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<br />BOARD OF TRUSTEES FOR UNIVERSITY CITY PENSION PLAN <br />MINUTES OF JOINT MEETING <br /> <br />Non-s Retirement System <br />October 23, 2018 at 6:30 p.m. <br /> <br />A meeting of the Board of Trustees was called to order by acclamation at 6:30 p.m. at the <br />Heman Park Community Center 975 Pennsylvania Ave, University City, MO. <br /> <br />Members in Attendance: Frank Reedy, Edward McCarthy, James Stutz, Brian Isenberg, <br />Joel Myers, Ewald Winker; non-voting Gregory Rose and Steve <br />McMahon <br /> <br />Member(s) Absent: Holston Black -deceased <br /> <br />Member(s) Excused: Patrick Wall, Juli Niemann, Thomas Jennings, <br /> <br />Others in Attendance: Sean Hughes Ziegler Capital Management <br />Kara Krawzik Greensfelder, Hemker & Gale, P.C <br /> Tina Charumilind Treasurer <br /> Yolanda Howze Staff Liaison <br /> <br />Agenda <br />Chairman Reedy called for an approval of the agenda. Agenda was motioned for approval. <br /> <br />The approval of the agenda was seconded by Member Stutz and approval carried unanimously. <br /> <br />Minutes <br /> <br />Member Myers commented that he was present at the July, 24, 2018 meeting; however, the <br />minutes indicate he was excused. The minutes will be corrected to reflect this. Member <br />McCarthy motioned to approve the July 24, 2018 meeting minutes. The motion was seconded <br />by Member Stutz and approval carried unanimously. <br /> <br />Quarterly Portfolio Review <br />Shawn Hughes of Zeigler provided an overview of the third quarter Non-Uniformed and Police <br />and Fire portfolios. He stated that the labor market is near full employment, nominal growth has <br />moved back up to the high end of the recovery range and inflation remains tame; fixed income <br />markets were pricing fewer rate increases and rising interest rates and negative bond returns <br />remain a concern. YTD Fixed income returns are negative. The AG is down 1.6 for the year. <br />Rates increased across the boardshort term, medium term and long term. Our fixed income <br />portfolio is short duration. We have 20% less interest rate risk than the AG so that was the <br />benefit during the quarter because as rates rise that hurts the portfolio. We had less risk and <br />rates rose. Overweight corporate bonds also benefited us during the year because they <br />outperformed mortgages. Mortgages underperformedthey are very expensive and <br /> <br /> <br />