Pension board approves April rebalancing, asks staff to seek core‑plus options while keeping high‑yield in place

The Elevate Pension Board on Tuesday approved a package of April rebalancing recommendations and voted to recommend updated investment targets to city council after reviewing the plan's first‑quarter report and manager lineup. The board approved reallocations that shift U.S. equity, international equity and fixed‑income weights, authorized taking $500,000 from the plan's Principal high‑yield holding to fund a not‑yet‑selected replacement, and asked staff and consultants to bring a core‑plus search back to the board for further consideration.

The board took the actions after hearing the quarterly market‑value and performance review from investment consultants. "We're estimating as of the March, you're paying about $85,973 annually to all these investment managers," said Darren, a staff member who presented the fee analysis. The fund started the quarter with just over $23 million, had net cash outflows of about $555,000, and ended the quarter with a market value of $22,377,508, the consultants reported.

Why it matters: the rebalancing and manager decisions determine the mix of assets that will back benefit payments and affect near‑term liquidity. Consultants told the board that a recent manager consolidation…