2021-04-29-RB-min - Laserfiche WebLink

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Mike Hickey from Fidelity Contrafund began his presentation at 9:00 am. He began with a brief background of Fidelity and what investment philosophy represents. The firm prides itself on strong fundamental research when it comes to identifying which companies are poised for durable multiyear earnings growth. He explained that 2020 was not such a bad year investing. They managed to finish up 14%over the S&P, net of fees. Fidelity did not make many changes last year during the Pandemic. Once the vaccine was announced, profits began to rise heading into winter. Currently,the Information Technology and Communications sectors are peaking heading into Qtr. 2 of this year. Some top contributors include Apple, Facebook and Alphabet. He concluded by stating Fidelity currently is holding $131.8b in net assets,which are spread out over 367 holdings. His presentation concluded at 9:20 am. Denise D'Entremont from RhumbLine Advisers presented the review at 9:30 am. The firm currently holds$86.Ob in Assets Under Management. The major asset classes include Domestic Equity, Domestic Fixed Income, and International Equity. Client base is over 180 companies,with hundreds of account to manage. Stock holdings are just over 1,000. As of 4/28/2021, the portfolio was up 5.95%. Lexington is up 8% in this strategy. RhumbLine has been able to provide return rate of 14%yearly on average. Denise broke down and explained some of the fifteen (15) different strategies the firm is engaged in as of this meeting. S&P 500 is the highest of the grouping. She concluded the review by stating there doesn't appear to be any major changes in the portfolio structure coming soon. RhumbLine plans to stand firm for right now while the market is stable. Her review wrapped at 9.50 am. Fossil Fuel has dropped from 2.6%to 2.4%as of 3/31/2021. It was noted that Fossil Fuels were at 4.5% five (5)years ago. Robert Cunha motioned to adjourn the meeting at 10:00 am,which was seconded by Alan Fields, and unanimously approved by Fred Weiss,Joe Foley, and Carolyn Kosnoff. The next Retirement Board meeting will be held via Zoom on Thursday, May 27, 2021 at 8:30 am. Robert Cunha, Chairman Alan Fields, Appointed Member Carolyn Kosnoff, Ex Officio Member Joseph Foley, Elected Member Frederick Weiss, Appointed Member