Trustees received the regular quarterly investment report covering the fiscal quarter ended Sept. 30 and a flash update through Nov. 30. The consultant said equity markets outperformed bonds in the quarter, noting S&P returns above 8% and small-cap performance of roughly 12.4%.

The presenter said active managers generally underperformed passive benchmarks in the most recent period and highlighted several specific underperformers. He singled out Eaton Vance as lagging materially and said the board had asked the manager for an explanatory review; he recommended no immediate manager changes and suggested re-evaluating performance at a future full meeting.

Board members asked clarifying questions about allocations and the consultant explained the plan’s modest overweight to domestic equity and underweight to fixed income remains within policy ranges. Private asset managers (real estate and infrastructure) were reported to have mixed but improving results.

The investment report was informational; the board took no direct investment action at the meeting but asked staff to include manager updates on a future agenda.