Loading...
HomeMy WebLinkAbout2000-07-27 Minutes• • MINUTES OF A MEETING OF THE FIRE PENSION AND RELIEF FUND BOARD JULY 27, 2000 A meeting of the Fayetteville Fire Pension and Relief Fund Board was held on July 27, 2000 at 11:00 a.m. in Room 326 of the City Administration Building located at 113 West Mountain Street, Fayetteville, Arkansas. PRESENT: Mayor Hanna, Marion Doss, Darrell Judy, Ron Wood, City Clerk Heather Woodruff, and Richard Yada with Merrill Lynch. ABSENT: John Dill and Pete Reagan MINUTES Mr. Judy moved to approve the minutes. Mr. Wood seconded the motion. Upon roll call the motion carried unanimously. PENSION LIST Ms. Woodruff stated the "Drop Date" had been added to second page of the pension list. • Mr. Judy moved to approve the pension list. Mr. Wood seconded the motion. Upon roll call the motion carried unanimously. • INVESTMENT REPORT Mr. Richard Yada, Merrill Lynch, stated the fund had made it over the thirteen million dollar mark. The Merrill Lynch Private Portfolio Group was at $2,901,678.00. They had moved some of the money to the Mercury Private Portfolio Group. The MLP Group was up 8.29% through the end of June, which was good. The Mercury Private Portfolio Group was started May 15, 2000 at $2,384,371 They were up 6.22%. The Income Account was up 3.16% and Ashland was still down 4.83%. Last month they were down 9.7%. They have made a move back up. The Dow Jones was down 8.47%. The S&P 500 was down less than 1%. It made the Merrill Lynch and the Mercury look impressive compared to those two numbers. The Long Term Treasuries were up 9.68%. The High Grade Corp. was up 2.51%. The longer term treasuries were moving up. Ashland contained 19% of their assets. Merrill Lynch Asset Management had 22%, Mercury had 18%, and the Income Account had 41% or their assets. 42% of their money was in fixed income. ,l% in cash, 1% in other, and 56% in equity. The equity allocation had gone up when they transferred money from the Merrill Lynch Private Portfolio group and moved it over to the Mercury account. When they moved nearly half of the money to Mercury (they were 100% equity) they had thrown their asset allocation over 50%. Their investment policy had them at a 50% maximum in equity. He would like to have the board vote to allow them to stay at that • • point until the next meeting. The board could discuss moving the maximum equity allocation to 60% at the next meeting. Mr. Wood moved to moved to leave their distribution of their funds as they are at present until the next meeting, then vote on raising the percentage they would allow in their equity funds. Mr. Doss seconded the motion. Upon roll call the motion carried unanimously. In response to questions from Mr. Judy, Mr. Yada stated they were at 65% on the growth style investment and 35% on value style. The value style had not been a favorite for a while, but he thought it would turn around one of these days. Meeting adjourned at 11:20 p.m.