2022-06-23-RB-min - Laserfiche WebLink

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$60m. Those are the deals for which they excel. Golub representatives concluded the presentation at 9:25 am. Henry Jaung and Gloria Hazard presented the Meketa update at 9:30 am. The portfolio balance as of May 31, 2022 was $205,523,461.00, up $491,028.00 from the May report. Markets continue to struggle in most asset classes, including the Lexington portfolio. Global equity assets posted a positive 3.8% for May, and now only down 0.7% for YTD. Driehaus and KAR have shown some improvement since the last report. Contrafund continues to struggle during these tough times. Fixed income remains flat, but not hurting the portfolio. Golub has been a key driver in this sector. They are up 3% YTD. International Equity Assets remain down 10% - 15% for the year. Matthews Tiger continues to take the biggest hit to the portfolio, down 14.1% YTD. Henry gave a brief overview of potential Large Cap Value Firms for potential manager options. He mentioned three (3) potential firms. Aristotle Capital Management, Independent Franchise Partners, and Newton. The June Meketa materials book lays out a summary of each firm beginning on page 17. He asked us to review the material and he will report back to us at the July meeting with thoughts. Henry plans to share a comparison analysis between the Russell 1000 and the Russell 1000 V to the Board in regards to exposure. His presentation wrapped up at 10:05 am. Robert Cunha motioned to adjourn the meeting at 10:10 am, which was seconded by Alan Fields, and unanimously approved by Carolyn Kosnoff. Joseph Foley had to leave the meeting at 9:55 am. The next Retirement Board meeting will be held in person on Thursday, July 28, 2022 at 8:00 am in Cary Memorial Library. _____________________________ Robert Cunha, Chairman Alan Fields, Appointed Member Carolyn Kosnoff, Ex Officio Member Joseph Foley, Elected Member ** ABSENT ** Frederick Weiss, Appointed Member