2010-11-22-RB-min - Laserfiche WebLink

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MINUTES OF THE NOVEMBER 22, 2010 RETIREMENT MEETING Present: Robert Cunha, Rob Addelson Alan Fields, Joe Foley, Marguerite Oliva Absent: Michael McNabb Bob Cunha called the meeting to order at 8:00. The Board accepted and signed the 113010 warrant and the November payroll. The October minutes were reviewed and signed. New Members: (6) Gregory Ortolani, Alfredo Sousa, Custodians; Catherine Mahoney, Finance Manager; Rosemary Mezynski, SSP; Karen DeCaprio, Overmax Aide; Amy Horning, Library Technician Retirements: Wayne Brooks, DPW Operations Manager, 1 /7 /11; Anne Gorman, Instructional Assistant, 1/14/11 Deceased: George Murray, School Custodian, Accidental Disabilty, Opt. C, 10/29110; Ruth White, Opt. D Survivor of Irene O'Malley, 1114/10; Ann Whiteney, LHA Director, Opt. B, 11/6/10 Fran Peters and Henry Jaung from Meketa presented the quarterly update. The market value of the portfolio on 9/30/10 was $104.2. The third quarter for world markets indicated that international stocks were the top performing asset class with emerging markets leading the way. Growth stocks outpaced value stocks across the capitalization spectrum. Investment grade bonds and TIPS lagged riskier asset classes in the third quarter. Unemployment increased slightly over the third quarter to 9.6% partly reflecting a reduction in temporary 2010 census workers. The portfolio has a fairly significant overweight in emerging markets with almost 50% of the emerging market portfolio centered in Asia. The International Equity Assets have a small to mid -cap bias. The weighting for the International Equity market shows there is an underweight in Europe/North America, a slight underweight in Pacific Rim/Asia, an overweight in Asia, underweight in Latin America and a slight underweight in Europe/ MidEast/Africa compared to the MSCI ACWI index. Acadian had 62% invested in large cap when Lexington Retirement first invested. Large cap is now at 50% with a significant increase in small cap. The Acadian portfolio has done well on the upside but the Board is concerned how it will perform on the downside. The Board asked Meketa to look for a possible replacement and Epoch was mentioned. The PIMCO review was presented by Ignacio Galaz and Alan Isenberg. The PIMCO portfolio makes up 30% of the total fund. The total combined PIMCO funds are $31,224,900 with $17,250,577 invested in PIMCO All Asset Fund and $13,974,389 invested in the Global Multi -Asset Fund. The All Asset Fund outperformed TIPS as well