2018-05-24-RB-min - Laserfiche WebLink

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They are in the process of reviewing all prospective managers and hope to give us a brief update at the June Board meeting. Review of the RFP's could begin as early as the July 26"'Board meeting. Ed Schollmeyer and Mike Hickey presented the Fidelity Investment update. Mike began with a report of the excellent 2017 end year returns. He mentioned Fidelity is up 9%thus far for 2018, despite some earlier market turmoil. They remain committed to the Large Cap Growth. Companies like Facebook, Disney, and Apple will continue to have multiyear earnings for the foreseeable future. They base it on superior business models and shareholder capitol. Other technology companies in the portfolio will also perform well due to solid cash flow and high returns. Mike spoke of Financials being a bit overweight and they have been scaling back. Interest rates need to be watched closely going forward. Overall, the banking sys 1-year forecast with Fidelity Contrafund is 39.6%,with the S&P 500 Index at 30.2%. The William Blair fund is done liquidating the Enduring Assets. If future assets are needed,pulling from Contrafund is the appropriate route. We have recently transferred 3,000,000.00 from Contrafund to the State Street STIF account. A motion was made by Joe Foley, seconded, and unanimously approved to adjourn the meeting at 9:55 AM. The next Board Meeting will be held on Thursday June 28, 2018 at 8:00 AM in Cary Memorial Library. Bladen Burns from FMI will attend this meeting. Robert Cunha, Chairman Alan Fields, Appointed Member Carolyn Kosnoff, Ex Officio Member Joseph Foley, Elected Member Frederick Weiss, Appointed Member