0.0
Cash 6,248,418
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PUBLIC PRESENTATION
Santa Clara Valley Transportation Authority (VTA) Board of Directors
regional • 2026-03-10 • 11:00 AM
HistoricalLast updated: Apr 25, 2026, 12:11 PM
Agenda + causes
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Date
Tuesday, March 10
Time
11:00 AM
Location
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Reconstructed agenda items • Rebuilt from agenda text because source-provided agenda items were unavailable.
0.03
International Equity 0.05 iShares MSCI EAFE International Index Fund 0.04 % of Assets 0.04 iShares Core MSCI Emerging Markets ETF 0.09 % of Assets
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Q4 2025
0.04
Private Debt
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Q4 2025
0.09
Domestic Fixed Income
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Q4 2025
0.1
Domestic Equity 241,605,018 28.6 1.6 12.5 15.3 20.2 15.2 13.4
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PUBLIC PRESENTATION
0.14
Cash - First American Treasury Obligations Fund Class Z 0.18 % of Assets
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Q4 2025
0.15
Public Credit 0.06 iShares Broad USD High Yield Corp Bond ETF (USHY) 0.08 % of Assets 0.08 iShares Broad USD Investment ETF (USIG) 0.04 % of Assets
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Q4 2025
0.18
Total ATU Pension
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Q4 2025
0.2
PIMCO Private Income 11,836,367 1.4 0.0 4.0 7.9 7.0 -- --
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PUBLIC PRESENTATION
0.20
Dodge & Cox 0.40 % of First $10 M 0.30 % of Next $25 M 0.20 % of Next $25 M 0.15 % of Next $65 M 0.12 % of Next $575 M 0.10 % Thereafter 0.21 iShares 1-3 Year Treasury Bond ETF 0.15 % of Assets
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Q4 2025
0.3
Cash Account 44,118
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PUBLIC PRESENTATION
0.32
Diversified Real Assets Tracking Error 3.00% - 5.00% 1.78% → Note: Private asset risk control includes pacing plans, strategy diversification, geographic diversification, vintage year diversification as outlined in the investment policy. →
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Q4 2025: Correlation is measured on a scale of - 1 to +1. A measurement of “+1” indicates perfect correlation (as one variable increases, the other also increases), “0” means there is no correlation (no relationship between the variables), and “ - 1” indicates...
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0.38
ATU, Local 265 Pension Actuarial Rate of Return 6.75% 1 Risk and Return Expectations are derived from Meketa’s 2026 Capital Market Expectations. 2 Asset allocation approved by the Board on November 14,
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Q4 2025
0.4
Santa Clara Valley Transportation Authority - ATU, Local 265 Pension Total Fund | 1 Year Ending December 31, 2025 Page 26 of 42
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Q4 2025: Attribution Summary Chart Selection Effect Allocation Effect Total Effects 0.0% 0.3% 0.6% 0.9% 1.2% -0.3 % -0.6 % -0.9 % Cash Private Equity Real Estate Real Asset Public Credit Private Debt Absolute Return Domestic Fixed Income Global Equity Total AT...
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0.5
Global Equity 389,399,543 46.0 3.2 14.2 21.9 18.7 12.9 12.7
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PUBLIC PRESENTATION
0.50
CVI Credit Value Fund A V LP Performance Based 1.10 % and 20.00 % 1.10 50 South Private Credit Fund, LP 0.75 % of Assets
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Q4 2025
0.55
Mesirow Financial Private Equity Fund VIII-A Performance Based 0.55 % and 10.00 %
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Q4 2025
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 PRESENTATION: 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 Bench...
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0.7
Santa Clara Valley Transportation Authority - ATU, Local 265 Pension Trailing Net Performance | As of January 31, 2026 Page 3 of 13
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PUBLIC PRESENTATION: Trailing Net Performance Market Value ($) % of Portfolio 1 Mo (%) FYTD (%) 1 Yr (%) 3 Yrs (%) 5 Yrs (%) 10 Yrs (%) Since Inception Inception Date Total ATU Pension 845,914,045 100.0 1.9 8.8 13.9 11.4 8.1 8.4
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0.72
NCREIF ODCE Net 3.40 7.47 0.00 - 0.06 0.00
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Q4 2025
0.75
PIMCO Private Income Fund D Class Performance Based 1.25 % and 12.50 %
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Q4 2025
0.79
NCREIF ODCE Net -3.45 4.16 0.00 - -1.91 0.00
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Q4 2025
0.8
Private Equity 30,525,298 3.6 0.0 7.3 12.6 5.6 -- --
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PUBLIC PRESENTATION
0.80
Principal Diversified Real Asset 0.80 % of Assets
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Q4 2025
0.85
Corbin Private Credit Manager Fund, L.P. 0.50 % of Assets
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Q4 2025
0.87
Bridge Debt Strategies Fund III, LP Performance Based 1.00 % and 15.00 %
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Q4 2025
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0.88
Real Asset
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Q4 2025
0.9
Dodge & Cox 118,823,500 14.0 0.4 4.1 7.9 5.1 1.4 3.6
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PUBLIC PRESENTATION
0.99
UBS Trumbull 0.96 % of First $10 M 0.83 % of Next $15 M 0.81 % Thereafter
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Q4 2025
1
CALL TO ORDER at 11:02 a.m.
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ROLL CALL: Attendee Name Title Status Raj Singh Chairperson Present Naunihal Singh Vice Chairperson Present Jesse Arechiga Board Member Absent Dashpinder Gill (Alternate) Board Member Present Jesus Iboa Board Member Absent Jenny Le-Christensen Board Member Pre...
1.0
CVI Credit Value Fund A V LP 14,670,488 1.7 1.0 8.3 12.2 9.6 -- --
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PUBLIC PRESENTATION
1.00
Domestic Fixed Income 5.91 (35) 5.20 (58) 0.68 (2) 1.76 (3) 0.23 (41) 1.21 (37) 0.99 (62) Domestic Fixed Income Benchmark 4.65 (75) 5.19 (58) 0.00 - -0.01 (74) 0.00
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Q4 2025
1.02
Lighthouse 1.10 % of Assets
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Q4 2025
1.1
SkyBridge 17,454,430 2.1 -2.8 -12.8 -18.1 14.1 -1.1 1.2
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PUBLIC PRESENTATION
1.10
SkyBridge 0.88 % of Assets
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Q4 2025
1.2
Feb-16 HFRI Fund of Funds Composite Index 2.0 9.6 11.1 8.5 5.7 5.3
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PUBLIC PRESENTATION
1.25
Corbin Private Credit II 0.50 % of Assets
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Q4 2025
1.3
Over/Under 1.5 -- -- -- -- -- --
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Q4 2025
1.4
Sharpe Ratio 0.4 0.8 1.2 1.6 2.0
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Q4 2025
1.5
Feb-16 HFRI Fund of Funds Composite Index 1.2 3.1 7.4 10.4 8.5 5.1 --
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Q4 2025
1.50
Private Equity
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Q4 2025
1.6
Over/Under -0.2 -- -- -- -- --
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PUBLIC PRESENTATION
1.7
Apr-21 ICE BofA 1-3 Years U.S.
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PUBLIC PRESENTATION: Treasury Index 0.2 2.5 4.9 4.3 -- --
Public comment item
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1.9
Over/Under 0.0 -0.1 -0.1 -0.2 -- -- -0.2 Public Credit 49,903,954 5.9 0.5 4.1 7.8 -- -- --
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PUBLIC PRESENTATION
10
Approve Private Real Estate Manager Search Process: Scope, MQ’s, Evaluation Criteria Mr.
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PUBLIC PRESENTATION: Malchenko presented a recommendation to initiate a search for a non-core private real estate manager, a move dictated by the annual strategic plan to keep pace with the Board's asset allocation as the trust grows. Currently, the plan calls...
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10.0
Return 6.0 8.0 10.0 12.0
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Q4 2025
10.1
Over/Under 0.0 0.0 0.0 0.0 0.0 1.8 -1.5 -1.1 iShares Total US Stock Market Index Fund 239,717,292 28.7 0.0 2.4 10.8 17.1 22.3 -- --
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Q4 2025
10.2
Over/Under 0.0 0.0 0.0 0.0 1.7 -1.4 -1.1 iShares Total US Stock Market Index Fund 241,605,018 28.6 1.6 12.5 15.3 20.2 -- --
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PUBLIC PRESENTATION
10.5
May 16-17. 2026 Sat-Sunady In Person, Las Vegas NCPERS Advanced Fiduciary Institute 13 May 17-20, 2026 Sun-Wed In Person, Las Vegas NCPERS Annual Conference & Exibition
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PUBLIC PRESENTATION
10.9
Over/Under -11.3 18.5 6.3 -17.6 5.5 -13.2 Real Asset 42,592,023 5.1 14.7 3.1 3.3 -6.1 17.4
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Q4 2025
11
Approve 2026 Private Credit Pacing Recommendation Building on the private credit education session held last month, Mr.
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PUBLIC PRESENTATION: Malchenko and Meketa recommended a commitment of up to $16 million to the private credit asset class for the 2026 vintage year. This recommendation is based on a pacing analysis that ensures the trust reaches and maintains its strategic as...
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11.0
Sep-04 Domestic Equity Benchmark 1.6 12.5 15.3 20.7 14.8 15.5
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PUBLIC PRESENTATION
11.1
Over/Under -0.2 -0.6 -0.2 0.0 1.1 -0.3 -0.1
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Q4 2025
11.2
Nov-12 MSCI AC World IMI with USA Gross (Net) Index 3.3 11.3 22.4 20.3 11.0 14.0 11.8
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Q4 2025
11.3
Domestic Fixed Income 146,171,775 17.3 0.3 3.8 7.3 4.9 1.4 3.6
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PUBLIC PRESENTATION
11.4
Nov-12 MSCI AC World IMI with USA Gross (Net) Index 3.3 14.9 22.4 18.7 11.8 12.9
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PUBLIC PRESENTATION
12
Receive Overview Regarding Senate Bill 707 Mr.
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PUBLIC PRESENTATION: Richeda provided a comprehensive legislative update on SB 707, which amends several sections of the Brown Act. He reminded the Board that the Brown Act is a micromanaged set of rules reflecting California's commitment to transparent govern...
12.0
Yes ¢ £ Private Debt 79,897,690 9.4 9.0 0.4 7.0 -
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PUBLIC PRESENTATION
12.4
Over/Under 0.0 0.0 0.0 0.0 0.0 -- --
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Q4 2025
12.5
Apr-21 Russell 3000 Index 0.0 2.4 10.8 17.1 22.2 -- --
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Q4 2025
12.6
Apr-21 Russell 3000 Index 1.6 12.5 15.3 20.2 -- --
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PUBLIC PRESENTATION
12.75
Continuing Education (CE) hours applicable toward your Accredited Fiduciary (AF) recertification and, where applicable, state-mandated continuing education requirements.
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PUBLIC PRESENTATION: Earned CE credits are automatically recorded in your NCPERS membership account following the event and are available for download as a CE report. NCPERS is an accredited Minimum Educational Training (MET) for Texas public retirement system...
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13
Receive and File Spousal Medical Fund and Retiree Vision/Dental Fund Reports for Quarter end December 31, 2025 Member Ragni directed the Board to the financial statements for the quarter ending December 31, 2025, regarding the Spousal
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PUBLIC PRESENTATION: Medical and Retiree Vision/Dental funds. The reports provide a snapshot of the financial condition and net position of these divisions. Member Ragni noted that the funds remain in good standing, following the earlier investment report from...
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14
Receive 2026 Board Agenda Timelines Fanny Mata, Senior HR Analyst, presented the timelines for agenda item submissions, emphasizing the need for strict adherence as the Board moves to MinutgeTraq software.
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PUBLIC PRESENTATION: This software ensures all packets are ADA-compliant. The deadline for agenda items will remain the Wednesday before the meeting. Board of Pension Page 6 of 7 February 10, 2026 Summary Minutes
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14.0
Standard Deviation 0.0 0.2 0.4 0.6
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Q4 2025
14.4
Over/Under -5.0 -1.6 -5.5 4.5 3.3 -7.2 Global Equity 379,782,738 45.5 22.2 16.5 22.4 -17.9 24.1
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Q4 2025
14.5
Friday, May 29, 2026 9:00AM-11:00AM Virtual CALAPRS Trustees Round Table 2 July 13-15, 2026 Mon-Wed In Person, Chicago With Intelligence Private Equity Exclusive 16 August 24-27, 2026 Mon-Thurs In Person, Santa Barbara CALAPRS Principles
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PUBLIC PRESENTATION: of Pension Governance for Trustees 24 Friday, October 2, 2026 9:00AM-11:00AM Virtual CALAPRS Trustees Round Table 2 Friday, October 16, 2026 9:00 AM-11:00AM Virtual CALAPRS Investments Round Table 2 Friday, October 23, 2026 9:00 AM-11:00AM...
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15
Receive Update on Separated Employees’ Distribution Received update on separated employees’ distribution.
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PUBLIC PRESENTATION
15.0
Yes ¢ £ Private Equity 30,525,298 3.6 4.0 -0.4 0.0 -
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PUBLIC PRESENTATION
16
Receive Update on Pending Final Benefit Payments of Contributions Received update on pending final benefit payment of contributions.
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PUBLIC PRESENTATION
16.6
Over/Under -0.2 -0.2 0.5 0.3 5.6 -7.0 Domestic Fixed Income 145,646,901 17.5 7.6 2.9 7.3 -9.3 -1.0
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Q4 2025
16.8
Friday, May 1, 2026 8:00AM - 12:00PM Virtual CALAPRS Overview Course in Retirement Plan Administration 4 May 12-15, 2026 Tues-Fri In Person, Olympic Valley SACRS Spring Conference 2026 19 May 16-17. 2026 Sat-Sunday In Person, Las Vegas
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PUBLIC PRESENTATION: NCPERS Trustee Essentials Training
17
Investment Committee Chairperson’s Report.
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PUBLIC PRESENTATION: Member Ragni had no additional report but thanked Member Olvera for chairing the previous meeting in her absence.
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17.2
Over/Under 0.0 0.0 0.0 -- -- --
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PUBLIC PRESENTATION
17.3
Apr-24 Russell 3000 Index 1.6 12.5 15.3 -- -- --
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PUBLIC PRESENTATION
18
Review Board of Pensions Work Plan Member Olvera suggested moving the election of the Chairperson and Vice Chairperson from December to November to allow for a "cushion month" for transition and discussion.
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PUBLIC PRESENTATION: Staff will look into if the suggestion is possible under the Brown Act.
Public comment item
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19
Consider Requests for Future Agenda Items.
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PUBLIC PRESENTATION: The Board re- iterated Member McKeon’s request to r eview of Board Travel and Reimbursement Policy. Member Le-Christensen requested a future item on Digitizing Retirement Records be brought to the Board, by staff.
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2.0
Over/Under -0.9 10.2 17.7 3.7 -- -- --
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Q4 2025
2.2
Over/Under -1.8 -1.4 -1.3 -1.2 1.4
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Q4 2025
2.3
Nov-25 Private Debt Benchmark 0.2 -- -- -- -- --
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PUBLIC PRESENTATION
2.4
Sortino Ratio 3 Yrs (%) 3 Yrs (%) 3 Yrs (%) 3 Yrs (%) Total ATU Pension 12.4 (45) 6.8 (17) 1.1 (13) 2.0 (12) ¢ £ Policy Index 11.8 (60) 6.6 (14) 1.0 (22) 1.8 (20) Passive Reference Benchmark 16.4 (1) 9.7 (93) 1.1 (5) 2.1 (6) p r 5th
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Q4 2025: Percentile 14.8 5.6 1.1 2.1 1st Quartile 13.1 7.2 1.0
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2.6
Absolute Return 50,696,598 6.1 -0.9 27.6 12.4 -22.9 11.6 -2.4 HFRI Fund of Funds Composite Index 10.4 9.2 6.1 -5.3 6.2
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Q4 2025
2.7
Public Credit 49,650,562 6.0 8.3 -- -- -- -- -- Public Credit Benchmark 8.5 -- -- -- -- -- Over/Under -0.2 -- -- -- -- -- Private Debt 80,451,875 9.6 7.6 9.4 6.4 2.3 13.5
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Q4 2025
20
Receive Chairperson’s Report.
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PUBLIC PRESENTATION: There was no Chairperson’s Report.
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20.0
Return (%) QTD (%) 1 Yr (%) 3 Yrs (%) 5 Yrs (%) 7 Yrs (%) 10 Yrs (%) 20 Yrs (%) Total ATU Pension 1.9 (51) 13.7 (45) 12.4 (45) 7.7 (23) 8.8 (72) 7.9 (69) 7.1 (34) ¢ £ Policy Index 2.4 (19) 13.3 (53) 11.8 (60) 7.5 (34) 9.3 (61) 8.0 (64) 6.8
Reconstructed
Q4 2025: (57) Passive Reference Benchmark 2.8 (6) 18.7 (1) 16.4 (1) 8.2 (9) 10.8 (5) 9.0 (15) 7.2 (28) p r 5th Percentile 2.8 15.8 14.8 8.3 10.7 9.3 7.8 1st Quartile 2.2 14.6 13.1 7.6 10.1 8.8
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2023
Page 7 of 42
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Q4 2025: Total ATU Pension vs. InvMetrics Public DB $250M - $1B 0.0 4.0 8.0 12.0 16.0
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2025
PME represents the public market equivalent policy benchmark.
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Q4 2025: Net Multiple = NAV ÷ Contributions Paid-in capital (PIC) = Capital Invested ÷ Total Capital Committed Distributed to paid-in (DPI) = Cumulative Distributions ÷ Total Capital Invested Residual value to paid-in (RVPI) = Net asset value ÷ Total Capital I...
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2026
This is a fantastic opportunity to build your professional network and immerse yourself within the SACRS community.
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PUBLIC PRESENTATION: This breakfast is intended for first-time conference attendees and new members only. 7:30 AM - 8:30 AM LOCATION: Alpine B INVESTMENT BREAKOUT – Closed Session 7:30 AM - 6:00 PM LOCATION: Sierra Prefunction SACRS REGISTRATION 8:30 AM - 9:00...
21
Announcements and Communications Chairperson R.
Reconstructed
PUBLIC PRESENTATION: Singh announced that Member Jesus Iboa will no longer serve as a pension member on the Board. His position will be filled by current alternate member Jesse Arechiga. The Board will look to fill the resulting vacancy for the alternate posit...
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22
Adjourn On order of Chairperson R.
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PUBLIC PRESENTATION: Singh, there being no objection, the meeting was adjourned at 12:03 p.m. Board of Pension Page 7 of 7 February 10, 2026 Summary Minutes Respectfully Submitted, Sabrina Ghashehbaba Human Resources Assistant Human Resources Department Traini...
23.0
Return 2.0 4.0 6.0
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Q4 2025
2833
Mr. Malchenko confirmed that the solicitation specifically requires managers to support legally mandated reporting obligations for public funds within California, including monthly and quarterly fee disclosures.
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PUBLIC PRESENTATION: The evaluation will be weighed 25% on qualifications and experience, 20% on philosophy and process, 20% on strategy, 25% on performance, and 10% on fees. M/S/C (Ragni/Olvera) to approve the Private Equity Manager Search Process: Scope, MQs...
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29.0
Yes ¢ £ Public Credit 49,903,954 5.9 6.0 -0.1 0.0 -
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PUBLIC PRESENTATION
3.0
Sharpe Ratio 0.0 2.0 4.0 6.0
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Q4 2025
3.1
Expected Rate of Return (%) -- 6.3
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Q4 2025
3.2
Over/Under 0.2 0.9 1.2 1.2 1.4 1.5
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PUBLIC PRESENTATION
3.6
Jan-16 HFRI Fund of Funds Composite Index 2.0 9.6 11.1 8.5 5.7 5.3
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PUBLIC PRESENTATION
3.9
Public Credit 49,903,954 5.9 0.5 4.1 7.8 -- -- --
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PUBLIC PRESENTATION
4
Approve Minutes of January 13, 2026.
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PUBLIC PRESENTATION
4.0
Sep-04 Blmbg.
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PUBLIC PRESENTATION: U.S. Aggregate Index 0.1 3.3 6.8 3.6 -0.2 1.9
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4.1
Apr-21 MSCI Emerging Markets IMI (Net) 2.7 4.3 14.6 31.4 16.3 -- --
Reconstructed
Q4 2025
4.2
Median 13.4 5.3 1.7 3.2 3rd Quartile 12.0 5.9 1.5 2.6 95th Percentile 10.2 7.1 1.0
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Q4 2025
4.3
Public Credit 6 5.1
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Q4 2025
4.7
Sep-10 NCREIF ODCE Net 0.0 1.2 2.9 -4.3 2.5 3.9
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PUBLIC PRESENTATION
4.8
Nov-98 Domestic Fixed Income Benchmark 0.1 3.1 6.5 3.8 0.1 2.0
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PUBLIC PRESENTATION
4.83
Change -0.65 -0.64 -0.67 -0.69 -0.70 -0.67 -0.57 -0.46 -0.32 -0.06
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PUBLIC PRESENTATION: 0.04 MEKETA.COM Performance Update Santa Clara Valley Transportation Authority- ATU, Local 265 Pension As of January 31, 2026 Agenda Item #11 Policy Current 1.0% 0.7% 4.0% 3.6% 10.0% 5.8% 5.0% 5.2% 6.0% 6.0% 9.0% 9.4% 6.0% 5.9% 17.0% 17.3%...
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4.9
Treasuries 3 3.7
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Q4 2025
49.0
Yes ¢ £ Domestic Fixed Income 146,171,775 17.3 17.0 0.3 11.0 -
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PUBLIC PRESENTATION
5
Requests for Service Pension: a) Stephen
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PUBLIC PRESENTATION
5.0
Yes ¢ £ Total ATU Pension 845,914,045 100.0 100.0 0.0 ¢ £ Santa Clara Valley Transportation Authority - ATU, Local 265 Pension Asset Allocation Compliance | As of January 31, 2026 Public Credit Benchmark consists of 1.5% US High Yield
Reconstructed
PUBLIC PRESENTATION: 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 (%) FYTD (%) 1 Yr (%) 3 Yrs (%) 5 Yrs (%) 1...
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5.1
Sep-10 NCREIF ODCE Net 0.0 1.2 2.9 -4.3 2.5 3.9
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PUBLIC PRESENTATION
5.2
Over/Under 0.2 0.2 0.2 -- -- -- 0.5 iShares Broad USD Investment ETF 25,043,525 3.0 0.4 3.8 7.6 -- -- --
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PUBLIC PRESENTATION
5.3
Over/Under 0.3 1.6 4.5 1.8 3.6 1.1
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PUBLIC PRESENTATION
5.4
Over/Under 0.1 0.0 -1.8 -1.5 -0.9 -0.4 -- -0.6 Real Estate 49,521,442 5.9 1.1 2.5 4.7 -2.4 2.4 1.0 2.4
Reconstructed
Q4 2025
5.6
Feb-18 Diversified Real Asset Strategic Index 6.8 14.1 21.2 9.0 8.5 7.6
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PUBLIC PRESENTATION
5.7
Aug-24 Blmbg.
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PUBLIC PRESENTATION: U.S. Corporate Index 0.1 3.6 7.4 -- -- --
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5.8
Aug-24 Blmbg.
Reconstructed
Q4 2025: U.S. Corporate Index -0.2 0.9 3.5 7.8 -- -- --
50.0
Yes ¢ £ Cash 194,293 0.3 1.0 -0.7 0.0 -
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PUBLIC PRESENTATION
6
Approve Requests from Board Members and Staff to Attend Educational Programs. a) CALAPRS Benefits Roundtable, February 20, 2026, Virtual b) CALAPRS Human Resources Round Table, February 27, 2026, Virtual c) CALAPRS General Assembly 2026,
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PUBLIC PRESENTATION: March 8-11, 2026, In Person, Carlsbad d) CALAPRS Investments Round Table, March 9, 2026, In Person, Carlsbad e) CALAPRS Compliance Round Table, March 27, 2026, Virtual The Board discussed interest in several CALAPRS programs. Members Cassa...
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6.0
Over/Under -0.7 -1.5 -0.1 -0.6 -- -- -0.4 Santa Clara Valley Transportation Authority - ATU, Local 265 Pension Trailing Net Performance | As of January 31, 2026 See Benchmark History page for Policy Index and composite level custom
Reconstructed
PUBLIC PRESENTATION: benchmark descriptions. Fiscal Year End occurs June 30th. Page 4 of 13 Santa Clara Valley Transportation Authority - ATU, Local 265 Pension Trailing Net Performance | As of January 31, 2026 Market Value ($) % of Portfolio 1 Mo (%) FYTD (%)...
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6.1
Absolute Return FoF 6 3.0
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Q4 2025
6.2
Real Estate 49,287,940 5.8 0.0 2.5 4.7 -2.4 2.4 2.4
Reconstructed
PUBLIC PRESENTATION
6.3
Feb-16 HFRI Fund of Funds Composite Index 1.2 3.1 7.4 10.4 8.5 5.1 --
Reconstructed
Q4 2025
6.4
Private Debt 79,897,690 9.4 0.2 4.4 7.6 7.6 7.8 --
Reconstructed
PUBLIC PRESENTATION
6.5
Feb-16 HFRI Fund of Funds Composite Index 2.0 9.6 11.1 8.5 5.7 5.3
Reconstructed
PUBLIC PRESENTATION
6.6
Over/Under -0.4 0.2 0.4 0.7 0.2 -0.4 -0.2
Reconstructed
Q4 2025
6.7
Global Equity 389,399,543 46.0 3.2 14.2 21.9 18.7 12.9 12.7
Reconstructed
PUBLIC PRESENTATION
6.8
Over/Under 0.1 0.9 3.0 2.9 -1.0 -- -- 0.3 50 South Private Credit Fund, LP 13,278,765 1.6 1.1 1.1 2.3 4.1 9.8 -- --
Reconstructed
Q4 2025
6.9
Absolute Return 50,516,640 6.0 0.5 1.4 0.8 11.4 3.7 3.6
Reconstructed
PUBLIC PRESENTATION
65.0
Allocation (%) US Equity Global ex-US Equity US Fixed Hedge Funds Private Equity Real Assets/Com mod Total Real Estate Cash & Equivalents Other Total ATU Pension 28.7 (82) 16.8 (45) 23.4 (54) 6.1 (45) 3.7 (72) 6.0 (17) 5.0 (64) 0.7 (74)
Reconstructed
Q4 2025: 9.6 (23) ¢ £ 5th Percentile 53.8 24.8 51.0 11.7 17.6 7.2 11.7 6.6 11.5 1st Quartile 45.4 20.6 32.2 6.8 12.1 5.5 8.4 2.6
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7
Receive Education Policy Compliance Report.
Reconstructed
PUBLIC PRESENTATION: The Board received the Education Policy Compliance Report, which tracks trustee training hours. Member Ragni asked about upcoming training opportunities with Counsel. Mr. Richeda confirmed he is available to provide "modules" or training s...
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7.0
Yes ¢ £ Real Estate 49,287,940 5.8 10.0 -4.2 5.0 -
Reconstructed
PUBLIC PRESENTATION
7.1
Aug-24 Public Credit Benchmark 0.1 3.6 6.8 -- -- --
Reconstructed
PUBLIC PRESENTATION
7.2
Oct-98 Policy Index 1.9 8.6 13.4 10.8 7.8 8.6
Reconstructed
PUBLIC PRESENTATION
7.3
Median 1.9 13.4 12.3 6.9 9.5 8.3 6.9 3rd Quartile 1.6 12.0 11.2 6.2 8.7 7.8 6.5 95th Percentile 1.0 10.2 9.3 4.4 7.5 7.2
Reconstructed
Q4 2025
7.5
Over/Under 0.7 1.1 2.0 2.1 0.9
Reconstructed
Q4 2025
7.6
Nov-19 Private Debt Benchmark 0.2 4.4 7.9 9.9 6.7 --
Reconstructed
PUBLIC PRESENTATION
7.7
Private Debt 9 7.8
Reconstructed
Q4 2025
7.8
Mar-22 Private Debt Benchmark 0.2 4.4 7.9 9.9 -- --
Reconstructed
PUBLIC PRESENTATION
7.9
Nov-19 Private Debt Benchmark 0.2 4.4 7.9 9.9 6.7 --
Reconstructed
PUBLIC PRESENTATION
70.0
Yes ¢ £ Domestic Fixed Income 23,499,532 37.0 39.0 -2.0 30.0 -
Reconstructed
PUBLIC PRESENTATION
8
Receive December 2025 Preliminary Performance Report Michael Malchenko, Investment Program Manager, opened the investment report by noting that 2025 served as an exceptionally strong year for the trust, with global stocks up approximately
Reconstructed
PUBLIC PRESENTATION: 22% and bonds rising over 7%. David Sancewich of Meketa provided a detailed breakdown, reporting that the portfolio ended the calendar year with a total return of 13.7%, effectively outperforming its policy benchmark. On a long-term basis,...
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8.0
Yes ¢ £ Cash 6,248,418 0.7 1.0 -0.3 0.0 -
Reconstructed
PUBLIC PRESENTATION
8.1
Over/Under 0.1 0.5 0.5 1.6 1.4 1.1
Reconstructed
PUBLIC PRESENTATION
8.2
Domestic Fixed Income 14 4.2
Reconstructed
Q4 2025
8.3
Over/Under 0.2 0.1 0.5 -- -- --
Reconstructed
PUBLIC PRESENTATION
8.4
Cash 1 2.8
Reconstructed
Q4 2025
8.5
Aug-24 Blmbg.
Reconstructed
PUBLIC PRESENTATION: U.S. High Yield - 2% Constrained 0.5 4.4 7.7 -- -- --
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8.6
Over/Under -0.3 -0.5 -0.6 0.5 0.1 -- -- 0.2 iShares Core MSCI Emerging Markets ETF 42,016,600 5.0 1.9 3.8 13.9 32.6 16.4 -- --
Reconstructed
Q4 2025
8.8
Private Debt Benchmark 8.9 9.6 14.5 -4.4 6.6
Reconstructed
Q4 2025
8.9
Sep-04 Policy Index 1.0 8.7 12.0 13.8 8.8 10.1
Reconstructed
PUBLIC PRESENTATION
9
Discuss Public Credit Manager Search Update Mr.
Reconstructed
PUBLIC PRESENTATION: Malchenko provided a verbal status update regarding the ongoing search for a public credit manager. He informed the Board that the solicitation had been successful, resulting in 15 respondents expressing interest in doing business with the...
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9.0
Yes ¢ £ Real Asset 43,962,786 5.2 5.0 0.2 3.0 -
Reconstructed
PUBLIC PRESENTATION
9.1
Jun-07 Domestic Equity Benchmark 1.6 12.5 15.3 20.2 13.5 14.8
Reconstructed
PUBLIC PRESENTATION
9.6
Over/Under -0.2 -0.8 0.7 -0.1 -- -- 0.2 iShares Core MSCI Emerging Markets ETF 45,146,397 5.3 7.9 23.0 41.0 16.0 -- --
Reconstructed
PUBLIC PRESENTATION
9.8
Apr-21 MSCI EAFE (Net) 5.2 15.6 31.2 16.2 -- --
Reconstructed
PUBLIC PRESENTATION
9.9
Return 6.0 8.0 10.0 12.0
Reconstructed
Q4 2025
D
Houser #13533 – Option F-2 i) Eric E.
Reconstructed
PUBLIC PRESENTATION: Latter #13917 – Option F-2 j) Hector
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L
Garner #13239
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REGULAR AGENDA 8) CLOSED SESSION REPORT 9) Approve/Deny Request for Disability Retirement: Darrell
M
Coppernoll #15348 – Option A b) Ferdinand S.
Reconstructed
PUBLIC PRESENTATION: De Guia #8049 – Option H c) Herod T. Dorton, Jr. #10023 – Option F-2 d) Syrus Esaw #13961 – Pre-Retirement Death Benefit e) Freddie S. Ferrer #10154 – Option F-1 f) Richard E. Gould #9541 – Option G-1 g) Abzal Haniff #1632 – Option H h) Ch...
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