2018-02-22-RB-min - Laserfiche WebLink

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of 2018 has been fairly flat, mainly due to rising interest rates. The market has endured a few rough days on Wall Street this quarter. Fred then questions if Wellington has any theme changes for 2018. Saul replied the goal is to not overstay in India too long. They will watch for sell-offs and rising inflation rates, but continue on as they had in 2017. Steve McLellan presented the Meketa update. Our asset class performance for 2018 is up 3.7% with a balance of$174,008,482.00. It was noted the February performance was down 2.7%, due to the bond market lagging and rising interest rates. This puts the portfolio up 1.0% for the first two months of 2018. Steve referenced PERAC memo 411 in regards to RFP's. After brief discussion, he recommended the Board vote on an RFP for Acadian International. Alan made the motion, Bob seconded, and was approved by Joe and Fred. Carolyn was unavailable for this motion. Wellington continues to do an excellent job for our portfolio. The Board members noted this firm is doing exactly what we expect of them. Both the Opportunistic and Enduring Asset funds are very tactical in how they are operating to achieve such positive figures. Steve suggests that we call in William H. Blair to hear their strategy for this upcoming year. Steve stated that the market now, and going forward, appears to fit the Blair strategy. The Board would also like an update of their performance over the past few months. Fossil Fuels rose to 4.5% William Blair and Acadian are scheduled for review at the next Board meeting. A motion was made by Bob, seconded, and unanimously approved to adjourn the meeting at 9:50 AM. Next Board meeting will be held on Thursday March 22, 2018 at 8:00 am in Cary Memorial Library. Robert Cunha, Chairman Alan Fields, Appointed Member Carolyn Kosnoff, Ex Officio Member Joseph Foley, Elected Member Frederick Weiss, Appointed Member