2022-02-18-RB-min - Laserfiche WebLink

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Global equities were only down slightly in the negative. Our cash holding sector is now at $8.1m due to the Real Estate transaction from last month. Gloria Hazard was announced as the replacement for Thomas Dunleavy. Gloria has been with Meketa for several years, and has been involved with the Lexington Retirement System for some time. The Board welcomes her and wishes her well. Meketa wrapped up the presentation to the Board at 9:05 am. Ken Solano, Tim Casaletto, Maria Cherkasova, and Scott Chandler contributed to the Wellington Management review at 9:10 am. Ken began with a brief update on personnel changes at the firm. He then provided some factual data within the portfolio. Currently, Wellington has 2.4b in AUM. They have roughly 2,465 clients spread throughout 62 countries. The investment objective for Wellington is to provide attractive risk-adjusted returns over time by investing in structurally advantaged infrastructure businesses. They seek returns from both capital appreciation and dividend yield, with a preference for growth over income. Focus is on an efficient trade-off between risk and reward; and they target capital preservation and outperformance during market downturns. Wellington's outlook going forward is to maintain and acquire more electric utilities for their portfolio. New construction of electrical grids and government support will be a main driver. The review wrapped up at 9:40. Steve MacLellan mentioned the Wellington Enduring component of the portfolio is doing what is should. It is providing enough exposure to provide decent returns for the portfolio. As far as the Wellington Opportunistic portfolio goes, Steve and the Board members are slightly disappointed in the return. The feeling is the strategy is stale. The same components are in place and nothing has really changed over time. Steve advised the Board he will monitor the Opportunistic portion closer and report back. Robert Cunha motioned to adjourn the meeting at 10:10 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 Thursday, March 24, 2022 at 8:30 am. Acadian and RhumbLine will present. ....... .............. ... ........... ... ........... ............ ........ Robert Cunha, Chairman Alan Fields, Appointed Member .......... ............ ............ .......................I .................... ... ............ ............ ............ ... Carolyn Kosnoff, Ex Officio Member Joseph Foley, Elected Member ........... ............. ............. ............. ............. ....................... Frederick Weiss, Appointed Member