2022-12-22-RB-min (2) - Laserfiche WebLink

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mentioned Mekata will begin the process of sending out RFP’s in late January for Opportunistic Funds and Private Equity managers. He wrapped up the Meketa presentation at 9:00 am. Will Hickey and Rich Thies presented the Driehaus Emerging Market update at 9:05 am. Rich spoke briefly about the management team and structure at Driehaus. The investment style is a fundamental growth approach which aims to outperform the MSCI Emerging market index. They focus research on four fundamental growth profiles; Dynamic Growth, Cyclical Growth, Recovery Growth, and Consistent Growth. Through this research system, they hope to compile a diversified list of fundamentally sound vetted growth stocks to add to the portfolio. Will Hickey spoke to the Board regarding the overall performance. His main concern is that China remains a major risk driver for opportunity. The Covid & Government restrictions being eased could lead to a high rate of infection now that people are out of their homes. There is hope for China to pull through and produce high GDP and earnings globally in 2023‐2024, yet confidence remains low. South Korea and Mexico, on a relative basis, will be solid contributors as we head into 2023. He concluded his presentation at 9:35 am. David Dali and Brian Kingan presented the Matthews Asia update at 9:37 am. David gave a brief overview of the firm. Matthews has added three (3) new ETF’s to the portfolio recently. The approach is to invest more companies located in Asia. They choose to invest in Asia companies that are capable of sustainable growth based on fundamental strategies of those companies. Matthews bases its equity selection on Good Business and Management practices, as well as Appropriate Valuations. Year 2022 was a subpar year overall with Markets down around 20% overseas. Brian attributes the downslide to Fed Hikes, Regulatory policies, and the Covid‐19 policies overseas. Both earnings and valuations were down for the year. The recent run on rate hikes are hurting the Matthews portfolio. With the Covid restrictions being eased, he hopes the market will bounce back 3‐5% by middle to late 2023. They concluded the presentation at 10:00 am. Robert Cunha made a motion to adjourn the meeting at 10:01 am, which was seconded by Joseph Foley and unanimously approved by Carolyn Kosnoff, Alan Fields, and Fred Weiss. The next Retirement Board meeting will be held remotely via Zoom on Thursday, January 19, 2023 at 8:30 am. Future Board meeting dates: February 23, 2023 and March 30, 2023 via Zoom teleconference. _____________________________ Robert Cunha, Chairman Alan Fields, Appointed Member Carolyn Kosnoff, Ex Officio Member Joseph Foley, Elected Member Frederick Weiss, Appointed Member