2014-12-22-RB-min - Laserfiche WebLink

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Minutes of the December 22, 2014 Retirement Board Meeting Present: Robert Cunha, Alan Fields, .Toe Foley, Rob Addelson, Marguerite Oliva and Karen Marchant Frederick Weiss, Michael McNabb Bob Cunha called the meeting to order at 8:00 AM. NEW MEMBERS: (4) Megan Coffey, Library Tech., Margaret Brunstein, IA, Kamakshi Chandran, Whitney Factor, SPED IA's DECEASED: Maryann Loveday, Tutor, 11/25/14 RETIREMENTS: Nancy Marshall, Library Tech., 2127125 The Board accepted and signed the 12/31/14 Warrant and December payroll. The November minutes were reviewed and approved as well as the cashbooks for October 2014. Michael Trotsky and Paul Todesco presented the annual PRIM Hedge Fund Report. The total market value is $5.7 billion which is 9.3% of total PRIT assets as of 10/31/14 and Lexington's portfolio is $14,075,810. Since inception in October 2013, Lexington has increased 8.12%. The Direct Hedge Fund Program replaced the Fund-of-Funds Program,they launched Project SAVE (Strategic Analysis for Value Enhancement and have saved $40 million in fees. A $100 million Hedge Fund replication project is being tested. Mr. Trotsky suggested Eric Neuberger be invited to attend one of the Board meetings. If the Board is interested in private equity, Michael Bailey should be contacted. The PRIM Board organization update was discussed. On 1121115 Deb Goldberg, State Treasurer will replace Steve Grossman as Chair. Positions will be appointed by Treasurer Goldberg or Governor Baker. Committee members for Investments, Real Estate and Timberland, Administration and Audit and Compensation will remain. PRIT's core fund allocation that was adopted February 4, 2014 decreased Global Equity, increased Hedge Funds, and moved Core Bonds to Long Treasuries. PRIT's Core Fund asset allocation is 40% Global Equity, 10% Private Equity, 13% Core Fixed Income, 10% Value- added Fixed Income, 10% Real Estate, 4% Timber/Natural Resources, 9% Hedge Funds and 4% Portfolio Completion Strategies. Hedge Fund liquidity is quarterly and Real Estate is monthly. Henry Jaung presented the November 2014 update. The balance as of 11/30/14 was $139.8 million up from $138.4. The discussion of the Direct Lending RFP has been postponed until the January meeting. The Monroe call for $1,473,791 will take place on December 29th The cash balance after the transfer to Monroe will be $249,386. A transfer from PIMCO All Asset for $600,000 will be requested to cover payroll.