Board of Investment Commissioners                                         

              Regular Meeting             

 

~ Meeting Minutes ~

 

 

Thursday, March 26, 2020              3:30 PM              Conference Remote Meeting

 

PRESENT: Mayor Jorge O. Elorza, Chairman; Councilman John J. Igliozzi; Sara Silveria, Finance Director; J. Michael Costello; David Hirsch and John Winkleman, Jr. – 6.

ABSENT: Vice-Chairman James J. Lombardi, III – 1.

Also present are Kenneth Chiavarini, Deputy City Solicitor, Law Department; Eric Bertonazzi, Chairman and CEO, Wainwright Investment Counsel LLC; Jeffrey D. Fabrizio, Wainwright Investment Counsel LLC; Lawrence J. Mancini, Chief Financial Officer, Finance Department; Shawn Selleck, City Clerk and Sheri A. Petronio, First Deputy City Clerk.

(Subsequently, Vice-Chairman James J. Lombardi, III joins the meeting.)

I.              INVESTMENT PERFORMANCE ANALYSIS

 

      1.

     Recent Performance Estimate

      2.

     Portfolio Structure and Performance Summary: Asset Class

      3.

     Manager Performance: Benchmark vs. Manager Analysis

 

A.)  US Equity Managers 

B.)  International Equity Manager 

C.)  Fixed Income Managers

 

 

Discussion was held relative to the foregoing matter.

 

RESULT:              ACCEPTED [UNANIMOUS]

MOVER:              Councilman Igliozzi

SECONDER:              Mr. Winkleman

AYES:              Mayor Elorza, Councilman Igliozzi, Ms. Silveria, Mr. Costello, Mr. Hirsch and Mr. Winkleman – 6.

ABSENT:              Vice-Chairman Lombardi – 1.

 


II.              DISCUSSION AND/OR DECISION RELATIVE TO REBALANCING THE PORTFOLIO.   (BOARD MAY SEEK TO ENTER INTO EXECUTIVE SESSION PURSUANT TO RIGL 42-46-5 (A) (7) RELATED TO THE QUESTION OF THE INVESTMENT OF PUBLIC FUNDS WHERE THE PREMATURE DISCLOSURE WOULD ADVERSELY AFFECT THE PUBLIC INTEREST)

III.              DISCUSSION RELATIVE TO THE DEXTER DONATION FUND AND OTHER TRUST ACCOUNTS RELATIVE TO THE REBALANCING/REALLOCATION OF THOSE PORTFOLIOS INCLUDING A DISCUSSION OF THE CASH BALANCES OF THE FUNDS. (BOARD MAY SEEK TO ENTER INTO EXECUTIVE SESSION PURSUANT TO RIGL 42-46-5 (A) (7) RELATED TO THE QUESTION OF THE INVESTMENT OF PUBLIC FUNDS WHERE THE PREMATURE DISCLOSURE WOULD ADVERSELY AFFECT THE PUBLIC INTEREST)

 

Discussion was held relative to the foregoing matters and not votes were taken.

 

IV.              DISCUSSION RELATIVE TO CLAIMS AND LITIGATION (CLOSED SESSION RIGL 42-46-4 AND RIGL 42-46-5 (a) (2) PENDING LITIGATION) - LAW DEPARTMENT.

 

RESULT:              CONTINUED [UNANIMOUS]

MOVER:              Mr. Winkleman

SECONDER:              Councilman Igliozzi

AYES:              Mayor Elorza, Vice-Chairman Lombardi, Councilman Igliozzi, Ms. Silveria, Mr. Costello, Mr. Hirsch and Mr. Winkleman – 7

 

 

              The meeting ended at 4:37 o’clock P.M.

 

 

  City Clerk

 

 

First Deputy City Clerk