Veritas Preparatory Charter School
Minutes
Investment Sub-Committee Quarterly Meeting
Zoom Meeting
Date and Time
Tuesday July 26, 2022 at 4:00 PM
Location
Trustees Present
Trustees Absent
A. Mendelson, D. Ford, M. Landon
Guests Present
L. Mills (remote), N. Gauthier (remote), R. Romano (remote), S. Howard (remote)
I. Opening Items
A.
Record Attendance
B.
Call the Meeting to Order
C.
Approve Minutes
II. Veritas Investment Portfolio
A.
Update on Veritas Investment Portfolio
B.
Questions and Answers
Lynne asks Steve about our current audit.
III. Closing Items
A.
Adjourn Meeting
There being no further business to be transacted, and upon motion duly made, seconded and approved, the meeting was adjourned at 5:00 PM.
Respectfully Submitted,
M. Landon
Documents used during the meeting
None
Steve says we have not had too many changes to the portfolio since last time. It is still in a defensive posture. For the year, the portfolio is down about 10%. We see some opportunities within fixed income coming in the near future. The long and the short of it for now is the economy is not "normal" right now.
Rachel asks about which bond looks like it could have some growth in the future?
Steve says it's part of the rational special situations income fund. Could add 3-6% to this holding come September. He also mentions that some of the buffer funds we own don't get fully priced until maturity. The September and January ones we bought should yield us a 3% upside if we wait it out until January (unless the market goes down another 20%).
All things considered, what we like is maximum flexibility, and we have that. We have a lot of cash and a lot of buffers for when the time comes.