2012-02-29-RB-min - Laserfiche WebLink

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The top sector weightings for Fiduciary Management were consumer staples, industrials, and financials. Neuberger Berman's were technology, industrials and consumer staples and Wellington's were financial, energy and health care. Management fees were .97% for Fiduciary (Mutual Fund), .75% for Neuberger Berman (Mutual Fund) and .60% for Wellington (Commingled Fund). The Wellington Quality Value presentation was made by Matthew Baker, Scott Brink, and Ellen Chae. Outlined were the philosophy, the investment process, the portfolio construction listing the top ten holdings, and investment returns. The next presenters were MG Subhas and Mike Brember from Neubeger Berman Guardian Fund. The investment team for this fund has been together since 2001. They discussed the global equity research team and presented their philosophy including the investment process overview. Reviewed were the portfolio construction and characteristics and risk management. Mr Subhas noted that the ten top holdings make up 41.81% of the portfolio. The third presenter was Michael Stanley from Fiduciary Management, Inc. Mr. Stanley discussed the investment philosophy and research process. Included in the report was a list of organizations invested with Fiduciary Management. The Board discussed the three finalists and Alan noted that he was impressed with Fiduciary Management's list of investors. Fiduciary beat the S &P 9 times out of 10. Alan mentioned he would like to possibly add Wellington, also. LouArm mentioned that spitting the $5 mm allocation between the two managers would not make much difference to the portfolio and suggested increasing the allocation if Wellington were to be added. The Board decided to postpone investing with Wellington for the present time. Meketa will present a report showing the impact of adding Wellington along with Fiduciary. Alan made a motion to invest $5 mm with Fiduciary Management. Mike seconded and the vote was'unanimous. $2.5 mm will be withdrawn from both Contrafund and Hartford. LouAnn presented the January interim report showing the portfolio increased from $102.4 mm to $108.3 mm, an increase of 5.1 %. PRIT increased 3.4% for January. All managers outperformed the benchmarks in January. Hartford at 9.7% and Acadian at 7.5% had the best January performances. The expected cash shortage for March was discussed. A chart for 2010 and 2011 indicates that the shortage has been approximately $2 mm each year. At the end of the meeting, a decision was made to withdraw the needed funds from Contrafand. The Board reviewed the Medical Panel findings for the Accidental Disability application for Charles Sortino. All three doctors were in agreement that Mr. Sortino could no longer