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2024-02-25-RB-min
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2024-02-25-RB-min
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4/10/2024 3:57:20 PM
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4/10/2024 3:20:20 PM
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2024
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James Condon, Retirement Staff
Department
Town Clerk
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Minutes
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Minutes of the January 25, 2024 Retirement Board meeting: <br />Present: Robert Cunha, Joseph Foley, Alan Fields, Frederick Weiss, Carolyn Kosnoff, Michelle Malone <br />and Jim 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 8:33 am. <br />The Board accepted the 013124 Warrant and the January payroll. The December minutes were <br />reviewed and approved, as well as the financial cashbooks. <br />Robert Cunha reviewed the December agenda with all Board members and staff in attendance. <br />It was noted we received a distribution from Fidelity ContraFund on 01/22/24 in the amount of <br />$19,782.75. <br />Robert Cunha reviewed information regarding the Robert Magarian situation, based on a recent email <br />from Attorney Michael Sacco. The judge in the case would like more time to review the facts and <br />monies owed back to the system. At 8:38 am, Robert Cunha made a motion to allow the Law Offices of <br />Michael Sacco move forward with the court system to resolve the matter. This motion was seconded by <br />Joseph Foley, and unanimously approved by Fred Weiss, Carolyn Kosnoff, and Alan Fields. <br />Stephen MacLellan and Henry Juang presented the Meketa update at 8:42 am. The portfolio balance as <br />of December 31, 2023 was $220,765,738.00, up $10.02m from November. Domestic equity class <br />finished up Q4 at a positive 11.8%. This particular class has been the main driver for success in 2023. <br />Contrafund and KAR have done well for the portfolio. Contrafund was up 39% YTD, while KAR boasted a <br />23.5%. Rhumbline was strong as well, up 26% YTD. International equities continued to struggle, but <br />made some headway to close out the year. China is still struggling with rules and regulations <br />surrounding markets. Third Quarter performance did not fare well, however, Q4 actually showed <br />promise. Acadian and Driehaus. Both were up over 7.5% QTD. Matthews Pacific has not done so well. <br />This fund is down 4.7% over the 1 year. The past month and quarter, it has posted in the positive, just <br />shy of 2%. Our Cash holding is $15.7m as of 12/31/23 and yielded 5.4% for the year, which was a bit of a <br />surprise. <br />Stephen and Henry began the Private Debt Manager discussion at 8:55 am. The Board was updated that <br />26 managers responded to the RFP. Meketa eliminated 10 of them after research. The reasoning for <br />excluding them was primarily related to their investment strategies, which were not diversified enough <br />and not meeting the minimum criteria for investment. They combed through the remaining 16 and <br />presented the top 3 of interest. Golub, Neuberger Berman, and PIMCO are the clear choices heading <br />into discussion. Robert Cunha made a motion to select Golub and commit $7m, which was seconded by <br />Frederick Weiss, and unanimously approved by Joseph Foley, Alan Fields, and Carolyn Kosnoff. They will <br />wait for Meketa to provide more information from PIMCO before deciding the next move. The Board <br />requested Golub attend the February Board meeting to seek direct information. Jim Condon will be in <br />contact with Golub for the invitation.
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