2009-11-19-RB-min - Laserfiche WebLink

Browse Search

MINUTES OF THE NOVEMBER 19, 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 113009 warrant and the November payroll. The September minutes were reviewed and signed. New members: (4) Kelly Collins, Student Support Instructor; Maria Barrett, Aide; Kalli Baker, Spec, Ed. Asst.; Lynn Hurley, LHS Secretary Request for Retirement: Barbara Prindle, School Admin. Assistant, 4121110 LouAnn Eisenhut and Fran Peters from Meketa presented an October update. The month of October showed a decrease in market value of approximately 112 % which is the first negative return in months. From the end of October to November 18 there has been an increase of 3.2 %. The year to date increase through November 18 is 22.5 %. Fran noted Lexington is far ahead or their other clients. Mike questioned if there are enough managers to get to where we want to be and wondered if there are any other investment areas at which to look. Fran mentioned that hedge funds in the past looked a lot better. He was asked to look at the hedge fund segment held by PRIM to see how those investments have done this year and report back to the board. Alan asked Fran to speak with Wellington regarding their thoughts on the uncertainties in the investment world. He would like to know what tools they have in place and how quickly they can move. There was a general discussion about TIPS. Portfolio exposure is about 4 %. PERAC approval was received for investment into the PIMCO Global Multi Asset Fund. Earnest Partners which is approximately $3.1 mm will be liquidated; $8 mm will be transferred from existing PIMCO All Asset Fund; $1.6 mm will be transferred from the Wellington Opportunistic Fund. Brett Gallagher and Kelly Gilbert presented the quarterly review for Artio Global International Equity Fund. The value of the portfolio as of October 31, 2009 was $3,829,000. This is an increase year to date of 16.6% but it is still underperforming the benchmarks. The difficulty of the year starting in March 2009 was discussed. 42% of Artio is now on the New York Stock Exchange and available to the public. The report is on file in the retirement office.