Investment Services

The Vendor is required to provide a range of investment advisory services to The Program pertaining to their management of the Fund.
- Operating with discretion delegated by the Board, the Adviser will
•    Serve as a co-fiduciary with respect to all fund-related investment matters. 
•    Advise the committee on issues pertaining to maintenance of the IPS.   
•    Recommend a portfolio asset allocation that complies with the policy asset allocation. 
•    Provide investment management services within the guidelines established in this IPS, including the exercise of discretionary authorities as defined herein.   
•    As appropriate, present to the committee for review and approval recommendations regarding investment in “private” or “illiquid” investment vehicles. 
•    On an ongoing basis, select individual investment managers / funds for inclusion in the portfolio, monitor the activities and performance of such investment managers / funds, and prudently retain, terminate or replace such managers / funds. 
•    Inform the committee of any changes in the office recommended investment strategy, changes in ownership, or other relevant changes. 
•    Provide annually to the board and committee a detailed analysis of total portfolio fees and expenses.  
•    Meet quarterly with the committee to review the fund’s investment results. 
•    Rebalance the portfolio on a quarterly basis, taking care to stay within the portfolio allocations as approved by the committee.
- Provide the following quarterly reporting: 
•    Economic and capital market analysis and commentary; 
•    The fund’s investment performance versus benchmarks over appropriate periods; 
•    Investment performance for investment managers / funds versus approved benchmarks and relevant peers over appropriate periods; 
•    Performance attribution analysis;  
•    Summary of all activity and portfolio changes for the quarter; 
•    Asset allocation analysis at quarter-end versus approved asset allocation; 
•    Portfolio liquidity analysis reflecting the impact of any illiquid investments; 
•    Provide data to a committee-designated third-party performance review service provider in the form required by such provider.