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Recap of the July 30, 2020 Retirement Board meeting: <br /> The Lexington Retirement Board met remotely through Zoom tele-conferencing during the ongoing <br /> Covid-19 Pandemic. The Town Clerk's Office meeting posting included the information for any party to <br /> join the call. All Board members were present for this meeting. Chairman Robert Cunha called the <br /> meeting to order at 8:30 a.m. <br /> The Board accepted the 073120 Warrant and the July payroll. The June 2020 minutes and May 2020 <br /> financials were reviewed and approved via email. <br /> Bob Cunha reviewed the July agenda with all Board members and staff in attendance. <br /> It was noted in the meeting we received two (2) distributions this month. White Oak distribution for <br /> $42,436.00 and Angelo Gordon for$38,119.00. <br /> Henry Jaung, Steve MacLellan, and Tom Dunleavy presented the Meketa portfolio update at 8:35 a.m. <br /> The portfolio balance as of June 30, 2020 was$176,203,988.00, up $2.8m from last month. The QTD is <br /> up 12.7%. We continue to see strong numbers posted as the market continues to recover during the <br /> Covid-19 crisis. Henry mentioned most asset classes in the portfolio are coming back positive. Domestic <br /> equity asset sectors are up 24.7%for the QTD. RhumbLine and Acadian are starting to rebound, as well <br /> as Wellington this quarter. <br /> In June 2020, Meketa issued an RFP for international equity managers and received back a total of 36 <br /> responses. These managers will be reviewed by Meketa and then presented to the Board at our August <br /> meeting. <br /> Henry provided some information on the TALF program. As of July,the program has not lived up to the <br /> expectations set forth. The fixed income spread has remained extremely low and shows no sign of <br /> movement to obtain a 7% minimum return to investors. This was an investment opportunity the Board <br /> discussed at the April 2020 Board meeting and decided not to participate. <br /> As of June 30, 2020, Fossil Fuel exposure remains at 2.8%. Within the exposure, 1.2%of the total system <br /> is invested in the Carbon Underground 200 Companies. This percentage is down from 1.5% in earlier <br /> reports. <br /> William Cullinan presented the Angelo Gordon update. Currently,AG is managing over$35b in assets. <br /> They specialize in credit and real estate strategies. AG invests in inefficient markets to generate <br /> consistent absolute returns. Their investment decisions are based on extensive research and prudent <br /> use of leverage. They tend to avoid consumer drive sectors. Mr. Cullinan explained the AG strategy for <br /> what is the right time to buy portfolios as businesses require funding. He then spoke of the Direct <br /> Lending Fund IV strategy and the quality of deals they are seeing as the economy makes a positive turn. <br /> Fund IV as achieved $9.9b in total commitments and is hoping to deploy in the coming months. <br /> Chairman, Bob Cunha, excused himself from the Board meeting at 9:35 am. Joseph Foley chaired the <br /> meeting going forward. <br />