>> president stansbury: yeah. >> we'll send them so it's all on one page. >> president stansbury: just that one page. >> okay. page 14, this is a reflection of our view based on the current market environment and manager opportunities. if we had the ability to snap our fingers today and turn the portfolio into exactly the way we would like it to be allocated, what we would do is have fewer managers in total, lower exposure to equity strategies and multi, and have more exposure to quantitative strategies, macro, emerging markets, and special situations. so some of the reason of part of the explanation as to why we're not there is that we're still in buildout phase of our program. we're only two and a half years into this, which is relatively early in the life cycle of a program of this nature. the other thing is that the market environment is constantly changing, and the manager opportunity set is also a dynamic one that we're monitoring and acting upon. the desired mix is likely to change over time, but the one thing we feel very confident about is that we will expect that the portfoli

you should have divested years ago. >> president stansbury: thank you very much. seeing no other members of the comment, we'll close public comment. >> final one, i can take the answer offline, but i'm curious for david to come back at some point to talk more about the considerations that we should be making going forward. so that would be something i'd be interested to hear. >> we're actually prepared to do that at next month's board meeting. >> i know this is a little bit of a hypothetical, but if you just did a back of an envelope analysis of where we are today on our exposure, versus where we would like to be when we're fully funded, do you have a sense for maybe how we might have performed, say, given during 2018 or these moments of market dislocation? correction? >> i have a thought. >> yeah. there's a little bit of backward-looking selection in there, obviously. >> president stansbury: of course, of course. >> and one of the areas that in our existing investments that performed quite well during q4 were our quantitative investments, and this part of the rea

thank you. >> president stansbury: thank you.re there any other members of the public that would like to address the commission under general public comment? seeing none, we will close general public comment. item no. 5, please. >> clerk: item no. 5, action item, approval of the minutes of the february 13, 2019 meeting. >> president stansbury: are there any members of the public that would like to address the commission regarding the minutes? seeing none, we'll close public comment. is there a motion on the floor? >> i'll make a motion. >> second. >> president stansbury: a motion by commissioner casciato, seconded by commissioner bridges. any discussion? can we take this item without objection? item passes. thank you very much. item no. 6, please. >> clerk: item no. 6, action item, consent calendar. >> president stansbury: any members of the public that would like to address the commission regarding the consent calendar? seeing none, we will close public comment. is there a motion on the floor? >> i move to approve. >> president

[roll call] >> president stansbury: great. thank you.n a moment, we're going to go into closed session. before we do so, we will call for public comment. being that there are no members of the public present, we will close public comment and go into closed >> president stansbury: we're just coming out of closed session. rememb we are returning to open session. is there a motion not to disclose? >> yeah, i move that. >> president stansbury: there's a motion by commissioner bridges, second by commissioner driscoll. is there any public comment on this? seeing no public comment, can we take this item without objection? great. item passes. [gavel]. >> president stansbury: we are going to go to item number four, general public comment. seeing none, we will close general public comment. next item, please. [inaudibl [inaudible] >> president stansbury: is there a motion on the table? [inaudible] >> president stansbury: is there a second? >> second. >> president stansbury: motion by commissioner bridges, second by commissioner paskin-jordan. is th