2011-05-26-RB-min - Laserfiche WebLink

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MINUTES OF THE MAY 26, 2011 RETIREMENT MEETING Present: Robert Cunha, Joseph Foley, Michael McNabb, Marguerite Olive Absent: Alan Fields, Rob Addelson Bob Cunha called the meeting to order at 8:00. The Board accepted and signed the 053111 warrant and May payroll. The April minutes were reviewed and signed. New Members: (4) Marie Downie, Police Dept. Office Manager; Carissa Sacchetti, Instructional Assistant; Brandon Cooke, Firefighter; Kara Kelley, Student Support Instructor Retirements: (5) Joseph Ferranti, Head Custodian, 8129111; William Middlemiss, Fire Chief, 6130111; Alice Hirchhorn, IA, 6130111; Eleanor Gower, IA, 6/30/11; Bea Saxonis, School Secretary, 6 /30 /11 Deceased: Gail Wagner (active member) Lexpress Coordinator, 5/7/11 Corinne Larson from State Street Global Advisors presented the 3 /31 /11 investment report highlighting Lexington Retirement System Relationship Overview, US Aggregate Band Index Strategy and S S gA firm overview. As of 3/31111 she reported a market value of $2,360,508 and gross annualized returns of 6.25% since inception. Meketa presented a fund evaluation report outlining an Executive Summary and an April 30, 2011 interim update. The market value as of 4/30/11 was 116.7 million up from 112.6 as of 3/31/11. Investor optimism persisted in the first quarter of 2011 as the global economy continued to improve with significant changes and shifts in early May with energy, commodity and defensive stocks. They again also presented information describing and analyzing the two finalist firms and outlining the strategies and characteristics that differentiate one from the other. After some discussion Meketa thought I" Eagle to be the best manager and suggested funding from Global Tactical Assets. Margie Mitchell and Jack Kirkpatrick from Aderdeen made a presentation on their firm. They are a Global Equities firm with a long history of investing in equities, stable, experienced and cohesive team with a disciplined and consistent investment process. They are bottom -up stockpickers using a schematic three step investment process. Greg Cassano from First eagle made a presentation on his firm. They are an independent asset management firm controlled by The Arnhold family and employees with 6.6 billion in institutional assets under management as of 3131/11. They have a bottom -up fiindamental approach with non - equity securities including gold, fixed income and cash. They use a document driven investment approach analyzing financial statements and balance sheets.