05-05-2011 Special Meeting•
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MIAMI SHORES VILLAGE
POLICE PENSION BOARD
SPECIAL MEETING
May 5,2011
1. CALL TO ORDER
The special meeting of the Miami Shores Village General Employee Pension Board was held on
Thursday, May 5, 2011 at the Miami Shores Community Center. The meeting was called to order at
3:05PM.
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
Al Davis Lieutenant David McLeod JC Rodriguez
Absent
Officer Clifford Vickers
Also Present: Lisa Keeley, Plan Administrator / Recording Secretary
Dave West, Investment Consultant — The Bogdahn Group
3. ELECTION OF CHAIRPERSON
Mrs. Keeley noted that Mr. Loffredo was reappointed to the Board after the recent Village Council
election. Lt. McLeod moved for approval of Mr. Loffredo to continue as Chairperson for the Board. Al
Davis seconded the motion which passed unanimously.
4. PRESENTATION BY LARGE CAP GROWTH MANAGERS
A. WELLS FARGO HERITAGE — John G. Kruger
Mr. Kruger described Wells Fargo as structured in a multi -boutique approach. They have over 25
public pension plans in Florida. Distinguishing characteristics for the Heritage Growth plan
include the 30 year history of investment philosophy and process, the team in dedicated to "pure
growth", information advantage from all cap research expertise and successful sell discipline
highlighting integration of risk management with investment process. Sustainable growth is an
important component of the investment philosophy.
There was a brief question and answer session following the presentation. This included various
inquiries regarding the firm's investment strategies and costs associated with the investment
portfolio.
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Police Pension Board May 5, 2011 Page 2
B. WINSLOW CAPITAL — Raymond J. Urban
Mr. Urban described Winslow Capital's goal is invest in high growth stocks that will outperform
the benchmark Russell 1000 Growth while controlling risk. For a three to five year period,
outperformance should be a minimum of 300 basis points over the benchmark. The manager
focus is on a repeated process that has been successfully tested during periods of volatility. The
company supports a rigorous Sell discipline. Mr. Urban discussed the portfolio characteristics
and management through active share.
There was a brief question and answer session following the presentation. This included various
inquiries regarding the firm's investment strategies by placing the plan in the Investment Trust
and costs associated with the investment portfolio.
5. DISCUSSION AND POSSBILE ACTION REGARDING THE SELECTON OF A NEW
GROWTH MANAGER
Discussion regarding the two growth managers ensued. Mr. West provided input to the various
differences that were presented. After comparing the two, Lt. McLeod made a motion to approve
a contract with Wells Capital contingent upon a waiver of the minimum $80,000 fee, directing the
Consultant to engage Mr. Cypen to negotiate the contract. Mr. Davis seconded the motion which
passed unanimously.
6. APPROVAL OF THE 2009 ANNUAL STATE REPORT
Mrs. Keeley reviewed the annual report. Lt. McLeod moved for approval of the Annual State
Report with a second from Mr. Rodriguez. The vote was unanimous in favor.
7. ADJOURNMENT
The May 5, 2011 special meeting of the Police Pension Board was adjourned at 4:55 PM.
Lisa Keeley, Recording Secretary