2023 INVESTMENT FORUM
SEPTEMBER 13-15
Proudly serving those who serve San Bernardino communities.
Lake Arrowhead Resort & Spa 27984 CA-189 Lake Arrowhead, CA 92352
Credentials
Please assist us in accurately accounting for attendance by wearing your name badge. Proper credentials are required for all events & meals.
Welcome to the San Bernardino County Employees’ Retirement Association’s 2023 Investment Forum!
At its core, this event supports the bottom line of why we’re here—to provide retirement security to our members and their beneficiaries now and well into the future.
For more than 20 years, this forum has offered insight into global market trends, how those trends affect SBCERA’s investment portfolio, and an opportunity to refocus on our investment strategy, which propels our commitment to those we serve.
This forum is also a great opportunity for SBCERA’s Trustees, staff members, and money managers to get to know one another in a relaxed, comfortable setting. I hope your drive up the Rim of the World Highway was scenic and engaging and that you were able to visit the mountain early to enjoy the beauty and majesty of Southern California’s mountains!
There are many things to do in Lake Arrowhead, and the Lake Arrowhead Resort and Spa offers activities designed to enhance each guest’s experience directly related to Lake Arrowhead, the San Bernardino National Forest, and the surrounding areas. Be sure to make time to visit the resort’s heated swimming pool, scenic walking path, and Spa of the Pines—a complete health and fitness center—as well as the resort’s distinct restaurant BIN 189, which has a massive floor-to-ceiling wine selection as its entryway. And if that’s not enough, the resort also features the Lake Arrowhead Village where you’ll find a lot of great shopping and dining options. You can also tour the lake and learn about the area’s rich history on the paddle-wheel powered Arrowhead Queen.
SBCERA welcomes Frances Donald, Global Chief Economist and Strategist with Manulife Investment Management, as our morning Keynote speaker on Thursday. Ms. Donald’s presentation will take stock of current economic conditions and what challenges we can be prepared to face in the future. Our evening Keynote speaker is Dr. Jeffrey A. Golden, Director of the Burns and Allen Research Institute and Vice Dean for Research and Graduate Education at Cedars Sinai Medical Center. Dr. Golden will discuss some amazing and thought-provoking advancements in medical research.
SBCERA’s Investment Team has worked hard to develop an engaging roster of speakers that we hope will spur indepth discussions while providing an insightful market update and review of SBCERA’s priorities.
SBCERA and the Investments team join me in thanking each of you for attending our Forum.
Sincerely,
Donald Pierce Chief Investment Officer | SBCERA
Agenda
Wednesday | September 13
CONFERENCE LOCATION: LAKEVIEW TERRACE ROOM (UNLESS NOTED OTHERWISE)
3:00 PM - 5:00 PM
6:00 PM - 9:00 PM
Thursday | September 14
8:00 AM - 5:00 PM
REGISTRATION & CHECK IN
WELCOME RECEPTION & REMARKS
LOCATION: LAKEFRONT TAPROOM RESTAURANT
28200 State Highway 189, E-200, Lake Arrowhead, CA
Marc Bracco | Board Chair | SBCERA
Jean-Rene Basle | Vice Chair | Investment Committee Chair | SBCERA
Refreshments & dinner will be served. Shuttle Service will be offered.
REGISTRATION & INFORMATION
8:00 AM - 8:50 AM BREAKFAST
8:50 AM - 9:00 AM
WELCOME & OPENING REMARKS
Donald Pierce | CIO | SBCERA
Debby Cherney | CEO | SBCERA
9:00 AM - 10:00 AM
KEYNOTE SPEAKER
Frances Donald | Global Chief Economist & Strategist, Multi-Asset Solutions Team | Manulife
Moderator: Thomas Kim | Senior Investment Officer | SBCERA
BREAK 10:15 AM - 11:00 AM
10:00 AM - 10:15 AM
SBCERA INVESTMENT PLAN & UPDATE
Sam Austin | Partner | NEPC
Donald Pierce | CIO | SBCERA
Thursday | September 14 (Continued)
11:00 AM - 11:45 AM
ON THE VERGE OF CHANGE
Gina Sanchez | Founder & CEO | Chantico Global
11:45 AM - 1:00 PM
LUNCH LOCATION: LAKESIDE LAWN
1:00 PM - 1:45 PM
INVESTMENT SPOTLIGHT REAL ESTATE
Soultana Reigle | Managing Director | PGIM Real Estate
Clarke Michalak | Managing Director | PGIM Real Estate
1:45 PM - 2:00 PM
BREAK
2:00 PM - 2:45 PM
INVESTMENT COUNSEL PANEL
Yuliya Oryol | Attorney & Partner | Nossaman
Barbara Hannah | Chief Counsel | SBCERA
Moderator: Jake Abbott | Senior Investment Officer | SBCERA
BREAK
3:00 PM - 4:00 PM
BREAKOUT SESSIONS
Donald Pierce | Group 1
LOCATION: STARS ROOM
Amit Thanki | Group 2 LOCATION: ACORN ROOM
Jake Abbott | Group 3
LOCATION: PINECONE ROOM
Thomas Kim | Group 4 LOCATION: EVERGREEN ROOM
BREAK
Thursday | September 14 (Continued)
5:00 PM - 6:30 PM
6:30 PM - 8:30 PM
Friday | September 15 SBCERA Trustees & Staff Only
8:00 AM - 8:30 AM
8:30 AM - 9:00 AM
9:00 AM - 9:15 AM
9:15 AM - 10:00 AM
RECEPTION
LOCATION: LOWER - LEVEL POOL
DINNER & KEYNOTE SPEAKER
Dr. Jeffrey Golden | Director | Burns & Allen Research Institute
Vice Dean | Research & Graduate Education | Cedars-Sinai Medical Center
10:00 AM - 11:00 AM 11:00 AM
BREAKFAST
TRUSTEE EDUCATION: INTEREST CREDITING & EXCESS EARNINGS BENCHMARKING
Debby Cherney | CEO | SBCERA
Amy McInerny | CFO | SBCERA
BREAK
TRUSTEE EDUCATION: ATTRIBUTION
Donald Pierce | CIO | SBCERA
TRUSTEE EDUCATION: BENCHMARKING
Sam Austin | Partner | NEPC
ADJOURN & BOXED LUNCH TO-GO
Attendees
Trustees
MARC BRACCO | Board Chair | Elected Member
JEAN-RENE BASLE | Board Vice Chair | Appointed Member
LOUIS FIORINO | Elected Member
MICHAEL KENNEDY | Appointed Member
ENSEN MASON | Auditor-Controller/Treasurer/Tax Collector | Ex Officio Member
ERIC RALEY | Elected Member
DAWN ROWE | Appointed Member
DAWN STAFFORD | Elected Member
NEAL WANER | Appointed Member
HARRY HATCH | Elected Member - Alternate
JOHN JOHNSON | Ex Officio Member - Alternate
JARED NEWCOMER | Elected Member - Alternate
Investments Team
DONALD PIERCE | Chief Investment Officer
JAKE ABBOTT | Senior Investment Officer
THOMAS KIM | Senior Investment Officer
AMIT THANKI | Senior Investment Officer
EYDIE COX | Senior Investment Analyst
EMELY MORENO | Senior Investment Analyst
ERIN CALICCHIO | Deputy Clerk of the Board & Senior Executive Secretary
ESTEFANIA RUIZ | Office Specialist
Attendees (Continued)
SBCERA Staff
DEBBY CHERNEY | Chief Executive Officer
BARBARA HANNAH | Chief Counsel
COLIN BISHOP | Chief of Member Services
AMY MCINERNY | Chief Financial Officer
JOSEPH MICHAEL | Chief Information Officer
OLIVIA APPLEGATE | Director of Communications & Stakeholder Relations
JAYSON EATON | Accounting Manager
SCOTT VANHORNE | Government Affairs Manager
CHRISTA JAMES | Clerk of the Board & Executive Assistant
CAMERON AMANO | Communications Specialist
Outside Consultants
SAM AUSTIN | Partner | NEPC, LLC
GREGG BUKSBAUM | Partner | Morgan, Lewis & Bockius, LLP
ROBERT DOLLARD | Senior Vice President | State Street Investment Services
THOMAS FLETCHER | Managing Director, Overlay Services | Russell Investments
ALEPH GRANADOS | Relationship Manager | State Street
JENNIFER KREISCHER | Director | Kreischer Miller
SUSAN MCDONOUGH | Account Executive & Asset Owner RM Team Lead | State Street Global Advisors
YULIYA ORYOL | Attorney & Partner | Nossaman, LLP
THOMAS PETERS | Director | Kreischer Miller
GINA SANCHEZ | Founder & Chief Executive Officer | Chantico Global, LLC
Attendees (Continued)
Guest Speakers
SAM AUSTIN | Partner | NEPC, LLC
FRANCES DONALD | Global Chief Economist & Strategist, Multi-Asset Solutions Team | Manulife Investment Management
DR. JEFFREY GOLDEN | Director, Burns & Allen Research Institute & Vice Dean for Research & Graduate Education | Cedars-Sanai Medical Center
CLARKE MICHALAK | Managing Director | PGIM Real Estate
YULIYA ORYOL | Attorney & Partner | Nossaman, LLP
SOULTANA REIGLE | Managing Director | PGIM Real Estate
GINA SANCHEZ | Founder & Chief Executive Officer | Chantico Global, LLC
Managers
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ERIC ALBERTSON | Senior Investment Director, Private Equity
PATRICK KNECHTLI | Head of Secondaries
Adams Street Partners
RICK CASTRO | Vice President, Investor Relations
GARY FENCIK | Senior Advisor
Alcentra / Benefit Street Partners
CATHY BEVAN | Head of Structured Credit / Portfolio Manager
NICHOLAS JOHNSTON | Managing Director
ERIC LARSSON | Managing Director
Apollo Global Management
DANIELLE THORSEN | Partner
Ares Management
SCOTT MCCONNELL | Managing Director
Attendees (Continued)
Managers
AS Birch Grove, LP
ANDREW CHUNG | Partner & Senior Portfolio Manager
JAMES DICKINSON | Director - Marketing & Investor Relations
GUY SHAPIRA | Partner & Senior Portfolio Manager
Bardin Hill Investment Partners, LP
NICHOLAS ACQUAVITO | Managing Director
Beach Point Capital Management
JOHN QUINTANAR | Managing Director
BlackRock
BRYAN JACOBI | Managing Director
PHIL TSENG | Managing Director
Corrum Capital Management
JONATHAN MANDLE | Co-Managing Partner
ERIN OLOFSON | Director
Crestline Investors, Inc.
SUMMER JARRATT | Managing Director
GoldenTree Asset Management, LP
NATALIE LANDIS | Managing Director
BRENDAN MCDONOUGH | Partner
Gramercy
LACIE SMITH | Partner, Head of Investor Relations
Industry Ventures
ROLAND REYNOLDS | Senior Managing Director
Invesco
DELIA ROGES | Managing Director, Regional Head, U.S. Institutional
Invesco Real Estate
BROOKS MONROE | Managing Director, Client Portfolio Manager
Irradiant Partners, LP
ZACHARY AXELROD | Head of Investor Relations
JOHN EANES | Co-Chief Executive Officer
Attendees (Continued)
Managers
Manulife Investment Management
PETER FARLEY | Managing Director, Senior Portfolio Manager
AMY MCPIKE | Managing Director, Relationship Management
Marathon Asset Management
ALEX TANASE | Managing Director
Partners Group
KYLE OSBORN | Senior Vice President
Pathway Capital Management
JIM CHAMBLISS | Managing Director
BRYAN NELSON | Director
PGIM
PETER TAGGART | Principal
PGIM Fixed Income
ROBERT VENTURA | Manager, Client Advisory Group
PGIM Real Estate
STEVE MOEN | Executive Director
Pinnacle Asset Management, LP
GUS CATSAVIS | Managing Director
JASON KELLMAN | Managing Partner & Chief Investment Officer
SCOTT KELLMAN | Managing Partner
Principal Asset Management
TERI SMITH | Managing Director
TOBAM Wasatch Global Investors
ALEXIS GASC | Senior Vice President – Business Development
FRANCIS VERPOUCKE | Managing Director
KARTI BHATT | Client Portfolio Manager
DUSTIN MCCARTY | Partner, Head of Global Distribution
Attendees (Continued)
Managers
Waterfall Asset Management
THOMAS CAPASSE | Managing Partner
TAYLOR ROSS | Vice President of Business Development
LEO WONG | Partner
William Blair ZAIS Group, LLC
RENEE MCGRAIL | Senior Client Relationship Manager
VIVIAN THURSTON | Portfolio Manager
CHRISTIAN BRUNE | Managing Director
DENISE CROWLEY | Head of Structured Credit Investments
DANIEL CURRY | Chief Executive Officer
45,000 MEMBERS STRONG
INNUMBERS
85.5% FUNDED PERCENTAGE
(ACTUARIAL VALUE OF ASSETS)
17 PARTICIPATING EMPLOYERS
5.0%
FISCAL YEAR 22-23 NET RATE OF RETURN
$4,026 AVERAGE MONTHLY BENEFIT
7.3%
5-YEAR NET RATE OF RETURN
$14 BILLION TOTAL NET POSITION
(AS OF JUNE 30, 2023)
“SBCERA is committed to efficiently and strategically managing our resources and responsibly funding the Plan now and in the future.”
—Debby Cherney, SBCERA Chief Executive Officer
