How have you been a change agent at
your organization? What have you done
that you’re particularly proud of?
We are implementing a portfolio construction approach that is new to CCCERA
that we refer to as the Functionally Focused
Portfolio, which constructs the portfolio
around functional roles instead of asset
classes. Engaging in the program design
and the early stages of implementation of
the Functionally Focused Portfolio has been
a rewarding part of my work at CCCERA.
What is the asset class or investment
that keeps you up at night, and why?
There isn’t one risk in our portfolio that
keeps me up at night. We invest across many
asset classes, and monitoring and understanding the risks of each investment we
make is important both to the performance
and functioning of CCCERA’s portfolio.
What methodologies have you adopted
within your institution?
The methodologies that I have brought to
the investment office have been focused on
improving collaboration, data aggregation,
and portfolio monitoring. We brought in
a research management platform which
has resulted in greater knowledge sharing
among CCCERA’s investment department,
and I have enhanced portfolio monitoring by
implementing quantitative tools to provide
the investment team with insights on portfo-
lio positioning and liquidity.
Where do you fall in the passive vs.
I think there is a role for both active and
passive strategies in institutional portfolios.
I’m personally interested in seeing where
computer learning takes investing. I’ll be
following that closely, and I suspect it may
change the way institutional investors look at
the active vs. passive debate.
What are the changes you’d like to see
the institutional investing community
make in 10 years?
In the next 10 years, I’d like to see the institutional investing community become a driver
of financial technology.
Who is a manager you don’t currently
work with whose brain you’d like to
Instead of one manager, I’d like to meet with
a group of the top global macro managers.
Given the ongoing geopolitical events, I think
we could have an interesting roundtable.
Ideally, where would that meeting take
I think we’d go out for burgers.
What is the software investment tool
that helps you most?
Our investment database is a major bene-
fit for our team. Having a “top down” look
Investment Analyst, Contra Costa County Employees’
Retirement Association (Concord, CA)
Has been instrumental in reshaping investment strategy
toward a functionally aligned structure that is designed
to allow for improved governance and investment
outcome... Jeff was instrumental in developing the
‘moving pieces’ that keep our program working smoothly.
at our portfolio across all asset classes and
varying investment vehicles is helpful. We
look at the total portfolio impact of all our
investment decisions, and having all our data
in one place facilitates this type of analysis.
What would improve the relationship
between you and managers?
We hire managers to fulfill specific roles and
functions in our portfolio, but I think a manager that is aware of the total portfolio and
not just their specific product or asset class
can add value.
Why did you choose your current path?
There is a public service aspect to working at
CCCERA that is particularly fulfilling, on
top of the already interesting investing work.