• April 13, 2018 - Ms. Michelle Clayman, CFA, Managing Partner, CIO & Founder (1986) of New Amsterdam Partners provided the following portfolio report and firm update. We pride ourselves on creating a diverse workplace that truly reflects our changing society, and makes us better investors.New Amsterdam Partners is a certified as a women’s business enterprise by the Women’s Business Enterprise National Council (WBENC).

    Since inception to date, 08-19-2014 to 03-31-2018 the portfolio returned 34.64% vs. Russell 2500 which returned 36.48%. The West Palm Beach Police Pension Trust Fund portfolio underperformed the Russell 2500 Index and the Russell 2000 Index.

    Pronounced style effects:
    * Russell 2500 Growth outperformed the Russell 2500 Value by 5.1%.
    * High Price to Book stocks outperformed low Price to Book stocks by over 7%.
    * Stocks with positive earnings in the Russell 2500 were down an average -0.7% while those with negative earnings were up.
    * High ROE stocks were down while the lowest ROE stocks rose.
    * This was a challenge to our Growth at a Reasonable Price approach which looks for companies with above average forecast growth and profitability selling at relatively low PB ratios.
    * February was particularly tough, though the portfolio bounced back in March, and has regained more ground in April.

    Sector selection was negative:
    * Overweight in industrials and consumer discretionary and underweight in health care hurt performance.

    Stock selection was negative:
    * Stocks in real estate, financials and energy helped performance.
    * Stocks in information technology and consumer discretionary hurt performance.

    Ms. Clayman feels our portfolio is well positioned for the following reasons:
    * Higher forecast earnings growth and return on equity.
    * Solid cash flow generation.
    * Lower balance sheet debt.
    * Better quality financial accounting.

  • March 9, 2018 - Mr. Richard A. Cristini, CPA, CPPT, CGFM & Ms. Jeanine L. Bittinger, CPA, CPPT of Davidson, Jamieson & Cristini, P.L. presented the September 30, 2017 Financial Statements for the Fund. Mr. Richard A. Cristini, opined that the financial statements presented fairly, in all material respects, the fiduciary net position of the West Palm Beach Police Pension Fund as of September 30, 2017 and 2016, and the changes in fiduciary net position for the years the ended in accordance with accounting principles generally accepted in the United States of America. The entire report may be viewed at: September 30, 2017 Financial Statements

  • March 9, 2018 - Mr. John Boles, Director of Institutional Marketing for Anchor Capital provided portfolio update. Anchor believes in a highly disciplined bottom-up approach to active security selection and portfolio management based in the foundations of value investing. Over the last last 12 months, Anchor has outpaced the benchmark by 174 basis points. Mr. John Boles reported that Anchor employees will shortly own 100% of the company reinforcing their commitment to the portfolio. Pictured L- R: Mr. Mark Parks, City of West Palm Beach Finance Director; Mr. John Boles; Mr. John McCann, AndCo Consulting; Trustee Wilton White.

  • February 2, 2018 - After a clear and convincing presentation from the representatives of JPMorgan, Aberdeen & DuPont Capital, the Board of Trustees have elected to engage all three firms for a 36 million dollar allocation in the private equity arena. These strategies will be our first exposure to new areas of the market: Partnership Investments, Direct Investments and Secondary Investments.

    Note: The Board of Trustees secured and approved investment agreements on April 13, 2018 with JPMorgan & Aberdeen.

  • February 2, 2018 - After a clear and convincing presentation from the representatives of JPMorgan, Aberdeen & DuPont Capital, the Board of Trustees have elected to engage all three firms for a 36 million dollar allocation in the private equity arena. These strategies will be our first exposure to new areas of the market: Partnership Investments, Direct Investments and Secondary Investments.

    Note: The Board of Trustees secured and approved investment agreements on April 13, 2018 with JPMorgan & Aberdeen.

  • February 2, 2018 - After a clear and convincing presentation from the representatives of JPMorgan, Aberdeen & DuPont Capital, the Board of Trustees have elected to engage all three firms for a 36 million dollar allocation in the private equity arena. These strategies will be our first exposure to new areas of the market: Partnership Investments, Direct Investments and Secondary Investments.

    Note: The Board of Trustees secured and approved investment agreements on April 13, 2018 with JPMorgan & Aberdeen.

  • February 2, 2018 - After a clear and convincing presentation from the representatives of JPMorgan, Aberdeen & DuPont Capital, the Board of Trustees have elected to engage all three firms for a 36 million dollar allocation in the private equity arena. These strategies will be our first exposure to new areas of the market: Partnership Investments, Direct Investments and Secondary Investments.

    Note: The Board of Trustees secured and approved investment agreements on April 13, 2018 with JPMorgan & Aberdeen.

  • February 2, 2018 - Representatives from Wellington Management presented an update to the Board on the Small Cap Value strategy.

    While Wellington lags the market based on a short inception date of March 2016, recent strides has shown positive results. The Board will continue to monitor on a quarterly basis and remains optimistic.

  • January 12, 2018 - The board of Trustees heard from their two real estate managers (JPMorgan & Intercontinential Real Estate). As of September 30, 2017 the accounts collectively have a balance in excess of $45 million invested in these portfolios. The Fund has enjoyed double digit returns since inception. The Board remains committed to the current target allocation. Special thanks to Ms. Jaclyn Weinman & Mr. Peter Hapgood for their thought provoking presentations.

  • December 8, 2017 - Mr. Rob Cousin & Mrs. Kate Hurley of JPMorgan provided a thought provoking educational presentation on the topic of private equity investing. Corporate Finance, Venture Capital was detailed. The Board of Trustees thank this team for their efforts.

  • November 3, 2017 - L-R: Trustee Wilton White and Mark Parks, CFO - City of West Palm Beach, listen to Ms. Jaclyn Weinman, Vice President, J.P. Morgan Asset Management - Global Real Assets about the upcoming 3.5 million dollar real estate queue the Board recently entered.

  • November 3, 2017 - Mr. Gilbert Garcia & Ms. Janna Hamilton of Garcia Hamilton & Associates of Houston, Texas presented a fixed income portfolio review. Garcia Hamilton & Associates has been managing this asset in excess of 13 years and outperformed in all measured time periods. Keep Up The Great Work!!!! Go Astros!!

  • August 11, 2017 - Gardiner Holland, CFA and James DiGiuseppe of Wellington Management presented a small cap value portfolio update. The representatives explained their recent underperformance relative to the benchmark. For the fiscal year (since October 1, 2016), the portfolio experienced double digit returns but trailed the Russell 2000 Value. The Board heard of the due diligence undertaken by management on a daily basis.

  • July 14, 2017 - Alyse Vishnick of OFI appeared before the Board to discuss the emerging market portfolio. In one segment of the report, Ms. Vishnick reflected that our emerging market portfolio exceeded the benchmark by 186 basis points since the inception date of October 25, 2012, through June 30, 2017.

  • May 26, 2017 - The Board of Trustees held a special meeting on May 26, 2017 to review the rate of return assumption rate. All stakeholders had a seat at the table and lively discussion ensued. After hearing from all parties, Mr. White (Board Trustees) made a motion based on Mr. Frost’s input, of reducing the investment assumption by .125% per year for the next five years. The motion was seconded by Mr. Kahle. All Trustees voted and the motion was passed 4-1 with Mr. Ahern voting against the motion. The Trustees felt this downward path in the investment assumption would attain the goal and at the same time be phased in over several years thus offering relief to the plan sponsor.

    The path in the reduction will be as follows:

    FISCAL YEAR
    2016/2017
    2017/2018
    2018/19
    2019/20
    2020/2021
    8.0%
    7.875%
    7.75%
    7.625%
    7.5%


  • April 14, 2017 - Chairman Jack Frost discussing the Fund's Investment Policy with Mr. John McCann, AndCo Investment Consulting.

  • February 10, 2017 - Mrs. Bonni Jensen, Board Attorney (left) introduced Mrs. Anna Klausner Parish at the pension meeting on this date. Mrs. Parish is an Associate Attorney at the law firm of Klausner, Kaufman, Jensen & Levinson. Mrs. Parish Graduated with a BA in History and a minor in Religion from the University of Florida, 2013. J.D. at Stetson University College of Law, 2016.

  • February 10, 2017 - Chairman Jack Frost listens intently to James DiGiuseppe, CAIA from Wellington Management, who handles the Fund's small cap value portfolio.

  • February 10, 2017 - James DiGiuseppe, CAIA from Wellington Management announced an 18.3% net return since inception for the small cap value portfolio.

  • December 9, 2016 - The West Palm Beach Police Pension Fund – Board of Trustees are proud recipients of the 2016 Public Pension Coordinating Council Recognition Award. (Pictured L-R: Craig Kahle -Trustee, Jack Frost - Chairman, Bonni Jensen - Board Attorney, Dave Williams - Plan Administrator, Mark Parks - Chief Financial Officer, City of West Palm Beach and John McCann - Bogdahn Group, Investment Monitor/Consultant.

    Click to view: PPCC AWARD - 2016

    The Public Pension Coordinating Council (PPCC) is a coalition of three national associations that represent public retirement systems and administrators: NASRA, the National Council on Teacher Retirement (NCTR) and the National Conference on Public Employee Retirement Systems (NCPERS). Together, these associations represent more than 500 of the largest pension plans in the United States serving most of the nation’s 16 million employees of state and local government.

    The PPCC established the Public Pension Standards to reflect minimum expectations for public retirement system management, administration, and funding. The Standards serve as a benchmark by which to measure public defined benefit plans. All public retirement systems and the state and local governments that sponsor them are encouraged to meet the standards.

  • October 14, 2016 - Mr. Jeffrey D. Detwiler, CFA (L) and Mr. Curt Rohrman, CFA (R) from Garcia Hamilton & Associates presented the 2nd Quarter 2016 investment report to the Board of Trustees. The equity account was valued at $19,843,876.00 as of June 30, 2016. The investment return was in-line with the benchmark for the fiscal year to date. The equity portfolio remains significantly overweight high-quality stocks anticipated to produce superior earnings growth over the course of an economic cycle. In an environment of slowing economic growth and declining profits, companies able to provide near term positive earnings surprises are increasingly difficult to identify. The fixed income account was valued at $58,877,984.65 as the same period. In the short term, the fixed income portfolio has outpaced the benchmark. On the longer term of five years, the portfolio beat the benchmark by 150 basis points. Simply Stellar performance!

  • August 12, 2016 - the Board of Trustees' heard investment presentations from representatives of Janus Capital, Eagle Asset & Westfield Capital for an active mid-cap growth portfolio. The funds are currently being invested passively with Rhumbline who was retained after Oak Ridge was terminated.

  • August 12, 2016 - the Board of Trustees' heard investment presentations from representatives of Janus Capital, Eagle Asset & Westfield Capital for an active mid-cap growth portfolio. The funds are currently being invested passively with Rhumbline who was retained after Oak Ridge was terminated.

  • August 12, 2016 - the Board of Trustees' heard investment presentations from representatives of Janus Capital, Eagle Asset & Westfield Capital for an active mid-cap growth portfolio. The funds are currently being invested passively with Rhumbline who was retained after Oak Ridge was terminated.

  • July 8, 2016 - Clare Cambria, CAIA - Director of Global Consultant Relations for OFI Global Asset Management appeared before the Board of Trustees to discuss the Emerging Market portfolio. For the current fiscal year through March 31, 2016 the portfolio return exceeded 8:02% or 160 basis points above the benchmark. A performance analysis by country was also detailed.

  • May 23, 2016 - The Board of Trustees would like to thank Mr. Chris DeMeo, FSA, CFA of Nu Paradigm Investment Partners, LLC. Mr. DeMeo gave an outstanding educational presentation on the topic of Tail-Risk Management Investment Strategy.

  • May 23, 2016 - The Board of Trustees would like to thank Mr. Chris DeMeo, FSA, CFA of Nu Paradigm Investment Partners, LLC. Mr. DeMeo gave an outstanding educational presentation on the topic of Tail-Risk Management Investment Strategy.

  • April 8, 2016 - the Board of Trustees received an investment update on the midcap value mandate from Mr. William P. Rice, Jr., Executive Vice President, CIO of Anchor Capital and Mr. John Boles, Director of Institutional Marketing. Anchor provided a favorable report to the Trustees.

    Further can be learned about Anchor at the following link: https://www.anchorcapital.com.

  • April 8, 2016 - the Board of Trustees welcomed Attorney Paul Daragjati from the Law Offices of Klausner, Kaufman, Jensen and Levinson. 

  • February 12, 2016 - the Board of Trustees interviewed Wellington Management and Integrity Asset Management for our small cap mandate. Mr. Gardiner Holland, CFA & Mr. Gerald Crean of Wellington are pictured here. The Board selected Wellington pending successful contractual negotiations. GW Capital is being replaced.

  • February 12, 2016 - the Board of Trustees was introduced to Mr. Michael Welker (pictured Left). Mike is the President/CEO of The Bogdahn Group. The Bogdahn Group is an independent, registered investment consulting firm who our current Monitor, Thistle Asset Consulting, recently merged with. The Monitor assists the Board of Trustees with Investment Policy Development, Strategic Asset Allocation, Manager/Strategy Evaluation, Generate Monthly and Quarterly Investment Reports, Quarterly Economic Summary, Board/Investment Committee Education, Investment Manager Searches, Custodian Evaluation, Investment Manager, Due Diligence, Assist with Asset/Liability Studies and Attribution and Style Analysis.

  • January 8, 2016 - Mr. Peter Hapgood, Director - Institutional Services of Intercontinental Real Estate Corp. presented the year end report to the Board. Mr. Hapgood also outlined a Debt Appreciation Sensitivity Analysis. Great way to start of year off.

  • January 8, 2016 - Ms. Jennifer Ciullo, Associate of JPMorgan presented the Special Situation Property Fund return. The Fund is a value-added type of real estate investment which provides further diversification to the Plan.

  • On December 11, 2015 - John Riddle, Managing Principal of BRC provided a thought provoking presentation to the Board relating to "Predictive Ability & Investor Response Rates". For the two year period ending on September 30, 2015, BRC was in the Top 1% in the investment universe. Keep up the great work!

  • November 13th, 2015 - Richard Walsh - VP, Senior Relationship Manager for OFI Global Asset is discussing the emerging markets and he also provided a portfolio update.

  • October 9, 2015 - Janna Hamilton, Gilbert Garcia and Curt Rohrman from Garcia Hamilton & Associates (GHA) appeared before the Board of Trustees to discuss the September 30, 2015 Quarter and present their annual review of their portfolio. The Board would like to congratulate GHA on attaining the 2015 Intermediate-Term Fixed Income Manager of the Year by Institutional Investor.

  • September 11, 2015 - Guy Watanabe, President & Scott Mullet, Principal from GW Capital appeared before the Board to review their investment performance.

  • May 15, 2015 - NEW AMSTERDAM – SMID CAP MANAGER - Mr. William Lynch & Mr. Hung Hoang appeared before the Board to review the March 31, 2015 investment report.