[{"_1":2,"_100":-5,"_101":-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",[32,76,88],{"_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":72,"_73":74,"_75":74},"mediaId",6461628,"mediaKeyId","5823548-ddb5cf5fc998bed8d062141351b03d6e","parentId",5823548,"title","Board adopts updated investment policy (including new state divestiture rule) and approves auditor engagements","audioSeconds",3709,"startMs",1499000,"endMs",5208000,"viewUrl","/Search/View?dp=1&key=5823548-ddb5cf5fc998bed8d062141351b03d6e&start=1499&end=5208","thumbnailUrl","https://assets.pipeline.soar.com/5823548-ddb5cf5fc998bed8d062141351b03d6e/thumbnail_1499000.jpg","articleUrl","/articles/6461628/Florida/Board-adopts-updated-investment-policy-including-new-state-divestiture-rule-and-approves-auditor-engagements","mediaUrl","https://secure.pipeline.soar.com/6461628-aa68f8283dd02803546ad96d226a8edc/orig.mp4?Expires=1770505311&Signature=JPx8tPhHAz6x1lZJHRzYRk53giY1t13HSk8c0r6Jgj5hW6qKG9oOpojOBDiwmqMmETNShgNqLldjpevJPTF3dXQ1MCAWidVhSQwoc0mxi7H6PCfrSb17WCv6PPzNGz5ooYoxTORgOi31As3ju1HnSxC68xu97XIjEDtS6-1S6bE2VOf5KhFhMxD4y9GO1GmtmdzhbZkB8b0jPeLt97yhRSTG4KoM30PlMvmmH2vZ71vgXhB8UvFyj7vgEf4t-XrIYYLLWuu83cm2tv-3OhBEPEkrTFzUJRY8xvsUYVb3zQHIVh1yknTLYh4f~s5-bYkMMrD3VigQ9Wn4v4B2TuYTDw__&Key-Pair-Id=KUT5TJCACFTXG","author","City of Sarasota","date","2025-09-24T08:38:00Z","article","The Sarasota City Firefighters' Pension Plan Board of Trustees held three formal votes during its Sept. 24 meeting: approval of minutes from the July 23 meeting, adoption of a revised investment policy statement and manager addenda, and approval of audit engagement letters for the fiscal year ending Sept. 30. All votes were taken by roll call and carried unanimously.

Minutes: Trustees moved and seconded a motion to adopt the minutes of the July 23, 2025 meeting. The motion passed by roll call vote with all trustees present voting yes.

Investment policy statement: The board voted to adopt a revised Statement of Investment Policy, Goals and Guidelines and associated manager contract addenda. The revisions reflect the board's recent allocation changes to a core manager and add language addressing recent state law changes. Board counsel explained that the Florida law known as the \"Protecting Florida's Investments Act\" (originally enacted in 2012) requires divestiture of public assets from companies doing specified business with certain jurisdictions; the statute was amended effective July 1, 2025 to add companies the SBA (State Board of Administration) identifies as participating in a boycott of Israel. The board's amendment incorporates that language; counsel said the plan already complied operationally with the statute and the IPS language was being updated for precision.

Roll call on the IPS amendment recorded each trustee voting yes and the motion carried.

Audit engagement letters: The board adopted two audit engagement letters for the fiscal year ending Sept. 30: (1) the plan's annual financial and compliance audit and (2) a final allocation audit related to the net pension liability between the city and the county (the latter was described as the last year for that allocation because the interlocal agreement had ended). The plan's audit fee was listed at $14,250 and the county-paid allocation audit fee was listed at $77,500. Trustees voted to approve both engagement letters; the motions passed by unanimous roll call vote.

What the board recorded: Each action was moved, seconded and approved by roll call. Minutes and the two engagement letters were adopted without amendment. The IPS change was described by counsel as an update to reflect (a) the board's change to a core manager allocation and (b) the state statute amendment effective July 1, 2025 requiring divestiture for listed companies. Counsel said the State Board of Administration publishes a quarterly prohibited list; if a company appears on that list public assets cannot be purchased and existing holdings must be divested within an approximately one-year window.

No formal dissent or abstentions were recorded on any of the votes.

","mediaType","Video","parentTitle","City of Sarasota - Firefighters' Pension Plan Board of Trustees Regular Meeting","oneSentenceSummary","The Sarasota City Firefighters' Pension Plan Board of Trustees voted unanimously on Sept. 24 to adopt an amended investment policy statement that incorporates recent state divestiture requirements and to approve audit engagement letters for the fiscal year ending Sept. 30.","taxTitle","Sarasota City, Sarasota County, Florida","taxId",58306,"location","Florida","headline","","shortSummary",{"_33":77,"_35":36,"_37":38,"_39":78,"_41":79,"_43":80,"_45":81,"_47":82,"_49":83,"_51":84,"_53":85,"_55":56,"_57":58,"_59":86,"_61":62,"_63":64,"_65":87,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6461632,"Renaissance: aerospace, electrification lift international strategy; manager sold some China ADRs on delisting risk",1084,2890000,3974000,"/Search/View?dp=1&key=5823548-ddb5cf5fc998bed8d062141351b03d6e&start=2890&end=3974","https://assets.pipeline.soar.com/5823548-ddb5cf5fc998bed8d062141351b03d6e/thumbnail_2890000.jpg","/articles/6461632/Florida/Renaissance-aerospace-electrification-lift-international-strategy-manager-sold-some-China-ADRs-on-delisting-risk","https://secure.pipeline.soar.com/6461632-2f0533aebc296fab589c4f4b55561a94/orig.mp4?Expires=1770505311&Signature=BH5CDOXM2ikq8BSmxtircGs~a2duxhZZFFki9pKXDrbRMtzn~WFxRVDOqs0WcNhwlAjE8RkzNMRMv0-VvUQO-eqhVYClXlkF8KAS1lq80nB-20qthkLF78VK1oMM57-YR2-C0kEVZHK0aO2qO-3hBEmFquc7vmpjSE6Vp6kZqL-tr5Yj~mhdAwbVpep1H5qUkwvxQa5dFg6-Z1s7mM~qI7rsxSArULgLAnQFhKUgGtR7Mmrol~BB8rOvWB1CxCwcyCNm5IVD0sN0tHgI0I7cjsOTBwW-~ELj-elmROa0gc6tTpZQ9cjdPYE2az1kw0Od~j1FsC~6R5BqYaY0lLjlAw__&Key-Pair-Id=KUT5TJCACFTXG","Mike Streetmarter, partner and portfolio manager for Renaissance Investments' international strategy, presented the firm's quarterly report to the Sarasota City Firefighters' Pension Plan Board of Trustees on Sept. 24. He said the international strategy returned about 15.5% through June 30 and that the third quarter had continued the positive trend, with the strategy up roughly 10% in the quarter to date.

Streetmarter described Renaissance as a growth-at-a-reasonable-price (GARP) manager that uses a two-step process: a quantitative 13-factor screen followed by fundamental analysis of the top-ranked names. He said Renaissance manages roughly $3.6 billion in assets overall, with about $400 million in the international strategy.

Performance drivers: Renaissance said industrials — particularly aerospace and defense names such as BAE Systems — and the electrification theme (companies that supply grid and power infrastructure) helped returns. Streetmarter said the firm trimmed or sold positions when valuations became stretched, citing Rolls-Royce as an example: \"we ended up selling our position in Rolls Royce, purely based on a valuation,\" he said.

Geography and sector moves: The presentation listed a roughly 14% position in Japan, a reduced Asia-Pacific weight overall, and an allocation to China that had been reduced then increased as policy and stimulus conditions shifted. Streetmarter said the team sold Chinese ADRs in April that did not have a primary or secondary Hong Kong listing because of concern that U.S. delisting proposals could remove buyers from those issues.

On banks and financials, Renaissance said the team was hurt relative to the benchmark by an underweight to European banks and stock selection within financials; the firm added a position in Piraeus Bank (Greece) after seeing improving macro indicators. The firm described portfolio themes including electrification (cable and grid equipment makers) and continued selective exposure to semiconductor names.

Streetmarter told trustees the strategy uses valuation discipline and the firm's quant process to avoid style drift, and that recent third-quarter strength has narrowed earlier multi-year underperformance. Trustees asked a few clarifying questions about sector and country weights; no immediate action was taken by the board.

","Mike Streetmarter, partner and portfolio manager for Renaissance Investments' international strategy, reported to the Sarasota City Firefighters' Pension Plan Board on Sept. 24 that the strategy returned about 15.5% through June 30 and continued to post strong returns in the third quarter.",{"_33":89,"_35":36,"_37":38,"_39":90,"_41":91,"_43":92,"_45":93,"_47":94,"_49":95,"_51":96,"_53":97,"_55":56,"_57":58,"_59":98,"_61":62,"_63":64,"_65":99,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6461638,"Lazard: pension fund's international holdings up sharply but trail benchmark because of quality tilt",1406,1536000,2942000,"/Search/View?dp=1&key=5823548-ddb5cf5fc998bed8d062141351b03d6e&start=1536&end=2942","https://assets.pipeline.soar.com/5823548-ddb5cf5fc998bed8d062141351b03d6e/thumbnail_1536000.jpg","/articles/6461638/Florida/Lazard-pension-funds-international-holdings-up-sharply-but-trail-benchmark-because-of-quality-tilt","https://secure.pipeline.soar.com/6461638-c49e2af5c9e2f73aca0bc41415af8306/orig.mp4?Expires=1770505311&Signature=M6dWhVzES3P99gaohA6rjEwyES~~w~NxUCz7FSyGCzNa7qjqAdCoZ3ALHaX1mb690SzAIqIHetrk7R4WsFGiFa-kPpCT84KYFEVVWhUmAWcfj6pWSRb3csrLHMJM0zX4UEHLsxSPFpMwk3j47abOs5RsD2Z-edX8DmNPTLci0IUcdunQ-y1EgepQxwb0R-nrnVpDILNiwXrRjcAQAqX1rH1kmIMk1VZBDxCTDLW~YPx1Tu3j09Mb51owrTTxEyC7k78-KWjZ7B6o2vZlF6ko~GPnE2SKKTpynOYtMYlg0d~7pRm52SXcOXYn9ZmIXNtTkJumVyjXtuIg5QgJ3Rqhhg__&Key-Pair-Id=KUT5TJCACFTXG","Michael Powers, a portfolio representative from Lazard, and Frank Spizzato, a Lazard portfolio manager, told the Sarasota City Firefighters' Pension Plan Board of Trustees on Sept. 24 that the plan's international equity allocation has produced strong year-to-date returns but has lagged its benchmark because Lazard maintains a high-quality, lower-risk bias.

The presentation, covering performance through the second quarter and year-to-date figures, said the international sleeve was \"close to 20% year to date,\" a level the presenters described as unusually strong for global equities. Spizzato said the firm's portfolios emphasize \"very high quality stocks, very financially productive, low debt, sustainable earnings\" and that this quality focus has cost the portfolio relative performance when low-quality stocks have rallied.

Why it matters: The board's international allocation is a meaningful portion of the portfolio and the recent performance swing affects the plan's near-term returns and risk profile. Trustees asked whether Lazard planned to change strategy; the firm said it would not alter its quality-first approach.

Lazard outlined three primary reasons for the relative underperformance this year: (1) the manager's emphasis on high-quality companies rather than lower-quality stocks that briefly outperformed; (2) tariff pressures that have weighed on large European exporters; and (3) prior currency and dollar moves that historically hurt U.S. investors in international stocks but this year have provided a tailwind as the dollar weakened. Spizzato said the firm has begun to see quality stocks outperforming again in the most recent period.

On portfolio construction, Lazard said its international exposure is a blue-chip, quality-weighted portfolio with lower indebtedness than the market and a historically higher return-on-capital profile. The presenters said the emerging markets sleeve has shifted from being a drag to an outperformer over the past five years and that the overall allocation is benefiting from a combination of improving international earnings and currency moves.

The presenters told trustees there have been no ownership or investment team disruptions that would affect day-to-day management. The firm announced a new chief executive of its asset management division, Chris Hobebin, who was reported to start in December; Lazard said the change is at the corporate leadership level and does not alter the portfolio team.

Trustees and the Lazard representatives discussed tariffs and the dollar: Lazard said tariffs have hurt large exporters in Europe and that the recent weaker dollar has helped international returns for U.S.-based investors. The firm also emphasized that a company's exposure to U.S. markets versus other markets determines how tariffs and currency moves affect results.

No formal board action or vote followed the Lazard presentation; the trustees moved on to the next investment manager review at the end of the session.

","At the Sept. 24 Sarasota City Firefighters' Pension Plan board meeting, Lazard representatives reported strong year-to-date gains in the plan's international equity sleeve but said the manager is trailing its benchmark due to a persistent high-quality investment style and tariff and currency effects.","actionData","errors"]

Article not found

Board adopts updated investment policy (including new state divestiture rule) and approves auditor engagements

Renaissance: aerospace, electrification lift international strategy; manager sold some China ADRs on delisting risk

Lazard: pension fund's international holdings up sharply but trail benchmark because of quality tilt