May Investment Committee Meeting
Date: May 28, 2026
Time: 8:30 - 11:30 a.m.
Location: Zoom Webinar
Santa Rosa, CA
Registration Required: No
Attachments:
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 Michelle.Johnson@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
April 30, 2026, Investment Committee Meeting Minutes
Recommendation: Approve the April 30, 2026, Investment Committee Minutes.
II. PRESENTATIONS
A. Arrowstreet – Anne Luisi, Partner, Portfolio Management and Jon Simon, Senior Director, Relationship Management, will provide an organizational update and review the market, performance, and research for the non-US equity 130/30/40 fund in which SCERA invests. (60 mins.)
[BREAK] (10 mins)
B. First Quarter 2026 Investment Performance Report - Associate Partner Chris Behrns and Consultant Ronak Chitnis, both of Aon Investments, will present. (20 mins.)
III. INVESTMENT STAFF AND CONSULTANT
A. SCERA's Public Equity Proxy Voting Policy
1. Bob McCormick, JD, Executive Director of the Council of Institutional Investors (CII), participating via Zoom, will review proxy voting principles and levels of delegation among institutional investors of various sizes. (30 mins.)
2. Discussion regarding the findings of the Ad hoc Proxy Voting Committee and policy options for voting SCERA’s proxies. (30 mins.)
Recommendation: Take appropriate action.
IV. COMMUNICATIONS (time estimate 0 mins. unless items are identified for discussion)
A. SCERA Investment Performance Report for April 2026.
B. Guggenheim Monthly Commentary, “Economic Outlook and Key Themes”, May 2026.
C. Wall Street Journal, “These Companies Say AI Is Reviving Entry-Level Jobs, Not Killing Them”, May 19, 2026.
D. Financial Times, “Wall Street rebound driven by smallest number of stocks on record”, May 7, 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, June 25, 2026, at 8:30 a.m. Planned topics for this meeting include a presentation by Jacobs Levy regarding the 130/30 US Equity account they manage for the Plan. 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
Public Comment Prior to the Meeting
Email Public Comment: To submit an emailed public comment to the Investment Committee, in advance of the meeting, email retirement@sonomacounty.gov by 7:30 a.m. on the meeting date. 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 agenda item during the Committee's consideration of the item.
Public Comment Using Zoom: Members of the public who join the meeting via Zoom will be able to provide live public comment for each agenda item, after the Investment 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 Andrea.Robles@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.
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