2015-08-24-RB-min - Laserfiche WebLink

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The Board was reminded of Memo #10 regarding Board member training for 3rd qtr. 2015. Maggie will contact PTG to reschedule the presentation for the Employee Self Service Module. A distribution of $129,619 from Munroe was received and put into cash. Paul Todisco was present and Eric Nierenberg participated remotely via conference call for the PRIM annual review. They discussed PRIM's mission, awards & recognitions and Board & Committee members. Lexington invests in the PRIT Hedge Fund. They provided an overview attic PRIT Fund's performance, returns, asset allocation, funding and goals & objectives. Sean Duff and Zia Uddin were present for the Munroe Capital annual review. Lexington invests in Fund I. They discussed the fund's characteristics, summary portfolio, debt investment by region, industry exposure, sponsor vs non - sponsor, transactions breakdown and internal credit rating summary. They also provided a firm update and highlighted new deals. Steve from Meketa presented the July 31, 2015 interim. The market value as of 7131115 was $143.6 mil up from 141.9 mil as of 6/30/15. Performance for July was up 0.7 %, YTD was up 4.3 %. A discussion followed selling out of PIMCO and put into cash now while we wait to fund new investment. The initial reason for investing in PIMCO was inflation but there is no inflation. Steve informed the Board to reinvest into PIMCO a new RFP would have to be issued for EM exposure. Motion by Alan, second by Fred and voted unanimously to move $3 mil from PIMCO into cash and $3mil from Matthews into Acadian. At the Board's request, Meketa provided a list of coal- company equities held by Lexington Retirement and reported it was less than .0I %. It was suggested to have it monthly as an addendum and on public record that we are monitoring using Morning Star as a guide. The Board voted to grant Maggie a 2.75% increase retroactive to July 1, 2015. Information regarding the Emerging Issues Forum at Holy Cross on 9/17/15 was distributed to the Board. The Board was informed that the wire transfers for White Oak and Golub were done in August. A motion was made, seconded and approved unanimously to adjourn the meeting at 10:15. The next meeting will be held September 24, 2015, 8:00 AM at Cary Memorial Library. Robert Cunha, Chairman Alan Fields, Appointed Member Robert Addelson, Ex Officio Member Joseph Foley, Elected Member Frederick Weiss, Appointed Member