2011-06-23-RB-min - Laserfiche WebLink

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MINUTES OF THE TUNE 23, 2011 RETIREMENT MEETING Present: Robert Cunha, Joseph Foley, Alan Fields, Rob Addelson, Marguerite Oliva Absent: Michael McNabb Bob Cunha called the meeting to order at 8:00. The Board accepted and signed the 063011 warrant and June payroll. The May minutes were reviewed and signed. New Members: (4 ) Cashay Grant- Woods, Metco Sec; Tracy Vingo, I.A.; Christopher Filadoro, Superintendent Public Grounds; Michelle Stevens, Management Intern Retirements. (2) Janis Tremblay, Aide, 6/30/11; Thomas White, DPW, 7/1/11 Deceased: (7) Mary Williams, Town Clerk, Opt. B, 6/3/11; Marcella King, Library Tech, Opt. A, 6/7/11; Charles Carnell, Custodian, Opt. A, 6/1/11; John Marquis, DPW Laborer, Opt, B, 6/13/11; Louise Clark, Librarian, Opt. B, 6/10/11; Rita O'Connell, Surv. Opt. C, 5/27/11; Josephine Morrissey, School Secretary, Opt. A, 6/16/11 Jason Chambers from Acadian presented a portfolio performance report as of May 31, 2011. The report highlighted their investment philosophy and approach as well as a market overview of the International All -Cap Fund's characteristics and regional and industry allocations. As of 5/31/11 he reported a market value of $6,249,565 with total returns of 6.9 %. It was reported there is a cash shortage of $400,000 this month. It was agreed to transfer $200,000 from both Acadian and Matthews to cover June's expense. To get a better handle on this cash flow problem each quarter, the board asked Maggie to put together a report of cash flow and expenditures of the last two years for their review in an effort to make a judgment at the beginning of the year and put the money aside in a reserve fund. John Carbone from Hartford presented an investment report of the capital appreciation fund for the 1 St quarter 2011. The report highlighted their investment philosophy, process, characteristics, holdings and allocations. As of 3/31/11 he reported annualized returns of 2.50% and new total net assets of $20.6 billion. Meketa presented an interim update as of May 31, 2011. The market value as of 5/31/11 was $114.7 million down from $116.7 mil as of 4/30/11. The last 2 months there was a significant change in the market. The Global TAAA portfolio and Artio Int'l sticks out. The risks need to be more diversified; may want to look at Aberdeen or I" Eagle if there is continued underperformance. Artio should be contacted to come in for next meeting.