has there been a truer statement. The City of Pompano Beach General Employee Pension Board trustees make it a point to ensure that the pension fund is well diversified. The process begins by fulfilling our fiduciary responsibility of trustee education. It is this beginning that we learn the importance of a well-diversified portfolio and the concepts of portfolio management.

 The next step in our role of fiduciary responsibilities is to rely on the expertise of a professional investment advisor. This is a person who has many years of experience and resources that monitors and tracks our team of money managers. He assists us in interviewing new managers and constantly reviewing the ones we have now. He advises us on selecting a proper allocation strategy and advises when it is time to adjust that strategy.

 We meet with our advisor a minimum of once a quarter and more often when necessary. He is responsible for continually monitoring the success of the managers and gives us a report card for each manager. We have a face to face meeting with the managers a minimum of once a year. Currently we have a dozen managers that manage and invest our pension and DROP money.

The first in the list of managers is DePrince, Race, and Zollo who manages our Large Cap Value Equity portfolio. A slightly opposing style would be Large Cap Neutral Equity portfolio and is managed by Stralem and Company. The strategy here would be that slightly opposing styles would suggest that one style may be in favor when the other is not and vice versa. Moving along with this same concept we have our Small/Mid Cap Equity portfolio managed by Atlanta Capital and our Mid Cap Growth portfolio managed by Munder Capital.

 We have an index fund made up of the Russell 1000 which is considered a Large Neutral Equity portfolio managed by Rhumbline. In order to capture the international exposure we have invested into three international mutual funds which are American Funds EuroPacific Growth Fund, Oakmark International Fund and Oppenheimer International Growth Fund.

 Moving away from the equity sector and into the fixed income sector we have a Core Bond fund managed by Richmond Capital. We are further diversified in the area of real assets by two funds managed by J. P. Morgan which are the Maritime Fund and the Infrastructure Fund. Completing our diversified portfolio also in the area of real assets we have The Principal U.S. Property Fund which invests in commercial real estate.

So as you can see we do have our eggs divided up into many baskets. We have a well-diversified portfolio in order to ride out the many ebbs and flows in the financial markets.

George Mitchell, Chairman
June 3, 2013

Subsequent articles will be posted on our website www.pompgers.org from time to time.