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Winter Springs trustees approve sale of short-term bonds, shift equity and cash to PIMCO diversified income fund
Summary
The Winter Springs Board of Trustees voted to liquidate its Vanguard short-term bond holdings, sweep $1 million from the money-market receipts account into the PIMCO Diversified Income Fund (PDIIX), and to reduce domestic equity exposure by $1.6 million and also place those proceeds into PDIIX.
The Winter Springs Board of Trustees voted on Aug. 19 to liquidate its Vanguard short-term bond position and move the proceeds, plus an additional $1 million from the trust's receipts and disbursement money-market account, into the PIMCO Diversified Income Fund (PDIIX). Trustees also approved a second motion to reduce domestic equity exposure by $1.6 million and place those proceeds into PDIIX.
The votes followed a presentation by the trust’s long‑time investment consultant, David West, who told trustees the short‑term cash yields that had fueled the board’s tactical overweight in cash and short‑term bonds have likely “evaporated” after recent moves in the yield curve. “My recommendation tonight is to close out that short term…bond trade,” West said, arguing the money would be better positioned in a diversified, income‑focused vehicle managed by PIMCO.
West told trustees the trust held roughly $3.1 million in…
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