Title
INVESTMENT BOARD REVIEW - INVESTMENT PERFORMANCE, MARKET OUTLOOK, INVESTMENT POLICY STATEMENT AND INVESTMENT PLAN AND THE 2023 INVESTMENT MANAGEMENT REPORT
Thierry Rayaisse, Portfolio Manager and Jason Bayley, Investment Analyst provided a presentation concerning the City’s 2023 investment performance, the market outlook, and the review of the investment policy statement, investment plan and the 2023 investment management report.
Mr. Rayaisse and Mr. Bayley discussed slides concerning the following topics:
• The investment income for the money markets, fixed income, and equities, including;
o The total return by portfolio;
o The consolidated annualized performance - consolidated and benchmark;
o The annualized performance - prudent investor portfolio; and
o The total return attribution - consolidated portfolio and prudent investor portfolio.
• The asset allocation for the consolidated portfolio (prudent investor and operating portfolios);
• The Operating fund (OF) analysis including periodic total return and security allocation and Liquidity;
• Capital fund analysis, including:
o Fixed income characteristics;
o Periodic total return;
o Canada yield curve evolution;
o Relative cure positioning;
o Bond sector allocation; and
o Relative credit quality.
• Growth fund analysis, including:
o Periodic total return; and
o Equity return attribution.
• The 2024 market outlook.
The Investment Board members asked a number of questions to City staff and received responses.
M. Rayaisse and Mr. Bayley reviewed the 2023 Investment Management Annual Report with the Investment Board members. They provided feedback and suggested changes to the Report to ensure accuracy and transparency associated with the performance of the City’s investment portfolio.
The Investment Board approved the Report to the Investment Board dated February 21, 2024 concerning the 2023 Investment Management Annual Report with the suggested changes received at the Board meeting. Mr. Rayaisse and Mr. Bayley advised that the final version of the Report will be circulated with the amendments to the Board members.