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Board adopts 1% cash allocation; Marquette reports portfolio gains since March funding
Summary
Trustees approved an amendment to the investment policy to allow a 1% cash allocation and heard Marquette Associates’ Tim Burdick report the portfolio is about 97.5% invested, with roughly $3.7 million in gains and a 6.1% return since inception.
Trustees at the Board of Trustees meeting approved an amendment to the board’s investment policy to allow a 1% cash allocation and heard a market and portfolio review from Tim Burdick of Marquette Associates.
The chair introduced the amendment on the investment policy (tab 2 of the packet), which records a reallocation from U.S. fixed income to cash. Trustee 4 moved to approve the amendment; Trustee 3 seconded, and the board adopted the change by voice vote. The chair also directed trustees to the tracked changes in the draft showing the reallocation.
In the presentation that followed, Burdick summarized recent market conditions and the board portfolio’s performance. "I have pretty much nothing but good news," he told trustees, noting broad positive returns year-to-date across major indexes and a strong third…
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