2020-04-30-RB-min - Laserfiche WebLink

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Minutes of the April 30, 2020 Retirement Board meeting: Present: Robert Cunha, Joseph Foley, Alan Fields, Fred Weiss, Carolyn Kosnoff and James Condon NEW MEMBERS: None RETIREMENTS: None DEATHS: (7) George D. Anderson, Detective LPD, 03/27/2020; Katherine Leone, Survivor of Michael Leone, 3/30/2020; Sandra Hart,Payroll Clerk, 04/11/2020; Charles Harvey, Firefighter, 04/12/2020; Lucille Aquaro, Survivor of Michael Aquaro, 04/09/2020; John L. Fradette, Firefighter; 4/13/2020; Charles E. Jefferson, DPW manager, 4/24/2020 The Lexington Retirement Board met through the Zoom telephone conferencing network due to the ongoing Covid-19 pandemic. All Board members were present for the meeting. The Office of the Clerk Meeting posting included the dial in requirements for any interested party. The Board accepted the 043020 Warrant and the April payroll. The March minutes were reviewed and approved. Bob Cunha reviewed the April agenda with the Board members and staff in attendance. There is no new information regarding Mr.Joseph O'Leary and Mr. Ryan Bugler. Mr. Donald LaConte was provided a second informational packet regarding his ADR Benefits. Once the paperwork is returned, our office will move forward with converting his current SA pension to the ADR pension. Board members were reminded of Q2 online trainings via PERAC website for educational credits. Ken Baumgartner and Scott Chandler presented the Wellington Opportunistic and Enduring Assets funds. The Enduring Investment fund has a balance of$21.5 million as of 3/31/20. The fund is down 15.6%YTD due to the global pandemic. Despite the figures, data infrastructure was very beneficial in holding the fund from further downslide. Broad equities were down about 10%. Toll roads and airports have taken a major hit during the past two months. The pandemic has led to flights being grounded and many people working from home. The market is now losing major growth from companies. Conducting business has been interrupted over the past 7 weeks. The Opportunistic Fund stands at$12.7 million on 3/31/20. This fund works on three drivers for total return. Strategic, market neutral, and tactical themes. Unfortunately,the funds had dropped 20%over a three (3) month period in 2020. 65% in equity and 35% in fixed income. This has pushed the benchmark down 12.7%. March encountered its biggest losses. Scott spoke briefly about key positioning details such as Dislocated Contrarian Value and Activist Governments. It regarded strong balance sheets and attractive valuations that could leave EAFE value stocks to outperform in the future. With government, inflation rates are expected to rise and some populist governments are already promising higher fiscal spending. BlackRock Global Renewable Power III is presented by Trey Smith and Catherine Campbell at 9:30 am. This is a climate infrastructure fund that BlackRock is introducing to Lexington. It is a stable growth and recurring income fund over the long-term. It focuses on solar,wind and renewables; onshore wind being the major component. BlackRock currently has over$6 billion invested in 250+wind and solar projects. They are spread out over 11 countries. As oil and gas are getting hit hard, BlackRock is in a reset mode to obtain investors and jumpstart this fund. They see many opportunities on the rise over the next 5-7 years. BlackRock feels this fund will have 10% returns, such as Funds 1 and 2. They have