2023-01-19-RB-min - Laserfiche WebLink

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rates seem to be one of the main issues. Even the annualized figures show an inflation rate to the portfolio of 2.5 – 4%. To end the year, most asset classes did post gains based on signs that some policy tightening could slow inflation. Energy prices are coming down, and should continue into 2023. The mild winter has pushed gas and oil costs down a fair amount. US stocks fell broadly in December due to the Federal Reserve signaling its continued resolve to raise interest rates once again. Unfortunately, all sectors did decline during the month of December, however, energy and industry were up slightly. International developed market equities held up better to the rest of the world in December. Their 4th Quarter returns were up 17%, mainly because the US Dollar weakening. The reopening phase in China had a positive result of 9.7% in the final quarter of 2022, but emerging markets remained weak due to China. Final numbers for 2022 were unavailable at the time of this meeting. Meketa will give a full update of 2022 at the February Board. Stephen wrapped up the presentation at 9:15 am. Robert Cunha made a motion to adjourn the meeting at 9:20 am, which was seconded by Joseph Foley, and unanimously approved by Fred Weiss and Alan Fields. The next Retirement Board meeting will be held via Zoom on Thursday, February 23, 2023 at 8:30 am. Wellington Enduring and Opportunistic funds will present. _____________________________ Robert Cunha, Chairman Alan Fields, Appointed Member ABSENT Carolyn Kosnoff, Ex Officio Member Joseph Foley, Elected Member Frederick Weiss, Appointed Member