Houston Firefighters Relief and Retirement Fund Investment Committee met Oct. 17

Houston Firefighters Relief and Retirement Fund Investment Committee met Oct. 17.

Here are the minutes provided by the committee:

A meeting of the Investment Committee of the whole Board of Trustees convened at the Houston Firefighters' Relief and Retirement Fund (HFRRF) offices at 4225 Interwood North Parkway, Houston, Texas 77032 on Tuesday, October 17, 2023, at 11:21 a.m.

Trustees present were Brett R. Besselman (Chairman), Stephen R. Whitehead (Vice Chair), Lisa R. Slagle, Gerard L. Daniels, Pete Ng, David Riegor, David O. Lantrip, Arif Rasheed, Earnest W. Wotring, and Albertino Mays. Also, present were staff members Timothy Schauer (Executive Director), Adam E. Smith (General Counsel), Ajit Singh, Chief Investment Officer (CIO), and Ryan Splawn, Senior Investment Officer (SIO).

The Chairman called the meeting to order at 11:21 a.m. and invited comments from the public. No comments were received.

The CIO presented the Fiscal Year 2024 Investment Strategy and Initiatives and reviewed the Fiscal Year 2023 Investment Strategy.

The CIO gave an overview, with additional comments from the SIO, of the Shenkman Capital Short Duration High Yield investment.

There was a motion by Lisa R. Slagle, seconded by Gerard L. Daniels, to authorize the CIO to remove the upper limit of $500 million invested capital for the Shenkman Capital Short Duration High Yield strategy. The motion carried.

The CIO reviewed the Allocation and Activity Summary showing the market value of the Fund’s assets as of August 31, 2023, to be approximately $5.089 billion. He also noted that as of August 31, 2023, the estimated Fiscal Year 2024 rate of return is 0.33%. He then reviewed the Fiscal Year 2024 Private Markets Strategy Report and the monthly investment actions taken.

https://www.hfrrf.org/_files/ugd/576db6_9e12e029d8924ac48827844469ef8a3d.pdf