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Minutes of the July 28, 2022 Retirement Board meeting: <br />Present: Robert Cunha, Joseph Foley, Alan Fields, Fred Weiss, Carolyn Kosnoff, Marguerite Oliva & Jim <br />Condon <br />Absent: None <br />The Lexington Retirement Board met remotely through Zoom tele -conferencing during the <br />Covid-19 Pandemic. The Town Clerks Office posted the meeting, which included the <br />information for any interested party to join the call. Robert Cunha, Joseph Foley, Alan Fields, <br />Fred Weiss and Carolyn Kosnoff were present for this meeting. Chairman Robert Cunha called <br />the meeting to order at 8:30 am. <br />The Board accepted the 072922 Warrant and the July payroll. The June minutes and May <br />financials were reviewed and approved. <br />Robert Cunha reviewed the July agenda with all Board members and staff in attendance. <br />It was noted the Vanguard balance is $23,366,128 on June 28, 2022. We will be receiving a <br />distribution of $125,787 from Angelo Gordon on July 29, 2022. <br />The office has not received any updates regarding the matters pertaining to Joseph O’Leary or <br />Robert Magarian. Board staff will contact Michael Sacco, Esq. for any new information prior to <br />the next Board meeting. <br />Stephen MacLellan presented the Meketa update at 8:40 am. The portfolio balance as of June <br />30, 2022 was $192,304,524.00, down $13.2m from the May report. The markets continue to <br />struggle without much rebounding over the last 30 days. Domestic and International equity <br />asset classes took the best hit. Domestic assets now down 24.9% YTD, while International is <br />down 19.7% YTD. The second quarter to date turned out to be worse off than first quarter 22’. <br />Overall, Total Equity sector is down 20.3% YTD. Fixed Income continues to be flat, yet not <br />hurting the portfolio. Golub remains the lone bright point in this asset class, posting a positive <br />3% in second quarter, and up 5.1% YTD. Steve noted defaults on loans remains low, and <br />coupons are close to resetting. The Hedge Fund, despite being down around 4%, remains <br />defensive in the portfolio. <br />Stephen moved to the Clean Energy portion of the presentation. Fossil Fuel exposure remains <br />at approximately 5%. He mentioned to the Board a thought of investing proceeds from the <br />Fidelity & Rhumbline redemption into a standard Russell 1000 Value index or a proposed ALPS <br />Clean Energy ETF. Meketa will do research to see if there is a viable option, however, it could <br />have legal implications investing with an ETF. He mentioned the Private Market Fossil Fuel <br />sector, which could provide the plan with exposure to green energy companies. Wellington <br />Climate Innovation was mentioned. The focus was on software and solutions form climate and <br />not real assets. A few other firms were named as well. See page 37 in the Meketa presentatio n