Toronto Investment Board
The full agenda, as filed
All 6 items in the clerk’s order. Each carries the city’s own words: the staff recommendation, what the body decided, and its status. Nothing below is written by us.
IB17.1received
Presentations from Investment Managers
Presentations will be given by the following Investment Managers: a. Fiera Global Equity Fund - Global Equity b. Fiera Harris/Oakmark Fund - Global Equity
The Toronto Investment Board received the presentations for information.
IB17.2adopted
Sinking Fund and Long Term Fund - Performance and Compliance Update for the Second Quarter of 2022
As required by the City's Investment Policy, the purpose of this report is to provide the Toronto Investment Board with the following: 1. The performance of the Sinking Fund and Long Term Fund for the second quarter of 2022. 2. Investment Policy and Plan Compliance certificates and reports for the second quarter of 2022.
The Toronto Investment Board received the report (August 31, 2022) from the Director, Capital Markets for information.
Staff recommendation as filed
The Director, Capital Markets recommends that: 1. Toronto Investment Board receive this report for information.
IB17.3adopted
Investment Manager and Other Updates
This report provides the Toronto Investment Board with an update regarding activities involving the investment managers and related parties. It includes changes to the investment manager mandates, contracts, and funding along with other related items. Amended agreements for the Fiera Capital Common Contractual Fund were completed, signed, and delivered as outlined at the previous Board meeting. There were recent staff changes at the Oakmark and Pier 21 equity funds. These changes are summarized in this report along with Flash Reports from the investment consultant (Aon) in Attachments 1 and 2. The process to hire an Environmental, Social, and Governance data service provider is progressing. Legal agreements and other documentation for the service are currently in review. An update of the current funding status of Long-Term Fund and Sinking Fund is provided in Attachment 3 to this report for the Board's review. Moreover, $281 million of Sinking Fund contributions were transferred to the fixed income investment managers to re-balance the portfolio. The City's auditors (KPMG LLP) found no exceptions to note from the Investment Policy compliance audit procedures conducted for the year ended December 31, 2021.
The Toronto Investment Board received the report (August 29, 2022) from the Director, Capital Markets for information.
Staff recommendation as filed
The Director, Capital Markets recommends that: 1. The Toronto Investment Board receive this report for information.
IB17.4adopted
The purpose of this report is to update the Toronto Investment Board on the progress to date regarding the hiring of external investment managers in the Real Assets category.
The Toronto Investment Board received the report (August 26, 2022) from the Director, Capital Markets for information.
Staff recommendation as filed
The Director, Capital Markets recommends that: 1. The Toronto Investment Board receive this report for information.
IB17.5adopted
Request for Proposal for Investment Consultant for the Toronto Investment Board
The purpose of this report is to update the Toronto Investment Board on the progress to date regarding the hiring of and Investment Consultant for the Toronto Investment Board.
The Toronto Investment Board received the report (August 26, 2022) from the Director, Capital Markets for information.
Staff recommendation as filed
The Director, Capital Markets recommends that: 1. The Toronto Investment Board receive this report for information.
IB17.6adopted
Scenario Analysis for Long Term Strategy
This report responds to the Board's request to develop two to three long-term economic investment scenarios and their implications for the Toronto Investment Board's long-term investment strategy. Confidential Attachment 1 to this report provides further detail regarding the scenarios.
The Toronto Investment Board: 1. Directed that Confidential Attachment 1 to the report (August 26, 2022) from the Director, Capital Markets, remain confidential in its entirety, as it contains information that involves the security of property belonging to the City and the Toronto Investment Board.
Staff recommendation as filed
The Director, Capital Markets recommends that: 1. The Toronto Investment Board direct that the confidential information contained in Confidential Attachment 1 remain confidential in its entirety, as it contains information that involves the security of property belonging to the City and the Toronto Investment Board.