HomeMy WebLinkAbout2025-07-24-RB-min Minutes of the July 24, 2025 Retirement Board meeting:
Present: Robert Cunha,Joseph Foley, Alan Fields, Frederick Weiss, 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,Joseph Foley, Carolyn Kosnoff,Alan Fields, Fred Weiss,James Condon and
Michelle Malone were present for this meeting. Robert Cunha called the meeting to order at 8:30 am.
The Board accepted the 073125 Warrant and the July payroll. The June minutes and May cashbooks
were reviewed and approved.
Robert Cunha reviewed the July agenda with all Board members and staff in attendance.
It was noted on July 18, 2025, there was a capital call of$700,000.00 from Neuberger Berman.
Board members were reminded to keep up with PERAC trainings listed on their website for the 2nd Qtr.
Steve MacLellan presented the Meketa update at 8:33 am. He opened by letting the Board know the
portfolio returns remain solid, even heading into July. Domestic equities rose during the quarter, with
technology stocks leading the way. Emerging market equities were the best performers of the 2nd
Quarter, returning 12%, despite a 2% return in China. Steve reviewed the Wellington strategy. The
Opportunistic portion will be closing out on 09-30-2025. Our funds in this will be returned to us on 10-
01-2025. We will learn more as Steve conducts a search for a new platform.
The portfolio balance as of June 30, 2025 is$277,985,890.00. This is up $8.6m from last month. In just
the past two months, the portfolio is up$17.2m. International equities have outperformed Domestic by
1.3% in Q2. International is up 13.5%, quite impressive. Fidelity, Rhumbline and Russell 3000 continue
to be the key drivers on the Domestic side. Steve wrapped up his review at 8:48 am.
Nicholas Flemming presented the Angelo Gordon update at 8:50 am. Due to time constraints, we asked
AG to give us an overview in a short period of time. He began with quick update that the fund and
strategy has not changed much for Fund III. Same investments, all low-mid market transactions over the
past 10 years. He mentioned our fixed income balance sits around $1.8m and the Fund III is nearing the
end of its cycle. In short, according to MA Law, we have to liquidate this fund in August, with a final
distribution by end of the year. Nicholas suggested we roll into a new fund they are offering, which has
no reinvestment period and similar assets. The Board will need to discuss. Nicholas wrapped up at 9:05
am.
Steve MacLellan will begin a search for a replacement vehicle for the AG fund and the Wellington
Opportunistic Fund. Early talk was to take 9%of the Wellington money and the 1%of AG money and
possibly look to move towards a Private Credit Fund. Steve plans to give us feedback at the August
meeting.
Robert Cunha made a motion to adjourn the meeting at 9:10 am, which was seconded by Joseph Foley,
and unanimously approved by Fred Weiss, Carolyn Kosnoff and Alan Fields.
The Board would then move into Executive Session.
The next Retirement Board meeting is Thursday, August 28, 2025 at 8:30 am via Zoom.
Fidelity Investment will be present for annual review. Stone Consulting will be present for review.
Robert CunhaCharman Alan Fields
, i , Appointed Member
Carolyn Kosnoff, Ex Officio Member Joseph Foley, Elected Member
Frederick Weiss, Appointed Member