Laserfiche WebLink
Recap of the August 27, 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 083120 Warrant and the August payroll. The July minutes and June 2020 <br /> financials were reviewed and approved via email. <br /> Bob Cunha reviewed the August agenda with all Board members and staff in attendance. <br /> It was noted we received a Q2 reimbursement from the Fidelity Plan in the amount of$12,623.50 <br /> It was mentioned our contract with Dan Sherman Actuarial Services expires at the end of this year. An <br /> RFP will be set up in the near future. Also, a decision was made for more data to be used from the <br /> results of a recent study. Sherman Actuarial will be asked to use the same proposed mortality table and <br /> the same COLA base for reports in 2026, 2027, and 2028. Carolyn Kosnoff also requested a report for <br /> 2027 using a lump-sum contribution by the Town of$2.Om with a 2027 fully funded schedule. <br /> Henry Jaung, Steve MacLellan, and Thomas Dunleavy presented the Meketa portfolio update at 8:45 am. <br /> The portfolio balance as of July 31, 2020 was$183,725,915.00, up $7.5m from last month. That equates <br /> to an increase of 4.7%from June. The current portfolio is weighted just right and working for us at a <br /> high level. After the early downfall in the market due to Covid-19,we have rebounded back to the point <br /> we are posting a positive 1.4%for YTD. US Equities are a huge part of the rebound. KAR and Contrafund <br /> are main drives behind the success. As far as our Cash holding, it was advised we should hold it for now. <br /> No need to rush into a particular sector at this time. The market has been spectacular the week of 8/24. <br /> The Dow has finally erased its losses for 2020, and the Fed plans to keep interest rates lower for a longer <br /> period of time. <br /> Henry presented the International Equity RFP Respondent review to the Board. Meketa had thirty four <br /> (34) respondents whom met the criteria. Five were considered Highly Advantageous and discussed in <br /> length regarding the criteria ratings. The five candidates were Acadian, Fiera Capitol, Nikko Asset, <br /> Walter Scott, and William Blair. Acadian Asset Management, already part of the Lexington portfolio, <br /> seemed the most advantageous after discussion. Chairman Bob Cunha made a motion to remain with <br /> Acadian Asset Mgmt.,which was seconded by Joe Foley, and unanimously approved by Alan Fields, <br /> Carolyn Kosnoff, and Fred Weiss. <br /> Landy Pheloung presented the White Oak Summit Fund at 9:15 am. The firm currently has$6.8b in <br /> Assets under management. Public Pensions are their top investor at 21%,followed by Insurances at 17% <br /> and Union Pensions at 16%. The energy sector took a big hit during the Covid-19 outbreak, specifically <br /> oil. The service industry was struggling for months,therefore vehicles were not being run. White Oak <br /> was then financing these companies to keep them afloat. Just enough to keep staffing levels at a <br /> minimum. Other loans WO had out there were in Healthcare and Tech companies. The healthcare <br /> loans did well. Most were to nursing homes and elderly care services. Those loans were receiving <br /> government assistance,which kept them steady, even during the Covid-19 crisis. Landy wrapped up the <br /> presentation at 9:40 am. <br />