Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Jacksonville Beach pension board orders $910,000 rebalance, sells Wells Capital stake to return equities to 65%
Summary
After reporting strong June-quarter returns, the Jacksonville Beach pension board voted to sell equity holdings (primarily from Wells Capital) and move roughly $910,000 into cash to restore the fund’s equity exposure to the 65% ordinance cap while staff prepares further analyses and possible ordinance changes.
The Jacksonville Beach pension board voted to sell a portion of its equity holdings and move proceeds to cash after advisers reported that total equity exposure had climbed above the 65% cap set in the city ordinance.
At a meeting reviewing the June 30 quarterly report, the board’s investment presenter told trustees the fund had delivered very strong returns — “the S and P 500 was up 8 and a half percent” in the quarter and the plan’s year-to-date return was about 19.2% — which pushed the portfolio’s equity allocation to about 65.75% as of that morning’s update. The presenter said a minimum sale of roughly $910,000 would return the fund below the 65% maximum; returning…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
