|
Minutes of the September 26, 2019 Retirement Board Meeting:
<br /> Present: Bob Cunha,Joe Foley,Alan Fields, Carolyn Kosnoff, Marguerite Oliva and Jim Condon
<br /> Absent: Fred Weiss
<br /> NEW MEMBERS: (46) David Caggiano, Trevor Nash, Cameron Rawnsley, Firefighters; Guadalupe
<br /> Puim, Secretary; Joshua Bray, Larry Joyner, Michael Malone, Alvaro Monteiro, Robert Walters,
<br /> Custodians; Olivia Caravella, Asst. Teacher; Mel Nover, Municipal Asst.; Alaina Chin, Christina
<br /> Diubaldi, Sara Egan, Lisa George-Cox, Ava Henry, Kimberlyn Hernandez, Zoe Keffer, Jessica Ricupero,
<br /> Dianne Tzovaras, Jessica Wile, Janet Wyeth, Ashmi Young, SIA's; Alyssa Ahlin, Maxwell Ball,
<br /> Claudia Beltran, Sharmistha Banerjee, Kimberly Chamberlain, Sandra Lewitzky, Danielle MacDonald,
<br /> Fatima Maru, David O'Connell, Susan Parker, Delaney Row, Melanie Thompson, Barbara Valerians,
<br /> Roxanne Vento, MaryLee White, Instr. Asst's; Andrew Lease, Subst. Monitor; Shamika Govan, Bus
<br /> Monitor; Laureen Sloman, SSP; Iryna Vyshnevetska, Aide; Cynthia Abreu-Borge, Lia Almekies, Kyle
<br /> Sweeney, Caitlyn McCarron, S.S.I's;
<br /> RETIREMENTS:None
<br /> DEATHS: (3) James Fogg, DPW Foreman, 8/29/19; Anthony Mongelli, Heavy Equip. Operator, 8/31/19;
<br /> Elaine Kell, School Secretary, 9/16/19
<br /> The Board accepted the 093019 Warrant and the September payroll. The August minutes were
<br /> reviewed and approved, as well as the cashbooks for July 2019.
<br /> Bob Cunha reviewed the September agenda with the Board member and staff in attendance. There was
<br /> a White Oak distribution of$64,132.00. The Loomis liquidation is scheduled for 10/14. On October 171H
<br /> Driehaus will receive a $5m subscription as part of the Loomis liquidation.
<br /> Justin Wang was approved to move forward with his buyback request.
<br /> The Board had a brief discussion on the Ryan Bugler matter. The office recently received a voicemail
<br /> and email from Mr. Bugler voicing his displeasure over his ongoing legal matters and latest garnishment
<br /> of his monthly pension. It appears he is seeking counsel to represent him and would like to discuss
<br /> ongoing matters with the Board. However, he is yet to come forward with any formal requests to meet
<br /> with our Board. It was decided that the Lexington Retirement staff would send a letter out to Mr. Bugler
<br /> having him outline his intentions and possibly join us at a future Board meeting to present his situation.
<br /> Steve McLellan and Tom Dunleavy presented the Meketa update. The portfolio balance as of August 31,
<br /> 2019 was$174,105,455.00, down 1.1%from the previous month. Our YTD performance is up 11.5%.
<br /> The U.S. Equity market, as well as the Global market, continue to remain a strong driver for the
<br /> portfolio. KAR and Fidelity Contrafund are performing excellent. KAR is up 23.9%thru August 31St. On
<br /> the Global side,Wellington Enduring is up 16.5%for the year. Steve mentioned Meketa will be
<br /> conducting two searches on Indexing asset classes. ESG and Calvert were two mentioned in the
<br /> discussion. He will follow up at a later meeting.
<br /> Richard Jacobson presented the Golub Capital review. The firm currently holds over$30B in capital
<br /> under management. Direct lending accounts for over$2513,while$513 is for syndicated loans. With a
<br /> stable risk rating and consistent net investment income, Golub has had net returns in the second
<br />
|