2016-01-28-RB-min - Laserfiche WebLink

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January 2005 and Lexington invested in August 2005. As of December 31, Lexington's market value was $6,178,121. The presentation included an organizational overview, the investment philosophy and process. The performance returned 5.1% for 4th quarter 2015 and 3.1% for 2015 annual. Discussed were the factors that both help and hurt the portfolio for the 4th quarter and for the year. The risk measures are updated three times a day and the portfolio is balanced every eight days. Zela Astarjian and Julie Lind presented the RhumbLine annual update for the Russell 1000 Pooled Index Fund. Through 1/17/16 the fund declined 8 %. The total market value as of 12/31/15 was $795.2m and Lexington's market value was $12,452,695. Steve MacLellan presented the Meketa 2015 year in review noting the volatility in the market, the Federal Reserve interest rate increase, the strengthening of the U.S. dollar, the slowing of China's economy and the decline in oil prices all which contributed to Steve's comment that it was a "tough year to explain." With all major asset classes declining in December, real estate and private equity returned 10.1% and 7.6% through September. Corporate earnings fell but less than estimated. It is a challenging investment environment that Meketa sees continuing. The key issues for 2016 are China's economy, Federal Reserve interest rate policy, corporate earnings, oil and commodity prices, potential for Emerging Market volatility and Middle East tensions. The market value of the portfolio as of 12/31/15 was $137.5rnm, a decrease of $1mm. The one year performance for Lexington was .7% and for almost all asset classes outperformed the benchmarks with Contrafund having the best return of 6.5 %. At the request of the Board, Meketa published an RFP for open -end core and core -plus real estate funds with a closing date of January 28, 2016. A bidders report will be provided at the February meeting. Fidelity and Wellington representatives will be attending the February 25 meeting. A motion was made, seconded and approved unanimously to adjourn the meeting at 10:15. The next meeting will be held February 25, 2016, 8:00 AM at Cary Memorial Library. Robert Cunha, Chairman Alan Fields, Appointed Member Robert Addelson, Ex Officio Member Joseph Foley, Elected Member Frederick Weiss, Appointed Member