2023-08-24-RB-min - Laserfiche WebLink

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working well for the portfolio. It is up around 14% YTD. Investments are coming into India from China. The presentation wrapped up at 9:25 am. Jason Pomatto presented the Kayne Anderson Rudnick (KAR) at 9:27 am. He presented the Small-Mid Cap Core Portfolio update. He focused on the high quality business stocks and returns. This year has seen a high return rate on investments. Their top 10 holdings have resulted in an 80% rate of return, despite some risk in tech and beta stocks. He highlighted some of the top contributors from the presentation deck, including companies such as Thor and Bentley Systems. Thor Industries is an assembler of RV’s. Even as RV sales slow down, Thor reaps the benefits of free cash flow because they are not the vertical manufacturer. The technology sector was KAR’s struggle. They had 5 companies in the portfolio that were low contributors, Aspen Tech and Zebra Tech suffered the most. Both had issues integrating recently acquired businesses, as well as the softening macro environment. This resulted in a selloff in the stock. Jason concluded the meeting by mentioning KAR’s new venture in the market is Choice Hotels. They see great value within this sector. He wrapped up the presentation at 9:55 Robert Cunha had to depart the meeting at 9:40 am. Joseph Foley made a motion to adjourn the meeting at 9:57 am, which was seconded by Carolyn Kosnoff, and unanimously approved by Alan Fields and Fred Weiss. The next Retirement Board meeting will be held on Thursday, September 28, 2023 at 8:30 am on Zoom. Matthews Asia will present, led by David Dali. _____ __________________ Robert Cunha, Chairman Alan Fields, Appointed Member Carolyn Kosnoff, Ex Officio Member Joseph Foley, Elected Member Frederick Weiss, Appointed Member