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Home My WebLink AboutAUGUST 2025 MINUTES City of Dania Beach Police and Fire Fighters Retirement System 100 W. Dania Beach Blvd Dania Beach, Florida 33004 Phone: (954) 393 -9061 E-mail: pfpens@gmail.com Page 1 of 5 MINUTES AUGUST 18, 2025 HYBRID WEBEX MEETING at Fire Station 17 I. CALL TO ORDER The meeting was called to order by Rae Lair at 7:14 PM MEMBERS PRESENT: MEMBERS ABSENT Chairman Larry Rogers Patricia Fuccile Vice Chairman Todd Neal David Nuby, Jr. Dean Harley Richard Tarrant - Webex Rae Lair Rich Sieb Al Jones ALSO PRESENT: Pedro Herrera – Sugarman, Susskind, Braswell & Herrera, PA- Webex David Robinson -– Sugarman, Susskind, Braswell & Herrera, PA Steve Roth – Dahab Associates Cathy David – Administrator Bruce Caruso – retired Dania firefighter Tom Kenny- Portfolio Manager- Seizert Capital Partners Chris Heatley -Client Relations-Seizert Capital Partners Geoffrey Gerber Ph.D., President and CIO-Twin Capital Management Chris Greco, CEO & Relationship Manager- Waycross Partners Evan Ferreby, CFA –Portfolio Manager- Waycross Partners II. APPROVAL OF MINUTE MOTION: by Al Jones to accept minutes from the June 9, 2025 meeting as submitted. SECOND: Rae Lair PASSED UNANIMOUSLY III. PUBLIC COMMENT The floor was opened for public comments. No members of the public are present IV. CONSENT AGENDA No items listed on the Consent Agenda August 18, 2025 Page 2 of 5 V. OLD BUSINESS None VI. NEW BUSINESS 6.1 Dahab Associates – 3rd Quarter June 30, 2025 Performance Steve Roth from Dahab Associates discussed with the trustees the June 30, 2025 performance for the Plan. The Plan had a +6.1% net of fees performance for the quarter April 1, 2025 thru June 30, 2025. The Plan’s earnings are +5.2% gross of fees for the fiscal year to date October 1, 2024 to June 30, 2025. Steve let the trustees know that Barksdale Large Cap Value Manager will be at the November 2025 meeting to bring any up dates. MOTION by Todd Neal to accept Dahab’s performance report SECOND: Rae Lair PASSED UNANIMIOUSLY 6.2 Dahab Associates – Rebalancing Steve Roth reviewed with the trustees rebalancing of the plan’s portfolio by moving $600,000 from the Vanguard Russell 1000 Growth Index Fund; $400,000 from the Vanguard S&P 500 Index Fund-Large Cap Growth; $100,000 from Barksdale Large Cap Value and $100,000 from Highland Capital International Equity; total to cash $1,200,000 to cover pension payments and expenses. MOTION by Dean Harley to accept Steve Roth recommendation SECOND: Rae Lair PASSED UNANIMIOUSLY 6.3 Seizert Capital Partners-Core Equity Interview Chris Heatley discussed the Seizert’s mission with the trustees. He introduced Tom Kenney to the trustees. Tom reviewed with the trustees their firm’s management style and history. They have six portfolio managers that work together and are employee owned. They apply a systematic process that utilizes their investment edge, focusing on valuation, quality, and market reaction. Tom and another portfolio manager, Andy Jones would be responsible for portfolio management decisions as well as researching investment ideas. The investment team believes that the stock market is inefficient and that sentiment or emotion creates undervaluation and overvaluation of stocks relative to their intrinsic value. They think that this undervaluation can be identified and that portfolios can be constructed in a way that allows for excess return. They are not heavily invested in the “Mag 7”. Sunrise and Miramar are current clients with them. August 18, 2025 Page 3 of 5 6.3 Twin Capital Management-Prime Strategy Interview Geoffrey Gerber, Ph.D. – President & Chief investment Officer introduced himself to the trustees. He is a fiduciary himself as he sits on many boards of foundations. He taught at Warton Business School and now teaches at the FPPTA. He is supported by two co-portfolio managers and a director of research. Twin specializes in risk-controlled large-cap core investing- “enhanced indexing” and providing education to their clients. The team believes that the systematic application of in-house quantitative research coupled with rigorous risk control affords the best chance of benchmark outperformance. They seek to identify drivers of returns (e.g., elements of Value, Growth, Quality) and to combine them in a dynamically- weighted model (the weights of the model elements or “factors” are adjusted periodically based on our internal factor forecasts). Buy and sell candidates are determined by the alphas produced by the model. In addition to using model alphas when constructing a portfolio, they also implement marginal thematic portfolio tilts (e.g. style, size, dividend growth), and practice an active approach to managing risk (via dynamic tracking error). When the market environment favors “breadth” they will allow the portfolio tracking error to move up within an established band; and will lower the tracking error in more narrow-driven markets. Palm Beach Gardens Police & Fire is a client. 6.4 Waycross Partners-Focused Core Equity Interview Waycross Partners is an independent investment firm founded in 2005. Based in Louisville, Kentucky, the firm also has an office in Ponte Vedra Beach, Florida. The Focused Core Strategy is co-managed by John Ferreby and Benjamin Thomas and they make all the decisions although they are supported by a team of four analysts. The team utilizes bottom- up, fundamental research to identify companies they believe are leaders in their respective industries or are disrupting their industries through innovation. The universe consists of the 300 largest stocks in the Russell 1000 index. Each team member is assigned a specific market sector and tasked with performing rigorous security analysis to determine the key factors for all stocks in their coverage list. For each security, key factors representing the top three company specific drivers to earnings are identified and rank-ordered based on sensitivity analysis. Key Factor data is tracked to observe historical trends and current consensus. Stocks are selected based on a blend of fundamental analysis, valuation, and technical patterns. Positions are purchased with the intent to hold to keep turnover low. A stock is sold if there is a change in Key Factors or if a company valuation reaches extreme levels. They have 26 clients in Florida. August 18, 2025 Page 4 of 5 MOTION by Dean Harley to replace the plan’s Vanguard S&P Index 500 Fund Large Cap Core portfolio and engaging Waycross Partners to manage those assets valued at approximately $6,500,000. SECOND: Todd Neal PASSED UNANIMIOUSLY 6.5 Fall Trustee Education The FPPTA is having their Fall Trustee School from October 5 to 8, 2025, Sawgrass Marriott Ponte Vedra, FL. The Division of Retirement is having their 54rd Annual Police Officers & Firefighters’ Pension Trustee Conference on September 9 to 11, 2025 at the Shores Resort & Spa in Daytona Beach Shores, Florida. MOTION by Todd Neal to approve expenses for any trustee wishing to attend the FPPTA School October 5 to 8, 2025 at the Sawgrass Marriott Ponte Vedra, FL and attend the 54rd Annual Police Officers & Firefighters’ Pension Trustee Conference September 9 to 11, 2025 in Daytona Beach Shores in accordance with guidelines set forth in the Trustee Travel Rules. SECOND: Rae Lair PASSED UNANIMOUS 6.7 Chapter 185 and Chapter 175 2023 Revenue Calculations The State Firefighters’ – Chapter 175 and Police Officers’ – Chapter 185 Premium Tax Distribution Calculations have been released. The 2024 amount rec’d in 2025 Chapter 185 distribution is $446,733.66 ($23,677.73 per month with 16 police/beneficiary retirees) The 2023 amount rec’d in 2024 Chapter 185 distribution was $411,258.35 The 2024 amount rec’d in 2025 Chapter 175 distribution is $245,295.05 The 2023 amount rec’d in 2024 Chapter 175 distribution was $220,258.44 6.8 Tablets for Trustees Chairman Rogers opened discussion about purchasing tablets for the trustees to keep pension information on and use for pension meetings as part of the responsibility to be being a board member. Tablets were purchased 10 years ago and were no longer working or available. The trustees agreed to purchasing tablets. Pedro discussed the policy for the tablets and advised the Board could adopt such. MOTION by Rae Lair to approve expenditures to purchase tablets for the board members SECOND: Dean Harley PASSED UNANIMOUS August 18, 2025 Page 5 of 5 VII. CORRESPONDENCE VIII. RETIREMENTS / TERMINATIONS IX. OPEN DISCUSSION AND INFORMATION 9.1 Attorneys Report Attorney Herrera introduced David Robinson from his firm. David has been with the firm 30 years and is now a partner. They discussed that they will be working together on attendance to the meetings. He also discussed that he had not heard from the City Regarding the Chapter 175 ordinance. IX. ADJOURN MOTION by Todd Neal to adjourn meeting SECOND: Rae Lair Meeting adjourned at 9 PM ANY PERSON WHO DECIDES TO APPEAL ANY DECISION MADE WITH REGARD TO ANY MATTER CONSIDERED AT THIS MEETING OR HEARING WILL NEED A RECORD OF THE PROCEEDING, AND FOR SUCH PURPOSE MAY NEED TO ENSURE THAT A VERBATIM RECORD OF THE PROCEEDING IS MADE WHICH RECORD INCLUDES THE TESTIMONY AND EVIDENCE UPON WHICH THE APPEAL IS TO BE BASED. IN ACCORDANCE WITH THE AMERICANS WITH DISABILITIES ACT, PERSONS NEEDING ASSISTANCE TO PARTICIPATE IN ANY OF THESE PROCEEDINGS SHOULD CONTACT THE ADMINISTRATOR OF THE CITY OF DANIA BEACH POLICE & FIREFIGHTERS' RETIREMENT SYS TEM PHONE (954) 393-9061 OR (954) 648-4448 AT LEAST 48 HOURS PRIOR TO THE MEETING.