2016-08-25-RB-min - Laserfiche WebLink

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As of 3/31 Monroe and Golub earned 9.8% and White Oak earned 10% as of 6/30. More funds could be invested with these funds. It was noted that during a recession, these funds would be hit as well as equities. Steve suggested looking at small and mid-cap funds. Mike Trotsky and Paul Todisco presented the PRIT review. Mike Trotsky spoke of the mission of PRIM and gave a PRIT Fund overview. He discussed the PRIM Investor Advisory Council who are representatives for around the State. Lexington Retirement System’s PRIT investments are with the Core Real Estate Fund and Hedge Funds. The Real Estate Fund is PRIT’s second best performer with 12% annual returns. The last $1,000,000 transfer from cash to the PRIT RE st Fund is set for September 1. Total invested is $4,000,000. Hedge Funds have not done well with a -5% return. The LRB’s investment net of fees as of 6/30/16 is $13,695,817. PRIT’s return rate assumption is 7.5%. The Board was reminded of the educational requirements. The following manager meetings have been set: FMI, Sept. 22; Matthews, Monroe and White Oak for Oct. 20 and Golub for Nov. 29. Compensation study in progress for Maggie’s review. No change in fossil fuel stance. As of December 2015, approximately 3.7% of the total system in invested in fossil fuel companies. A motion was made, seconded and approved unanimously to adjourn the meeting at 10:40. The next meeting will be held September 22, 2016, 8:00 AM at Lexington Town Hall in the Parker Room Robert Cunha, Chairman Alan Fields, Appointed Member Robert Addelson, Ex Officio Member Joseph Foley, Elected Member Frederick Weiss, Appointed Member