Santa Clara Valley Transportation Authority

BOARD OF PENSIONS INVESTMENT COMMITTEE Tuesday, March 3, 2026 11:00 a.m. Conference Room B-104 Valley Transportation Authority (VTA) 3331 North First Street San Jose, California 1)   CALL TO ORDER/ROLL CALL 2)   ORDERS OF THE DAY 3)   PUBLIC PRESENTATIONS   This portion of the agenda is reserved for persons desiring to address the Committee on any matter not on the agenda. Speakers are limited to 2 minutes .   All statements that require a response will be referred to staff for reply in writing. CONSENT AGENDA 4)   Approve   Minutes of February 3, 2026. REGULAR AGENDA 5)   Receive   January 2026 Preliminary Performance Report (Meketa) 6)   Receive   December 2025 Quarterly Performance Report (Malchenko/Meketa) 7)   Receive   2026 Capital Market Expectations (Meketa) 8)   Approve   Public Credit Benchmark Change Recommendation (Malchenko/ Meketa) 9)   Consider   Requests for Future Agenda Items. 10)   Receive   Chairperso n’ s Report.

10)   Announcements and Communications 11)   Adjourn NOTE COMMITTEE MEMBERS:   In order to establish whether or not a quorum exists for this meeting, members are asked to call Fanny Mata in the Human Resources Department at (408) 321-5547 before 5:00 p.m. on the day prior to the meeting.   Thank you for your cooperation. All public records relating to an open session item on this agenda, which are not exempt from disclosure pursuant to the California Public Records Act, that are distributed to a majority of the Investment Committee less than 72 hours prior to the meeting will be available for public inspection at 3331 North First Street, San Jose, CA at the same time that the public records are distributed or made available to the Investment Committee. In accordance with the Americans with Disabilities Act (ADA) and Title VI of the Civil Rights Act of 1964, VTA will make reasonable arrangements to ensure meaningful access to its meetings for persons who have disabilities and for persons with limited English proficiency who   need   translation   and   interpretation   services.   Individuals   requiring   an   ADA accommodation should notify Fanny Mata at least 48-hours prior to the meeting. Individuals requiring language assistance should notify Fanny Mata at least 72-hours prior to the meeting at (408) 321-5547 or *e-mail:   Retirement.Services@vta.org.

SANTA CLARA TRANSPORTATION AUTHORITY AMALGAMATED TRANSIT UNION, LOCAL 265 PENSION PLAN BOARD OF PENSIONS INVESTMENT COMMITTEE 3331 North First Street San Jose, CA 95134 Tuesday, February 3, 2026 SUMMARY MINUTES 1.   CALL TO ORDER/ROLL CALL   at 11:02 a.m. ROLL CALL: Attendee Name   Title   Status Ashley Olvera   Vice Chairperson   Present Grace Ragni   Chairperson   Absent Michael McKeon   Committee Member   Absent Raj Singh   Committee Member   Present Michael Smith (Alternate) Committee Member   Present There was a Quorum present. 2.   ORDERS OF THE DAY There was no order of the day. 3.   PUBLIC PRESENTATIONS There were no Public Presentations. NOTE:   M/S/C MEANS MOTION SECONDED AND CARRIED AND, UNLESS OTHERWISE INDICATED, MOTION PASSES UNANIMOUSLY Agenda Item #4

Investment Committee Summary Minutes Page 2 of 4   Tuesday, February 03, 2026 4.   Minutes of February 3, 2026 M/S/C (Smith/R. Singh)   to approve the Consent Agenda. 5.   Receive December 2025 Preliminary Performance Report Stephanie Sorg from Meketa presented the preliminary reports for both the pension and spousal medical plans. Ms. Sorg explained that the market did not experience the typical fourth-quarter Santa Claus Rally because there was no interest rate cut in December and investors were taking a sobering look at what the new year could bring. She noted that while the labor market is slowing, the unemployment rate was hovering around 4.4%. Inflation remained sticky and did not fall below the Fed's 2% target. Regarding the pension plan performance, Ms. Sorg reported that total assets at the end of the year were 834.5 million. The one-month return for December was 0.4%, bri

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What happened The Santa Clara Valley Transportation Authority met on 2026-03-03 at 11:00 AM and discussed BOARD OF PENSIONS INVESTMENT COMMITTEE Tuesday, March 3, 2026 11:00 a.m. Conference Room B-104 Valley Transportation Authority (VTA) 3331 North First Street San Jose, California 1) CALL TO ORDER/ROLL CALL 2) ORDERS OF THE DAY 3) PUBLIC PRESENTATIONS This portion of the agenda is reserved for persons desiring to address the Committee on any matter not on the agenda Key decisions CONSENT AGENDA 4) Approve Minutes of February 3, 2026. REGULAR AGENDA 5) Receive January 2026 Preliminary Performance Report (Meketa) 6) Receive December 2025 Quarterly Performance Report (Malchenko/Meketa) 7) Receive 2026 Capital Market Expectations (Meketa) 8) Approve Public Credit Benchmark Change Recommendation (Malchenko/ Meketa) 9) Consider Requests for Future Agenda Items What matters to the public Conference Room B-104 Valley Transportation Authority (VTA) 3331 North First Street San Jose, California 1) CALL TO ORDER/ROLL CALL 2) ORDERS OF THE DAY 3) PUBLIC PRESENTATIONS This portion of the agenda is reserved for persons desiring to address the Committee on any matter not on the agenda. REGULAR AGENDA 5) Receive January 2026 Preliminary Performance Report (Meketa) 6) Receive December 2025 Quarterly Performance... Topics covered - Housing and land use - Budget and finance - Transportation and infrastructure - Environment and utilities Notable people / organizations - BOARD OF PENSIONS INVESTMENT COMMITTEE Tuesday - Conference Room B- - Valley Transportation Authority - North First Street San Jose Next steps The one-month return for December was 0.4%, bringing the fourth-quarter return to 1.9% and the trailing one-year return to 13.7%. Public credit was up 0.1%, while absolute return continued to see struggles in cryptocurrency and Bitcoin holdings