e e e e e e e e e that's and e e e e e C e e e e e e e e good morning everyone it's 10 o'clock so we will call the May 9th 2024 meeting of the Oklahoma City Employee Retirement System to order item number two on our agenda this morning is to approve the minutes of meeting of April 11th 2024 I have a motion in a second please record your vote item is approved item number three is a consent docket move one item I have a motion in a second please record your vote item is approved item number four was to ratify approvals we have two items I have a motion in a second please record your vote item is approved item number five is to approve the claims docket we have a motion in a second please record your vote item is approved item number six is to approve the following applications for service retirement have a motion in a second please Rec your vote item is approved item number seven receive report of death authorized payment of the $5,000 death benefit and approv continuation of pension to spouse trustee doar would you like to vote you have a motion a second please record your vote item is approved item number eight receive report of death authorized payment of the $5,000 death benefit authorized secretary to make necessary changes to conform on the following one case I have a motion in a second please record to vote trusty doar would you like to vote item is approved item number nine is to receive report of death death of employee while in active service and approved pension to spouse we have a motion in a second please record your vote item is approved item 10 is to approve request of the following to terminate vested rights and commence retirement benefits I have a motion in a second please record your vote item is approved item 11 is items for individual consideration item number 11 a is amendment number two and restated audit contract with alen Gibbs and Huck LC to include audit services for fiscal year 2024 not to exceed $ 27,34 any questions this is our annual audit contract I believe this is the same firm that the city uses okay okay chair I'll entertain a motion on 11a you have a motion to second please record your vote item is approved item 11b is the purchase of k s 4054 copy machine and monthly maintenance for use by the ERS administration office have a motion a second please record to vote item is approved okay item number 11 C is our personal services contract with Angel Odum who has been selected to fill the Deferred Comp specialist position and she will Begin work tomorrow any questions hearing none CH entertain a motion and motion a second please Rec to vote item is approved just a note before we act on items d& we had noticed that uh when Regina chose to resign and we looked at her contract that there were some inconsistencies within the contracts of everyone that worked in the ERS office and all this does is bring everyone's the terms of everyone's personal services contract make it the same so there's no big changes but we wanted to make everybody and that also includes the item that we just approved for Angel so everyone's contract is going to be consistent with the terms so so any questions on item D which is amendment to personal service contract with Mary Ellen hearing none chairel entertain a motion have a motion a second please cour your vote item is approved and item e is amendment to personal service contract with Michael trit we have a motion a second please record your vote item is approved okay item uh f is private Equity portfolio review good morning Jason so this morning we're going to we have a recommendation for a new private Equity Fund um as you'll note we probably will have two or three uh a year when we do this we do a review of the private Equity portfolio overall how's it performing and just some background so um I'm going to turn you to page well a lot of pages before we get to anything five uh which is a review of your private Equity performance for your overall private Equity program uh over time uh one of the things to to keep in mind is we go back uh you initially you made your first commitment to private equity in 2008 um at that time the the target allocation to private Equity was 5% and we made two I think actually 2009 I should say we made two commitments to fund of funds at that time that would invest in you made a single investment and those funds invested in multiple funds as you've grown um and we've U we've been able to what we would call disintermediate disintermediate that second layer fees and build a portfolio of uh primary funds investing in direct Partnerships and that's been Diversified across different types A in two 200 18 or 19 we hit that 5% Target we bumped up the target to 10% and then in 23 we bumped up the target to private Equity to 15% as we sit here today we're at about 8.9% it takes unlike your public equities and fixed income it takes time to get to that Target because decisions that when we are recommending a fund to you we are recommending a commitment amount which is a dollar amount that you will fund to that partnership over the life of it typically the first four to five years years and then they will invest in companies improve those companies sell them and send money back to you so it requires an ongoing um commitment program and we'll get to that in a moment uh but as you see here on page five your the performance of your private Equity portfolio has been very good uh more recently and we I've talked quite a bit about this because we're comparing to a public Equity Benchmark in your overall policy which is the S&P 500 last last year uh the S&P 500 was up 24% in 2023 it's been the best performing asset class large cap us Equity the last decade uh so it's been a pretty hard H hurdle to beat over that 10-year period however your private Equity portfolio is up 15 and a half percent this is ending December of 2023 because that's the most recent uh time period for full data on private Equity uh your private Equity portfolio is up 15 and a half% versus the S&P 500 plus 2 and a half% up 14.6% so you're getting that 2 and a half% premium to public markets we're also showing uh versus a global Equity Benchmark plus two and a half% that's the the AI more recent fiveyear uh about in line with the S&P 500 but when you add on another 250 basis points a little bit behind in three years uh ahead of that and much of that is the last year as private Equity valuations have moderated you've seen um markdowns in 2020 uh three following public Equity uh declines in 2022 private Equity lagged and you had uh a downturn in 2023 but overall good results uh the next next slide just looks at uh the the history um and some other metrics that we're looking at so you'll see all of the commitments that you've made uh going back to April of 2009 and just I'll give some definition around these uh categories at the top that you see there this is in every report this is in every ASAP and every quarterly report that Topline uh Inception date for each for the total fund that was April 2009 was when you made your first that's when the first capital was drawn the commitment might have been a little bit earlier than that in late 20 uh 2008 but the first first time that Capital was drawn was April of 2009 so you see some of these funds at the very bottom Francisco partners and Clayton duer and rice you made commitments to them in 2023 they haven't called Capital yet they haven't drawn any Capital down both of those have made some Investments because they use a a credit facility to make investments but they haven't called capital from investors when they first call Capital from you when that'll that will be ref Ed but in total uh since 2009 you've committed 154.50 million 91 million has been drawn meaning those Partnerships have called that money from you it's been invested some of it goes to fees and expenses but a majority of that is going to Investments so there's a remaining commitment to these existing funds of 64 million distributions this is realizations where these Partnerships have uh improved the businesses and sold them and actually sent money back to you uh so you've while 91.1 million has been drawn you've received back 71 million uh in distributions and that's that's recycled into the whether it's the private Equity portfolio or other areas of your portfolio depending on timing in this market where what do you think is a good Benchmark is it one and a half times is it two I mean we prefer three just want you know that multiple yeah multiple I prefer three or four but no I'm just kidding but you know what's it it depends on the the fun the fund type so typically for Venture funds uh direct Venture funds we're looking for a two 2x multiple at the end of at the end of the game right that's the other challenging part with private Equity Funds it's difficult to measure uh while the game's still going on but typically a two times multiple for for Venture funds would get you a 15 to 20% IR because of the time right you got to go out further because a venture fund is going to be a little bit longer life those are typically 12 to to 15 years for buyout funds those are typically at 8 to 12 year life and we're looking at about a 1.8 to get you to that 18 to to 20 for some of the others uh which if we go all the way back to that cular Guff distressed opportunities fund you'll see on another page here distressed or what special situations more broadly these are more um opportunistic type strategies that are trying to take advantages of dislocations in the market typically the they're able to get money to work a little bit quicker and recycle it a little bit quicker so the multiple will be lower but you get a similar irr so that six multiple on that cular du Guff fund we're not showing the irrs on here but that that's going to be a double digigit internal rate of return these multiples are not time weighted right that's just that that's the for every dollar in that's what the total if you take the adjusted ending value and the distributions that's that's where you are today okay it's it's another measure used for for private Equity yeah but the go back to the page before because I didn't really explain it on the performance page so what we're doing here is the these are uh time weighted rates of return we're converting to to be able to make it Apples to Apples when comparing to public benchmarks what we're doing is saying okay when we put dollars into the private Equity portfolio If instead we put dollars into the S&P 500 or the and when we got money out of the private Equity portfolio if we took it out of that Benchmark what would that return be it's a public uh uh Public Market equivalent so it's it's a different way of calculating a benchmark because we know the the actual money weighted or the time weighted rate of return this is money weighted the time weighted rate of return is going to look a little bit different because we're not controlling uh you're not controlling when the money is put to work so it's to make it Apples to Apples if we go back to the to the next page Mar thank you um I think I touched on all that just the last the adjusted ending value what we're doing there is we're looking at the most recent carrying value from all of the Partnerships quarterly statements and I say most recent because there is a time lag so some we may only be reflecting 1231 or in some cases I I don't think so now it's May 9:30 valuations because there's a lag in in the reporting typically a full quarter we're adjusting that based on any Capital calls or distributions that have occurred from that partnership since that time so if they're if they've called more capital and got more we're we're adjusting that up up or down or if they've distributed money back to you and the total value as I mentioned is the adjusted ending Value Plus distributions to get to that total value to pay in the next page just looks at the timing and how we've uh and diversification by time and diversification by type um the portfolio is the the two major areas and if we think about Equity you think value and growth um within private Equity is more buyout growth Equity Venture Capital so buyout is typically uh these are comp or funds that are invested in more mature companies that are a little bit further along in their life cycle they're profitable generally uh profitable um uh more M mature Industries uh Industrials Services other things whereas Venture and growth Equity is typically going going to be uh more technology oriented Health Care uh again early earlier stage less mature companies and then we have a small piece in what we call special situations or credit and and other other things which is the distressed component so you have good diversification across types also across time um and this is really important within private Equity we don't uh generally the best uh uh results occur when you're putting money to work at the worst times so after 2008 when the market was really depressed after 2001 after the the tech bubble crashed um were really good times to put money to work at lower valuations so we're trying to Stage money into uh the markets over time and and hit different economic Cycles you'll see the 2022 2021 2022 and 2023 over 50% of the commitments have been made to funds in those years that doesn't mean that dollars have been put to work in those years there still a lot that's that six almost 70 million of unfunded commitments that's more a reflection of increasing the target allocation as the target allocation has increased we've had to bump up uh our commitment activity the next page just shows another another look at diversification across Ross types and and the funds you're in uh these this doesn't represent all of the funds you're in historically this represents well actually it might uh but these are active funds that are still uh putting money to work in your portfolio um similar to the nine uh a style box if we looked at large cap growth core and value midcap small cap it's a little different look what we're how we're framing this is uh on the growth Equity side Venture Capital uh to growth Equity uh seed stage to late it's basically seed which would be the ideas investing in uh someone's idea that's Steve Jobs putting computers together in his garage you know I for we don't have that in this portfolio but that's the kind of thing that we're we're talking about at seed stage most of what we're doing is what uh the first Mark strategies and truebridge truebridge is a diversified Venture fund to funds uh that's more early stage a little bit later on they in the development of these companies and then growth Equity is is warberg Pinkus which has been a foundation piece in this portfolio As you move to the right looking at buyout again more mature companies we do break that market down by size from small market mid-market and large Market buyout so CD R and Apollo are really operating in the the large market so examples of you know think of when uh Herz rental car went private that's a buyout transaction but a very large company taking a public company private versus uh what Sawmill is doing is uh more smaller end of the market bite size of buying companies that are uh 10 to 50 million in Revenue typically familyowned businesses that are needing uh the next stage of of capital to grow uh we've got one commitment on the special situation side really two there the the cular GFF early on which we're not showing because it's w wound down completely now but Carval Carval was a distressed strategy that was raised right at the depths of covid with expectations that there was going to be a lot of uh uh deep value and and discount counted opportunities to take advantage of that didn't really materialize with what happened in the in the markets but but that's what what that is so the the fund in the gold uh Circle today is Burkshire it is more of a mid-market strategy we have some exposure there through the uh mesero piece which is winding down the Francisco agility which is Tech primarily technology oriented buyout Berkshire Partners we think could be a good complement in the mid-market space uh doing things a little bit bigger than than Sawmill smaller than uh Clayton duer and rice and Apollo and the main Francisco Partners Fund and I'll get to more detail on that in a moment if we go to the next slide uh this is what we call a p pacing plan I know every time we show this to anyone we get a lot of questions uh about well are are we locking ourselves in all we're trying to do here is come up with a reasonable number for the next 12 to 18 months that we are commit that we need to commit uh to move toward our Target and not get too far over our our skis uh so the way this model works it's looking at basic assumptions what you just as print for Venture funds we're we're using a 2X multiple at the end of the day we're using a a 12year Time Horizon for those funds for buyout we're using a 1.8 multiple in a 10-year and for special situations which we're not really putting in here because we're not doing a lot of that it would be a one and a half and about a eighty year or six year time Horizon but this is looking at your existing portfolio and then what we would do going forward so basically right now your uh private equity and this is the the number there that 76 million that's that's probably as of a couple months ago but it's we're right about there today I think uh 77 million at the end of end of March so that might be I'm not sure what data they use but it's right it's we're right a little under 9% uh is where we are today and you can see we're this is a pretty conservative approach this is assuming that we put 40 million make 40 million of commitments this year next year and then 30 million the next three years that would get us to 15 a little over 15% by 2028 so really all we're focusing on is this year so what we're based on this pacing plan we're very comfortable that putting 40 million to work in three to four funds is going to move us toward that Target one could argue you've got room to actually do more we could do 50 to 60 million but we want to we want to Stage it in uh appropriately what we don't want to happen is if you have a major selloff in Market the denominator of where this uh that private Equity portfolio goes down but we have a lot of unfunded commitments that we have to make and then we can we get way ahead of our ourselves so based on this pacing plan we're comfortable with a $40 million pacing plan per year we're not locking into these out years these these numbers are going to move around the next time we show you this pacing plan it could be those numbers could be higher they might might be a little bit lower depending on what the overall portfolio does does that make sense if we go to the next slide please uh this is just looking at our uh pipeline uh of of funds just kind of give you some sense today we're going to talk about Burkshire fund 11 uh the second half of this year uh there are some uh funds in the market that we're looking at that you one that you're currently in that Carval credit uh fund six is coming back to Market uh we're we're still doing our our diligence on that and and making some determinations on that there might be some other uh distress strategies that might be more compelling in this this Market that we would uh consider uh some other new names that we don't need to get into today General Atlantic is a growth Equity Fund a lot like warber warber pinkis they're pretty similar in size that they're doing we would probably wait for your portfolio to to next 2025 and look at warber Global growth 15 a fund that we're we're in and happen for some time we go to the next two pages forward Burkshire fund 11 which is the the fund that we're recommending today uh obviously with a Roman numeral 11 behind it uh this firm and team has been doing this for a long time they have a very uh long and successful track record of of doing control oriented buyouts meaning they're buying controlling interest in private companies uh primarily in in the Middle Market what what does that mean in terms of uh size of the the funds uh that they're investing in these are going to be U sorry the lower right here you'll see these are FS with Enterprise value of 200 million to to two billion so in terms of public markets this is small cap or micro cap size companies they're not doing the mega buyouts in the private markets we would consider this Middle Market uh revenues of 25 to to 75 million as I mentioned earlier Sawmill uh in the small Market they're looking at companies that are 10 to 50 million in Revenue so this a little bit uh further Upstream they're going to do 20 to 25 investments in this portfolio and for each company they're writing uh they're they're investing a 100 to to 500 million uh some of the uh really compelling things for this fund uh that we would say uh if you look at the GP commitment in the strategy information uh they're the the general partner or the the investment team of Berkshire uh minimum they're putting 8% of the capital in the fund alongside of all of the investors and about 520 million uh based on the the Target Fund size so that's a meaningful investment by the partners which we really look for is that that alignment of interest uh this fun they've closed on 5.2 billion as of this month and they're going to have a final close in July so this is one where we've got a fairly narrow window Jason what is um in um when you're talking about the general Partners when you say it's um widely spread fund economics across senior professionals could you explain that a little bit Yeah so the the way the um fees work on this there's a base management fee and then there's the incentive fee so the incentive fee is really how the partners get paid and what we like to see is that carried interest being broadly spread around the investment professionals not highly concentrated in a handful of people so that the incentive to do well is broadly spread around the entire team uh page 133 uh we look at uh their prior funds going back to to 98 not all of their prior funds but going back to to 98 their more their five most recent funds uh looking at the performance that they've created and these funds versus the public market equivalents just like we looked at your portfolio and you can see pretty significant premiums to uh us large cap and small cap all well in excess of that 2 and a half% um premium that that we're looking for over time so a very strong track record next slide just looks at it a little bit differently relative to to peers uh for the most part uh the very far right you see their total value to paid in which is that multiple that we were um looking at as far as where it ranks Rel in the quartiles versus other funds of of similar ilk uh maybe go the the net total value to paid in that's the actual what what you were asking and you can see the multiples on their funds they're more mature funds going back really to the 2011 2016 and 2021 really aren't mature yet they're still in their earlier stages so the one that stands out maybe is that 2016 fund still very early on um a 1.7 multiple which we like typically for we're looking for 1.8 that happens to be right now 2016 the best year for buyout funds in a long time and so that's putting them in the the third quartile as of now they've got a couple of deals uh that that are about to uh close that we think will will bump them up over that but um still a 16% uh over a 16% irr so we're not concern about that but a very good long-term track record uh so in the end what we're uh recommending uh again to to continue to build out your private Equity program is a $15 million commitment to berkshire's Partners uh fund 11 anyone have any questions for Jason on his presentation okay since item F was just the portfolio review we don't need to take a vote so that'll take us to item G which is uh the private Equity commitment of 15 million to Burkshire fund 11 cheral entertain a motion I have a motion in a second please record your vote item is approved okay it takes us to uh item 12 which is to receive investment consultant report still me still you okay I'm gonna just touch on the quarter report if you go to page well that's a good one we'll start there wait wait a good good spot to start um so this the the quarter report through March and just point out um the one-year returns you see where the S&P 500 is up almost 30% year-over-year through March the the best performing asset class uh by far so small cap stocks did really well um up that's the Russell 2000 up just under 20% at 19.7% but that's about 10% behind large cap so when we think of how portfolios are allocated and relative to peers the more Diversified you are out of large cap the less good you're going to look relative to peer groups and I would say U this portfolio along with many of the portfolios we work with we um relative to peers and we've done we've drilled down on this a little bit uh more in detail and I'll come to that in a moment uh a little bit less large cap exposure U not necessarily to small cap or International but you have non-traditional assets as well which we've talked a lot about so the more uh private Market assets you have which isn't just private Equity but real estate um you're gonna and taking away from large cap us equity in the short term that's going to have impact relative to to peers just pointing that out so if we go to the next keep going all the way to page 20 I always think it's good to look at dollars uh if we look at the last uh 10year period so when we as we stood here in 2014 the portfolio was at 638 million roughly net additions this is benefit payments coming out and other expenses plus contributions in negative – 265 and half million that's typical that you'd be negative net cash flow for a mature pension system the return return on investment over 500 million in that 10year period uh so ending market value at 8 87 the one year on a just from a dollar basis that oneye period ending march uh the portfolio returned just under 100 million the three years you see it's a little bit less and that includes 2023 so this is the challenge when you're up and then down when you're down you got to be up more to to get back to where where you started so historically um one of the things that we've tried to do with this portfolio through diversification and some non-traditional assets is to uh we want to participate when markets are going up but we want to protect when markets are going down so if you look at the next page you see just from a very black and white objectives return and risk over a longer periods of time five and 10 years uh you're meeting all of these objectives over those longer periods of time so that first one is your actu rate of return from a return standpoint uh this is the most important you've been uh from an accounting standpoint you've been thoughtful and conservative in bringing that down uh currently it's at 7% I think that's right around what the average is for the median for public Pension funds across the country I know there's a a lot of talk today should we be uh with public Pension funds as expect expectations because interest rates have gone up have improved a bit I think remaining cautious with your assume greater return is appropriate uh but over the last five and 10 years you've uh We've achieved that uh relative to the policy index which is what the asset allocation would suggest over five and 10 years uh outperforming the the policy index the one year we're trailing that policy index but it's up well above that 7% and then the the last three there are risk metrics so we want to be lower uh typically the first is volatility or standard deviation we have a lower standard deviation than the policy index and what I'll show you in a minute relative to peers quite a bit lower standard deviation uh beta or sensitivity to the direction of the markets a little bit lower beta of one or above one would mean you're going to be more sensitive to the direction markets are moving we a little bit less sensitive and then finally down um pretty good down capture with this is use those terms participate when markets are up but protect when markets are down what this is saying is when the policy index which is broadly public markets stocks and bonds are down you're only down 90% of that so public markets are down 10% you're down nine and so being down less over time is helpful in compounding assets um if we move forward to page uh let's go to 2 six so the the one-year return here uh 11.4% net of fees 1188 gross of fees and we show gross because we're showing a universe that that's gross so a little bit behind the policy index which is up 12.4 most of that as we've described in great detail is private Equity being compared to the S&P 500 your private Equity is almost flat S&P 500 is up 28% for for the year relative to peers uh the median in the public fund peer group is up 13 and a half uh percent uh see if if you go back to page 24 on that one year the standard deviation the standard deviation of your portfolio is up 9.7 relative to the policy index of 10.4 a little bit ahead of the the the median uh public fund but if we go out further in time looking at three five and even 10 years your standard deviation relative to the media and public fund is is well below that and this is an indication of diversification number one private markets real estate and private Equity we have more of that than the public fund peer group and as we've drilled down on this peer group if we go back to page 26 the you see at the the bottom observations 280 different time periods there they slightly different observations this is the number of observations in in the peer group we're running the the peer group data gets updated throughout the quarter this is a pretty early cut um it doesn't change that much but about 65% of these observations are public funds under a 100 million so they're much smaller there are a lot of Municipal smaller Municipal plans uh typically what we're seeing with those is the the allocation to us large gap Equity is significantly higher the use of mutual funds is is higher and that's why um why it's populated so quickly um when we look at this versus a universe over a billion which I know you're not over a billion but you're close the standard deviation of your portfolio looks a lot closer to the standard deviation of portfolios over a billion so I I point that out because in short periods of time while we're up 11.4% or 11.8% gross and you look at the median perer in this peer group up 12.88 well that's that's a pretty big difference there there's a pretty big difference in what they're doing and what what you're doing over time if we go out over 10 years as of now we're right at the the 50th percentile and this this has moved around a bit um I'd say private Market Investments has been a headwind over the last year it's helped out over over time um just if you want to go if you can open the ASAP mon and go to I don't have one more page there we go okay in terms of the asset allocation today um this is at the end of April um you can see we're a 5% over Target to equity um we had we did do some rebalancing in the month of April uh we took 30 million from large cap which is the most overweight and use put 16 million in cash for quarter's worth of cash needs and 14 million into fixed income and we split that between uh Western the core Plus manager and ssga your your core manager to get fixed income up a little bit we're still uh we're still F the the deviation from the targets at the overall fixed income level as a result we just changed the targets at the beginning of the year in February we decreased Equity by 5% and we increased fixed income by 5% in addition we eliminated long short Equity you'll see the target allocation to long short Equity is zero right now it's still showing six that those redemptions have been we've put them in for the end of June we expect to get that money back probably mid July into August it will take a little bit longer to get all of it back but at that time we'll be Reb rebalancing even more but we did do some this month from taking 30 million from large cap I just wanted to that's what that major deviation is we covered a lot I'm not going to roll forward another month but any questions I just have one when when you're calculating gross fees and net fees as the difference uh just your fees or other fees involved in that I'm sorry a difference what is a difference just your fees and the gross fees and net fees or there other Fe fees okay management fees so our fees are so insignificant it doesn't move the needle okay it would be all of the manager fees okay that's why it's about 50 right 50 basis point right our our fee is one and a half maybe not even that Jason do you have uh the most recent um Capital Market assumptions I think you said you guys do that at the end of the year right uh in the past when we talked about it we reviewed that at the January meeting but if you go back one slide I think the lower left these are our 2024 I mean it's hard to read that those are but yeah the reason I bring that up I think um you know as we look at the last 10 years and 15 years of returns for the S&P it's easy to forget the last decade that you know uh from 2000 to 2009 where the S&P didn't do so well at all and so it's easy for investors or for us here to say well why don't we put more in S&P since it's done so well in the last 10 years and 15 years but we have to remember that the longer and longer something outperforms the long-term um average the more likely it is to underperform in the subsequent um 10 15 years large cap assumption is below the the longterm average U but it actually went up slightly this year by like two basis points or 20 basis points but it's two years ago um before 2022 before the market sold off significantly our expectations for large cap our intermediate term was in the 6% range so that was really reflecting how good us equities had done for a decade yeah and that's gone up a little bit just because of the selloff in in 2022 with 2023 having such uh a high rate of return in that asset class I'm surprised that it was adjusted up versus down could you educate me on that a little bit um sure it so valuation is is one component but it this is we're looking at 10 plus years not the next year um and earnings expectations were up which is another Factor um and so that ticked it up slightly but still we're about 200 basis points below the historical average so in the middle of this page we show what we'd call more of a a tactical uh near-term Outlook this isn't for asset allocation purposes this might be if you're rebalancing we're looking at just based on where valuations are at the moment relative to historical what's expensive and what's less expensive to maybe inform rebalancing decisions and you'll see large cap is the one that's overvalued and that's why from a we're taking from large cap and rebalancing into to other asset classes um finally we I definitely appreciate the uh transparency with you know that report as how uh this uh uh our um fund has performed U versus peer group um I know it wasn't the most uh you know it's probably the least you know the report that you uh least like to go over but it's it is what it is um uh being so close to the billion do dollar point where we really should be looking at the uh at the next bigger um um group at what point do we start comparing ourselves to a different peer group yeah they're in there I mean I was really trying to point out there's issues with peer group you really need to understand what the peer group what's in that peer group it's not as if the billion dollar funds aren't in that peer group they're in there it just doesn't make up a large portion of them of the observations okay so we could show that too it's yeah okay thank you any other questions any questions for Jason okay hearing none CH entertain a motion to accept the investment consultant report for this month we have a motion to second please record your vote item is approved item 13 is comments from board staff and citizens hearing none we are adjourned at 10:51 thank you everyone e e