2014-06-25-RB-min - Laserfiche WebLink

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Minutes of the June 25, 2014 Retirement Board Meeting Present: Robert Cunha, Alan Fields, Joe Foley, Rob Addelson, Marguerite Oliva, Karen Marchant; Absent: Mike McNabb Bob Cunha called the meeting to order at 8:00 AM, The Board accepted and signed the 063014 Warrant and June payroll. The May minutes were reviewed and approved as well as the cashbooks for April 2014. NEW MEMBERS: (2) Michael Donegan, Print Shop Technician; Michael Fratus, Custodian RETIREMENTS: (4) Priscilla Kinney, School Secretary, 6/27114; Susan Kasilowski, Sped. Asst., 6130114; Sue Wiseheart, Sped, Asst, 6130/14; Mary Lou Chamberland, Admin, Asst 7/10114 LouAnn Eisenhut and Henry Jaung from Meketa presented the May 31 Interim report. The market value on 5/31114 was $135.8m, an increase of$2.3m from 4130/14. After last month's discussion of moving funds from Hartford and Conrtafund to Wellington Opportunistic, Acadian, RhumbLine and Glenmeade, LouAnn's study showed that there would be no difference in the portfolio. She noted that Hartford did better than Contrafund due to Hartford's International exposure. A discussion of the weighting of the portfolio followed. The normal portfolio has a 60/40 split. Lexington's now is roughly 70/30, above the System's target. Alan asked that Meketa run a report comparing Lexington to the norm. The lack of volatility is a concern to the market. Investors seem to be looking for an excuse to sell but bad news has not driven the market down. Henry spoke of the faith Meketa has with Wellington Opportunistic and said they should be able to protect the portfolio. The Board discussed dropping the equity 34% and it was determined that no new managers are currently needed. The Board is at the maximum allowed with the PRIT Hedge Fund. Enduring Assets have done well this year and Henry said this is the closest to a Mass. Limited Partnership (MLP)that the Board can get. He feels transferring funds to Enduring Assets is better than Fiduciary. Alan made a motion to take 2% of the portfolio from both Hartford and Contrafund and transfer the funds to Wellington Opportunistic Fund and Enduring Asset Fund. The motion was seconded by Joe and voted unanimously to accept. Henry asked the Board to consider looking at other Real Estate investments by the end of the year as the commitment with Beacon will be closing. Alan Leventhal will be asked to attend the July 23`d meeting.