2017-07-27-RB-min - Laserfiche WebLink

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Susan Grivas and Dave Dali presented the Matthews Asia performance update. This asset management firm has a singular focus on Asia. Presently, the assets under management total 30.2b, which is up 2.Ob for the YTD. A contributing factor to the YTD success is the rise of inflation in China. Also, Matthews focuses on the Domestic demand within Asia, not including materials and energy so much. David went into detail about the Emerging Markets in Asia and how attractive they have become as of late. He believes in the Four Pillar theory on when to invest in Emerging Markets. Stable US Growth/Inflation, Rising Commodities, Fair Value Currencies, and Fair Value Credit Spreads. In the last five (5)years,these Pillars are favoring the Emerging Markets as projected. Growth in the markets will hold around 2% over next couple of years. China will continue to grow with service sectors getting stronger. For instance, it was noted farmers in the urban areas are being pushed into developing downtown areas for better wages and work opportunities. This push is also driving up sales of consumer staples for these workers as they set up residency in the downtown districts. Lastly, Dave briefed us that the Matthews Fund is up 20%as of June 2017 posting. Attributes Consumer Staples as a primary force of success at this time. Bladen Burns from FMI Large Cap will present at the August 24, 2017 Board Meeting. White Oak Summit will attend our September 28, 2017 Board Meeting. A motion was made, seconded, and unanimously approved to adjourn the meeting at 9:35 am. The next Board Meeting will be held Thursday August 24th at 8:00 AM at Cary Memorial Library. Robert Cunha, Chairman Alan Fields, Appointed Member Carolyn Kosnoff, Ex Officio Member Joseph Foley, Elected Member Frederick Weiss, Appointed Member