Helping you and your investment staff run the private equity, real assets allocation and some are in the audience today and youll hear from them when we go through some of the other revi reviews. To recaso to recap on page one t we would like to cover, one hasw is a private Equity Programme doing and the 2018 review and progress and three, the current market environment and what were doing in recommending in terms of positioning the portfolio and private equity portfolio to that context. So how is the programme doing . In short, youre doing well. Tanya mentioned performance and you performed well across all metrica and the private private Equity Programme is a strong contributor over the short and longterm. 201 was particularly strong with a 17 gain in private equity and this is compared in the markets which lead to an overall year of negative return in the public equity markets. The programme stands at 20 of planned assets slightly above. Strong to the outperformance and appreciation
With abal easing trend surprise half percentage point. James bullard says the u. S. Central bank cannot react on a daytoday basis. Failing to stem the flow, net outflows at aberdeen were greater than analysts estimated in the first half. We will speak with the ceo shortly. The german lender says its profit target for the year is looking significantly more ambitious. Matt commerzbank has brought me here. I will talk to the finance chief in a little bit, and i will ask if calling your target ambitious is the new profit warning. That seems to be a trend for german company. They say their targets are ambitious. They make it clear they have been hardhit by the Sales Forecast and then they bring them down. It is a difficult environment for banks, and i will ask what the hardest part is. I am sure local rates are not helping, and what their plan is to get out of it. Time cutting costs. We will ask for clarity on that from stephen englels. We could see equity indexes rise again today at the op
Introduction of new items . Seeing none, Public Comment is closed. Mr. Clerk, please call the next item. Any Public Comment on items not on our agenda . Seeing none, Public Comment is closed. And mr. Clerk, do we have any further business . No other. Chairman we are adjourned. My s. F. Dove government t. V. Moment was when i received a Commendation Award from supervisor chris daly. Then we sang a duet in the board chamber. [singing] happy anniversary San Francisco government t. V. Happy anniversary to you. Happy anniversary San Francisco government t. V. Anniversary, anniversary, happy 25th anniversary to you. We have a quorum. Were going to go into closed session and regular business will mort start before 2 00. The start rules listed in the agenda are in effect and reminded that Public Comments may be limited to an individual for two minutes. Is there a notion didnt into closed session . So moved. Hearing no Public Comment, motion made and seconded. All those in favour say aye, and o
Substantially lower than that. Exactly, bryan. When we are looking at Asset Allocation longterm particularly for plans that dont have as mat tour portfolio as you do. You run an efficient frontty which is a mathematical calculation of determining the best mix of assets at each level of risk, the optimum returning portfolio. If you assume that private equity volatility was significantly lower than public markets, you would put your money in private equity. From a long term projection standpoint, we put in what is a economic risk. Now the reality if you said what do i think your portfolio will actually do, you dont experience economic volatility in private equity through time because you have valuation processes as we have seen that are lagged and reduce that volatility. We have a separate volatility forecast. This is economic volatility. We have a separate set of volatility numbers to represent accounting volatility so the forecast for your portfolio would look more like what you think
Yes. Our experience is substantially lower than that. Exactly, bryan. When we are looking at Asset Allocation longterm particularly for plans that dont have as mat tour portfolio as you do. You run an efficient frontty which is a mathematical calculation of determining the best mix of assets at each level of risk, the optimum returning portfolio. If you assume that private equity volatility was significantly lower than public markets, you would put your money in private equity. From a long term projection standpoint, we put in what is a economic risk. Now the reality if you said what do i think your portfolio will actually do, you dont experience economic volatility in private equity through time because you have valuation processes as we have seen that are lagged and reduce that volatility. We have a separate volatility forecast. This is economic volatility. We have a separate set of volatility numbers to represent accounting volatility so the forecast for your portfolio would look mo