HomeMy WebLinkAboutCOMM - Meeting Minutes - 205 SP - 8-5-2004 - RETIREMENTSold By IMR Limited Form 825 P-0.',?02204
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s recommendation. The motion was moved by Mr. King and seconded by Mr. Namie.
Roll call vote taken:
Mr. Namie - Yes; Mr. King - Yes; Mrs. Irey - Yes; Mr. Maggi - Yes; Mr. Burns - Yes.
carried unanimously.
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The portfolio has $12.9 million in equity and $161,000.00 in cash for a total of a little
ver $13 million. Overall, 2003 was a good year. Ark Asset was up approximately 9% and the
arket was up a little over 10%. This underperformance was due to the fact that we were not
ver-weighted in large pharmaceuticals. Equity was probably the worst class in the 1 st quarter.
rk Asset outperformed the index 6 out of the last 6 calendar years. We are going to add value
o our stock selection and take on a similar risk profile to the Russell 1000 growth index. Capital
pending continues to increase after being very depressed. The market is definitely being hurt
y interest rates and political instability.
The S&P 500 Sector Performance was led by consumer staples, energy, and utilities.
bond market sector was led by Treasuries, Agencies, and corporate investments. The
aker segment is mortgage -backed securities. Over the last one year period the performance
n March to March was up 24.5%. This is just behind the target market index and puts it in the
decile, outperforming 7 out of 10 in similar managed profiles. The three year performance
i a 5.3% return, putting it in the 2nd decile, outperforming 8 out of 10 managed profiles. C.S.
Kee is slightly behind the benchmark for the quarter. However, in March 2004, C.S. McKee
utperformed the benchmark by 80 basis points. C.S. McKee's one year numbers and longer
re in the 1st decile of the large cap value peer group. Ark results have a limited history.
Evergreen underperformed for the quarter. During the month of April, they did outperform by 4
ercentage points and now year-to-date, they are up 3.4% and the market is down 1.3%.
merald underperformed the benchmark for the quarter. Looking at the one-year number,
9.5%, puts it behind the benchmark, but still in the median and in the 6th decile. Looking at the
ive-year number, 11.1 %, puts it well ahead of the Russell growth and in the 4th decile,
utperforming 6 out of 10. In fixed income, C.S. McKee is showing a 2.7% return, matching the
enchmark. BlackRock year-to-date through the end of April is ahead of the benchmark by 20
asis points.
Regarding the International Equity Manager search, the five candidates are American
is, Boston Company, Brandywine, C.S. McKee, and Fidelity. Mr. King asked if the fees are
)tiable. Mr. Domeisen commented that the fees are not because all are co -mingled vehicles.
number of times these managers beat the index on a rolling 4-quarter basis for a five-year
)d is about 50/50. On a risk adjusted basis, all the candidates have favorable attributes. It
decided by the Board to hold a special interview to determine the new International Equity
ager.
The meeting was adjourned at 12:20 p.m.
THE FOLLOWING MINUTES SUBMITTED FOR APPROVAL:
1 It,) ew5,r 13 , 2004
ATTEST.7 ,
SECRETARY
Minute No. 205 SP Washington County Retirement
Washington, PA August 5, 2004
The Special Meeting of the Washington County Retirement Board was held at
approximately 2:35 p.m. Thursday, August 5, 2004, in the Public Meeting Room, Courthouse
Square Office Building, Washington, Pennsylvania, with the following members being present:
Commissioners Larry Maggi, J. Bracken Burns, Sr., and Diana Irey; Treasurer Francis King; and
Controller Michael Namie. Also present: Director of Administration Scott Fergus.
The purpose of this special meeting was to hear presentations for an international equiW
manager.
Frank Domeisen updated the Board on the current performances of the 3 candidates: i
Boston Company Asset Management, LLC; Brandywine Asset Management, LLC; and C.S.
McKee Investment Managers. Net of fees, all three candidates exceeded the MSCI EAFE
benchmark. As of June 30, 2004, performance was as follows: Brandywine, + 6.2%; Boston
Company, + 6.8%; and C.S. McKee, + 1.8%.
Presentations were given by the following:
Brandywine Asset Management, LLC — Mr. Craig G. Scott, Director of Marketing.
The Boston Company Asset Management, LLC — Mr. Daniel J. McCormack, Director off`
Consultant Relations; Mr. John Truschel, CFA, Portfolio Management.
C.S. McKee Investment Managers — Mr. Norman S. Allen, Executive Vice President; M[
Robert A. McGee, Senior Vice President, Mr. William J. Andrews, Vice President.
All presentation materials are available in the Office of the Controller for inspection.
The meeting was adjourned at approximately 5:10 p.m.
THE FOLLOWING MINUTES SUBMITTED FOR APPROVAL:
:i
rl G°3% 13
2004
- 7`7 ,.�
ATTEST: 7�'"
SECRETARY