Remarks by Jose "Joe" Fernandez
64 remarks on the record, newest first · Page 2 of 3
- Play at 1:20:03
“Yeah. That's another thing I liked about that. It's easy.”
Pension Board · Sep 12, 2025
- Play at 1:20:57
“Ron, I got to get off at 12. I just want to give you a little heads up.”
Pension Board · Sep 12, 2025
- Play at 14:51
“I have a question. I'm not sure. I missed some of what she was saying about the benefits. And you said about the disability. Does that have to do with the benefits for the 1%, for the 185, for the requirements on the disability?”
Pension Board · Dec 10, 2024
- Play at 16:04
“Right now, what I'm thinking of is on the pension enhancements for the 185, one of the requirements that we need to adopt is something to do with disability. So I don't know if it's the same, which is something that we've been trying to do to see if the state would waive it so we wouldn't have to adopt that disability portion of the requirements. So I don't know if that's the same as the same disability that we have now with our pension plan.”
Pension Board · Dec 10, 2024
- Play at 17:27
“probably i think in the last meeting or something you guys had mentioned something that i was looking into it that there might be a possibility so i since i caught the tail end of the conversation i wasn't sure if that's what you guys were talking about no we weren't talking about that but nonetheless we did look into it and we don't need it okay perfect okay move on that's all that's right i know what you're talking about thank you you've been trying for a while and nothing”
Pension Board · Dec 10, 2024
- Play at 31:24
“I'm going to show you in the presentation.”
Pension Board · Dec 10, 2024
- Play at 39:02
“No, I did not, but I'd be happy to hear David's perspective on it and what he was able to figure out or find out or what kind of response he got back on whichever money managers he was looking at.”
Pension Board · Dec 10, 2024
- Play at 40:56
“Yeah, I still use federated. They've done well for us. Yes. Taking into consideration what you mentioned, obviously, it's been a growth play for a long time other than, I think, what was it, 2022, 2023? Sure, yeah. Well, but they've been sustaining pretty good, and I'm very familiar with their domestic value strategy, and they're very good money managers, so. You know, again, it may not be stellar, but they're solid managers, so I like them quite a bit. As far as their value dividend, it's consistent cash flows, and they're pretty steady on their returns, so I like Federated.”
Pension Board · Dec 10, 2024
- Play at 47:47
“David, can you talk a little bit to the lower beta, about 25% lower beta on the federated versus the rest and the steady flows and or steady growth and the stability of the fund versus the risk return regarding the others. Sure. And that may be something to consider.”
Pension Board · Dec 10, 2024
- Play at 48:59
“Yeah, okay. I mean, I like the fact that, you know, the dividends are still important, and... the stability of the, of the, of the, of the returns and the spread. If you look at the spread between the indexes and the, and the rest is quite a bit, you know, you got about 200 basis points on average, almost 300 basis and the fidelity, you almost have five, uh, three change or two and change. And obviously a very broad change in, in, in the spread of, uh, on the small cap. So I would say we may want to consider something into the federated in my opinion.”
Pension Board · Dec 10, 2024
- Play at 50:02
“What do we have in the small cap now, David? What's the allocation?”
Pension Board · Dec 10, 2024
- Play at 50:17
“10% of the portfolio is purely in the small cap. Okay. I mean, I think if we can spread that 10% a little bit over, other than federated, I'm a little biased towards federated. They're pretty steady, and they have a very concentrated position. Who do you like, Fidelity, MFS, and or should we consider maybe doing 25% each across the board and just look for the lower cost of Fidelity, look for the... you know, maybe some of that partial growth on MFS, but at the same time, not completely leave the small cap. I'm thinking possibly maybe 25% each of the 10%.”
Pension Board · Dec 10, 2024
- Play at 51:39
“Got you. In that sense, then maybe forget about federated and maybe go with MFS, like a 50-50, since they still have growth, but more of a larger cap. That works as well.”
Pension Board · Dec 10, 2024
- Play at 52:09
“the returns that they are getting this year.”
Pension Board · Dec 10, 2024
- Play at 52:37
“Everything's going to be red. Well, why don't we look at the country and diversification per fund and maybe look at that real quick.”
Pension Board · Dec 10, 2024
- Play at 52:58
“Right. But I'm saying, can we look at each one of the funds concentration per country?”
Pension Board · Dec 10, 2024
- Play at 53:34
“If I was a betting guy, I'd put more on the Japan side. I think that's fair.”
Pension Board · Dec 10, 2024
- Play at 55:06
“Yeah. Do you want to think about this? I like Brad's recommendation also with some of the international stuff here now. I mean, it seems to be still a large cap winning. It seems like large cap still has the upper hand. with a considerable amount of volatility on a worldwide basis and all the uncertainty that's out there right now, I don't see anything stabilizing for the next two to five years, hopefully. I mean, there's a great time to make money, but I agree with Bradley that possibly a lower beta, higher... I believe, if I'm not incorrect, that the... Federated and Fidelity tend to hold…”
Pension Board · Dec 10, 2024
- Play at 56:11
“I agree with you, David. Over time, let's assume we take the volatility, but then you go back to the turtle in the hair kind of thing. If you look at some of these funds, MFS has also done well over time. You know, actually better than the small cap and the world we're in right now, as I said, I mainly a little bit more towards, you know, having larger caps and lesser caps. I mean, for all intents and purposes, I just take 100% of the small cap and go with federated fidelity and MFS and just spread it equally. Again, you're getting into an index total return more or less, but I think each one…”
Pension Board · Dec 10, 2024
- Play at 58:58
“I think David hit the nail on the head. Good call there, Alfredo. At the end of the day, we're talking 50% value, 50% growth. We're playing both sides of the card with good managers. Good call, Alfredo. Good call, David. I like that a lot.”
Pension Board · Dec 10, 2024
- Play at 59:21
“Yeah, yeah, so I think the motion will be to take 100% of the small cap fund and put 50% in federated and 50% in MFS.”
Pension Board · Dec 10, 2024
- Play at 1:00:05
“Hold on. No, I don't. I'm listening. I'm driving. So don't do this at home, kids.”
Pension Board · Dec 10, 2024
- Play at 1:00:32
“I'm in the city of Miami. I'm doing work stuff.”
Pension Board · Dec 10, 2024
- Play at 1:00:38
“Yes, so I can go and sit down at Casa Cuba. I already got in trouble for that.”
Pension Board · Dec 10, 2024
- Play at 1:02:21
“Okay. You want to get this done sooner than later. I agree with Brad, whether it's for the better or for the worse. But... You don't want to second guess. That's for sure.”
Pension Board · Dec 10, 2024