2010-01-28-RB-min - Laserfiche WebLink

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MINUTES OF THE JANUARY 28, 2010 RETIREMENT MEETING Present: Robert Cunha, Joseph Foley, Alan Fields, Rob Addelson, Marguerite Oliva Absent: Michael McNabb Bob Cunha called the meeting to order at 5:00. The Board accepted and signed the 012810 warrant and the January payroll. The December minutes were reviewed and signed. New members: (4) Margaret Joyce, School Support Aide; Vartan Ninasian, Custodian; Isabelle Chischportich, Karen Walker, Instructional Assistants Request for Retirement: Ann Whitney, LEA Director, 2128110 Deceased Retirees: (3) Helen Minich, Payroll Clerk, Opt. B depleted, 115110; Diane Packard, School Clerk, Opt. B depleted, 114110; James Graham, DPW Heavy Equipment Operator, Opt. B depleted 1 /11110 Fran Peters and LouAnn Eisenhut from Meketa Investment Group presented the 12/31/09 review. The market value as of December 31.2009 was $97.7 mm. The yearly performance increased 25.1 %. In reviewing the aggregate assets portfolio roster as of 12131, it was noted that Domestic Equity Assets which are 28% of the total portfolio is well below the target allocation of 36% and Global Tactical Asset Allocation Assets at 30% is well above the target of 15 %. Meketa discussed the current actual holdings versus the current targets. The Board asked that there be an Asset Allocation Policy Review at the next meeting The Board is concerned about Acadian's performance which has decreased 1.3% since its inception 811105. A motion was made, seconded and approve unanimously to request Meketa perform a search for a replacement for Acadian. Meketa will execute an All Cap RFP and report back to the Board at the next meeting. Fidelity representatives Steve Anderson and Gary Miller presented the Contrafund quarterly review. Market value for Lexington's portfolio at the end of December was $12.5mm and it is 13% of the portfolio. Gary Miller presented Will Danoff's portfolio manager profile. Gary Miller also discussed some other Fidelity funds, the Small Cap Fund which is a domestic stock fund and the Fidelity International Cap Appreciation Fund. The Small Cap Fund is over weighted in technical and financials. It is a blended fund that had "phenomenal" performance for the one, three and five year average total returns. Gary Miller also reported that real estate investments may be coming back into favor. The Fidelity Real Estate investment is focused on office, retail and hotels with the top holding being Simon. Reports are on file in the retirement office.