2016-02-25-RB-min - Laserfiche WebLink

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values as 12/31/15 for Opportunistic as $11,643,357 and Enduring Assets as $9,467,817. They gave a relationship and team overview and discussed performance, characteristics, regional & subindustry weights and top and bottom contributors. Ed Schollmeyer was present for the Fidelity annual review. Lexington invests in Contrafund and reported the entire fund is at 2.3 trillion with Lexington's year end value at $18.6 million and performance at 6.40 %. He provided a tenure performance graph and says it has outperformed 98% of peers. He also discussed investment process, strategy, earnings, buy & sell discipline, sector weights, top 10 holdings and components of risk management. Steve MacLellan presented Meketa's December 31, 2015 quarterly review. He compared performance with PRIT and said it impressively matched it for the year with Contrafund being the best performing equity of the year. He gave a 1/31/16 interim update and reported the market value at $132.0 mil down from $136.6 mil. After an asset allocation review it was determined to reallocate funds. There was a motion by Alan, second by Fred and voted unanimously to move $2.5 mil from Matthews to Acadian. Steve also provided a Fiduciary Large Cap Equity Review including an overview, historical performance, portfolio characteristics and management fees. Out of the last 9 years, FMI's performance beat the market only 2 times. It was recommended to put Fiduciary on watch while looking for an alternative and Meketa will add a benchmark of Russell 1000. Meketa announced their expansion with MSCI InvestorForce to enhance performance reporting and provided a copy of the Data Gathering Memorandum. Meketa also provided a list of the Real Estate Search Responders to the RFP. Out of the nine managers that responded to the RFP, Meketa is currently preparing a respondent review and has scheduled interviews with Intercontinental, Investors Diversified Realty and National Real Estate Advisors. A motion was made, seconded and approved unanimously to adjourn the meeting at 10:05. The next meeting will be held March 24, 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