mr. cokeer should. >> regarding performance that's not the case you can look at that up on the website the 3 equities i managed their agree gate performance was one point one percent and those numbers are well above average the alternative entity strategy on the performed by leveling percent in 2011, i asked the staff at s c on monday has what we call on tusk it is killing it outperformed by another 78 who's taken place at uc is what has needed to take place at uc for a long time imagine uc there were 29 public equity managers that is what 2w5078 way too many trying to edge that down results in higher tracking arrows that worried the c i o it was down to 21 new c i o wants to cut that there were 60 machine guns managers kroonsz across the public equity market if you have more than 25 or thirty in the agree congratulating gait you need to stop right there are a have a large internally managed program you can't go out and bow manager after manager so the performance is very good your sharp for the plan as a whole which i was integral in the allocation was the sharp the returned were in the 2

mr. cokeer pointed out 85 percent of the portfolio at the assets at some point being at the level of risk you can't get away from everything that has a level of risk it's a matter of how much risk one of the speakers i think one of the speakers talked about the enar documents versus the funds are we late in the game possibly because hedge funds primarily made month of their money earlier than that the question to mr. cokeer trailing that do you feel comfortable that we can still attract some good managers to - it's hard to go through a good and bad manager their absorbing feeds and in a saying that guidelines can i still at this at this point that has good and bad we're trailing in the whole sector can do you think the probabilities are as getting not a great return. >> same protecting the assets of this board. >> that's a good question commissioners maybe to first provide information private entities is a $3 trillion industry a so hedge funds are also about a $3 trillion industry but they're mostly very liquid assets so i don't have too many concerns that we not going to be able to attra

mr. cokeer we'll accept it would you like to add comments. >> wanting maybe one or two quick comments. >> some of the things you see on paper is the staff and we've got multiple multiple meetings together with art in the private equity team as well as how much we can invest in real assets and the private equities over the next 3 to 5 years and the mature thoughts or individual thoughts on whether or not to petition the real assets into multiple assets there were multiply meeting. >> thank you on up to the commission if there's a direction we should go on the allocation if you want to put it forward in the form of a motion we can do that. >> i'll move we adapt staff's recommendation. >> polluting please turn on the mike. >> i ask we adapt staff's recommendation and a at the 5 percent allocation as present. >> is there a second to that? >> i'll second. >> great discussion on the motion? >> yes. question on the motion staff recommendation for the 5 percent allocations is absolutely u absolute allocation is that direct. >> my motion to take staffs recommendation and not con streetscape it to

mr. cokeer when i come back with the rfp with the end result you'll have the privilege of looking a direct program of fund to fund and a customized program in the responses from the rfp the way you envision it. >> yes. >> will that same will all of that be brought to the commission to look at it in two's or one recommendations to the board. >> at the discretion of the board i prefer the policy and jay you may state what the policy but i'll do whatever the discretion of board do you want to answer that. >> staff is tasked with conducting the rfp and bringing forward a recommendation for hire to the board on all the investment dmoilts so to answer your question the question for parole could state they could perpetrate potentially all 3 models the hybrid and direct only and fund to fund and the signal from the staff the recommendation and i think we have basically although it's not clearly state not having the restriction we could decide to go fund to fund completely or defying direct the recommendations to the board their skill set that made us decide to recommend them and the direction they

mr. cokeer is paid millionaires thousands of dollars a year a blue print even awning an opportunity to be invited to the table to develop that burglary print as secretary i type rfps this plan should have been presented with all your consensus in place this is a failure just the way it was prepared be to you interest it mrrlg you were the main chairperson for the o 50 o $60 million loss for a plan for a hedge fund go ahead it's a $61 million loss to the fund and commissioner paskin-jordan you stated on record videotape it you r that you don't invest in hedge fund yet you're here promoting the hedge fund without a blue print or plan. >> bryan what can i say you had lunch are a hedge fund person and took his recommendation leon you came in with a 20 percent reduction even though for some reason that is nice for you another that time and sir, your real estate you're a developer a person i connected yes show me the prove and guidelines o guidelines should have obey present to all of you you sir, you ladies and gentlemen should have been wrought to the table to develop a plan you vote on nothi

mr. cokeer be able to get so manipulative larger it's amazing that you guys are that much smarter than the two most prominent investors we'll have an obligation listening to our clients the survey revealed a - >> 30 seconds. >> the vast majority of the locals members if support that despite what of the the gentleman was telling us i urge you to vote against this because overall the biscuit thing you've failed to do is look at the 8 hundred pound ignore rely of why there was no alternate proposal put before you of vvl in the prudence index fund why not go to index funds and not hedge fund i guess your smarter than warren. >> good evening, everybody i'm ali haven't spoke at our meetings i didn't want to we have look good people doing a lot of good work i was so appreciative tonight to get those things out and side see i perform in come back with some sort of an answer form you you know i've been in the city over thirty years and retired for thirty years and retired for 10 thanks to my retirement board so i appreciate everything you've done he hope to pass it on to any wife, however, everythi

mr. cokeer we can handle that at a later time. >> item 9 the discussion on - (inaudible). >> manager you have in front of you the report for this month and i also wanted to advise i we have just learned that london stock exchange that owns russel investments will be putting russel up four sale that will happen quickly but we jew just founded about it this and answering any other questions. >> questions by the commission. >> we've done well in that business. >> any other questions seeing none i'll on up to public comment public comment is closed. thank you for your report. >> item 10 please. i'll accept the item as submitted any questions by the commission? >> no. >> chair will entertain a motion for adaptation open up for public comment on item number ten seeing none public comment is closed all in favor, say i. >> i. >> passes unanimously thank you item 11. >> item 11 the determination and approval of credited trick or treat for 2015-2016. >> great we'll accept the report as presented it's self-explanatory i'll on it up for questions. >> seeing none, the commission i'll entertain a moti