ITEM TITLE:
#22-50 - Adopting Revisions to the Permanent Fund Investment Policy Statement and Rescinding Resolution #22-10
SUBMITTED BY: Jordan Nelson, Finance Director
FISCAL NOTES:
Expenditure Required: n/a
Unencumbered Balance: n/a
Funding Source: n/a
RECOMMENDATION:
Approve
SUMMARY STATEMENT:
• The Current Investment Policy Statement or IPS (attached) contains revisions to references related to:
o Core Real Estate Upper Limit from 13% to 15%
• The Permanent Fund Investment Committee recommends this change to the IPS in order to enable investments held in non-liquid asset classes to remain invested, while maintaining harmony with the IPS
o Portfolio Advisor Callan, LLC has advised the committee on this change
o Callan advised this would not materially affect the return objectives
o Members of the Permanent Fund Investment Committee will be available for comment