2019-11-25-RB-min - Laserfiche WebLink

Browse Search

Minutes of the November 25, 2019 Retirement Board meeting: Present: Bob Cunha,Joe Foley,Alan Fields, Carolyn Kosnoff, Fred Weiss and Jim Condon NEW MEMBERS: (11) Kathleen Kim, Financial Analyst; Mahbuba Khondker, Aide, Sarah Milt, Evelyn Soto, Hannah Loati, Instr.Asst's; Angelina Amato, Shiei Kuida, Krystal Beltre, Michaela Swift, S.S.I's; Sheri Hooper, Kindergarten Asst.; Christopher Ducharme, Police Officer; RETIREMENTS: (2) Donald Laconte, Plumbing Insp., ADR; Beverly Quirk, SPED Specialist, 1/3/2020 DEATHS: (3)Nancy O'Neil, 10/29/19, DPW Clerk; Paul Vears, 11/14/19, DPW Engineer; Bertha Knute, survivor of Policeman Kenneth Knute, 11/15/19 The Board accepted the 112919 Warrant and the November payroll. The October minutes were reviewed and approved, as well as the cashbooks for September 2019. Bob Cunha reviewed the November agenda with the Board members and staff in attendance. It was noted there was a Golub distribution of$86,150.00 and an Angelo Gordon call for$500,000.00, which was wired on 11/21/19. Bob presented the ADR application for Donald Laconte. After the Board members reviewed the circumstances, Bob made a motion to approve the ADR. The motion was seconded by Joe Foley, and unanimously approved by Alan Fields, Fred Weiss and Carolyn Kosnoff. Ryan Bugler was mailed information required to submit his appeal to DALA. He plans to file paperwork to appeal. The latest update with Mr. O'Leary is they plan to appeal. We will receive more info from Michael Sacco as the case moves along. Michael Trotsky and Francesco Daniele presented the PRIM review. Michael began the presentation by mentioning PRIM's top 10 accomplishments and some of the national recognition they have received over the past year. The Board has hired five (5) more employees, bringing the total up to 55. They currently manage$76.9 Billion in assets. Global equity is the largest asset consuming 42.9%of the fund. Fixed and Private equity are the 2nd and 3rd highest drivers after Global. This year, PRIM has added $5.7b in new investments this year. They plan on using$1b to acquire land. Recently,they purchased $200k worth of land in New Zealand which harvests pine. Michael spoke about the philosophy PRIM uses as it relates to Private Equity. They gained access about ten (10)years ago, mostly in the small & mid cap size. They use a team of managers to monitor high valuations and remain disciplined to avoid those that are offered. He went on to explain three (3) market scenario outlooks. His key points mentioned were the summer markets were weak, strength in equity was down due to spending, and that shares from selloffs have faltered. He concluded his presentation by emphasizing that Private & Fixed Equity performed great all year for the portfolio, as did Bonds. Henry Jaung and Steve McLellan presented the Meketa review.The portfolio balance as of October 31, 2019 was$178,980,439.00, up 1.7%from September. The YTD performance is up 14.7%. The U.S. Equity market continues to dominate the portfolio. This sector has us up 22.9%for 2019. Despite being overweight in this sector, Henry feels we should stay with it. The entire portfolio continues to do what