2009-07-23-RB-min - Laserfiche WebLink

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MINUTES OF THE JULY 23, 2009 RETIREMENT MEETING Present: Robert Cunha, Joseph Foley, Michael McNabb, Alan Fields, Marguerite Oliva Absent: Rob Addelson Bob Cunha called the meeting to order at 8:00. The Board accepted and signed the 073109 warrant and the July payroll. New Members: (8) Katrina Bridges, Board Certified Applied Behavior Analyst; Naomi Martin, Athletic Director; Rachel Hecht, Kristina Celi, Elizabeth Battin, Carolyn Fryzel, Elizabeth Camire, Student Support Instructors; Brianna Olson, Mgmt. Intern Request for Retirement: Mary Woessner, H.S. Dean's Secretary, 6130/09 Deceased Retirees: Hazel Wilson, School Lunch, June 15, 2009, Opt. A LouAnn Eisenhut from Meketa Investment Group presented the June 30, 2009 interim report. Market value for June 30 is $85.2mm, down .05% from May. Year to date is up 7.6 %. Transfer from Wellington AsiaPC ex -Japan to Matthews Asia Fund will take place on August 3, 2009. LouAnn had contacted Beacon to inquire about future capital calls. There is no set schedule but they do not expect any call during the first three quarters of this year. In the fourth quarter, they expect a call of approximately 15% which equates to about $1.05mm Mike and Alan would like to move more funds from domestic equity to international equity and would like to discuss the new PIMCO strategy. A proposal was made, seconded and approved unanimously to liquidate Earnest Partners and move the funds to Loomis Sayles Credit Opportunities, The REP is completed and asked Meketa to contact Loomis to have a representative attend the next meeting for an interview. LouAnn also suggested having the PIMCO representative attend the same meeting to discuss the new PIMCO Multi -Asset Fund. The minimum investment required by Loomis is $5mm. Meketa will check to see if they will accept $3mm. A motion was made seconded and approved unanimously to liquidate the Wellington Emerging Markets fund and split the fund ($2.9mm) between Acadian and Artio. Due to Wellington's notification requirements, this will take place September 1. Alan proposed moving some funds into the hedge fund portion of the PRIT Absolute Return Fund to gain hedge fund exposure. Meketa will report back at next meeting.