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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 />May 14, 2019 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, Thomas Jennings, <br />James Stutz, Brian Isenberg, Joel Myers, Patrick Wall, Ewald <br />Winker; non-voting Gregory Rose and Steve McMahon <br /> <br />Member(s) Absent: <br /> <br />Member(s) Excused: Julie Niemann <br /> <br />Others in Attendance: Sean Hughes and Thomas Engle Ziegler Capital Management <br />Kara Krawzik Greensfelder, Hemker & Gale, P.C <br />Michael Ribble and Shannon Koons Buck Consultants <br /> Keith Cole Interim 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 />The approval of the agenda was seconded and approval carried unanimously. <br /> <br />Minutes <br />Chairman Reedy called for an approval of the minutes January 22, 2019. Member Wall <br />motioned to approve the meeting minutes. The motion was seconded by Member Jennings and <br />approval carried unanimously. <br /> <br />Quarterly Portfolio Review <br />Thomas Engle commented on the positioning and performance of the portfolio. Stepping back <br />ten years at the end of the recession in an attempt to stimulate the economy, the Feds lowered <br />the funds rate to zero and started a bonds buying excursion to provide liquidity to get things <br />ramped up. The Feds funds rate stayed at zero until 2015 when it was raised by a quarter bps <br />use the Feds <br />funds rate was lowered and growth was low, the ten year treasury bottomed in July of 2016 at <br />1.3%. In September of 2016, they started decreasing duration of the portfolio to lessen the risk <br />associated with yields climbing off of the all-time lows. As of November 2018, ten year <br />treasuries had come off of that low of 1.3% to 3.25% and by that time, they moved the duration <br />of the portfolio down to a year and a half short of the Barclays AG It <br />was more in line with the Intermediate AG. They decreased a lot of risk as the yields climbed <br />Њ <br /> <br /> <br />