PERAC
Approval
Date |
Regulation Number |
Investment Regulation/Supplemental Regulation |
November 17, 2006 |
(3)(b), (4)(a-c), and (5)
|
In accordance with Investment Guideline 99-2, the Belmont Retirement System is authorized to modify its international equity management mandate with Julius Baer Asset Management by transferring its assets from the Julius Baer International Equity Strategy Fund to the Julius Baer International Equity Trust Fund. The new fund is a commingled fund specifically structured for the firm’s pension fund clients. There is no change in strategy or benchmark, but the new fund offers greater liquidity for clients. It also has broader authorization to employ certain derivatives for hedging and liquidity purposes, consistent with the overall strategy of the Fund. At times, such derivative use may exceed the level envisioned by existing PERAC regulations and guidelines.
|
10/10/1996
|
840 CMR 21.00: |
(3) Futures Contracts other than as follows:
(c)Futures and options may be employed in the System's commingled international equity and global bond funds in the following two circumstances:
1) Create a synthetic position in an asset class with the goal of replicating the risk return profile of that asset class, provided that the guidelines for the investment manager allow for such exposures to be created with the underlying assets themselves.
2) Tactically change the exposure of the portfolio to the countries in the investment universe in a prompt and efficient manner.
(d) Any use of other derivative contracts or derivative securities not specifically mentioned herein is prohibited. As emphasis, it is noted that the following two uses of derivatives are prohibited:
1)Leverage. Derivatives shall not be used to magnify exposure to an asset, asset class, interest rate, or other financial variable beyond that which would be allowed by a portfolio's investment guidelines if derivatives were not used, or otherwise leverage the portfolio in any other way.
2) Speculation. Derivatives shall not be used to create exposures to securities, currencies, indices, or any other financial variable, unless such exposures would be allowed by a portfolio's investment guidelines if created with non‑derivative securities.
|
11/02/1995 |
840 CMR 21.00: |
Prohibited Investments
(3) Futures Contracts other than as follows:
(a) Currency Futures, Calls and Forward Contracts may be written against securities in the international portfolio by an investment advisor registered under the Investment Advisors Act of 1940 and who has been granted a waiver from PERA for international investments.
(b) Currency Futures, Calls and Forward Contracts may be written against securities in the international portfolio to a maximum of fifty percent (50%) of the international portfolio's non‑dollar holdings at market value. Speculative currency positions unrelated to underlying portfolio holdings are strictly prohibited.
|
10/26/1995 |
20.03(4) |
International equity and fixed income investments shall not exceed
20% of the total portfolio valued at market.
|
11/19/1992 |
20.03(4)
20.04(6)
20.07(5)
|
International equity and fixed income investments shall not exceed
15% of the total portfolio valued at market.
Foreign corporations and obligations issued and guaranteed by foreign governments.
Equity investments shall be made only in securities listed on a United
States stock exchange, traded over the counter in the United States or
traded in foreign stock markets.
|
07/29/1992 |
18.02(4)
18.02(5)
|
Rate of Return.
A statement of the rate of return objective for the entire portfolio
which shall be a real rate of return (after inflation) of at least 4% per
year.
Risk.
Total portfolio risk exposure should reasonably be centered in the
midrange (25th to 75th percentile) of comparable Public Funds.
Risk‑adjusted returns are expected to consistently rank in the top half
of comparable Public Funds.
|
02/21/1992 |
4.03: |
Copies to be Sent to PERA
(1)
Within four (4) weeks of the close of each month, after all entries for the month have been posted and a trial balance performed, the board shall send to the Public Employee Retirement Administration a photocopy of the following for the month:
(a)cash book entries;
(b)
trial balance; and
(c) journal entries.
|
12/20/1991 |
16.02(3)
16.02(4)
|
The board may incur expenses for investment advice or management
of the funds of the system by a qualified investment manager and the
board may incur expenses for consulting services. Such expenses
may be charged against earned income from investments provided
that the total of such expenses shall not exceed in any one year:
(a)1% of the value of the fund for the first $5 million; and
(b)0.5% of the value of the fund in excess of $5 million.
The board may employ a custodian bank and may charge such
expenses against earned income from investments provided that such
expenses shall not exceed in any one year .08% of the value of the
fund.
|
12/21/1987 |
20.04(6) |
American Depository Receipts listed on a United States stock
exchange or traded over the counter in the United States, provided
that any such investments not exceed 5% of the total book value of
equity investments.
|
03/04/1987 |
20.03(1)
20.03(2)
20.04(6) |
Equity investments shall not exceed 65% of the total book value of
the portfolio at the time of purchase.
At least 35% but no more than 80% of the total portfolio valued at
market shall consist of fixed income investments with a maturity of
more than one year.
American Depository Receipts listed on a United States stock
exchange or traded over the counter in the United States. |