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2018-07-26-RB-min
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2018-07-26-RB-min
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Minutes - RB - Retirement Board
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Minutes of the July 26, 2018 Retirement Board meeting: <br /> Present: Robert Cunha, Alan Fields, Frederick Weiss (conference call), Carolyn Kosnoff <br /> (conference call), Marguerite Oliva and Jim Condon <br /> Absent: Joseph Foley <br /> NEW MEMBERS: (4) Jenna McNicholas, SSI; Ricardo Martins, Custodian; Michael Longo, <br /> Operator; Lauren MacLeod, Admin. Asst. <br /> RETIREMENTS: (1) Christine Wilkinson, Instructional Assistant, 09/02/2018 <br /> DEATHS: None <br /> The Board accepted the 073118 Warrant and July payroll. The June minutes were reviewed and <br /> approved, as well as the cashbooks for May 2018. <br /> Bob Cunha reviewed the Agenda with the Board members and staff The June minutes and May <br /> financial reports were presented as well. It was noted the Vanguard balance as of 6/30/2018 was <br /> $12,475,463.00. There was a White Oak capital call in the amount of$135,125.00 on 7/24/18. <br /> The Board was notified of two (2)retirees that have failed to comply with section 91A filings <br /> through PERAC. Mr. Robert Staples and Ms. Tamzin Ladd. If they do not file a completed <br /> Annual Statement of Earned Income and any other required documents immediately, PERAC <br /> will authorize our retirement board to suspend future monthly pension payments. <br /> David Dali presented the review for Matthews Asia at 8:30. His presentation focused on the <br /> future of Asian markets 5-10 years down the road. China was the main topic of discussion. <br /> David feels China could be the next Japan in emerging markets. With a benchmark of 3.8% <br /> presently, there are signs that point to an increase within the next five years, possibly up to 8%. <br /> There could be billions of dollars in allocations within China. Despite the high debt, strategists <br /> feel it is a manageable debt. Most debt is household, the rest is corporate. It is considered <br /> manageable because the government run banking industry is lending primarily to government <br /> run corporations. <br /> David continued with explaining how China is a domestic powerhouse today, however the <br /> exporting of goods is extremely low. Japan is leading the way in exports. He feels our Board <br /> should take a look what is out there to help complement our portfolio. Obviously hold onto the <br /> Tiger fund, but maybe add a conservative company with low volatility that would provide <br /> growth to our fund. David feels it would be a smart way to get into the China market more for <br /> the future. He then finished his presentation noting that India is a Frontier Market, no longer an <br /> Emerging Market. They are doing extremely well. We have enough allocation via Tiger. There <br /> is no need to allocate more funds at this time. <br /> Henry Jaung and Steve McLellan presented the Meketa Update. The portfolio balance as of <br /> 6/30/18 was $170,414,412.00, up 2.4% for YTD. It continues to hold steady despite recently <br /> market turbulence. The US Markets remain strong at this point due to our strong economy. The <br />
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