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Punta Gorda pension board approves $300,000 transfer to core‑plus bonds, moves toward a cash allocation
Summary
Trustees directed a $300,000 transfer into the Baird Core Plus bond fund to reduce an elevated cash position, authorized the custodian to raise cash as needed, and discussed options for international equity exposure and private real estate liquidity.
PUNTA GORDA, Fla. — The Punta Gorda Firefighters’ Pension Board voted to transfer $300,000 into the Baird Core Plus bond fund and discussed adding a standing short-term cash allocation and passive international equity exposure as part of portfolio housekeeping.
Investment representative Jack (Investment representative, Carey) told trustees the portfolio held roughly $800,000 in cash and suggested a target cash allocation around 2 percent (about $500,000 at current assets). "If we're looking at, say, a 2% allocation, that's 500,000. So I think we need to make a contribution to the Baird Core Plus Bond portfolio of 300,000 to just take that cash level down to…
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