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for a list and description. The Board will discuss some options at the next Board meeting. <br />Steve’s presentation wrapped up at 9:10. <br />Melissa Moesman and Mike Hickey presented the Fidelity review at 9:10 am. Mike gave an <br />overview of where Fidelity is at this point with staffing levels and investment philosophy going <br />forward. He stated the portfolio performance to date has been disappointing, as are most firm <br />books to date. They remain in line with the index, yet tough to manage funds during this <br />unprecedented wild ride in the markets. He spoke briefly on the differences with the US and <br />International markets to date. US companies have faired better during the markets downturn <br />of late. Tech companies are doing well, and they have added more energy exposure to the <br />portfolio. The one problem in the energy sector has been lack of workers to increase output. <br />He mentioned they deal with high earning companies such as Microsoft and Semi-Conductor <br />firms. The presentation concluded at 9:45 am. <br />The Board then had a conversation regarding lowering the Acadian holdings and possibly <br />moving funds into Enduring Assets. They will revisit the topic at the August Board meeting. <br />Robert Cunha made a motion to adjourn the meeting at 10:00 am, which was seconded by <br />Joseph Foley, and unanimously approved by Carolyn Kosnoff, Alan Fields, and Fred Weiss. <br />Future Board meeting dates: September 22nd, October 27th, November 21st, and December 22nd <br />The next Retirement Board meeting will be held via Zoom on Thursday, August 25, 2022 at 8:30 <br /> <br /> <br />_____________________________ <br />Robert Cunha, Chairman Alan Fields, Appointed Member <br /> <br /> <br />Carolyn Kosnoff, Ex Officio Member Joseph Foley, Elected Member <br /> <br /> <br /> <br />Frederick Weiss, Appointed Member <br /> <br /> <br />