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By
Eriksens and Associates
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Discussion around current local and global markets and what is
happening in the US and how it may impact NZ.
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Opex reserve is set up now.
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Morningstar Index not preforming as well as expected need to address
it.
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Long term fund should be looking at a 10-year period rather
than 5-year horizon for investment performance.
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Workshop to be held with Jonathan Eriksen and team and with new
councillors to review and understand investment report.
Secretarial Note: 8.57am called Jonathan Eriksen
from Eriksens and Associates.
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Jonathan Eriksen advised that the market has bounced back over
night. Spoke about the global economy and particular that manufacturing
is stretched. Markets in tough times not seen like this before.
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Predicting another interest rate cut and correction in the
property market.
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Jonathan Eriksen said that changing to the two funds, long term
and short term fund that council will be in a better position to achieve its objectives.
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Jonathan Eriksen to include sharp ratio data into the monthly
investment report.
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Currently around 2% of overall funds are invested in fossil
fuels (target is 1%). Not possible to fully exclude fossil fuels due to
the investment fund sources structure.
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Greater acceptance for more renewable energy impacts investment
performance in this sector.
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Continuity capital is the preferred investment fund for the
long term private equity fund. Eriksens and Associates to provide
information on where funds are invested in fund. Looking at Continuity
5 fund once long and short term funds are in place. Agreed that
Jonathan Eriksen to review private equity in new funds.
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Jonathan Eriksen and Andy Mahony from Eriksens and Associates
to come up and meet with the new council.
Secretarial Note:
Call to Jonathan Eriksen concluded at 9.49am.
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