2018-06-28-RB-min - Laserfiche WebLink

Browse Search

was last year. They need more exposure in the market and take risks. Alan feels they are actually giving up returns for our portfolio based on the way it is being managed. Henry Jaung and Tom Dunleavy presented the Meketa Update. Tom is filling in for Steven McLellan this month. We recently received a distribution from Beacon Capitol for$48,000.00. Henry presented the PRIT Fund performance chart. Our Equity holdings have outperformed PRIT Core thru 5/31/2018. The portfolio balance as of 5/31/0218 is $171,356,325.00, up 2.4% YTD. Last month's balance was $170,653,379.00. Fidelity Contafund is performing well in our portfolio throughout the recent market turbulation. It is currently up 8.5%for the year, and 4.1%for May. Henry mentioned we could take more cash out from Contrafund, but hold off until after the mid-term elections are over. He stated emerging markets are going to struggle due to turbulence in the currency markets overseas. We are overweight in US currency right now, however, the US economy is very strong at this point. Also, the S & P 500 is expected to grow up to 17% over the next 18 months. Henry also recommended we start looking for a Pure Value Manager by the end of 2018. Lastly, we were advised the search for a new Senior Direct Lending Manager has been narrowed to four candidates. They are Golub, Monroe, Angelo Gordon/Twin Brook, and Alcentra. Alcentra is a European firm which primarily lends to European businesses. Bob Cunha motioned to adjourn the meeting at 9:40, which was seconded, and unanimously approved. The next Board Meeting will be held on Thursday July 26, 2018 at 8:00 AM in Cary Memorial Li bra ry. Matthews International will attend this meeting. Robert Cunha, Chairman Alan Fields, Appointed Member Carolyn Kosnoff, Ex Officio Member Joseph Foley, Elected Member Frederick Weiss, Appointed Member