2010-12-22-RB-min - Laserfiche WebLink

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MINUTES OF THE DECEMBER 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 123110 warrant and the December payroll. The November minutes were reviewed and signed. New Members: (7) Kelly Suber, Kristen Arsenault, Vivian Marcano, Special class Instructional Assistant; Joshua Dickerson, Custodian; Jacqueline Davis, Student Support Instructor; Sharlene Popplewell- Johnson, Metco SSP, William Edmonds, Firefighter Retirements: Connie Rawson, Library Director, 1/28/11; Joseph Sveistys, School Custodian, 12/17/10 (also applying for Accidental and Ordinary Disability); Sandra Alexander, Recreation Administration Asst., 2/4111 Deceased: Laura Burna, School Lunch, Opt. B depleted, 11 /27 /10; John Lichtenberg, School Custodian, Opt. C, 11/25/10 Fran Peters and Henry Jaung from Meketa presented the quarterly update. The market value of the portfolio on 11/30/10 was $106.2 mm, a decrease of about 1% from 10 /31 /10. The aggregate assets year -to -date performance as of 11/30/10 is up 9.5% with all assets except Artio International Equity outperforming the benchmarks. November was a difficult month for both equity and fixed income due to some concern on the European side. December year to date for the system is up about 2.4 %. PRIT's y -t -d was 8.2 %. Lexington has outperformed this year, 1 year and 3 year. There was a discussion of the 5% target allocation to real estate with Beacon Capital being the lone investment. The system is invested in Beacon Capital V with a commitment of $7 million; to date $5.2 million has been called. Based on Beacon's current value of $1.9 million plus uncalled capital, the System has 3.5% allocation to real estate. Beacon has been able to work through loan modification and has been able to extend from 2012 to 2017 with no injection of capital. Fran presented real estate strategy comparisons of REITS, Core Real Estate and Non - Core Real Estate. Meketa leans toward private real estate such as core or non -core rather then REITS. Alan mentioned that 47% of the portfolio was held by the two PIMCO funds and Wellington.. Conventionally this is a big bet that three managers hold almost 1 /2 of the portfolio. The funds have done well due to the flexibility that these managers have.