Page 32 - April Report2022

April Report 2022
Investment/Finance Committee meeting minutes
March 8, 2022
Committee Members: Dick Krause, Hugh Brown, Bobby Krause, Mike Miller, Malcolm Macleod Prime Buchholz (Prime) Consultants: Rick Morrison, Ian MacPherson, Steven Roche
Dick chaired the Meeting.
1. Approval of Investment Committee Meeting Minutes – Minutes from the November 18, 2021 meeting were approved.
2. Investment Performance as of December 31, 2021 – A strong 3.1% rate of return in the 2021 fourth quarter enabled JSF to deliver a record high 19.3% return for all of 2021. JSF handily achieved its two core financial objectives in 2021 that being: 1) a return in excess of 5% plus the inflation rate – inflation in 2021 was a very high 7.4% meaning a minimum target return of 12.4% which was exceeded by 6.9%; and 2) a return in excess of the endowment medium – as indicated JSF has achieved first quartile performance over the last one, three and five year periods. Malcolm would like to see this peer group relative performance data going back to JSF’s inception (after the meeting this data
was provided – since inception JSF ranks #1!). Very strong performance in the Private Capital space where JSF is double weighted versus its peer group is the main factor behind this relatively strong performance. Pertinent return data is illustrated in Tables 1 and 2.
3rd
Total JSF Fund 6.2%
Private Capital* 6.4%
Fixed Income/Cash -0.2%
4th
12.6%
17.5%
- 1.1%
1st 2nd
6.7% 7.5%
18.3% 13.5%
-5.7% 2.4%
3rd 4th
0.9% 3.1%
8.1% -0.1%
0.1% 0.6%
2020
2021
30
Table 1
Quarterly Annual Rate of Return
*one quarter lag in reporting asset values – 3rdQ 2021 Private Capital return adjusted up to 8.1% versus the preliminary return est. of 0.4%. This increased the 3rd Q JSF total fund return from -0.8% to +0.9%