0.0
Cash 6,154,558
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PUBLIC PRESENTATIONS
Santa Clara Valley Transportation Authority (VTA) Board of Directors
regional • 2026-04-07 • 11:00 AM
HistoricalLast updated: Apr 25, 2026, 12:11 PM
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Date
Tuesday, April 7
Time
11:00 AM
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Agenda
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Reconstructed agenda items • Rebuilt from agenda text because source-provided agenda items were unavailable.
0.1
Domestic Equity 237,928,231 27.9 -0.5 1.1 12.0 17.0 21.0 13.5 13.3
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0.18
Ten-Year 0.57 0.52 0.52 -- Common Period (12/2017) 0.35 0.27 0.29 0.36 1 Time Periods longer than a year are annualized.
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PUBLIC PRESENTATIONS: Excess return measured against VTA Public Credit policy benchmark: 50% Bloomberg US Corporate Index / 25% Morningstar LSTA Leveraged Loan Index / 25% Bloomberg US High Yield 2% Issuer Capped Cash Pay Total Return Index. 16 Santa Clara Val...
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0.2
PIMCO Private Income 11,597,734 1.4 0.0 0.0 4.0 7.9 7.0 -- --
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0.4
Private Debt 79,552,654 9.3 0.1 0.3 4.5 7.6 7.6 7.8 --
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0.5
Global Equity 393,428,568 46.1 1.6 4.9 16.1 24.4 20.5 12.3 12.9
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0.6
Bridge Debt Strategies Fund III, Bridge Debt Strategies Fund V, UBS Trumbull, and Mesirow Financial Private Equity Fund VIII-A are valued quarterly, reported quarter-lagged, and adjusted for cash flows intra-quarter.
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PUBLIC PRESENTATIONS: Effective May 1, 2024, the Policy Index, International Equity Benchmark and Diversified Real Asset Strategic Index were retroactively revised to April 1, 2021 and January 1, 2022 respectively. Performance returns are net of fees. See Benc...
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0.7
Santa Clara Valley Transportation Authority - ATU, Local 265 Pension Trailing Net Performance | As of February 28, 2026 Page 3 of 13
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PUBLIC PRESENTATIONS: Trailing Net Performance Market Value ($) % of Portfolio 1 Mo (%) QTD (%) FYTD (%) 1 Yr (%) 3 Yrs (%) 5 Yrs (%) 10 Yrs (%) Since Inception Inception Date Total ATU Pension 853,754,252 100.0 1.4 3.3 10.4 15.0 12.7 7.8 8.6
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0.8
Domestic Equity 39,619,584 62.2 -0.5 1.1 12.0 17.0 21.5 14.0 15.4
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0.9
Dodge & Cox 121,053,992 14.2 1.9 2.2 6.1 7.4 6.6 2.0 3.8
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1
CALL TO ORDER/ROLL CALL at 11:00 a.m.
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REGULAR AGENDA 5): ROLL CALL: Attendee Name Title Status Grace Ragni Chairperson Present Raj Singh Vice Chairperson Present Michael McKeon Committee Member Absent Ashley Olvera Committee Member Present 11:04AM Michael Smith (Alternate) Committee Member Present...
1.0
CVI Credit Value Fund A V LP 14,746,692 1.7 0.5 1.5 8.8 11.8 9.3 -- --
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1.06
Five-Year 0.09 0.02 0.02
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1.2
SkyBridge 16,756,073 2.0 -4.0 -6.6 -16.3 -23.3 12.6 -3.0 1.0
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1.37
Five-Year 1.13 1.57 1.38
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1.5
Over/Under 0.1 -0.1 -- -- -- -- --
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1.54
Ten-Year 1.50 1.83 1.54 -- Common Period (12/2017) 1.55 1.88 1.68
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1.6
Ten-Year 1.2 0.9 0.9 -- Common Period (12/2017) 1.0 0.5 0.7
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1.8
Apr-21 ICE BofA 1-3 Years U.S.
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PUBLIC PRESENTATIONS: Treasury Index 0.5 0.7 3.0 4.7 4.7 -- --
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10
Chairperson’s Report There was no Chairperson’s Report
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10.1
Over/Under 0.0 0.0 0.0 0.0 0.0 0.7 -1.4 -1.1 iShares Total US Stock Market Index Fund 237,928,231 27.9 -0.5 1.1 12.0 17.0 21.0 -- --
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10.5
Over/Under 0.1 -0.1 -0.7 -0.6 0.3 -- -- 0.2 iShares Core MSCI Emerging Markets ETF 48,738,608 5.7 5.8 14.2 30.1 47.9 21.1 -- --
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10.6
Apr-21 MSCI World ex U.S.
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PUBLIC PRESENTATIONS: IMI Index 4.9 10.1 22.2 37.7 19.7 -- --
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10.9
Over/Under 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 iShares Total U.S.
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PUBLIC PRESENTATIONS: Stock Market Index Fund 39,619,584 62.2 -0.5 1.1 12.0 17.0 -- -- --
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11
Announcements and Communications There were no announcements or communications.
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11.0
Over/Under -0.2 -0.1 -2.0 -3.6 -0.6 -- -- -0.4 MSCI EAFE (Net) 4.6 10.1 20.9 34.6 18.8 -- --
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11.3
Domestic Fixed Income 148,464,879 17.4 1.6 2.0 5.5 6.8 6.2 2.0 3.8
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11.5
Nov-12 MSCI AC World IMI with USA Gross (Net) Index 1.6 4.9 16.8 25.4 20.5 11.6 13.1
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12
Adjourn On order of Chairperson Ragni, there being no objection, the meeting was adjourned at 11:50 a.m.
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PUBLIC PRESENTATIONS: Respectfully Submitted, Rohit Ghai Human Resources Assistant Human Resources Department BOARD MEMORANDUM DATE: March 24, 2026 TO: SCVTA-ATU, Local 265 Pension Plan Board of Pensions, Investment Committee FROM: Michael Malchenko Investment...
12.0
Yes ¢ £ Private Debt 79,552,654 9.3 9.0 0.3 7.0 -
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12.2
Over/Under 0.0 0.0 0.0 0.0 0.0 -- --
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12.3
Apr-21 Russell 3000 Index -0.5 1.1 12.0 17.0 20.9 -- --
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15.0
Yes ¢ £ Private Equity 30,525,298 3.6 4.0 -0.4 0.0 -
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16.1
Over/Under 0.0 0.0 0.0 0.0 -- -- --
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16.2
Apr-24 Russell 3000 Index -0.5 1.1 12.0 17.0 -- -- --
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1959
Aristotle acquire Pacific Asset management from Pacific Life in 2023 at which point the team rebranded to Aristotle Pacific Capital. → As of September 30, 2025, Aristotle Pacific Capital had approximately $30.7 billion in total firm AUM;
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PUBLIC PRESENTATIONS: the Strategic Credit strategy had approximately $4.4 billion in strategy AUM which was incepted in January
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1974
Second, geopolitical tensions intensified on February 28 with coordinated U.S. and Israel airstrikes on Iran.
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PUBLIC PRESENTATIONS: The price of oil moved sharply higher as capital markets around the world responded. The impact of military action is highly dependent on the scope, duration, and ultimate disruption of energy and other meaningful inputs into the world’s...
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2
Summary of RFP Respondents
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2.0
Over/Under 0.0 0.0 -0.1 -0.1 -0.1 -- -- -0.2 Public Credit 49,936,445 5.8 0.5 1.1 4.7 6.8 -- -- --
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2.1
Five-Year 1.1 0.7 0.7
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2.18
Sharpe Ratio Three-Year 0.75 0.71 0.84
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2.3
Nov-25 Private Debt Benchmark -0.1 0.1 -- -- -- -- --
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2004
KKR operates through three primary business segments: Private Markets, Public Markets and Capital Markets.
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PUBLIC PRESENTATIONS: KKR’s primary business lines are augmen ted by operational consultants, advisors, public affairs executives, capital raising executives and macro research professionals. → As of September 30, 2025, KKR's credit business had approximately...
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2008
The Corporate Credit Research group, led by Scott Crocombe, includes 17 analysts in North America and six in Europe.
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PUBLIC PRESENTATIONS: George Khouri oversees trading with three team members. Additionally, there are four securitized credit professionals and four Asia Credit professionals. The broader HPS platform has 250+ investment professionals supporting private market...
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2011
There are currently 29 Brigade employee partners.
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PUBLIC PRESENTATIONS: Founder Donald Morgan is the firm’s largest shareholder. → As of September 30, 2025, Brigade had approximately $27.7 billion in total firm AUM; the Opportunistic Credit strategy had approximately $4.4 billion in strategy AUM. The strategy...
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2012
Team → The Strategic Credit Investment team is led by portfolio managers Brian Robertson, Michael Marzouk and David Weismiller.
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PUBLIC PRESENTATIONS: Mr. Robertson focuses on high yield bonds, Mr. Marzouk focuses on Bank Loans and CLO and Mr. Weismiller focuses on Investment Grade. The portfolio management team averages over 22 years of experience and the credit analyst group averages...
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2013
Mr. DeBonis recently transitioned to portfolio manager for High Income but has been a CLO portfolio manager at Bain for 8+ years.
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PUBLIC PRESENTATIONS: Investment Philosophy → Bain believes that the credit asset class exhibits an asymmetric potential return profile with limited upside in most markets and a downside of zero. Like many asset classes, sentiment moves to extremes. They belie...
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2015
Team → The investment team is led by Steve Tananbaum, who has 38 years of investment experience and 24 years at the firm.
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PUBLIC PRESENTATIONS: Senior portfolio managers oversee investments in structured credit, high yield, bank loans, and CLOs. Other high level decision makers are high yield and bank loan portfolio manager, Lee Kruter, and structured credit portfolio manager, Jo...
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2017
As of September 30, 2025, ICG had approximately $124 billion in total firm AUM; the Global Total Credit strategy had approximately $3.0 billion in strategy AUM ($958 million in the GTC Fund).
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PUBLIC PRESENTATIONS: Team → The investment team responsible for the proposed strategy is ICG’s Credit Fund Management team (CFM). CFM is responsible for over $17 billion in assets under management senior secured loans, high yield bonds, and structured credit....
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2023
He explained that Credit Suisse had decided to stop sponsoring indices, and in the transition, UBS attempted to commercialize the index by changing its methodology.
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PUBLIC PRESENTATIONS: This led to significant concerns regarding transparency, specifically the ability to see how the index is put together and what it holds—as well as increased costs, as these indices are not free and are paid for through the custodian and...
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2024
As part of the transaction, BlackRock’s existing p rivate credit, collateralized loan obligation, and GP/LP solutions businesses were integrated into HPS.
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PUBLIC PRESENTATIONS: The HPS senior leadership team has taken full managerial responsibility for the combined credit enterprise. → As of September 30, 2025, HPS had approximately $171 billion in total firm AUM; the Institutional Credit Fund had approximately...
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2025
The private credit allocations are generally short maturity investments to existing broadly syndicated issuers.
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PUBLIC PRESENTATIONS: Performance → GoldenTree Multi-Sector outperformed the blended HY/Lev Loan Index on a gross basis over all trailing periods, with gross excess returns of 1.3%, 1.7%, 1.7%, and 1.4% over the 1-, 3-, 5-, and 10-year periods, respectively (Q...
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2026
The plan achieved a 1.9% positive return for the month, outperforming the policy index of 1.8%.
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PUBLIC PRESENTATIONS: He highlighted that all portfolios are within their target ranges and emphasized strong annualized returns of 11.4% over the three-year period, with inception returns ranging from 7.2% to 8.4%. For the Spousal Medical Trust, Mr. Sancewich...
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2027
He reviewed a performance checklist, confirming that the plan met its goals for available cash and exceeded the 6.75% actuarial assumed rate by a significant margin.
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PUBLIC PRESENTATIONS: Regarding risk, the portfolio was highly efficient, ranking in the 12th percentile for its Sharpe ratio over the last five years. During the committee discussion for this item, Chairperson Gracita Ragni noted that the Sharpe ratio has rem...
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29.0
Yes ¢ £ Public Credit 49,936,445 5.8 6.0 -0.2 0.0 -
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3
Summary of Evaluation and Scoring
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3.3
Over/Under 0.2 0.4 1.1 1.2 1.2 1.4 1.6
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3.5
Jan-16 HFRI Fund of Funds Composite Index 1.1 3.0 10.6 12.8 9.1 5.3 5.6
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3.6
Bloomberg US Corporate Investment Grade Index - 7.8 6.1 -0.1 3.3 1 Inception date noted is the inception date of the product/composite provided by managers through eVestment.
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PUBLIC PRESENTATIONS: The inception date of the products may be different. 2 2009 inception represents the broader Opportunistic Credit Strategy; the High Income Mutual Fund incepted May 2023. 4 Santa Clara Valley Transportation Authority Multi-Asset Credit Ma...
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3.9
Over/Under 0.2 0.5 1.1 1.1 1.5 1.6 1.8 0.9 iShares 1-3 Year Treasury Bond ETF 27,410,888 3.2 0.5 0.7 2.9 4.6 4.6 -- --
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4
Minutes of February 3, 2026 M/S/C (Smith/R.
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PUBLIC PRESENTATIONS: Singh) to approve the Consent Agenda.
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4.0
Public Credit 49,936,445 5.8 0.5 1.1 4.7 6.8 -- -- --
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4.1
Sep-04 Blmbg.
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PUBLIC PRESENTATIONS: U.S. Aggregate Index 1.6 1.7 5.0 6.3 5.1 0.4 2.0
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4.49
Change -0.63 -0.64 -0.66 -0.61 -0.61 -0.59 -0.52 -0.42 -0.27 0.02
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PUBLIC PRESENTATIONS: 0.12 CLIMATE IMPACT: No climate impacts. MEKETA.COM Performance Update Santa Clara Valley Transportation Authority- ATU, Local 265 Pension As of February 28, 2026 Agenda Item #5 Policy Current 1.0% 0.7% 4.0% 3.6% 10.0% 5.8% 5.0% 5.4% 6.0%...
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4.7
Sep-10 NCREIF ODCE Net 0.0 0.0 1.2 2.9 -4.3 2.5 3.9
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4.8
Nov-98 Blmbg.
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PUBLIC PRESENTATIONS: U.S. Aggregate Index 1.6 1.7 5.0 6.3 5.1 0.4 2.0
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4.9
Nov-98 Domestic Fixed Income Benchmark 1.4 1.6 4.6 6.0 5.1 0.7 2.1
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49.0
Yes ¢ £ Domestic Fixed Income 148,464,879 17.4 17.0 0.4 11.0 -
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5
Receive January 2026 Preliminary Performance Report David Sancewich from Meketa presented the Preliminary reports for both the pension and medical plans.
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PUBLIC PRESENTATIONS: For the ATU Pension Plan, Mr. Sancewich reported an aggregate value of $845 million as of January 31,
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5.0
Yes ¢ £ Total ATU Pension 853,754,252 100.0 100.0 0.0 ¢ £ Santa Clara Valley Transportation Authority - ATU, Local 265 Pension Asset Allocation Compliance | As of February 28, 2026 Public Credit Benchmark consists of 1.5% US High Yield
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PUBLIC PRESENTATIONS: Corporate Bonds (range: 0%-3%), 3% US Corporate Bonds (range: 0%-6%), and 1.5% US Leveraged Loans (range: 0%-3%). Page 2 of 13 Asset Class Performance Summary Market Value ($) % of Portfolio 1 Mo (%) QTD (%) FYTD (%) 1 Yr (%) 3 Yrs (%) 5...
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5.1
Real Asset 46,061,212 5.4 7.6 13.9 21.7 27.3 11.5 8.5 --
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5.4
Over/Under 0.5 1.0 2.4 2.8 1.8 3.5 1.1
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5.5
Jun-21 Private Debt Benchmark -0.1 0.1 4.3 7.2 10.0 -- --
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5.7
Over/Under 0.0 -0.2 -1.9 -3.1 -0.6 0.3 0.2 0.6 iShares MSCI EAFE International Index Fund 106,761,728 12.5 4.7 10.0 20.2 34.0 19.1 -- --
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5.8
Over/Under -0.1 0.1 0.1 0.0 -- -- -- 0.4 iShares Broad USD Investment ETF 25,241,135 3.0 1.2 1.5 5.0 6.7 -- -- --
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5.9
Loomis Sayles Credit Asset 03/16/2009 7.4 7.1 2.7 5.2 50% Bloomberg US Corp IG / 25% Bloomberg US Corp HY 2% Cap / 25% Morningstar LSTA Lev Loan Index - 7.5 7.9 2.7
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50.0
Yes ¢ £ Cash 122,891 0.2 1.0 -0.8 0.0 -
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6
Receive December 2025 Quarterly Performance Report Mr.
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PUBLIC PRESENTATIONS: Sancewich presented the performance results for the calendar year ending December 31, 2025, noting that every capital market except NAREIT was positive by a significant margin. The ATU Pension Plan's performance was specifically bolstered...
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6.2
Aug-24 Blmbg.
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PUBLIC PRESENTATIONS: U.S. Corporate Index 1.3 1.4 5.0 6.6 -- -- --
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6.3
Brigade High Income Fund 03/01/2009 2 7.4 11.3 6.9
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6.4
Private Debt 79,552,654 9.3 0.1 0.3 4.5 7.6 7.6 7.8 --
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6.5
Feb-18 Diversified Real Asset Strategic Index 6.6 13.9 21.6 27.9 12.8 9.3 8.1
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6.6
Over/Under 0.6 1.4 4.6 4.6 -0.7 -- -- 0.6 50 South Private Credit Fund, LP 13,278,765 1.6 0.0 0.0 2.3 4.1 9.8 -- --
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6.7
Global Equity 393,428,568 46.1 1.6 4.9 16.1 24.4 20.5 12.3 12.9
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6.8
Absolute Return 50,342,698 5.9 -0.3 0.2 1.0 -1.6 11.3 2.6 3.7
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7
Receive 2026 Capital Market Expectations Mr.
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PUBLIC PRESENTATIONS: Malchenko introduced the item by stating that this annual report kicks off the process for reviewing asset allocation to ensure it meets the primary objective of funding long-term liabilities. He noted that since 90% to 95% of returns are...
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7.0
Yes ¢ £ Real Estate 49,287,940 5.8 10.0 -4.2 5.0 -
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7.1
Aug-24 Public Credit Benchmark 0.5 0.6 4.1 6.1 -- -- --
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7.2
Private Equity 30,525,298 3.6 0.0 0.0 7.3 12.6 5.6 -- --
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7.3
Oct-98 Policy Index 1.3 3.2 10.0 14.7 12.0 7.6 8.7
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7.4
Over/Under 0.1 -0.1 0.8 1.3 -1.7 -- --
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7.5
Nov-19 Private Debt Benchmark -0.1 0.1 4.3 7.2 10.0 6.6 --
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7.6
Mar-22 Private Debt Benchmark -0.1 0.1 4.3 7.2 10.0 -- --
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7.8
Nov-19 Private Debt Benchmark -0.1 0.1 4.3 7.2 10.0 6.6 --
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7.9
Aug-24 Blmbg.
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PUBLIC PRESENTATIONS: U.S. High Yield - 2% Constrained 0.2 0.7 4.6 7.2 -- -- --
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70.0
Yes ¢ £ Domestic Fixed Income 23,937,072 37.6 39.0 -1.4 30.0 -
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8
Approve Public Credit Benchmark Change Recommendation Mr.
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PUBLIC PRESENTATIONS: Malchenko introduced the item by presenting two memos—one from Meketa Investment Group and one from himself—recommending a change in the policy index for the credit asset class. The proposal requested substituting the S&P/UBS Leveraged Lo...
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8.0
Yes ¢ £ Cash 6,154,558 0.7 1.0 -0.3 0.0 -
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8.1
Over/Under -0.3 -0.1 -0.3 -0.3 -- -- -- -0.2 iShares Broad USD High Yield Corp Bond ETF 24,695,310 2.9 -0.1 0.6 4.3 6.9 -- -- --
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8.9
Sep-04 Policy Index 0.4 1.3 9.1 12.7 14.8 8.7 10.1
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9
Requests for Future Agenda Items.
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PUBLIC PRESENTATIONS: There were no requests for Future Agenda Items.
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9.0
Yes ¢ £ Real Asset 46,061,212 5.4 5.0 0.4 3.0 -
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PUBLIC PRESENTATIONS
IC
The US Leveraged Credit IC approves or removes credits for their approved credit list.
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PUBLIC PRESENTATIONS: The Portfolio Management Committee (PMC) has direct oversight and monitoring of process and approval of key limits and allocations. → Sponsor due diligence is an important component of the investment process, particularly for sponsored cr...
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M
Bass, a Texas-based investor.
Reconstructed
PUBLIC PRESENTATIONS: OHA is a credit specialist focused on high yield bonds, leveraged loans, private lending, distressed investments and structured products. On October 28, 2021, Baltimore-based T. Rowe Price Group (NASDAQ: TROW) agreed to acquire 100% of OH...
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2004.s
KMAC’s investment strategy is a diversified credit strategy that can invest primarily across bank loans, high yield bonds, structured credit, asset backed securities and convertible bonds in the US and Europe.
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PUBLIC PRESENTATIONS: The investment objective of KMAC is to generate consistent income across a diversified pool of assets with additional upside via capital appreciation. Investment Process → The team works closely with the Global Macro and Asset Allocation...
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