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Leesburg OpenEd Trust finance board hears first-quarter investment review; PFM reports slight underperformance, shifts allocation to core bonds
Summary
At its May 28 meeting the Town of Leesburg OpenEd Trust Finance Board received a first-quarter performance review from PFM showing modest underperformance vs. the blended benchmark, a portfolio market value near $19.7 million, and discretionary reallocation that reduced equity exposure and increased core fixed-income holdings.
The Town of Leesburg OpenEd Trust Finance Board on May 28 heard a first-quarter investment review from PFM that showed the trust’s market value near $19.7 million and modest underperformance versus the board’s blended benchmark. PFM told the board it recently reduced the trust’s U.S. equity weight by about 2 percentage points and cut non-U.S. equity by about 1 percentage point, redeploying that allocation into core fixed-income funds.
PFM presenters described 2025 as a volatile period for markets: U.S. equities fell from an early-year high, non-U.S. equities outperformed in the quarter, and fixed-income returns benefited from falling yields even as corporate spreads widened. The firm said those factors, together with policy…
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