HomeMy WebLinkAbout2009 04 28 Addendum to Statement of Investment Policy Broad Cap Domestic Value EquityDate: Apri128, 2009
ATTACHED DOCUMENT CALLED
`CITY OF WINTER SPRINGS GENERAL
EMPLOYEES' RETIREMENT SYSTEM
ADDENDUM TO STATEMENT OF
INVESTMENT POLICY DALTON,
GREINER, HARTMAN MAHER & CO.'
WAS DISTUBUTED TO THE BOARD
UNDER REGULAR 602.
CITY OF WINTER SPRINGS
GENERAL EMPLOYEES’ RETIREMENT SYSTEM
ADDENDUM TO
STATEMENT OF INVESTMENT POLICY
______Dalton Greiner, Hartman, Maher & Co., LLC. ______
(Broad Cap Domestic Value Equity)
Dalton Greiner, Hartman, Maher & Co., LLC. (DGHM) 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. DGHM 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 DGHM portfolio must comply with
the following:
The portfolio is to be invested in equity securities, regardless of capitalization and is
A.
expected to exhibit “Value” type characteristics.
Foreign securities including American Depository Receipts (ADRs) shall be limited to 7%
B.
of the manager’s portfolio.
Investment in cash and equivalents shall not exceed 15%.
C.
Not more than 7% of the Plan’s assets, at the time of purchase, shall be invested in the
D.
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:
The primary objective of the DGHM portfolio shall be to achieve a return over the longer
A.
term, 3 to 5 years, in excess of the Russell 3000 Value Stock Index.
The secondary objective of the portfolio shall be to achieve a rate of return over the longer
B.
th
term, 3 to 5 years that ranks in the top 40 percentile of a representative universe of
similarly managed portfolios.
The volatility of the Fund's total returns is expected to be similar to that of this Target Index
C.
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
By signing this
unnecessarily constrict performance, the Trustees shall be so notified in writing.
addendum the investment manager understands and agrees to adhere to the guidelines,
investment manager responsibilities, and other conditions therein.
_______________________ __________
Chairperson, Board of Trustees Date
_______________________ __________
DGHM Date
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