Retirement Commission Special Meeting Agenda (PDF)

FIFTEEN ROPE FERRY ROAD PHONE: 860-442-0553
WATERFORD, CT 06385-2886 www.waterfordct.org
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WATERFORD RETIREMENT COMMISSION -5
SPECIAL MEETING AGENDA ==
WEDNESDAY, DECEMBER 15, 2021 5:30 P.M. _
ZOOM REMOTE ACCESS ONLY
Meeting ID 841 13049098 Passcode 492428
One-tap mobile: +13126266799,,3171180827# (Chicago) +16465588656,,3171180827# (New York)
Dial by your location: +1 312 626 6799 (Chicago) +1 646 558 8656 (New York)
Establishment of quorum; call to Order by outgoing Chair; introduction of new members.
Election of Chair for Dec 2021-Nov 2022 term.
Public Comment.
Approval of minutes for July 21, 2021 meeting.
Discussion of 3Q21 Quarterly Investment Review submitted by Devon Francis of Fiducient Advisors.
HD FPF WN
Consideration and action on proposed Retirement Commission FY23 budget prepared by Finance
Director (and RC Clerk/Treasurer) Kim Allen
TM
New Business.
8. Adjournment.
Encl: RC July 21, 2021, meeting minutes
3Q21 QIR by Fiducient Advisors
Draft RC FY23 budget
FY20-21 RC Annual Report


Retirement Commission Wednesday, July 21, 2021
Meeting Minutes 5:00pm
Zoom Meeting
Present:
Absent:
Staff:
Chair Susan Driscoll, Mark Gelinas, Marcia Benvenuti, Richard
Brule, First Selectman
Kevin Petchark
‘OLHY 92 Br izoz
Kimberly Allen, Director of Finance, Abbas Danesh, Treasurer and Maryeln pas
McConnell, Secretary
Establishment of a quorum and call to order:
A quorum was established and a call to order was established at 5:00 pm,
July 21, 2021.
Approval of minutes from the meetings of January 21, 2021, and the June 23,
2021 meeting
Amend motion on the January 21, 2021, meeting as they were not posted to the
Town of Waterford website.
Motion by Richard Muckle and seconded by Marcia Benvenuti to approve the
January 21, 2021 minutes.
Vote: 4-0-1 Abstain: 1 (Mark Gelinas) Motion: Passed
Motion by Marcia Benvenuti and seconded by Mark Gelinas to approve the
minutes of June 23, 2021.
Vote: 5-0-0 Motion: Passed
Discussion of Waterford Pension and OPEB Plans performance submitted by
Devon Francis with Fiducient Advisors, formerly FIA/Di Meo Schneider:
Discussion ensued with Devon Francis on the quarterly investment review for the
second quarter of 2021.
Motion by Marcia Benvenuti and seconded by Richard Muckle to approve the
adjustments to the pension portfolio allocations as presented by Devon Francis.
Vote: 5-0-0 Motion: Passed

OPEB Valuation: Discussion ensued with Stephen Chykirda, Actuary with Hooker
& Holcombe regarding the Actuarial Valuation.
New Business: The next meeting of the Retirement Commission will be held in
person at the Waterford Town Hall at 5:30pm on November 17, 2021.
Adjournment:
Motion by Richard Muckle and seconded by Marcia Benvenuti to adjourn the
Meeting of the Retirement Commission at 6:00 p.m.
Vote: 5-0-0 Motion: Passed
Respectfully submitted,
Maryellen NicCo nnell, Secretary

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Asset Class Returns
29
26
© QTD fj \e2-t0-bat
23
20
Total Returns (%)
TIPS Municipals 5- U.S. Core
Year Bond Municipals
High Yield High Yield
12.4
Foreign EM Debt U.S Large
Bond (Unhedged) Cap Cap Developed
*Hedge fund returns are lagged 1 month. Sources: FactSet, J.P. Morgan, Russell, MSCI, FTSE Russell, Alerian.
Fixed Income (3Q)
- Interest rates moved higher across the curve as
investors continue to grapple with potential impacts
from future Federal Reserve policy.
- Investment grade and high yield spreads widened
during the quarter.
- Sentiment shifted during the 3 quarter with
investors selling out of the perceived riskier asset
classes, namely small caps and emerging markets.
- Emerging markets struggled, driven by poor
performance from the larger country constituents,
namely China and Korea.
29.1
U.S. Small International Emerging U.S. Equity S&P Real Commodities Hedge
Markets REITs
Assets Funds
Real Asset / Alternatives (3Q)
+ REITs continued to benefit from increasina
demand and low interest rates.
+ Commodities drew considerable strength from
higher energy prices (particularly advances in oil)
although strong performance was broad based
across sectors.
See disclosures for list of indices representing each asset class. Past performance does not indicate future performance and there is a possibility of 2 loss.
www.FiducientAdvisors.com
15

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Real Assets Market Update
Real Assets Performance REIT Sector Performance
Energy was the primary contributor to the performance within real The residential, industriai and self storage sectors continued to perform
assets. Supply disruptions have impacted output and have significantly well, benefitting from the suburbanizafion trend. Health care and lodging
driven up the prices of natural gas and crude oil. & resorts were laggards for the perioc.
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Metals Metals Fotal Return (%)
Source: FactSet Source: FactSet
Past performance does not indicate future performance and there is a possibility of a loss.
www.FiducientAdvisors.com 18

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Estimated Fee Analysis
As of September 30, 2021
Manager . a. Current.Target% Fee Schedule
Baird Aggregate Bond Fund Class Institutional 10.5% 0.30%
Metropolitan West Total Return Bond PI 10.5% 0.38%
BlackRock Strategic Income Opportunities Fund K 11.5% 0.67%
PGIM Global! Total Return R6 2.5% 0.55%
Fidelity® Total Market Index Fund 35.8% 0.02%
American Funds EuroPacific Growth R6 29.3% 0.46%
DISCLOSURE: The figures on this page have been obtained from sources we deem to be reliable, including Morningstar. Fiducient Advisors has not
independently verified this information.

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Estimated Fee Analysis
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Manager. : . Current Target % Fee Schedule
Baird Aggregate Bond Fund Class Institutional 9.0% 0.30%
Metropolitan West Total Return Bond Pl 9.0% 0.38%
BlackRock Strategic Income Opportunities Fund K 10.0% 0.67%
PGIM Global Total Return R6 2.0% 0.55%
Fidelity 500 Index Fund 25.0% 0.02%
Fidelity Mid Cap Index 6.8% 0.03%
Hotchkis & Wiley Small Cap Diversified Value | 2.0% 0.80%
Conestoga Small Cap Instl 2.0% 0.90%
Dodge & Cox International Stock Fund 13.0% 0.63%
American Funds EuroPacific Growth R6 13.0% 0.46%
Baron Emerging Markets Fund Instl 3.3% 1.09%
Principal Diversified Real A
t R6 5.0% 0.79%
DISCLOSURE: The figures on this page have been obtained from sources we deem to be reliable, including Morningstar. Fiducient Advisors has not
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Manager Commentary
As of September 30, 2021
Fixed Income
Baird Aggregate Bond Fund Class
Institutional (BAGIX)
Maintain
3Q 2021 — The Baird strategy produced a positive return during the third quarter and performed essentially in
line with the Bloomberg U.S. Aggregate Bond Index. The Federal Reserve hinted coward tapering its bond
buying program later in the year and interest rates moved higher ‘n September as a “esult.
(+) Adding to performance for the quarter was the strategy’s unde-weight to agency MBS.
(+) Investments within the corporate space, including an overweight to BBB issues, acded to results.
(-) An overweight to the belly of the U.S. yield curve, 5-7 years, detracted from relative performance.
Metropolitan West Total Return Bond Pl
(MWTSX)
Discuss 3Q 2021
3Q 2021 — The MetWest Total Return strategy produced a positive return during the third quarter and
modestly outpaced the Bloomberg U.S. Aggregate Bond index. Fixed income markets were essentially flat on
the quarter as interest rates rose in September and offset the benefit of coupon payments. The team at
MetWest continues to believe the corporate market is overvaluec and as such remains underweight corporate
credit and has generally increase the quality profile of the portfolio, while maintaining liquidity in positions
such as agency mortgages.
(+) A modestly shorter than benchmark duration posture was beneficial in the rising interest rate environment.
(+) An underweight to investment grade corporates contributed as the sector underperformed similar duration
Treasuries.
(+) Issues selection was favorable within the corporate space, as was the strategy’s investments in the non-
agency mortgage space.
The strategy was placed on Discuss following the announcement of Tad Rivelle’s, CIO and Generalist Portfolio
Manager, upcoming retirement at the end of the year. The rest of the Generalist tearm remains intact, and
Bryan Whalen and Stephen Kane will take over as co-ClOs.
BlackRock Strategic Income Opportunities
Fund K (BSIKX)
Maintain
3Q 2021 - The strategy generated a negative return for the quarte”, underperforming broader fixed income
benchmarks. Investment grade fixed income markets were slightly positive during the quarter despite
headwinds from rising rates and wider spreads.
(+) Allocations to high yield corporate credit and non-agency MBS added to returns during the quarter.
(-) Exposure to credit issues in Asia served as a headwind on relative returns.
(-) Emerging markets bonds weighed on results.
39

Manager Commentary
As of September 30, 2021
PGIM Global Total Return R6 (PGTQX)
Discuss 3Q 2021
3Q 2021 - The strategy lagged its benchmark during the quarter whiie generating a negative absolute return.
Investment grade fixed income markets were slightly positive during the quarter despite headwinds from rising
rates and wider spreads.
(-) The primary contributor to negative relative performance was the portfolio's long duration bias and yield
curve positioning.
(+) Security selection was positive across emerging markets scvereign credits.
(+) Exposure to developed markets high yield issuers added tc relat've returns during tte quarter.
Senior Portfolio Manager Michael Collins is being replaced on the Giobal Broad Market team by Portfolio
Manager Brett Bailey. Brett Bailey joined PGIM in 2007 as a member of the Portfolio Analysis Group. In his prioy
role Mr. Bailey provided analytical support to the Multi-Sector Tear as it relates to country and sector
allocation, preparing him to move into the portfolio management position.
Domestic Equity
Fidelity® Total Market Index Fund (FSKAX)
Maintain
In accordance with its objective, the Fidelity Total Market Index Furd sufficiently tracked its index during the
quarter.
Fidelity 500 Index Fund (FXAIX)
Maintain
In accordance with its objective, the Fidelity 500 Index Fund sufficiently tracked its index during the quarter.
Fidelity Mid Cap Index (FSMDX)
Maintain
In accordance with its objective, the Fidelity Mid Cap Index Fund sufficiently tracked its index during the
quarter.
Hotchkis & Wiley Small Cap Diversified
Value | (HWVIX)
Maintain
3Q 2021 - The Portfolio declined during the quarter and outperforrmed the Russell 2000 Value Index. U.S.
equities were relatively flat during the period, despite besting those of foreign develoged and emerging market
equities. Growth-oriented segments of the market outperformed velue and large cap.scocks outperformed
small caps. Within the index, financials and energy led while tre cozsumer discretionary and communication
services sectors lagged during the period.
(+) Stock selection in financials (+0.5%) and an underweight ir communication services (+0.5%) were the two
most significant contributors to performance during the third quarter.
(+) Stock selection in consumer discretionary added value (+0.5%) curing the quarterly 9eriod as well.
(-) Ineffective stock selection in energy had the most significant negative impact (-0.3%} within the third
quarter.
(+) Year-to-date, stock selection in financials (+4%) and sector selection in energy (+2.1%) had the two largest
positive impacts on performance.
(-) Over the last 3 years, sector selection in energy was the biggest encumbrance to performance (-3.2%).
As of 8/31/2021, the largest sector overweights (versus the Russell 2000 Value Incex) were in financials (+7%),
consumer discretionary (+5%), and industrials (+4.5%). The principal underweigtts were in health care (-10%),
Real Estate (-9%), and communication services (-3%}. The position '1 cash was 3.6%.
40

Manager Commentary
As of September 30, 2021
Conestoga Small Cap Insti (CCALX)
Maintain
3Q 2021 - The Portfolio gained during the quarter ard outperformed the Russell 2009 Growth Index. U.S.
equities were relatively flat during the period, despite besting those of foreign develeped and emerging market
equities. Growth-oriented segments of the market outperformed value and large cap stocks outperformed
small caps. Within the index, utilities and industrials lec while the communication services and health care
sectors lagged during the period.
(+) Strong stock selection in health care (+3.3%) and in information technology (+3.1%} were the two principal
performance contributors for the third quarter.
(+) An overweight in industrials boosted performance (+1.1%) for the quarterly pericd as well.
(+) Stock selection in industrials also had a beneficia quarterly impact (+1%).
(+) Year-to-date to September 30, stock selection in health care (+6%) and sector selection in health care
(+1.8%) were the two biggest positive factors for perfoymance.
(+) During the 3-year period, beneficial stock selection in health care was the greatest performance contributor
(+3.6%).
As of 8/31/2021, the main sector overweights (versus the Russell 2000 Growth Index: were in industrials
(+20%), information technology (+7%), and Real Estate (+0.3%). The largest underweights were in consumer
discretionary (-9%), health care (-8%), and financials (-[%). The cash weight was 3.5%. ;
International Equity
Dodge & Cox International Stock Fund
(DODFX)
Maintain
3Q 2021 - The Portfolio declined during the quarter and underperformed the MSCI ACWI Ex USA Value Index.
Both developed foreign and emerging market stocks posted nega<ive returns during the quarter. Within
developed markets small caps beat large caps and g-owth outpaced value. Style trends differed within
emerging markets with value and small cap stocks fairing best. Regionally, India and Russia were among the
strongest performers while China and Brazil were laggards within the index.
(-) Unfavorable stock selection in China (-0.6%) and in communication services (-0.5%) were the two biggest
drags on performance during the third quarter.
(-) Stock selection in South Africa had an undesirable impact {-0.5%) during the quarzer as well.
(+) An underweight in China was the chief contributor to performance (+0.8%)} for the third quarter.
(-) Between January 1 and September 30, poor stock selection in consumer discretionary hampered
performance the most (-1.3%).
(+) For the past 3 years, strong stock selection in health care was the largest contributor to performance
(+2.9%).
(+) Over 5 years, beneficial stock selection in health care was the mief performance contributor (+4.6%).
41

Manager Commentary
As of September 30, 2021
American Funds EuroPacific Growth R6
(RERGX)
Maintain
3Q 2021 - The Fund declined during the quarter but outperformed the MSCI ACWI Ex LSA Index. Both
developed foreign and emerging market stocks posted negative ret-rns during the quarter. Within developed
markets small caps beat large caps and growth outpaced value. Styve trends differed within emerging markets
with value and small cap stocks faring best. Regionally, India and Russia were among the strongest performers
while China and Brazil were laggards within the index.
(+) Stock selection in consumer discretionary (+0.7%) and an overweight in India (+0.6%) were the two most
significant contributors to performance during the third quarter.
(+) Stock selection in information technology added value (+0.5%) auring the quarterly period as well,
(-) An overweight in Brazil had the most significant negative impact {-0.8%) within the third quarter.
(-) Year-to-date, unfavorable stock selection in Japan t-1.6%) and in “inancials (-O.9%) were the biggest
performance obstacles.
(+) Over the last 3 years, strong stock selection in consumer discretionary (+5.1%) and ‘n communication
services (+3.6%) were the biggest boosts for performance.
(+) For 5 years, beneficial stock selection in consumer discretionary was the largest co~tributor to performance
(+8.2%).
Baron Emerging Markets Fund Instl (BEXIX)
Maintain
3Q 2021 - The Fund declined during the quarter but outperformed <ne MSCI EM Index. 80th developed foreign
and emerging market stocks posted negative returns during the quarter. Within develaped markets small caps
beat large caps and growth outpaced value. Style trends differed within emerging markets with value and small
cap stocks fairing best. Regionally, India and Russia were among the strongest performers while Brazil and
China were laggards within the index.
(+) An overweight in India (+2.3%) and in Russia (+0.7%), the top two performing countries in the quarter, were
the two most significant contributors to performance,
(+) Stock selection in consumer discretionary added value (+0.6%) curing the quarterly period as well.
(-) In contrast, poor stock selection in information tecnnology had the most significant negative impact (-1.4%)
within the third quarter. 
;
(-) Year-to-date, ineffective stock selection in information technology had the biggest drag on performance (-
3.4%).
(+) Over the last 3 years, strong stock selection in China gave the biggest boost to performance (+4.2%).
(+) For 5 years, favorable stock selection in consumer discretionary was the larges: cortributor to performance
(+8%).
As of 9/30/2021 , the principal sector or country overweights (versus the MSCI EM Incex) were in India (+13%),
industrials (+5%), and health care (+3.7%). The chief underweights were in Taiwan (-10%), South Korea (-8%),
and China (-6%).
42

Manager Commentary
As of September 30, 2021
Alternatives
Principal Diversified Real Asset R6 (PDARX)
Maintain
3Q 2021 — The Fund advanced during the period and outperformed its index. Higher inflation persisted during
the third quarter, with September year over year headline CPi growth exceeding consensus expectations at
5.4%, while core inflation growth hovered around 4%. Despite the high readings, rea: asset returns showed
mixed results, as investors weighed the Covid Delta variant’s potential impact on future economic growth.
Commodities moved higher, although their corresponding resource equities were negative this period. Notably
natural gas prices surged on extremely tight inventories globally. Semand for energy shifted to petroleum-
based sources, lifting oil prices as well. Meanwhile, gold and other precious metals fell this period, hindered by
a rising dollar and a move higher in interest rates.
(+) Results within infrastructure benefited relative returns, due in farge part to an ove-weight to transportation
names.
(+) An overweight to commodities added value, as this was among the best performing real asset categories in
the quarter.
(-) An overweight to natural resource equities was a hindrance.
43

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Manager Evaluation
Metropolitan West Total Return Bond Pl
As of September 30, 2021
6.66
6.29
Return (%)
4.81
0.00 0.72
1.44
2.16 2.88
3.60 4.32
Risk (Standard Deviation %)
[2] Metropolitan West Total Return Bond P|
Blmbg. U.S. Aggregate Index
5.04
3.90
3.60 i
SS 3.30
£
3g@ 3.00 - @
2.70 ~
2.40 ; :
0.00 0.66 2.32 1.98 2.64 3.39 3.96
Risk (Standard Deviation %)
[1 Metropolitan West Total Returr Bond PI
Blmbg. U.S. Aggregate Index
4.62
BC US Credit Index BC U.S. Government
O O
6 a
8 at ae
3
‘So
iv
rs)
©) oO
BC 1-3yr Gov/Credit BC U.S. Long Gov/Credit
i Style History
Manager Style
Sep-20212
Mutual fund data sourced from Lipper Analytical Services.
@ Average Style Exposure
Years Years
Return 6.2 3.6
Standard Deviation 3.6 3.3
vs. Blmbg. U.S. Aggregate Index
Alpha 0.8 0.7
Beta 1.0 1.0
R-Squared 1.0 1.0
Consistency 63.9 61.7
Up Market Capture 107.9 10