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Jacksonville Beach pension fund posts strong returns; consultants flag equity overweight
Summary
The Jacksonville Beach pension plan returned double-digit gains for the quarter and year, but the investment consultant said equities are overweight the policy target and recommended the board consider a rebalance; trustees agreed to monitor performance and address reallocation at the May meeting.
The Jacksonville Beach Pension Board heard on a virtual briefing that the plan produced strong recent returns but is now overweight equities, prompting discussion about a possible rebalancing.
The board—s investment consultant summarized year-end performance, saying the plan returned about 10.36% for the most recent quarter (beating a 9.25% benchmark) and more than 16% for the 12-month period. The consultant attributed the recovery to Federal Reserve support and improving vaccine news, and noted international markets were up…
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