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2022-12-22-RB-min
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2022-12-22-RB-min
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1/19/2023 3:26:49 PM
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2022
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Town Clerk
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Minutes - RB - Retirement Board
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mentioned Mekata will begin the process of sending out RFP’s in late January for Opportunistic Funds <br />and Private Equity managers. He wrapped up the Meketa presentation at 9:00 am. <br />Will Hickey and Rich Thies presented the Driehaus Emerging Market update at 9:05 am. Rich spoke <br />briefly about the management team and structure at Driehaus. The investment style is a fundamental <br />growth approach which aims to outperform the MSCI Emerging market index. They focus research on <br />four fundamental growth profiles; Dynamic Growth, Cyclical Growth, Recovery Growth, and Consistent <br />Growth. Through this research system, they hope to compile a diversified list of fundamentally sound <br />vetted growth stocks to add to the portfolio. Will Hickey spoke to the Board regarding the overall <br />performance. His main concern is that China remains a major risk driver for opportunity. The Covid & <br />Government restrictions being eased could lead to a high rate of infection now that people are out of <br />their homes. There is hope for China to pull through and produce high GDP and earnings globally in <br />2023-2024, yet confidence remains low. South Korea and Mexico, on a relative basis, will be solid <br />contributors as we head into 2023. He concluded his presentation at 9:35 am. <br />David Dali and Brian Kingan presented the Matthews Asia update at 9:37 am. David gave a brief <br />overview of the firm. Matthews has added three (3) new ETF’s to the portfolio recently. The approach <br />is to invest more companies located in Asia. They choose to invest in Asia companies that are capable of <br />sustainable growth based on fundamental strategies of those companies. Matthews bases its equity <br />selection on Good Business and Management practices, as well as Appropriate Valuations. Year 2022 <br />was a subpar year overall with Markets down around 20% overseas. Brian attributes the downslide to <br />Fed Hikes, Regulatory policies, and the Covid-19 policies overseas. Both earnings and valuations were <br />down for the year. The recent run on rate hikes are hurting the Matthews portfolio. With the Covid <br />restrictions being eased, he hopes the market will bounce back 3-5% by middle to late 2023. They <br />concluded the presentation at 10:00 am. <br />Robert Cunha made a motion to adjourn the meeting at 10:01 am, which was seconded by Joseph Foley <br />and unanimously approved by Carolyn Kosnoff, Alan Fields, and Fred Weiss. <br />The next Retirement Board meeting will be held remotely via Zoom on Thursday, January 26, 2023 at <br />8:30 am. <br />Future Board meeting dates: February 23, 2023 and March 30, 2023 via Zoom teleconference. <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 />
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