Investment Advisor Evaluations. The Board endeavors not to make adverse retention decisions about investment advisors based upon performance absent at least three years of performance data, recognizing that investment strategies are best assessed over full market cycles. The Board's time horizon to review performance trends shall normally be over full market cycles, although the trend in investment experience over other time periods may be judged important. Any extreme or unusual events or trends will be considered when evaluating intermediate and short- term investment results. Public Markets Advisor Retention Guidelines have been developed in order to assist staff in applying consistent criteria to evaluate investment advisors and are related to this Policy. Notwithstanding the above, the staff will review advisor performance, portfolio positioning, and transactions at least annually.
Investment Advisor Evaluations. The Board endeavors not to make adverse retention decisions about investment advisors based upon performance absent at least three years of performance data, recognizing that investment strategies are best assessed over full market cycles. The Board's time horizon to review performance trends shall normally be over full market cycles, although the trend in investment experience over other time periods may be judged important. Any extreme or unusual events or trends will be considered when evaluating intermediate and short-term investment results. The Investment Advisor Monitoring Policy has been developed in order to assist staff in applying consistent criteria to evaluate investment advisors. Notwithstanding the above, the staff will review advisor performance, portfolio positioning, and transactions at least annually.
