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Norwalk pension board discusses shorter fixed‑income duration, possible manager changes and actuarial RFP timeline
Summary
Investment consultants presented a pension performance update and the board discussed moving some domestic fixed‑income exposure to shorter maturities or different managers to increase liquidity and reduce interest‑rate sensitivity.
Investment consultants presented a pension performance update and the board discussed moving some domestic fixed‑income exposure to shorter maturities or different managers to increase liquidity and reduce interest‑rate sensitivity.
Consultants reported total plan assets of about $539,000,000 (the figure excluded a $9,000,000 redemption in March that was noted in the presentation). The plan was modestly overweight equities and slightly underweight domestic fixed income against the board’s strategic target (the board’s domestic fixed‑income target cited in discussion was about 19%; the plan was around 17% at the time of the report). Consultants reviewed manager performance: some managers (LSB and Principal) had shown…
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