2022-05-26-RB-min - Laserfiche WebLink

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Office has made multiply attempts to contact them. It was decided to hold off until these beneficiaries come forward to request check reissues. At 9:30 am, Steve MacLellan presented the Meketa update. The portfolio balance as of April 30, 2022 was $205,032,433.00, down $13.6m from the March report. That equates to a 6% drop for the month, and down 10% for the YTD. The recent drop in the market has most portfolios on the downward trend in all asset classes, including Lexington’s. Domestic and International equities were 6-9% just in the last month. Steve noted Driehaus, Contafund, and KAR are taking big hits. Those strategies have been going low for the past few months. Real Estate has been the only bright spot the past month. Hedge Funds have remained steady despite the market turmoil. Steve mentioned we should start searching for a Global Tactical Asset Allocation firm for more exposure. Meketa will look into US and Non-US enduring value strategies. He concluded his presentation at 9:45 am. Sean Duff and Chris Lund presented the Monroe Capital review at 9:45 am. The strategy is up 1.6% for the year with our portfolio. Despite the market turmoil, Monroe believes the economy is working to rebound. Sean noted there is plenty of private equi ty out there. With valuation declining, Monroe was able to shield itself from most of the losses. Coupons are stabilizing and spreads are coming down. They will continue to monitor the rise in interest rates. Borrowers could be the only ones to suffer. Monroe has developed a plan to stave off damage if the country goes into a recession. For now, their main pipeline for success has been in Healthcare, Business Services, and Technology. Monroe seeks to invest in those sectors because of their large market share, which will result in higher pricing power over their peers. He noted the Tech and Healthcare industries help insulate the portfolio from broader inflationary pressure given the high growth margins and demand for services. He concluded with the Fund IV update. Rate of Return projection is at 6 -9%. We are currently at 6%. Sean wrapped up the presentation at 10:15 am. Robert Cunha motioned to adjourn the meeting at 10:20 am, which was seconded by Alan Fields, and unanimously approved by Carolyn Kosnoff and Joseph Foley. The next Retirement Board meeting will be held via Zoom on Thurs, June 23, 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