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2009-11-19-RB-min
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2009-11-19-RB-min
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Minutes - RB - Retirement Board
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MINUTES OF THE NOVEMBER 19, 2009 RETIREMENT MEETING <br />Present: Robert Cunha, Joseph Foley, Michael McNabb, Alan Fields, Marguerite Oliva <br />Absent: Rob Addelson <br />Bob Cunha called the meeting to order at 8:00. <br />The Board accepted and signed the 113009 warrant and the November payroll. <br />The September minutes were reviewed and signed. <br />New members: (4) Kelly Collins, Student Support Instructor; Maria Barrett, Aide; Kalli <br />Baker, Spec, Ed. Asst.; Lynn Hurley, LHS Secretary <br />Request for Retirement: Barbara Prindle, School Admin. Assistant, 4121110 <br />LouAnn Eisenhut and Fran Peters from Meketa presented an October update. The month <br />of October showed a decrease in market value of approximately 112 % which is the first <br />negative return in months. From the end of October to November 18 there has been an <br />increase of 3.2 %. The year to date increase through November 18 is 22.5 %. Fran noted <br />Lexington is far ahead or their other clients. <br />Mike questioned if there are enough managers to get to where we want to be and <br />wondered if there are any other investment areas at which to look. <br />Fran mentioned that hedge funds in the past looked a lot better. He was asked to look at <br />the hedge fund segment held by PRIM to see how those investments have done this year <br />and report back to the board. <br />Alan asked Fran to speak with Wellington regarding their thoughts on the uncertainties in <br />the investment world. He would like to know what tools they have in place and how <br />quickly they can move. <br />There was a general discussion about TIPS. Portfolio exposure is about 4 %. <br />PERAC approval was received for investment into the PIMCO Global Multi Asset Fund. <br />Earnest Partners which is approximately $3.1 mm will be liquidated; $8 mm will be <br />transferred from existing PIMCO All Asset Fund; $1.6 mm will be transferred from the <br />Wellington Opportunistic Fund. <br />Brett Gallagher and Kelly Gilbert presented the quarterly review for Artio Global <br />International Equity Fund. The value of the portfolio as of October 31, 2009 was <br />$3,829,000. This is an increase year to date of 16.6% but it is still underperforming the <br />benchmarks. The difficulty of the year starting in March 2009 was discussed. <br />42% of Artio is now on the New York Stock Exchange and available to the public. The <br />report is on file in the retirement office. <br />
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