HomeMy WebLinkAbout2018-07-26-RB-min Minutes of the July 26, 2018 Retirement Board meeting:
Present: Robert Cunha, Alan Fields, Frederick Weiss (conference call), Carolyn Kosnoff
(conference call), Marguerite Oliva and Jim Condon
Absent: Joseph Foley
NEW MEMBERS: (4) Jenna McNicholas, SSI; Ricardo Martins, Custodian; Michael Longo,
Operator; Lauren MacLeod, Admin. Asst.
RETIREMENTS: (1) Christine Wilkinson, Instructional Assistant, 09/02/2018
DEATHS: None
The Board accepted the 073118 Warrant and July payroll. The June minutes were reviewed and
approved, as well as the cashbooks for May 2018.
Bob Cunha reviewed the Agenda with the Board members and staff The June minutes and May
financial reports were presented as well. It was noted the Vanguard balance as of 6/30/2018 was
$12,475,463.00. There was a White Oak capital call in the amount of$135,125.00 on 7/24/18.
The Board was notified of two (2)retirees that have failed to comply with section 91A filings
through PERAC. Mr. Robert Staples and Ms. Tamzin Ladd. If they do not file a completed
Annual Statement of Earned Income and any other required documents immediately, PERAC
will authorize our retirement board to suspend future monthly pension payments.
David Dali presented the review for Matthews Asia at 8:30. His presentation focused on the
future of Asian markets 5-10 years down the road. China was the main topic of discussion.
David feels China could be the next Japan in emerging markets. With a benchmark of 3.8%
presently, there are signs that point to an increase within the next five years, possibly up to 8%.
There could be billions of dollars in allocations within China. Despite the high debt, strategists
feel it is a manageable debt. Most debt is household, the rest is corporate. It is considered
manageable because the government run banking industry is lending primarily to government
run corporations.
David continued with explaining how China is a domestic powerhouse today, however the
exporting of goods is extremely low. Japan is leading the way in exports. He feels our Board
should take a look what is out there to help complement our portfolio. Obviously hold onto the
Tiger fund, but maybe add a conservative company with low volatility that would provide
growth to our fund. David feels it would be a smart way to get into the China market more for
the future. He then finished his presentation noting that India is a Frontier Market, no longer an
Emerging Market. They are doing extremely well. We have enough allocation via Tiger. There
is no need to allocate more funds at this time.
Henry Jaung and Steve McLellan presented the Meketa Update. The portfolio balance as of
6/30/18 was $170,414,412.00, up 2.4% for YTD. It continues to hold steady despite recently
market turbulence. The US Markets remain strong at this point due to our strong economy. The
Fidelity Contrafund is doing excellent, up 9.5% for the year. It was mentioned that the KAR
fund is performing well also; up 5.9% for the year, and 15.6% since inception.
Steve briefed us on the search for a new Senior Direct Lending Manager. The final three
candidates are Alcentra, Angelo Gordon, and Monroe. Henry and Steve will work to invite them
in for presentations at the September Board meeting.
Bob Cunha motioned to adjourn the meeting at 9:35, which was seconded, and unanimously
approved.
The next Board Meeting will be held on Thursday August 23, 2018 at 8:00 AM in Cary
Memorial Library.
Monroe and White Oak Summit will attend.
Robert Cunha, Chairman Alan Fields, Appointed Member
ABSENT.
Carolyn Kosnoff, Ex Officio Member Joseph Foley, Elected Member
Frederick Weiss, Appointed Member