2022-11-21-RB-min - Laserfiche WebLink

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Henry Jaung and Stephen MacLellan presented the Meketa update 9:20 am. The portfolio balance as of October 31, 2022 was $188,314,811.00, up $7.5m from the September report. Stephen mentioned it was a decent month based on the past several. Portfolio was up 3.4% for October. The Equity markets are still down over 20% for the year. The recovery will take time based on the fact the US is sliding into a recession. Interest rates remain high, as is inflation. On the Domestic Equity side, KAR managed to be up 9.2% for October, while the Russell 1000 posted an 8.0%. International Equities continue to struggle. Matthews posted a -8.1% for October. One bright spot was Acadain coming in at a nice 5.3% overseas. Stephen and Henry concluded with an update that early numbers for November were looking very solid. They will update at the December Board meeting. They spoke briefly regarding research conducted for a Private Equity firm to possibly add to the portfolio. Both are currently looking at 3-5 suitable candidates. Returns from this strategy are generally positive. An update will be presented at the December Board. The Meketa presentation wrapped up at 10:00 am. Robert Cunha made a motion to adjourn the meeting at 10:00 am, which was seconded by Fred Weiss, and unanimously approved by Joseph Foley, Carolyn Kosnoff and Alan Fields. The next Retirement Board meeting will be held remotely via Zoom on Thursday, December 22, 2022 at 8:30 am. Driehaus will present at the December 22, 2022 meeting _____________________________ Robert Cunha, Chairman Alan Fields, Appointed Member Carolyn Kosnoff, Ex Officio Member Joseph Foley, Elected Member Frederick Weiss, Appointed Member