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Trustees approve replacing RBC international fund with DFA; authorize staff to complete transaction
Summary
After an investment review from Mariner, trustees voted to replace the RBC international equity fund with a Dimensional Fund Advisors option and authorized staff to execute the switch, including using a lower-cost CIT share class if available.
The City of Winter Springs Board of Trustees voted unanimously May 8 to replace the RBC international equity holding with a Dimensional Fund Advisors (DFA) option after a quarterly investment presentation by Mariner and its representative, David West. Trustees also authorized staff to complete the liquidation and to pursue a lower-cost collective investment trust (CIT) share class if available.
"We have no action recommendations from an allocation standpoint right now," David West said during the presentation, but he presented manager screening and recommended moving the international equity sleeve to a manager with more center-court/core characteristics and better historical downside capture than the existing RBC holding.
West summarized the quarter: the fund was roughly down 1.5% fiscal year to date but recovered in…
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