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Board hears mixed February returns; capital call and distribution activity noted
Summary
Investment staff reported that domestic equities fell in February while internationals and fixed income posted gains; the board was told about an $850,000 capital call from HarborVest and a roughly $358,000 distribution from Crescent Fund and discussed an ongoing manager‑fee review.
Investment staff presented the board with portfolio performance and activity for February and recent months, showing a mixed set of returns across equities, fixed income and real estate.
Scott (investment staff) said domestic equities weakened in February with the BlackRock Russell 3000 account down 1.92% for the month. International equities were stronger, helped by a weaker U.S. dollar, with returns of 1.92% (one fund) and 0.93% (another fund) cited; the William Blair growth fund was down about 3.62% for the month. Fixed‑income holdings produced positive returns across the board, which staff described as a stabilizing element for the portfolio. Real‑estate investments, specifically global REITs, led categories for the month with a 2.6% return, though some private real‑estate results will not appear until the next quarter.
Staff also reported capital‑markets activity: an $850,000 capital call to the HarborVest fund and a distribution from the Crescent Fund of roughly $358,000. The board confirmed staff will reflect the newly adopted asset allocation targets in next month’s policy target table.
Manager fees and oversight
Trustees pressed staff about manager fees after a previous report. Staff said the consultant Verus and staff had requested backup documentation from managers and expected to report back next month on any follow‑up or recommended actions.
Closing remarks
Staff reiterated reminders about the upcoming spring conference and deadline details for committee registration. The investment report and related tables will be updated to reflect the board’s adopted policy changes.
