2022-03-24-RB-min - Laserfiche WebLink

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however, are concerned retirees will be nervous when the form isn't received to them when they usually expect. Retirement staff will notify retirees on the year end letter of this change. Board members were reminded to continue with their PERAC trainings as we exit the first quarter of 2022. Memo #6. Also, the extension of Open Meeting Waivers has been extended to 07/15/2022. Memo#9. Steven MacLellan, Henry Jaung, and Gloria Hazard presented the Meketa update at 8:45 am. The portfolio balance as of February 28, 2022 was $214,534,409.00, down $4.7m from the January report. The markets continue to remain unstable. Omicron virus and supply issues are some of the factors creating instability. The invasion of Ukraine by Russian forces on 02/24/22 has also had a ripple effect on the entire economy. Fixed and Global equity remain weak, even into the 1St two weeks of March. Fidelity, KAR, and Matthews have seen the biggest hits, down roughly 4%for the month. Global equity is performing somewhat flat, and not taking as big a hit. Firms such as Wellington Enduring have held on the past month, posting just a -0.3%. Steve mentioned our portfolio is relatively flat right now, which isn't the worst thing considering what is going on in the world today. We aren't missing any investment opportunities at this time. Nothing out there to grab and invest, other than commodities and natural resources. Those already make up 3% of the portfolio and would stave off anymore losses through this rough patch. It was noted the portfolio only has 0.01% of Russian Security Exposure at this time. Russia has been dropped from all major securities indexes. The Meketa team wrapped up their presentation at 9:05 am. Geoff Skillings and Scott Brymar presented the Acadian update at 9:10 am. Geoff reported on new staffing levels and promotions within the firm. He briefed us on the success they had in 2021. Assets Under Management have grown by$9b since February 2021. Currently, total AUM are $117b at Acadian. The equity market has been a strong springboard for their portfolio. Even the non-US strategy seems to have done well through 2021. Geoff mentioned they continue to rely on their four main drivers for success: Value, Quality, Growth, and Technical aspects when selecting a company. Each one contributes in its own way. These attributions help each other in the sense that if one is underperforming, the other could be outperforming. Geoff then concluding with the different allocations in our fund. He mentioned we have a strong, diverse portfolio and feels we will be back on track as 2022 moves along. His presentation wrapped up at 9:40 am. Jeff Kusmierz presented the RhumbLine update at 9:42 am. He began with some updates on the organizational chart in the firm. RhumbLine currently has $96.2b in AUM's, which includes 119 public pension funds. Jeff then mentioned the performance in 2022 has started quite rocky. The portfolio is down 8.22%thru February 2022. The only sector with a positive return this year has been Energy, up 25.12%. The next sector would be Consumer Staples at -0.26%Jeff mention the portfolio has been in the positive at 13.70% over past 12 months. Since inception, the overall performance has been 14%. The initial contribution occurred on May 8, 2013 for $5.1m, with three (3) additional contributions totaling $11.4m. The market value on this