2022-01-27-RB-min - Laserfiche WebLink

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All Board members were notified of their obligation to comply with Board Training, if needed, per PERAC Memo #6 for 111 Qtr. 2022. Henry Jaung and Stephen MacLellan present the Mekate update at 8:50 am. The portfolio balance as of December 31, 2021 was $228,700,158.00, up $5.6m from the prior month. Markets have been a bit turbulent as of late due to the uncertainty of inflation and interest rates. The Covid-19 virus and variants are still a major issue with the market as well. January 2022 has been turbulent to say the least. Markets have dipped 10%, and then rebounded back to familiar territory. All eyes are on upcoming potential rate increases. Henry made note of PRIT, and how well they managed their portfolio over the past year. The private equity market did phenomenal for them. PRIT's private equity holding is at 16% of their portfolio. Lexington does not invest in private equity, but rather in public equity. Our US equity holdings are currently 38% of the total portfolio. The private debt portfolio has been doing well for the portfolio. Monroe and Golub are performing as expected. Weight of return should be noticeable in the portfolio in a few months. Real Estate reporting should commence on the February Meketa update. Lexington just entered this sector in early January. Any market volatility should not sway the performance in RE, which was pleasant to hear. Lastly, Henry Jaung made the announcement that co-worker, Thomas Dunleavy, will be departing Meketa. Thomas was introduced and personally thanked Henry, Stephen, and the Lexington Retirement Board for the years he worked with us. Thomas will be conducting research with another firm in the coming months. The Board and staffed thanked him for his service to Lexington and wished him well. Robert Cunha motioned to adjourn the meeting at 9:20 am, which was seconded by Joseph Foley, and unanimously approved by Carolyn Kosnoff, Alan Fields, and Fred Weiss. The next Retirement Board meeting will be held via Zoom on Friday, February 18, 2022 at 8:30 am. ....... .............. ... ........... ... ........... ............ ........ Robert Cunha, Chairman Alan Fields, Appointed Member .............. .......... ............. ............. ............. ..................... .... ............. ............. ............. ............. ...................... Carolyn Kosnoff, Ex Officio Member Joseph Foley, Elected Member ........... ............. ................. ......... .................. ................. Frederick Weiss, Appointed Member