2023-11-21-RB-min - Laserfiche WebLink

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Minutes of the November 21, 2023 Retirement Board meeting: Present: Robert Cunha, Joseph Foley, Alan Fields, Carolyn Kosnoff, Fred Weiss, Michelle Malone and Jim Condon Absent: None The Lexington Retirement Board met remotely through Zoom tele-conferencing. The Town Clerks Office posted the meeting, which included the information for any interested party to join the call. Robert Cunha, Joseph Foley, Alan Fields, Frederick Weiss, Carolyn Kosnoff, James Condon and Michelle Malone were present for this meeting. Robert Cunha called the meeting to order at 8:30 am. The Board accepted the 113023 Warrant and the November payroll. The October minutes were reviewed and approved, as well as the financial cashbooks. Robert Cunha reviewed the November agenda with all Board members and staff in attendance. It was noted we received two distributions in October. The first from White Oak on 10/23/23 in the amount of $21,969.00 and the other from Golub Capital on 10/30/23 for $143,214.00. Jim Condon presented the Board the latest on the election for Joseph Foley’s seat. Mr. Foley was the only candidate to submit nomination papers by the 12:00 pm on November 16, 2023. Therefore, the Board unanimously approved Joseph Foley the declared winner. His term will commence on December 30, 2023 and expire on December 29, 2026. At 8:45 am, Stephen MacLellan presented the Meketa update. The portfolio balance as of October 31, 2023 was $202,512,537.00, down $4.8m from last month. He mentioned the global markets continued to struggle in October. This is the result of the Fed keeping interest rates higher a bit longer due to the economic data out there. Despite US equity markets dropping 2.7% in October, they still remain solid in the portfolio. Domestic equities are up 13.6% YTD, while International is down 4.1%. It was then mentioned about deploying some cash in early 2024. We hold 7.3% of the portfolio in cash with a value of $14,692,717.00. Fossil Fuel exposure remains at 2.2% Meketa issued Request for Proposal for a senior direct lending manager with a response deadline of November 2, 2023. Twenty six (26) managers responded and Meketa will be narrowing down those managers by eligibility. They will provided an update at the December 21st Board meeting. Stephen’s presentation wrapped up at 9:02 am. The Board welcomed Frank Zecha, Brookline Retirement Board Executive Director, to present at 9:03 am. Frank was invited to give an overview of the consulting work he has provided to get our cashbooks and other financials up to date. After the passing of Marguerite, our office reached out to Mr. Zecha for assistance in completing the 2022 Annual Statement, post investment entries for cashbooks, and accounting reviews related to the supplementary schedule. His speech concluded at 9:10 am. Robert Cunha made a motion to adjourn the meeting at 9:13 am, which was seconded by Joseph Foley and unanimously approved by Carolyn Kosnoff, Alan Fields, and Frederick Weiss.