FROM: Don Pierce, Chief Investment Officer
SUBJECT: Informational Item: GoldenTree Asset Management Portfolio Review
RECOMMENDATION:
title
GoldenTree Asset Management Portfolio Review.
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BACKGROUND:
GoldenTree has a broad credit platform that is largely focused on value-oriented opportunistic and distressed situations. GoldenTree manages a separate account and a standalone fund for SBCERA. The total relationship represents about 30% of SBCERA’s Domestic Fixed Income portfolio. SBCERA began investing with GoldenTree in 2007. Since that time the relationship has grown to about $440mm, mostly held in a separate account that replicates the firm’s primary strategies. The current separate account has returned about 9.7% net annualized since inception in December 2011. GoldenTree has been a meaningful contributor to SBCERA’s performance.
Joseph Naggar, Kathy Sutherland, and Natalie Landis from GoldenTree presented an overview of the portfolio to the Committee.
BUDGET IMPACT:
None.
STRATEGIC PLANNING GOAL/OBJECTIVE:
Prudent Fiscal Management
COMMITTEE REVIEW:
This item was reviewed by the Investment Committee at its October 8, 2019 meeting.
STAFF CONTACT:
Jacob Abbott
ATTACHMENTS:
Exhibit A: GoldenTree Asset Management Presentation