2021-08-26-RB-min - Laserfiche WebLink

Browse Search

Minutes of the August 26, 2021 Retirement Board meeting: Present: Robert Cunha,Joseph Foley,Alan Fields, Fred Weiss, Carolyn Kosnoff, Marguerite Oliva, and Jim Condon Absent: None NEW MEMBERS: (19) Gabrielle Patterson, Taylor Larsen, Patricia Preta, Ashley Sivan, Student Support Instructors; Marianne Reamer, Jiwei Li, Pallavi Atale, Adriana Tratch-Cocozza,Nicole Butterworth, Jordan Dowling, Panvadee Sato, Mamata Banerjee, Anne Tracy, Lucas Rich, Brenda Favazzo Instructional Assistants; Robin Davidian, Admin. Asst.-Dean; Hannah Coombs, School Monitor; Martha Duffield, Chief Equity Officer; Justin Pasquarosa, Custodian; RETIREMENTS: (2))Nathalie Rice, Town Clerk, 9/22/21; Lawrence Anderson, Parks Crew Chief, 9/30 DEATHS: (1) Barbara Smith, Asst. Town Clerk, 7/28/21 The Lexington Retirement Board met remotely through Zoom tele-conferencing during the Covid-19 Pandemic. The Town Clerks Office posted the meeting,which included the information for any interested party to join the call. All Board members were present for this meeting. Chairman Robert Cunha called the meeting to order at 8:30 am. The Board accepted the 083121 Warrant and the August payroll. The July minutes and June financials were reviewed and approved. Robert Cunha reviewed the August agenda with all Board members and staff in attendance. It was noted we received a distribution form Angelo Gordon for$71,483.00 on 7/30/21 and another from Fidelity for$18,246.00. Angelo Gordon will be deploying a distribution on 8/5/21 for$118,971.00. The Vanguard balance as of 6/30/21 is$23,870,853.00 The Board has no new information regarding Joseph O'Leary. Any new information will be posted for the next meeting. Attorney Michael Sacco has not returned any new information for the Robert Magarian overpayment matter. Jason Morey is now in compliance with PERAC regarding filing his paperwork for 91A earnings. Robert Staples is still non-compliant, but has submitted the majority of his paperwork to PERAC. He is in a pending status with PERAC. Jon Christensen from Kayne Anderson Rudnick(KAR) presented the annual review at 9:05 am. Currently, KAR holds nearly$61.2b in AUM,with sixteen Equity Investment Professionals dealing in the SMID Core portfolio. The main objective of KAR is to achieve meaningful returns above the Russell 2500 Index on a consistent basis. KAR manages to achieve such returns by purchasing high quality businesses with competitive protections. Purchasing low risk businesses should achieve the excess in returns over a completed market cycle. This firm has managed positive returns on investments in 25 of the last 29 years. Their model is to buy at an attractive price and let exceptional returns on capital drive the growth and income over an extended period of time. Business holding periods are usually 3-5 years, but could be longer based on success. KAR's top performers over the Covid-19 era have been in the Energy and