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2023-08-24-RB-min
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2023-08-24-RB-min
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10/4/2023 9:06:34 AM
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2023
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Town Clerk
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Minutes
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Minutes of the August 24, 2023 Retirement Board meeting: <br />Present: Robert Cunha, Joseph Foley, Alan Fields, Fred Weiss, Carolyn Kosnoff, Michelle Malone and Jim <br />Condon <br />Absent: None <br />The Lexington Retirement Board met remotely through Zoom tele-conferencing. The Town Clerks Office <br />posted the meeting, which included the information for any interested party to join the call. Robert <br />Cunha, Joseph Foley, Alan Fields, Frederick Weiss, Carolyn Kosnoff, James Condon and Michelle Malone <br />were present for this meeting. Robert Cunha called the meeting to order at 8:30 am. <br />The Board accepted the 083123 Warrant and the August payroll. The July minutes were reviewed and <br />approved. The financials were not available at the time of meeting. <br />Robert Cunha reviewed the August agenda with all Board members and staff in attendance. The Board <br />then took a moment to address and reflect on the recent passing of long time Board Administrator, <br />Marguerite Oliva. Maggie worked for the Town of Lexington for more than 27 years and recently retired <br />back in January 2023. <br />It was noted a distribution of $50,966.00 from Angelo Gordon was received on 07/31/2023. Also, a <br />Golub Fund 14 distribution for $127,499.00 and a Golub Fund 9 distribution for $130,535.00 were <br />received on 07/31/2023 and 08/17/2023. <br />Stephen MacLellan and Henry Juang presented the Meketa update at 8:40 am. The portfolio balance as <br />of July 31, 2023 was $214,748,069.00, up $7.4m. This will put the portfolio up 11.8% for the year. The <br />markets are still in recovery mode, and the US Equity portfolio continues to lead the charge. We <br />continue to have strong success in the domestic equity market. It is up 23.5% for this year. Despite <br />interest rate hikes, fears of a recession are on the decline as of this meeting. The Russell 3000, Fidelity <br />Contrafund and Rhumbline are all performing well this year, each over 20% YTD. International equities <br />are average, yet showing some improvement over the past month. Matthews was up 6.3% last month <br />and now at 5% for the YTD. Driehaus posted a 4.4% for the month of July, and is now 10.6% YTD. The <br />overall view with China is still a bit sour. The economy continues to be less robust than analysts <br />expected. There is no timetable for a rebound in China. Manufacturing companies overseas, such as <br />Nike and Footlocker, are seeing major declines in production and shipping. Henry and Stephen then <br />mentioned a search for private debt management should take place soon. Robert Cunha made a motion <br />for the RFP search by Meketa, which was seconded by Joseph Foley, and unanimously approved by <br />Carolyn Kosnoff, Fred Weiss, and Alan Fields. Meketa will update the Board on the process. They did <br />provide an updated Pacing Study within their presentation. <br />Will Hickey and Rich Thies presented the Driehaus review at 9:05 am. They began by mentioning <br />Driehaus is outperforming the benchmark. On a relative basis, India, Mexico, Technology and Utilities <br />are the strong contributors to the strategy. Meanwhile, China, Communications, and Consumer <br />Discretionary are the key detractors to the fund. Big value stock companies remain low on investors <br />radar at this time. Consumer and corporate spending is extremely low. Folks overseas are going out <br />and spending, just not a great deal. An example is the restaurant industry. People are dining, but are <br />cutting back on the amount being spent at establishments. The Chinese government is starting to ease <br />up on their attacks on businesses, which was not good for consumer confidence. Rich noted that India is
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