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Investment consultant reports market gains, manager underperformance; boards approve quarterly report
Summary
An investment presenter reviewed 2021 performance, noted plan assets and manager results, and the pension boards voted to approve the quarterly investment report. The presenter flagged a market pullback to roughly $117 million from about $123 million and discussed manager-specific performance and possible duration strategies.
An investment presentation to the Jacksonville Beach pension boards summarized 2021 returns, manager-level results and near-term market movements, and the boards subsequently approved the quarterly investment report by roll-call votes.
Brandon Bresno, the presentation’s lead, told the boards the plan finished 2021 with about $123,000,000 in assets under advisement and described the firm as “100% employee owned.” He said recent market movement had reduced plan assets to roughly $117,000,000 as of the morning of the meeting. "We ran the assets as of this morning... we're effectively right back at that $117,000,000 level," he said.
Bresno summarized that 2021 was a strong year for large-cap U.S. equities — the S&P 500 was up about 29% for the year — while…
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