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Trustees move to trim equities after allocation hits 68.8%, citing 65% ordinance cap
Summary
After consultants reported total equity exposure at 68.8%—above a 65% ordinance cap—the boards voted to harvest about $4.85 million from three equity managers and move proceeds to cash to bring allocations under the cap.
Trustees for the Jacksonville Beach pension systems voted to move money out of equities after consultants reported the combined plans’ equity exposure had climbed to 68.8%, exceeding a 65% cap set in the city ordinance.
Investment staff presented three options—do nothing, perform a minimal adjustment to get to 65%, or rebalance to a midpoint (62.5%). The consultant said the minimum step to get under the 65% rule would require roughly $4.85 million in sales from the largest equity…
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