[{"_1":2,"_123":-5,"_124":-5},"loaderData",{"_3":4,"_26":27},"root",{"_5":6,"_17":10,"_18":19,"_20":21,"_22":10,"_23":-5,"_24":-5,"_25":10},"user",{"_7":8,"_9":10,"_11":10,"_12":-5,"_13":-5,"_14":15,"_16":-5},"roles",[],"isAuthenticated",false,"isPremium","planName","subscriptionStatus","featureFlags",{},"insightsBudget","isDevelopmentHost","userPreferences",{},"recaptchaSiteKey","6LcvOJcUAAAAAHsB-gPGfGktcRlKpH7OTIU_dMTD","isImpersonating","impersonation","affiliateStatus","isFreedomPortal","routes/v2/article/layout",{"_28":29,"_30":31},"notFound",true,"relatedArticles",[32,75,87,99,111],{"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":48,"_49":50,"_51":52,"_53":54,"_55":56,"_57":58,"_59":60,"_61":62,"_63":64,"_65":66,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},"mediaId",6545737,"mediaKeyId","3429310-55f97cb4d6c22ecaf38fe332e8e1846f","parentId",3429310,"title","Legal counsel briefs ISERS on county‑appointed seat eligibility, PEPRA and pending state bills","audioSeconds",290,"startMs",4298000,"endMs",4588000,"viewUrl","/Search/View?dp=1&key=3429310-55f97cb4d6c22ecaf38fe332e8e1846f&start=4298&end=4588","thumbnailUrl","https://assets.pipeline.soar.com/3429310-55f97cb4d6c22ecaf38fe332e8e1846f/thumbnail_4298000.jpg","articleUrl","/articles/6545737/Imperial-County/California/Legal-counsel-briefs-ISERS-on-countyappointed-seat-eligibility-PEPRA-and-pending-state-bills","mediaUrl","https://secure.pipeline.soar.com/6545737-f2b8f6e3a725a5a73285a2cc25db6adf/orig.mp4?Expires=1770901041&Signature=JeVh2rYeBXiUmtm9aCD921Ip0d~XnrGiryCAjRJDqxGc5jJOq53VXtPb2ilbTlbMn1PyJq40iDSbDyQ~4owe3daPJWWaqFpVwDS3ZYzr-7K7QjV38t3HZ-OwACXySwGtCN2cUm~0er4HRi1PwWZq8urXCAyPFtn2cz0mtgBWnFcKjMCG0C3VG1NMKWMbbD6qlLRVlouwrnDIw3KBw5ixt6C2N4xJ3u7FCpml0e8rRqhAnsHccGIhzPnvzALaxsu8oBZ8NjWe25GzAoK6-px8bc16pqyC8jQ~7DfBNBrCidB~NKixmDX~HOGPPLMPxb6XqsE12QEOwJrFIkyldq-OjA__&Key-Pair-Id=KUT5TJCACFTXG","author","Imperial County","date","2025-05-21T00:00:00Z","article","ISERS legal counsel briefed trustees on May 21 about an eligibility question for county‑appointed trustee seats after an appointed candidate, Kathleen Lang, resigned when she learned she was not eligible to be an elector of the county because she is not a U.S. citizen.

Counsel said the statutory language in the County Employees Retirement Law (cited at section 31520.1 in materials provided) requires that a county‑appointed seat not be occupied by someone “connected in capacity” with the county. The question raised was whether a county retiree is “connected in capacity” and therefore ineligible. Counsel reported that among county retirement systems contacted, opinions are split: approximately six systems have concluded a retiree may serve, while five have taken the opposite view.

Counsel also briefed trustees on related state legislation and background: the presenter referenced the Public Employees' Pension Reform Act (PEPRA) as an historical change that ended supplemental defined‑benefit arrangements for new hires and noted pending bills AB 569 and SB 853 that could affect pension design and employer/union negotiation spaces. Counsel said AB 569 had been moving quickly in the Assembly and was re‑referred to committee at the last minute; SB 853 had passed the Assembly and was sitting in the Senate as of the briefing.

Why it matters: The board requested a fuller written packet for the next meeting containing the statutory language, the two differing legal analyses, sample county practices and the county’s application and appointment materials. Counsel recommended the board discuss whether it wants to adopt a formal position or policy to share with county appointing authorities; trustees indicated interest in a written follow‑up.

Ending: Counsel said staff will prepare a written agenda item with attachments for the next meeting so trustees can review the competing analyses and consider whether to formalize a board position.","mediaType","Video","parentTitle","Imperial County - ICERS - May 21, 2025","oneSentenceSummary","ISERS legal counsel reported May 21 that ambiguity remains over whether a county retiree may fill a county‑appointed trustee seat under County Employees Retirement Law; counsel summarized split interpretations among county retirement systems and flagged pending state bills AB 569 and SB 853.","taxTitle","Imperial County, California","taxId",3829,"location","headline","","shortSummary",{"_33":76,"_35":36,"_37":38,"_39":77,"_41":78,"_43":79,"_45":80,"_47":81,"_49":82,"_51":83,"_53":84,"_55":56,"_57":58,"_59":85,"_61":62,"_63":64,"_65":86,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},6545742,"Votes at a glance: ISERS board approves agenda, consent items and cancels August meeting; enters closed session",6077,161000,6238000,"/Search/View?dp=1&key=3429310-55f97cb4d6c22ecaf38fe332e8e1846f&start=161&end=6238","https://assets.pipeline.soar.com/3429310-55f97cb4d6c22ecaf38fe332e8e1846f/thumbnail_161000.jpg","/articles/6545742/Imperial-County/California/Votes-at-a-glance-ISERS-board-approves-agenda-consent-items-and-cancels-August-meeting-enters-closed-session","https://secure.pipeline.soar.com/6545742-883df846ff07934c02c452d530abd8d7/orig.mp4?Expires=1770901041&Signature=X0-0fiy-AmCTKdSZ2lNbcT4G6bKlH5jZ4c5DOk-zpmeuYFWFMPhAMu1B8Mm2ka2W8gxUy5o9wn-VkMTnwacYkQON3TzFj2Rqf0aN7sU8G7Ff4gWrlDBNtJgFEwNyUsJEX0RggpLGrdY04K5K5zsfrMwuA2WhUE9Y1Hk00OKjp6w~0badCrkLIHzN31~jkob8-pWAAQBaH3Q1QVYxNpTmDHAwB7ebqWwivFJM4Y2EVwXVgTY99Tc-TddufySFvlyfZGiXq3noMD7ttCukfPsEJ9vmoSY89l7qMBFsM8Ga5EfumTTmMFCD9ZeP0mQQohdPxSEiplx0w84vzOMamFsM2A__&Key-Pair-Id=KUT5TJCACFTXG","The Imperial County Employees' Retirement System board recorded the following formal voice votes and outcomes on May 21, 2025.

Approved agenda: The board approved the May 21 meeting agenda. Motion to approve moved by Norma K. Houdegui; seconded by David H. Price. Outcome: passed by voice vote (unanimous \"aye\" recorded).

Approved consent agenda: The board approved the consent agenda. Motion to approve moved by Patricia Lizarraga; seconded by Norma K. Houdegui. Outcome: passed by voice vote (unanimous \"aye\" recorded).

Approved minutes (04/16/2025 adjourned regular meeting): Motion to approve minutes moved by Norma K. Houdegui; seconded by Patricia Lizarraga. Outcome: passed by voice vote (unanimous \"aye\" recorded).

Cancel August meeting (action item 7): Staff recommended the board go dark in August and shift manager presentations to September. Motion to cancel the regularly scheduled August meeting moved by Norma K. Houdegui; seconded by Patricia Lizarraga. Outcome: passed by voice vote (unanimous \"aye\" recorded). Note: staff described this as an annual practice to accommodate manager and trustee schedules.

Enter closed session: The board voted to go into closed session at the chair’s request. Motion to enter closed session moved by Norma K. Houdegui; seconded by David H. Price. Outcome: passed by voice vote (unanimous \"aye\" recorded).

No roll‑call tallies were read aloud; votes were recorded as voice votes with the board responding \"aye.\"","At its May 21 meeting the Imperial County Employees' Retirement System board approved the meeting agenda and consent agenda, approved prior minutes, voted to cancel the regularly scheduled August meeting and voted to enter closed session; all items passed by voice vote.",{"_33":88,"_35":36,"_37":38,"_39":89,"_41":90,"_43":91,"_45":92,"_47":93,"_49":94,"_51":95,"_53":96,"_55":56,"_57":58,"_59":97,"_61":62,"_63":64,"_65":98,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},6545745,"Verus consultant briefs ISERS on market drivers and portfolio performance; Q1 affected by import surge and tariff uncertainty",502,2583000,3085000,"/Search/View?dp=1&key=3429310-55f97cb4d6c22ecaf38fe332e8e1846f&start=2583&end=3085","https://assets.pipeline.soar.com/3429310-55f97cb4d6c22ecaf38fe332e8e1846f/thumbnail_2583000.jpg","/articles/6545745/Imperial-County/California/Verus-consultant-briefs-ISERS-on-market-drivers-and-portfolio-performance-Q1-affected-by-import-surge-and-tariff-uncertainty","https://secure.pipeline.soar.com/6545745-b861ed6c9cbfb8e09480f6976e68f261/orig.mp4?Expires=1770901041&Signature=YZCRG0qPsDWNcomXkdujAAPObbKt81hL2cURKo0TB9nhTxluSyZWxZKIjotdN0aWYA-kzjcIl63DKE9k6FVJlKcOQja9~obAUrz3GWWltFcIrrWUQPESe~~GNl96zIVQd6346dHjiPdpNXUd4c1xvS0UZkxlp-9hl6lHEY21fyiMKnulvCOXIjYpd2ZuLMl4khEaBm~hUubRbmbLPqD~0TUAT5-Pivg5NRw4m5TXBJFmPjcojHK9ZaaEj2Yxi8rrL7oo10JlzVfifNpNgZxuBRvgFvo6rNsZcx1BtSgd5tdGNv7EcMQyHEpxUfpUYjkM-fMEkSTYlAYsfCHwrqljFQ__&Key-Pair-Id=KUT5TJCACFTXG","Brian (Verus consultant) provided the board with a market review and ISERS portfolio update on May 21, saying the first quarter’s key theme was U.S. underperformance, driven in part by a late‑February pullback, tariff headlines and a large pre‑tariff rush to import goods that materially affected GDP math.

He told trustees the April import surge was a major technical factor behind the headline Q1 GDP print of minus 0.3%: “There was a massive rush to import as much as you possibly could before a lot of these tariffs took place,” Brian said, noting that imports are a negative component of GDP calculations and that the import spike distorted growth figures.

Portfolio numbers and performance: Brian reviewed ISERS’ allocations and manager results. He reported a net outflow of about $10,000,000 for the first quarter and that portfolio distributions and capital calls were modest in April; he said the end‑of‑day portfolio balance was approximately $1,259,000,000. He summarized manager performance slides: international equity was a relative bright spot in Q1, fixed income produced positive returns amid lower yields, and opportunistic and private credit programs continued to perform within expectations.

Private markets and next steps: Brian described the private markets program, noting a prior asset‑liability decision to raise the private credit target and the board’s authorization to allow staff and the consultant discretion to select funds up to an aggregate commitment. He described proposed due diligence on two prospective private credit opportunities: an asset‑based finance fund and a structured sports and live‑entertainment strategy (both presented as informational items); no approvals were requested at the meeting.

Ending: Brian said second‑quarter returns were stronger across major public markets since April 1 and invited trustee questions before trustees considered discussion items and additional manager reports.","Verus consultant Brian told the ISERS board May 21 that U.S. equity weakness, a surge in imports and tariff‑related volatility drove first‑quarter returns; he reported modest net outflows and an ending portfolio balance near $1.259 billion and reviewed manager performance and private markets activity.",{"_33":100,"_35":36,"_37":38,"_39":101,"_41":102,"_43":103,"_45":104,"_47":105,"_49":106,"_51":107,"_53":108,"_55":56,"_57":58,"_59":109,"_61":62,"_63":64,"_65":110,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},6545750,"William Blair tells ISERS emerging‑markets growth strategy has underperformed recently but fundamentals look stronger",2415,1901000,4316000,"/Search/View?dp=1&key=3429310-55f97cb4d6c22ecaf38fe332e8e1846f&start=1901&end=4316","https://assets.pipeline.soar.com/3429310-55f97cb4d6c22ecaf38fe332e8e1846f/thumbnail_1901000.jpg","/articles/6545750/Imperial-County/California/William-Blair-tells-ISERS-emergingmarkets-growth-strategy-has-underperformed-recently-but-fundamentals-look-stronger","https://secure.pipeline.soar.com/6545750-6d4b4e2e3beffc777596cc9d522363c3/orig.mp4?Expires=1770901041&Signature=EVB8hwgN0owpvs6zDVr3MxQfaLOrvb-zfJvC4izAZlHWLZN5HzLvb4hcks-qIuNSvDcHzV66R2J2NC7pXHTCEMxS69~W8kIpf4odu289pO4kG3~RlArFOULiJj8b2KWGuLxR7MGScFSClYOnfJi2O5XYgdDd1CGab~DwkV9rBhbN6FRAuvdl8EbolQfo9aD4Q6JCFZ~L91Vkc9cLIuL7uuYdtGaHpQ50h4Z9qkr3aKbMyCrBZnY0lYcjQ4onFnWCGw2vy~ceOfv8IKyo7LDzqTB-OFqD8x6F0Ty2h3exKHN~~PU9zJZ1WhM3ZS~woPjnnnDGxUmDtfmU7Oh1A1wdPg__&Key-Pair-Id=KUT5TJCACFTXG","Renee McGrail, senior client relationship manager at William Blair, and Vivian Lynn Thurston, partner and co‑portfolio manager for William Blair’s emerging markets strategies, presented to the Imperial County Employees' Retirement System board on May 21 about the firm’s emerging‑markets growth strategy and recent performance.

McGrail described William Blair as a Chicago‑based, employee‑owned investment firm (she said the firm has “over 66,000,000,000 in assets under management”) and introduced the global equity team and recent senior research hires. Thurston said William Blair is a “quality growth investor,” combining fundamental stock‑picking with a proprietary quantitative screening tool (called “Summit”) and on‑the‑ground company research in emerging markets.

Why it matters: Trustees heard that the strategy’s stock selection process and team depth are designed to generate alpha, but that the strategy has faced a difficult market backdrop: a strong short‑term tilt to cheap valuations, sector/country rotations and tariff‑related volatility. Thurston said those forces, particularly valuation dispersion and weakness in Taiwan/Korea tech names after debates about AI hardware, were major headwinds in the first quarter.

Performance and positioning: Thurston said the strategy “has underperformed” since ISERS invested mid‑last year; she attributed much of the underperformance to first‑quarter valuation leadership by the cheapest quintile and to sector/country shifts. She reported that, quarter‑to‑date since April 1, the strategy “is up today, up about 9% in absolute dollar terms, and alpha up about 200 basis points,” while noting the fund remained behind its benchmark year‑to‑date. The presentation also highlighted that the portfolio has higher quality metrics—return on equity, cash‑flow ROIC and earnings growth—than the benchmark, and that the team recently increased analyst coverage in industrials and IT.

Country and company notes: Trustees asked about country exposure and individual holdings. Thurston said Japan is excluded because the mandate is emerging markets only; she confirmed China and India exposures are driven by the team’s factor and fundamental work. In response to a trustee question about Xiaomi, Thurston summarized that Xiaomi is primarily a China‑domestic story with a large smartphone market share and recent entry into electric vehicles; she said Xiaomi has minimal direct sales to the U.S. market today.

Next steps: William Blair fielded questions about market structure, China policy, tariffs and Latin America positioning. There was no board action requested at the presentation; trustees received the firm's materials and were directed to manager materials and holdings pages for additional follow up.

Ending: McGrail and Thurston thanked the board; trustees moved to the next agenda item.","William Blair presented its emerging‑markets growth strategy to the ISERS board May 21, citing valuation headwinds, China policy shifts and tariff‑related uncertainty as drivers of underperformance and detailing team additions and on‑the‑ground research.",{"_33":112,"_35":36,"_37":38,"_39":113,"_41":114,"_43":115,"_45":116,"_47":117,"_49":118,"_51":119,"_53":120,"_55":56,"_57":58,"_59":121,"_61":62,"_63":64,"_65":122,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},6545755,"Dimensional updates ISERS on emerging‑markets value strategy amid recent volatility",1663,239000,1902000,"/Search/View?dp=1&key=3429310-55f97cb4d6c22ecaf38fe332e8e1846f&start=239&end=1902","https://assets.pipeline.soar.com/3429310-55f97cb4d6c22ecaf38fe332e8e1846f/thumbnail_239000.jpg","/articles/6545755/Imperial-County/California/Dimensional-updates-ISERS-on-emergingmarkets-value-strategy-amid-recent-volatility","https://secure.pipeline.soar.com/6545755-14f4f73bb0cbe37ec2a6253a637cb9f0/orig.mp4?Expires=1770901041&Signature=Q0Q-Ly21buR83EjVNM-rMBicq0WRSIT9j8JdAjezG7WPwpkRLg9ns9D-FUNkss63suuRUnfbpgPOjsZa9V0EmzbUhjqNRCmj0FRx1zcWuO4kwv38~k1BB4z1az8bSB-ZZuqORZqH~PuICI8V4bKBUShOE6BakCvBHWKTCN6cvYUdQi2EZB5AIW5Uc1uQCtBkIFCk3aHP31htnMmqbwMGgglL4WN~Sbhu-xtvaMKIhG85SnEl6uBe2X8-uPLazI-mbqCwmZu2ksAVwopT1jwg6Yf31lmNsrln50~j7PLTC~mAsbZ7Eh9i~P5~8GKtN9mpRyygyOp7eABcZBw8Jt3wfg__&Key-Pair-Id=KUT5TJCACFTXG","Ted Simpson, regional director and vice president at Dimensional Fund Advisors, told the Imperial County Employees' Retirement System board on May 21 that Dimensional’s emerging‑markets all‑cap value strategy blends deep value, small‑cap exposure and a profitability (quality) overlay and that the firm has managed ISERS’ account “for just over a dozen years.”

The presentation said the strategy aims to sit between passive indexing and traditional active management: “very broadly diversified, thousands of securities, low fees, similar to index funds but also absolutely structuring the portfolio to provide outperformance,” Simpson said. He described three primary drivers the team targets—size (small cap), relative price (value) and profitability (quality)—and explained how the strategy excludes securities with the lowest profitability within small caps.

Why it matters: ISERS’ emerging‑markets allocation is intended to capture long‑term premia that, by Dimensional’s account, have historically favored small, cheaper and more profitable firms. Board members pressed presenters on recent market effects, including tariffs and short‑term reversals, and Simpson stressed the firm’s process‑driven approach and that it does not make rapid, market‑timing changes based on headlines.

Performance and positioning: Simpson said the strategy has lagged benchmarks in the most recent three‑ and twelve‑month periods because Dimensional’s deeper small‑cap and deeper‑value exposure underperformed those periods’ shallower value and larger‑cap moves. He reported that, as of late in the quarter, the portfolio had rebounded: “for the quarter, our portfolio is up 5.5%” and “year to date, we’re up just under 9%,” he said. Simpson also noted the portfolio’s lower price‑to‑book relative to benchmarks and its inclusion of micro caps down to roughly $50 million market caps.

Questions from trustees focused on geopolitical risks and tariffs. Simpson said Dimensional does not change its modeling in reaction to tariffs alone but monitors local markets and will pause trading or slow purchases in markets experiencing extreme stress: “we will absolutely kind of keep that in mind … if tanks come out in the streets … we are not in a panic sell,” he said.

Board context and next steps: Simpson concluded by thanking trustees for the long‑term relationship. The presentation served as an update; no formal board action was taken on the Dimensional mandate during the meeting.

Ending: Trustees proceeded to subsequent manager presentations and portfolio reviews after the update.","Dimensional Fund Advisors told the Imperial County Employees' Retirement System board May 21 that its emerging‑markets all‑cap value strategy remains positioned for long‑term value despite recent short‑term underperformance; the firm highlighted small‑cap, value and profitability characteristics and noted a quarter‑to‑date rebound.","actionData","errors"]

Article not found

Legal counsel briefs ISERS on county‑appointed seat eligibility, PEPRA and pending state bills

Votes at a glance: ISERS board approves agenda, consent items and cancels August meeting; enters closed session

Verus consultant briefs ISERS on market drivers and portfolio performance; Q1 affected by import surge and tariff uncertainty

William Blair tells ISERS emerging‑markets growth strategy has underperformed recently but fundamentals look stronger

Dimensional updates ISERS on emerging‑markets value strategy amid recent volatility