Pension Review Committee

1 City of Gainesville Pension Review Committee Meeting MINUTES August 28, 2025, 9:00 a.m. City Hall, Roberta Lisle Kline Conference Room (Room 16) 200 East University Ave Gainesville, FL 32601 Members Present: Patrick Keogh, Harvey Lewis, David Rader, Jonathan Visscher Members Absent: Matthew Barker Others Present: Staff Present: William Johnston, Chief Investment Officer; Greg Williams, Sr. Analyst Others Present: Zack Wehner, Barrow Hanley; Brendon Vavrica, Mariner _____________________________________________________________________ A. CALL TO ORDER The meeting was called to order at 9:02 a.m. B. ADOPTION OF THE AGENDA Moved by Harvey Lewis Seconded by David Rader Approve. Approved C. APPROVAL OF THE MINUTES Moved by David Rader Seconded by Patrick Keogh

2 Approve as recommended. Approved as Recommended D. BUSINESS DISCUSSION ITEMS D.1 2025-585 Presentation by Barrow Hanley Global Investors (B) Zach Wehner of Barrow Hanley reviewed the firm, and the U.S. Large Cap Value equity portfolio. Mr. Wehner discussed the portfolio profile, strategic theme, and performance. Barrow Hanley's investment process, expected earnings, and top and new holdings were also reviewed. Mr. Wehner gave an overview of the firm's history and changes to ownership structure. Barrow Hanley's market outlook and impacts to earnings and growth of earnings were also discussed. Mr. Wehner discussed large cap valuations, the impact of artificial intelligence (AI) and its impact on market growth and the magnificent 7 stocks. AI's impact on valuations and indexes, and adoption were discussed. Interest rate impacts were also discussed, and Mr. Wehner noted that Carnival had been able to refinance their debt load to lower costs. Recommendation: The Pension Review Committee hear a presentation and take any action deemed appropriate. D.2 2025-586 Presentation by Mariner (B) Brendon Vavrica of Mariner Consulting reviewed total Plan and individual manager investment performance relative to benchmarks. Plan investment returns through the quarter ending June 30, 2025 and month ending July 31, 2025, were reviewed, noting volatility in portfolio performance. Tariffs, interest rates, inflation metrics, potential policy shifts, and their impacts on the economy and markets in the near future were discussed. Recommendation: The Pension Review Committee hear and discuss a presentation and take any action deemed appropriate. E. PUBLIC COMMENT F. MEMBER COMMENT G. NEXT MEETING DATE H. ADJOURNMENT The meeting was adjourned at 10:20 a.m.