HomeMy WebLinkAboutLateef Investment Management, LP Addendum to Statement Investtment Policy 2009 08 27 CITY OF WINTER SPRINGS
GENERAL EMPLOYEES' RETIREMENT SYSTEM
ADDENDUM TO
STATEMENT OF INVESTMENT POLICY
Lateef Investment Management.. LP.
(Broad Large Cap Domestic Growth Equity)
Lateef Investment Management, LP. (Lateef) has been retained by the City of Winter Springs
General Employees' Retirement Board to manage a well- diversified portfolio of equity and
money market securities. Lateef was retained for this assignment based on their qualifications
and experience in managing such equity portfolios.
I. GUIDELINES
Within the guidelines contained in the Statement of Investment Policy established for the City of
Winter Springs General Employees' Retirement Board, the Lateef portfolio must comply with
the following:
A. The portfolio is to be invested in equity securities, regardless of capitalization and is
expected to exhibit "Growth" type characteristics.
B. Foreign securities including American Depository Receipts (ADRs) shall be limited to 13%
of the manager's portfolio.
C. Investment in cash and equivalents shall not exceed 15
D. Not more than 7% of the Plan's assets, at the time of purchase, shall be invested in the
common stock, capital stock or convertible stock of any one issuing company, nor shall the
aggregate investment in any one issuing company exceed 5% of the outstanding capital
stock of the company.
II. INVESTMENT OBJECTIVES
Total Portfolio:
A. The primary objective of the Lateef portfolio shall be to achieve a retum over the longer
term, 3 to 5 years, in excess of the Russell 1000 Growth Stock Index.
B. The secondary objective of the portfolio shall be to achieve a rate of return over the longer
term, 3 to 5 years that ranks in the top 40 percentile of a representative universe of
similarly managed portfolios.
C. The volatility of the Fund's total returns is expected to be similar to that of this Target Index
and will be evaluated accordingly.
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III. POLICY REVIEW
This Addendum is a part of the City of Winter Springs General Employees' Retirement
Board's Investment Policy and is intended only to complement the objectives and
guidelines outlined therein. It is the intention of the Board of Trustees to review the Statement
of Investment Policy and this Addendum from time to time and to amend them if necessary to
reflect any changes in philosophy or objectives. However, if at any time the investment manager
believes that the specific objectives defined herein cannot be met, or that the guidelines
unnecessarily constrict performance, the Trustees shall be so notified in writing. By signing this
addendum the investment manager understands and agrees to adhere to the guidelines,
investment manager responsibilities, and other conditions therein.
DAa::9
Cha erson, Board of Trustees Date
Lateef Date
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