SUBJECT/RECOMMENDATION:
Title
Approve the termination of mid-cap growth equity money manager Artisan Partners and authorize the appropriate officials to execute same.
Body
SUMMARY:
Artisan Partners was hired as a mid-cap growth equity money manager for the plan in August 2001. As of June 30, 2025, the market value of the plan’s investment in Artisan’s mid-cap growth product totaled $57.2 million, or 4.11% of the Plan’s total investment portfolio.
Artisan’s performance has declined in recent years, as detailed below. The Pension Investment Committee unanimously recommended termination at their June 5, 2025, quarterly committee meeting.
Performance versus benchmark index as of June 30, 2025:
Last year Last 3 years Last 5 years
Net of fees return 14.72% 13.08% 6.57%
Benchmark index 26.49% 21.46% 12.65%
STRATEGIC PRIORITY:
Attract and retain top-quality personnel through the maintenance of a competitive compensation and benefits program.