11-05-2010 Regular Meeting•
MIAMI SHORES VILLAGE
POLICE PENSION BOARD
REGULAR MEETING
November 5, 2010
1. CALL TO ORDER
The regular meeting of the Miami Shores Village Police Pension Board was held on Friday, November 5,
2010 at the Community Center and was called to order at 8:25 A.M.
2. ROLL CALL
In order for the record to reflect those present, the roll was called with the following members present:
Present
Stephen Loffredo, Chairman
Lieutenant David McLeod Officer Clifford Vickers
Al Davis
Absent
JC Rodriguez
Also Present: Lisa Keeley, Interim Plan Administrator / Recording Secretary
• 3. APPROVAL OF PAYMENT WARRANT — Police Warrant No. 2011— 001
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Mr. Davis moved for approval of payment warrant Police Warrant No. 2011 — 001 as submitted. Lt.
McLeod seconded the motion which was passed unanimously.
4. INVESTMENT MANAGER REPORT — The Boston Company, Matthew Hart
Mr. Hart reported that the funds total market value as of September 30, 2010 was $2,556,621. The total
return for the quarter was 10.35%; with a 0.22% return on equities compared to the Russell 1000 Value of
10.13%. He spoke of the company's dynamic value investment team.
5. INVESTMENT CONSULTANT REPORT — Bogdahn Group, Bryan Bakardjiev & Dave
West
Mr. Bakardjiev introduced Mr. West as the new account consultant. Mr. West discussed the economic
outlook of the plan. Mr. Bakardjiev reviewed the investment manager's returns for the quarter ending
September 30, 2010. The total market value of the fund was $11,904,102, a net increase of $828,982.
The total fund returned 7.67%. The domestic equity portfolio return of 11.30% was under the US Core
Large Cap Equity Median return of 11.53%. The international equity portfolio return of 15.59%, was
below the EAFE Index return of 16.53%. The fixed income portfolio return of 229% was below the US
Broad Market Core Fixed Income Median return of 2.48%. The plan ranked in the eighty-third percentile
compared to all public plans in the Total Fund Median.
Mr. Davis left at this time.
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Police Pension Board November 5, 2010 Page 2
5. INVESTMENT CONSULTANT REPORT — Bogdahn Group, Bryan Bakardjiev & Dave
West - Continued
Mr. Bakardjiev provided a recap of the changes made to the plan over the course of the year including
restructuring the international manager, updating the Investment Policy Statement and negotiating the
fees with Aletheia. He noted that the portfolio is appropriately positioned this quarter.
6. OTHER BUSINESS
There was no other business.
7. ADJOURNMENT
The November 5, 2010 meeting of the Police Pension Board was adjourned at 10:04 AM.
Lisa Keeley, Recording Secretary
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Police Warrant - No. 2011 - 001
For payment from the Village Pension Fund for Police Officer's in the Village of Miami Shores, Florida.
To Chair and Administrator, or such other officers, who from time to time are duly designated and authorized by the Board of
Trustees of said Fund, to sign checks, drafts or orders for the payment of money; You are hereby authorized by the Board of
Trustees of the Miami Shores Village Pension Fund for Police Officer's in Miami Shores Village to pay the amounts listed below
for services rendered to the said Board of Trustees, and to pay the persons named below, hereby certified by the Board of
Trustees as being on the Pension list of said Board by circulation of this warrant, pensions from 09/08/10 to 11/01/10 inclusive,
or for the period of time opposite the name of said persons.
Name (Pensions, Benefits, Services Provided or Obligations) Amount
To be paid by Trustee:
Authorize payment to Aletheia Research and Management, Inc
Quarterly management fees for the period 07/01/10 — 09/30/10
Authorize payment to Boston Company
Quarterly management fees for the period 07/01/10 — 09/30/10
Authorize payment to Cutwater Asset Management
Quarterly management fees for the period 07/01/10 — 09/30/10
Authorize payment to The Bogdahn Group
Quarterly consulting fees for the period 07/01/10 — 09/30/10
Authorize payment to Salem Trust Company
Quarterly fee for period 07/01/10 — 09/30/10
Dated this 5th day of November, 2010 Approved by:
'
ephen Loffreerson
As Chair • f the Board of Trustees Village Pension Fund for
Police Officer's in the Village of Miami Shores, Florida
$ 5,257.41
$ 3,834.93
$ 2,167.43
$ 5,000.00
$ 1,778.82