March 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 retirement@sonomacounty.gov by 7:30 a.m. on March 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.

ACCOMMODATION: If you have a disability which requires an accommodation, an alternative format, or requires another person to assist you while attending this meeting, please contact the Retirement Office at (707) 565-8100, at least 72 hours in advance to ensure arrangements for accommodations.

The Investment Committee maintains and reserves the right to take action on any item agendized for discussion. Topics are generally ordered by priority and less pressing items may be dropped or postponed if time constraints require. The time estimates for the beginning and ending of the meeting and the individual presentations may be adjusted by the Committee.

AGENDA

I.  MINUTES APPROVAL

February 26, 2026, Investment Committee Meeting Minutes

Recommendation: Approve the February 26, 2026, Investment Committee Meeting Minutes.

II.  PRESENTATIONS

A.  PIMCO – Managing Director and CIO Non-Traditional Strategies Marc Seidner, Senior Vice President-Client Management Matt Clark, and Vice President-Client Management Ross Hutchason will provide an organizational update and review the market, performance, and positioning of the Core Plus fixed income portfolio they manage for SCERA. (60 mins.)

[BREAK] (10 mins.)

B.  Investment Manager AI Use & Governance Survey – Daniel Ingram, Partner – Head of Responsible Investment at Aon Investments, participating via Zoom, will review the
notable results from this Aon survey of managers regarding their use of Artificial Intelligence. (30 mins.)

III.  INVESTMENT STAFF AND CONSULTANT

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

B.  March 2026 Cash Raise (5 mins.)

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

A.  SCERA Investment Performance Report for February 2026.

B.  Chief Investment Officer, “Public Pension Funds are Getting Healthier. Their New Problem: Paying the Bills”, March 4, 2026.

C.  The Economist, “The AI productivity boom is not here (yet)”, February 22, 2026.

D.  Wall Street Journal, “How Kevin Warsh Could Make the Fed Great Again”, February 5, 2026.

E.  Wall Street Journal, “SEC Prepares Proposal to Eliminate Quarterly Reporting Requirement”, March 16, 2026.

V.  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.

VI.  PUBLIC COMMENT

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

VII.  NEXT MEETING

The next Investment Committee meeting is scheduled for Thursday, April 30, 2026, at 8:30 a.m. Planned topics for this meeting include a presentation by UBS Realty regarding the Trumbull Property Fund. 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.

VIII.  ADJOURNMENT