HomeMy WebLinkAbout2002-02-28 MinutesMINUTES OF A MEETING
OF THE
FAYETTEVILLE FIRE PENSION AND RELIEF FUND BOARD
FEBRUARY 28, 2002
A meeting of the Fayetteville Fire Pension and Relief Fund Board was held on February 28, 2002
at 11:00 a m in Room 326 of the City Administration Building located at 113 West Mountain Street,
Fayetteville, Arkansas.
PRESENT: Marion Doss, Pete Reagan, Robert Johnson, Danny Farrar, Heather Woodruff, Kit
Williams, and Richard Yada.
MINUTES
Mr. Reagan moved to approve the minutes. Mr. Johnson seconded. The motion carried
unanimously.
PENSION LIST
Mr. Doss stated Tommy Gage has been moved from Drop to the Retired list.
Mr. Reagan moved to approve the list. Mr. Doss seconded. The motion carried unanimously.
INVESTMENT REPORT -
Mr. Yada stated the account was down $95,000. $45,000 had been sent back to the checking account.
They were down approximately $50,000 in market value. Private Portfolio Group was at 2.2 million.
They were down .79%. Mercury Group was at 1.5 million. They were down 3.42%. Income
Account was at 5.5 million. They were down .77%. Ashland was at 1.9 million. They were down
.89%. During the same time the Dow Jones was down .9%. The S&P500 was down 1.46%. He was
currently looking at their asset mix and their projected cash flow.based on what they were having to
send back. They might have change their asset allocation. They have had to send back more than
they had anticipated this year. He would have a recommendation soon on Mercury and MLAM
Group. MLAM was their value manager. They should have been breaking even or losing just a
small amount last year, but they were down 13%. Mercury was a growth manager. They had a little
more technology. They had been down 19% last year. They were under preforming. They were
doing worst than what the market did last year. He thought they were at the bottom of the recession.
Every thing was in place for the economy to grow. Interest rates and inflation were down. Most of
the large companies had their inventories down.
Mr. Reagan asked on the growth stocks, Mercury, if the reason they were down was because they
were holding onto the stocks.
Mr. Yada replied they were not necessarily holding on. They started then in May of 2000. The worst
time. Last year the market was down and so was Mercury. They have not made them any money,
but with the style of investment that they had, no one made any money. Their bond portfolio was
holding them up while the market was down.
Meeting adjourned at 11:15 a.m.