HomeMy WebLinkAbout2025-04-24-RB-min
Minutes of the April 24, 2025 Retirement Board meeting:
Present: Robert Cunha, Joseph Foley, Frederick Weiss, Alan Fields, Carolyn Kosnoff, Michelle Malone
and James Condon
Absent: None
The Lexington Retirement Board met remotely through Zoom tele-conferencing and in person. The
Town Clerks Office posted the meeting, which included the information for any interested party to join
the call. Robert Cunha called the meeting to order at 8:30 am.
The Board accepted the 043025 Warrant and the April payroll. The March minutes were reviewed and
approved. Cashbooks to be reviewed upon completion of the Annual Statement.
Robert Cunha reviewed the April agenda with all Board members and staff in attendance.
It was noted we received a White Oak Summit distribution of $9,610.00 on 03/28/2025, as well as an
Angelo Gordon distribution of $498,306.00 on 03/28/2025.
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Steve MacLellan gave the Meketa portfolio update at 8:40 am. He began with a quick 1 quarter 2025
review. Domestic equities sold off with growth outperforming value and small cap trailing large cap.
Non-US developed market stocks outperformed the US markets to start the year due to rate cuts from
ECB and a weakening US dollar. Now, emerging market equities returned 2.9% in the first quarter due
to Chinese stocks rallying as of late. This is attributed to the success of DeepSeek A.I. enthusiasm.
Looking ahead, Steve noted the continued uncertainty of US tariff policies and the impact on our
economy, inflation, and Fed policy will be key to monitor. Also, the relationship between the US and
China raises concerns.
Steve gave the performance review of the portfolio as of March 31, 2025. The current portfolio balance
as of 03/31/2025 was $256,807,005, down $6.5m from the previous month. We are in currently in
uncertain times with market performances. Over the past month, Domestic equities are down 6%, while
Global equities rose 4.8%. Most US market strategies are down for the month. On the flip side,
Wellington Enduring assets and Opportunistic assests were positive for March. Fixed incomes are doing
average at best under the circumstances. Steve did caution the yo-yo stance on tariffs will continue to
rattle or rally the markets in the near future. Our positioning of the portfolio does not require any
changes at this point. Meketa will survey Gold as a potential commodity for our fund. His presentation
wrapped up at 9:00 am.
Georgette Baxter and Jeff Kusmierz presented the RhumbLine review at 9:03 am. Georgette began the
presentation with an organizational update. New positions have been created and some promotions to
present employees of the firm. RhumbLine has acquired 10 new clients, and has over $119b in AUM.
Jeff Kusmierz spoke of the portfolio at 9:05 am. First quarter was down 4.5% and April 2025 is similar.
Since inception, the fund is up over 12%. In the pooled index fund, Rhumbline is top heavy in the
Technology sector at 33%, followed by Industrials. The Tech sector has been taking a decent hit after a
long and successful run. Fear remains in the market with such volatility since a new President has been
elected. Rhumbline will remain focused on research in their pooled fund structure. They will keep it in-
line with the ever changing market shifts. He wrapped up the presentation at 9:15.
Sean Duff from Monroe was scheduled to present at 9:30 am, but due to connecting issues, he had to
postpone. Attempts were made to loop in other Monroe representatives, but to no avail.
Robert Cunha made a motion to adjourn the meeting at 9:40 am, which was seconded by Alan Fields,
and unanimously approved by Carolyn Kosnoff, Joseph Foley and Fred Weiss.
The next Retirement Board meeting will be held on Thursday, May 29, 2025 at 8:30 via Zoom.
Wellington Enduring & Opportunistic will be present.
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Future Board meeting dates: June 26, July 24, August 28.
_____ __________________
Robert Cunha, Chairman Alan Fields, Appointed Member
Carolyn Kosnoff, Ex Officio Member Joseph Foley, Elected Member
Frederick Weiss, Appointed Member