2018-03-26-RB-min - Laserfiche WebLink

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Kyle Concannon and Douglas Kryscio presented the William Blair update. They opened with an overview of their client success and research-focused investment strategy for long-term returns. The main focus of the strategy is looking at currencies on a global level. Fixed incomes, such as bonds, are not high on the Blair macro-allocation strategy plan. They will not trend towards anything risky to the portfolio and only participate when opportunities are good. Long term exposures in Italy, France and the UK are what they are focusing on currently. Henry Jaung presented the Meketa update. Our asset class performance for 2018 is up 1.1% with a balance of$170,186,513.00. We are up 15.7% over the past 12 months and outperformed the benchmark and PRIT Core. Total equity for the past year was 21.4%. All of our equity asset classes continue to perform well. Fossil Fuels are 4.5%. Henry noted that William Blair and Wellington Enduring accounts are both lagging in the global equity market. He also mention we should be looking to add some senior debt loans. Currently, he is looking at a variety of managers to build a roster for RFP's to go out. Henry spoke of his disappointment with the performance of William Blair. He mentioned they are just too conservative and there overall numbers continue to decline. Performance is not even close to the benchmark. He plans to research and see if he can help find something attractive to move the Blair account. There are no investment firms scheduled for review at the next Board meeting. A motion was made by Bob, seconded, and unanimously approved to adjourn the meeting at 10:00 AM. Next Board meeting will be held on Thursday April 26, 2018 at 8:00 AM in Cary Memorial Library. Robert Cunha, Chairman Alan Fields, Appointed Member ,, .. . ABSENT Carolyn Kosnoff, Ex Officio Member Joseph Foley, Elected Member Frederick Weiss, Appointed Member