SUBJECT/RECOMMENDATION:
Title
Approve the termination of small-cap value equity money manager Victory Capital and authorize the appropriate officials to execute same.
Body
SUMMARY:
Victory Capital was hired as a small-cap value equity money manager for the plan in November 2017, for investment in their Sycamore Small Cap Value Equity product. As of August 31, 2026, the market value of the plan’s investment in Victory’s Sycamore small-cap value product totaled $22.5 million, or 1.49% of the Plan’s total investment portfolio.
Victory Sycamore’s performance has declined significantly in recent years, as detailed below. The Pension Investment Committee unanimously recommended termination at their May 22, 2026, quarterly committee meeting.
As of June 30, 2026, the fund’s performance over the past five years has been as follows:
Benchmark
Performance Index
Last 1 year 29.95% 43.01%
Last 3 years 11.62% 18.73%
Last 5 years 7.43% 8.23%
[
STRATEGIC PRIORITY:
Attract and retain top-quality personnel through the maintenance of a competitive compensation and benefits program.
