HomeMy WebLinkAbout2019-11-25-RB-min Minutes of the November 25, 2019 Retirement Board meeting:
Present: Bob Cunha,Joe Foley,Alan Fields, Carolyn Kosnoff, Fred Weiss and Jim Condon
NEW MEMBERS: (11) Kathleen Kim, Financial Analyst; Mahbuba Khondker, Aide, Sarah Milt, Evelyn
Soto, Hannah Loati, Instr.Asst's; Angelina Amato, Shiei Kuida, Krystal Beltre, Michaela Swift, S.S.I's;
Sheri Hooper, Kindergarten Asst.; Christopher Ducharme, Police Officer;
RETIREMENTS: (2) Donald Laconte, Plumbing Insp., ADR; Beverly Quirk, SPED Specialist, 1/3/2020
DEATHS: (3)Nancy O'Neil, 10/29/19, DPW Clerk; Paul Vears, 11/14/19, DPW Engineer; Bertha Knute,
survivor of Policeman Kenneth Knute, 11/15/19
The Board accepted the 112919 Warrant and the November payroll. The October minutes were
reviewed and approved, as well as the cashbooks for September 2019.
Bob Cunha reviewed the November agenda with the Board members and staff in attendance. It was
noted there was a Golub distribution of$86,150.00 and an Angelo Gordon call for$500,000.00, which
was wired on 11/21/19.
Bob presented the ADR application for Donald Laconte. After the Board members reviewed the
circumstances, Bob made a motion to approve the ADR. The motion was seconded by Joe Foley, and
unanimously approved by Alan Fields, Fred Weiss and Carolyn Kosnoff.
Ryan Bugler was mailed information required to submit his appeal to DALA. He plans to file paperwork
to appeal.
The latest update with Mr. O'Leary is they plan to appeal. We will receive more info from Michael Sacco
as the case moves along.
Michael Trotsky and Francesco Daniele presented the PRIM review. Michael began the presentation by
mentioning PRIM's top 10 accomplishments and some of the national recognition they have received
over the past year. The Board has hired five (5) more employees, bringing the total up to 55. They
currently manage$76.9 Billion in assets. Global equity is the largest asset consuming 42.9%of the fund.
Fixed and Private equity are the 2nd and 3rd highest drivers after Global. This year, PRIM has added $5.7b
in new investments this year. They plan on using$1b to acquire land. Recently,they purchased $200k
worth of land in New Zealand which harvests pine. Michael spoke about the philosophy PRIM uses as it
relates to Private Equity. They gained access about ten (10)years ago, mostly in the small & mid cap
size. They use a team of managers to monitor high valuations and remain disciplined to avoid those that
are offered. He went on to explain three (3) market scenario outlooks. His key points mentioned were
the summer markets were weak, strength in equity was down due to spending, and that shares from
selloffs have faltered. He concluded his presentation by emphasizing that Private & Fixed Equity
performed great all year for the portfolio, as did Bonds.
Henry Jaung and Steve McLellan presented the Meketa review.The portfolio balance as of October 31,
2019 was$178,980,439.00, up 1.7%from September. The YTD performance is up 14.7%. The U.S.
Equity market continues to dominate the portfolio. This sector has us up 22.9%for 2019. Despite being
overweight in this sector, Henry feels we should stay with it. The entire portfolio continues to do what
is expected. Contrafund and Matthews performed ok the past month, despite being in the negative the
past QTD.
Henry introduced a fund that the Board might see interest in going forward. BlackRock Global
Renewable Power Fund III. BlackRock is a private US-founded management company with $6.9 trillion
in managed assets. They focus on renewable energy sources, such as solar and wind, as well as other
renewables. It was noted these clean energy funds have predictable cashflow and inflation protection.
Meketa will put together a plan and model for this fund. Our Board members will get a better
understanding at a future meeting.
Fossil Fuel exposure remains around 4.4%
Future Board meeting dates are: 12/20/2019, 1/23/2020, 2/27/2020, 3/26/2020, 4/23/2020.
Bob Cunha motioned to adjourn the meeting at 9:45 am,which was seconded by Joe Foley and
approved by Carolyn Kosnoff.
The next Retirement Board meeting will be held on Friday, December 20, 2019 in Cary Memorial Library
at 8:00 am.
Robert Cunha, Chairman Alan Fields, Appointed Member
Carolyn Kosnoff, Ex Officio Member Joseph Foley, Elected Member
Frederick Weiss, Appointed Member