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Winter Springs pension board approves $2.7 million rebalancing, directs manager search for international allocation
Summary
The Winter Springs Pension Board voted to liquidate investments and move assets into a short-term bond fund, increasing a planned rebalancing to $2.7 million and requesting a manager search for the board's global/international mandate.
The Winter Springs Pension Board voted to rebalance part of its equity allocation and move $2,700,000 into a Vanguard short-term bond fund, after discussion of recent returns, cash levels and manager performance.
Board members approved the measure after an initial proposal to liquidate $1.7 million from the RBC Global manager was amended; the board also directed staff to run a manager search and return to the next meeting with replacement options, including index solutions and RBC for side-by-side comparison. David West, the meeting's investment presenter, recommended the trades and described the rationale in detail.
Why it matters: the board is responding to higher short-term yields, a prolonged overweight position in cash and mixed performance from an international manager. The changes affect how the system is positioned for near-term cash needs and potential interest-rate moves.
David West summarized the…
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