Investment Committee Meeting

AGENDA

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.

I. MINUTES APPROVAL

August 28, 2025, Investment Committee Meeting Minutes

Recommendation: Approve the August 28, 2025, Investment Committee Minutes.

II. PRESENTATION (60 minutes)

Reams – Portfolio Manager Clark Holland, Investment Analyst Antonina Tarassiouk, and Client Portfolio Manager Nathan Wong will provide an organizational update and review the market and the positioning and performance of the core plus fixed income portfolio the firm manages for SCERA.

[BREAK] (10 minutes)

III. INVESTMENT STAFF AND CONSULTANT

1. September Rebalancing (5 minutes)
2. Real Estate Portfolio Structure – verbal update (3 minutes)
3. Fixed Income Portfolio Structure – verbal update (2 minutes)

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

1. SCERA Investment Performance Report for August 2025.
2. Bloomberg, “Wharton Gets Record $60 Million Gift to Launch Quant Degree”, September 15,2025.
3. The Economist, “Humanity will shrink, far sooner than you think”, September 11, 2025.
4. The New York Times, “Believe in A.I.? Buy Beaten-Down Value Stocks.”, Sept. 12, 2025.
5. The Economist, “What if the $3trn AI investment boom goes wrong?”, Sept. 11, 2025

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, November 20, 2025, at 9:00 a.m. Planned topics for this meeting include a presentation by State Street Bank and Trust. 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. ADJORNMENT