2020-09-24-RB-min - Laserfiche WebLink

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Jordan Greenhouse presented the KAR small-midcap portfolio at 9:50 am. This firm will focus on high- quality business opportunities. They currently hold $37b in assets under management. KAR aims to achieve a return higher than the Russell 2500 index by using a portfolio objective that exhibits lower overall risk characteristics. They will buy at attractive prices and allow great returns on capital to be the driver of growth and income over extended periods of time. Some examples given were DocuSign,Thor, and Scott's Miracle Gro. Purchases like DocuSign became a real powerhouse during the Covid-19 Pandemic. With some many people working from home, it became necessary to have e-signatures for most document approvals. Another surprise during Covid-19 was Scotts. Once again, people were home and took up yardwork and maintenance on their own. Jordan mentioned KAR would not own stock above 15%. They tend to hold around 10%as a general rule. KAR did close out two strategies due to capacity restraints. Overall capacity for portfolio strategies hovers around 25-35 max. The review wrapped up at 10:15 am. Bob Cunha motioned to adjourn the meeting at 10:20 am,which was seconded by Fred Weiss, and unanimously approved by Alan Fields, Carolyn Kosnoff, and Joe Foley. The next Retirement Board meeting will be held on Thursday, October 22, 2020 at 8:30 am. The meeting will be held remotely via Zoom. Michele Joyeux and Tyler Herried from Golub Capital will present the update at 9:00 am.