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RBC consultant: West Chester pension funds roughly on target with policy benchmarks
Summary
An RBC investment consultant reported preliminary pension returns through June 30 showing year-to-date performance close to policy targets and trailing one-year returns slightly ahead of benchmarks; committee members thanked staff for savings from prior investment changes.
Bruce Biesecker, investment consultant with RBC, presented preliminary performance for the borough’s police and nonuniform pension funds on July 9. He said year‑to‑date returns through June 30 were about 6.2% for the funds versus a policy benchmark of roughly 6.5%, and the trailing 12‑month return was about 11.9% versus a benchmark near 11.7%.
Biesecker outlined the funds’ asset mix (approximately 65% equity, 35% fixed income) and noted U.S. equity exposure is held largely in passive index funds (Vanguard Total Stock Market Index and a Vanguard small‑cap index). He said active international equity managers have recently outperformed the benchmark (citing roughly 19% trailing one‑year return versus a 17.7% benchmark for the international sleeve) and that active fixed‑income managers were contributing positive excess return. He also noted RBC cash yields in excess of 4%.
Committee members thanked Biesecker and noted the borough had saved money from investment policy changes implemented over prior years. No committee action or vote was taken on pension policy at the July 9 meeting.
