February Investment Committee Meeting

PUBLIC COMMENT PRIOR TO THE MEETING
Email Public Comment: To submit an emailed public comment to the Committee, in advance of the meeting, email Wendy.Serrano@sonomacounty.gov by 7:30 a.m. on February 26, 2026. Please provide your name, the agenda number(s) on which you wish to speak, and your comment. These comments will be provided to the Committee members prior to the start of the meeting.

PUBLIC COMMENT DURING THE MEETING
The public may address the Investment Committee regarding any non-executive session agenda items during the Committee's consideration of the item.  The Committee maintains and reserves the right to take action on any item agendized for discussion.

Public Comment Using Zoom: Members of the public who join the Zoom meeting, either online or by calling in, will be able to provide live public comment for each agenda item, after the Committee and staff have provided their comments.  To provide public comment during the meeting, click or tap the “Reactions” button on the zoom meeting screen and select “Raise Hand” button.  A hand icon will appear next to the attendee’s name, indicating to the host that a comment is intended.

Non-confidential materials distributed with the agenda packet and/or related to an item on this agenda submitted to SCERA after distribution of the agenda packet are available for public inspection electronically.  Please send an email request for non-confidential materials to retirement@sonomacounty.gov.

AGENDA

I.  EXECUTIVE SESSION

Executive Session. Meeting closed pursuant to Government Code section 54957(b) to consider the employment status and evaluation of performance of a SCERA member or members as concerns eligibility for a disability retirement. 

The Disability Committee Chair will report on recommendations made by the Committee at the February 26, 2026, meeting:

A.  Disability Applications:

1.  ANNETTE URIBE, Correctional Deputy II filed 12/24/24 for a service connected disability retirement.

2.  ALEXIS LANDIS, Correctional Deputy I filed 03/05/25 for a service connected disability retirement.

3.  STEPHEN DASSEL, Correctional Deputy II filed 03/20/25 for a service connected disability retirement.

4.  MICHAEL MILLER, Correctional Sargeant filed 04/16/25 for a service connected disability retirement.

5.  JEREMY HOUSER, Deputy Sheriff II filed 05/16/25 for a service connected disability retirement.

The Investment Committee will move out of Executive Session and reopen the meeting to all attendees that were placed in the lobby during the closed session period.

II.  EXECUTIVE SESSION REPORT OUT

III.  MINUTES APPROVAL

January 29, 2026, Investment Committee Meeting Minutes

Recommendation: Approve the January 29, 2026, Investment Committee Minutes.

IV.  PRESENTATIONS

A.  IFM – Investment Director of Infrastructure Timothy Dobney and Executive Director of Business Development Lisa Fridman will provide an organizational update and review the market, performance, and positioning of the Global Infrastructure Fund in which SCERA invests. (60 mins.)

[BREAK] (10 mins.)

B.  Fourth Quarter 2025 Investment Performance Report – Associate Partner Chris Behrns and Consultant Ronak Chitnis, both of Aon Investments, will present. (20 mins.)

V.  INVESTMENT STAFF AND CONSULTANT

A.  Funding New Real Estate Managers LaSalle and Invesco – verbal update (5 mins.)

B.  SCERA Investment Performance Report for January 2026 (10 mins.)

VI.  COMMUNICATIONS (time estimate 0 mins. unless items are identified for discussion)

A. The Wall Street Journal, “Big Tech’s AI Push Is Costing a Lot More Than the Moon Landing”, February 7, 2026.

B. Yahoo!finance, “All the biggest trade deals so far in 2026 don’t involve the US”, January 27, 2026.

C. DoubleLine, “China: Holdings of U.S. Treasuries”, Chart with Data through October 31, 2025.

D. The Wall Street Journal, “Why the Federal Deficit Is Projected to Surge, in Five Charts”, February 19, 2026.

VII.  GENERAL DISCUSSION MATTERS

Opportunity to advise the Investment Committee of new matters and for Committee members to ask questions for clarification, provide information to staff, request staff to report back on a matter, or direct staff to place a matter on a subsequent agenda.

VIII.  PUBLIC COMMENT

Opportunity for public comment on non-agenda items within the jurisdiction of the Investment Committee.

IX.  NEXT MEETING

The next Investment Committee meeting is scheduled for Thursday, March 26, 2026, at 8:30 a.m. Planned topics for this meeting include a presentation by PIMCO. All meetings are held at SCERA in the Board Room at 433 Aviation Boulevard, Suite 100, Santa Rosa, CA, and broadcast via Zoom unless otherwise noted.

X.  ADJOURNMENT