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2023-07-27-RB-min
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2023-07-27-RB-min
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11/7/2023 11:28:40 AM
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11/7/2023 11:27:15 AM
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2023
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Jim Condon, Retirement Dept Staff
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Town Clerk
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Minutes
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Minutes of the July 27, 2023 Retirement Board meeting: <br />Present: Robert Cunha, Joseph Foley, Alan Fields, Fred Weiss, Carolyn Kosnoff, Michelle Malone and Jim <br />Condon <br />Absent: None <br />The Lexington Retirement Board met remotely through Zoom tele-conferencing. The Town Clerks Office <br />posted the meeting, which included the information for any interested party to join the call. Robert <br />Cunha, Joseph Foley, Alan Fields, Frederick Weiss, Carolyn Kosnoff, James Condon and Michelle Malone <br />were present for this meeting. Robert Cunha called the meeting to order at 8:30 am. <br />The Board accepted the 073123 Warrant and the July payroll. The June minutes were reviewed and <br />approved. The financials were not available at the time of meeting. <br />Robert Cunha reviewed the July agenda will all Board members and staff in attendance. <br />It was noted we received a distribution on 6/26/23 from White Oak in the amount of $17,326.00 <br />The Benefit Verification program is wrapping up. We have received 448 forms back to the office. Jim <br />will be sending out a final notice to the remaining 18 retirees that it is overdue. <br />Michelle informed the Board the Retirement Offices have been painted and the new furniture is <br />installed. Just a few items left on the list for completion. Thank you from the staff to allow us to move <br />forward with this project. <br />James Weston has completed his repayments to the Board in full. His monthly pension has been <br />restored. <br />All Board members were reminded of their duty to complete PERAC Board training in a timely manner. <br />Henry Juang and Stephen MacLellan presented the Meketa update at 8:42 am. The portfolio balance as <br />of June 31, 2023 was $207,256,933.00, up $7.3m. That puts the portfolio up 9.5% YTD and 4.6% QTD. <br />Steve mentioned the markets are starting to recover and should hold steady. One factor was the U.S. <br />GDP came in higher than expected, up 2.4%. Also, the thoughts of a recession are starting to decrease. <br />The recent interest rate hike will probably remain in place for the foreseeable future. <br />Henry mentioned the portfolio is in good positioning as this time. We remain overweight in US Equities, <br />but it is working fine for the portfolio. He mentioned exploring adding to RE or Hedge funds in the <br />future. It was just a suggestion. All Domestic Equity classes are doing well 2nd quarter. The <br />International sector continues to lag, yet up 3.4% YTD. As of today, the searches for investments are on <br />hold, no RFP’s to be issued anytime soon. Meketa will continue to research funds for Lexington. The <br />Meketa presentation wrapped up at 9:10 am. <br />Paul Ahrens and Jon Bianchi presented the White Oak presentation at 9:12 am. Paul gave a brief update <br />on the firm operates. They specialize in originating and funding non-sponsored loans. White Oak tends <br />to target borrowers that are insulated from the changing macroeconomic conditions and could <br />withstand effects from inflation. They try and avoid borrowers that operate in retail, and those with <br />significant exposure to commodity prices with long term contracts or fixed costs. Jon Bianchi mentioned <br />some items that have held White Oak back with returning funds to clients as of late. Most notably was
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