2023-03-30-RB-min - Laserfiche WebLink

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On March 29, 2023, Governor Healey signed into law a supplemental budget bill, which among other things, extends the temporary provisions pertaining to the Open Meeting Law to March 31, 2025. This extension allows public meetings to continue remotely without a quorum of the public body physically present at a meeting location. Robert Cunha asked the Board for their thoughts on moving forward. Joseph Foley, Alan Fields, Fred Weiss, and Carolyn Kosnoff all felt the Lexington Retirement Board should continue holding ZOOM meetings until further notice. Stephen MacLellan presented the Meketa update at 8:45 am. The portfolio balance as of February 28, 2023 was $196,295,840.00, down $5.07m from January. February saw a downward slide in both Domestic and International Equity Assets. International was down 4.8%, while Global was down 5.1%. The Matthews Tiger fund took the biggest hit in the portfolio, being down 7.1% for February. Driehaus also slumped, down 6.3%. Stephen did mention our portfolio remains strong and in line with most others in the field. Stephen took some time to explain the latest on the collapse of Silicon Valley Bank and what it means to investors and other banks going forward. The latest on the RFP’s was brief. Meketa received 14 responses, however most did not wish to participate with the agenda set forth. Two have responded with interest. Meketa will do more research and report back to the Board at the April meeting. Stephen wrapped up the presentation at 9:05 am. Charles Johnson and Julie Snaman presented the Acadian review at 9:05 am. Julie began the meeting with an update on the company’s staffing and promotions within. Acadian now has 387 employees who continue to focus on research and innovation to lead them forward. Their edge comes from embracing new ideas and the investment in technology and data. She mentioned that 2020-2021 was a good year for Acadian, while 2022 was down 3.1% in the value-added vs. benchmark portion. Charles Johnson mentioned the decline was due to some risks taken in their Alpha model, which took some major hits. The European SMID model also suffered, declining by 26%. Charles wrapped up the presentation at 9:35 am. Sean Duff and Christopher Lund presented the Monroe update at 9:36 am. Sean gave a brief overview of Monroe regarding staffing numbers and promotions. He mentioned Monroe currently has over $16.1b in Assets under Management. Christopher mentioned the Monroe fund is off to a great start in 2023. Direct lending has exceeded syndicated volume as of late. Lower middle market continues to offer higher spreads and lower LTV’s vs. the traditional middle market. Healthcare, technology, and business services have been the key drivers in securing capital since Q4 2022. 105 company deals were brokered in 2022, with half of them being new, while the others were add-ons. The average loan to value is at 37%. Sean and Christopher wrapped the presentation at 10:05 am. Robert Cunha made a motion to adjourn the meeting at 10:10 am, which was seconded by Joseph Foley, and unanimously approved by Carolyn Kosnoff, Fred Weiss and Alan Fields.