2012-11-28-RB-min - Laserfiche WebLink

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opportunities including strategies that are inflation related, U.S. equity, global equity, alternative, short -term, U.S. core and long maturity bond, EM and global bond and credit. The strongest earners have been EM and global bond strategies and Global equity strategies. Since December 2011 there has been an increase in EM and global bond strategies and a decrease in inflation related strategies. Alan Isenberg presented the Global Multi -Asset Fund review. As of 10/31/12 the fund increased 6.8% after fees. The volatility of the fund is 60% stocks and 40% bonds. The managers strive for an 8 %--10% return. The contributors to the fund included allocations to U.S. equities, developed and emerging markets and EM bonds. Tactical shifts included tactically increasing equities thorough positions in S &P 500 while maintaining a significant position in emerging market equities and decreasing duration and diversified spread exposure in fixed income. Global economic. growth remains a concern and uncertainties persist due to structural issues. PIMCO expects the fiscal cliff to reduce GDP by approximately 1.5% in 2013. In reviewing the fiscal cliff, PIMCO sees more agreement then disagreement between the republicans and democrats. They feel Congress will reach a short -term deal which will avert a fiscal collapse and would be accompanied by a promise for future reform. A housing recovery is possibly looming. There has been a prolonged period of excess demand relative to supply due to years of limited construction and now inventory is coming down. A conference call with Martin Curiel from Matthews Asia was held for the annual meeting of the Matthews Pacific Tiger Fund. There are 34 investment team managers and there have been no changes in management since the last review. They are meeting more frequently due to the unrest. They believe in a long -term focus on Asia with bottom -up research. Since inception the fund has returned 4.03% beating the MSCI AC Asia ex Japan Index benchmark of 3.89 %. The average annual total return year to date is 15.35 %. The fund is underweighted in energy, materials and industrials and over weighted in consumer staples, consumer discretionary, utilities and health care. There is a slight increase to S.E. countries like Indonesia, and Vietnam with a bias in the small and midcap range and underweight in large cap. The largest countries are China, Hong Kong and India with an over weight of 8% in India. It is believed that there will be slower growth. Chinese workers are requiring higher wages and better working conditions. The Chinese consumer is making more money so consumerism is increasing and higher quality is expected. Western debt, unemployment and stimulus policies will continue to distract investors. Acadian reported a change for the administrator of the fund to BNY Mellon from Old Mutual Asset Management Trust Company effective January 1, 2013 due to notification from the Trust Company of a significant increase in fees. There are no changes to the investment process or team that is responsible for managing the investment. Loomis Sayles announced an organizational change to bring equity and fixed income groups together under the leadership of CIO Jae Park. If the Board wishes not to remain