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City of Pleasanton
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CITY CLERK
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AGENDA PACKETS
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2018
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060518
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5/30/2018 11:34:13 AM
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CITY CLERK
CITY CLERK - TYPE
AGENDA REPORT
DOCUMENT DATE
6/5/2018
DESTRUCT DATE
15Y
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• Collateralized Mortgage Obligations (CMO) <br /> • Commercial Mortgage-Backed Securities (CMBS) <br /> • Corporate debt securities issued by U.S. or foreign entities including, but not limited to, <br /> limited partnerships, equipment trust certificates and enhanced equipment trust <br /> certificates <br /> • Eligible instruments issued pursuant to SEC Rule 144(a) <br /> • Municipal Bonds <br /> With the exception of Debt obligations of the U.S. Government, its agencies, Government <br /> Sponsored Enterprises and US TIPS, the total investment in any fixed income security issuer <br /> shall not exceed 3% of total plan assets. These restrictions do not apply to fixed income funds or <br /> ETFs. <br /> Quality <br /> The portfolio will maintain a minimum weighted average quality of A-at all times. Individual <br /> securities shall have a minimum quality rating of Baa3 by Moody's or BBB- by Standard & Poor's <br /> (S&P). <br /> Duration <br /> The manager will maintain the portfolio duration within +1-25% of the benchmark duration at all <br /> times. <br /> Diversification <br /> • No more than 5% of the portfolio assets may be invested in any individual issuer, with the <br /> exception of securities issued or guaranteed by the U.S. Government, its agencies, and <br /> Government Sponsored Enterprises. <br /> • No more than 10% of the portfolio may be invested in securities issued under Rule 144A. <br /> Performance Benchmarks: <br /> The performance of the total Plan shall be measured over a three and five-year periods. These <br /> periods are considered sufficient to accommodate the market cycles experienced with <br /> investments. The performance shall be compared to the return of the total portfolio blended <br /> benchmark shown below. <br /> Total Portfolio Blended Benchmark <br /> 7.50% S&P500 <br /> 1.50% Russell Mid Cap <br /> 2.50% Russell 2000 <br /> 1.00% MSCI EM FREE <br /> 2.00% MSCI EAFE <br /> 0.50% Wilshire REIT <br /> 52.25% BC US Aggregate <br /> City of Pleasanton Employee Benefit Fund Pension Plan <br /> Investment Guidelines Document—HighMark Capital Management, Inc. <br /> (v. 04-18-2018-RY) 5 <br />
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