Policy Duties • Provide analysis and input concerning long-term investment policy and investment objectives and strategy. • Provide analysis and input regarding investment guidelines and procedures. • Provide analysis and input concerning risk management strategies. • Provide monitoring of the total Trust Fund. • Provide monitoring of individual manager strategies (equity, fixed income, cash management, opportunistic, private market investments). • Advise on Trust Fund rebalancing policies. Asset Allocation and Portfolio Duties • Every three years, perform an Asset/Liability Study on how the Trust Fund’s asset allocation and investment risk align with the liabilities from the most recent Actuarial Experience Study as specified in Chapter V.A.2 of the SDCERA Investment Policy Statement (IPS; see Appendix). • On an annual basis, provide analysis and support for review of the Trust Fund asset allocation. The review requirements are specified in the IPS, Chapter III. C. 1 and Chapter V. • In February, May, September and November provide SDCERA with a comprehensive report of the total Trust Fund and asset class review of asset allocation, risk, and returns. The reporting requirements are specified in the IPS, Chapter VI.A.1. (See Appendix for links to the current Asset/Liability Study and quarterly investment reports on the Trust Fund.)
