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Investment consultant: funds surpass $20 million; trustees weigh bitcoin, real estate steps
Summary
Salem's consultant reported both the police and fire pension funds ended the quarter above $20 million with fiscal-year gains exceeding 12% net of fees; trustees discussed manager performance, a planned ASB redemption, cash deployment, and a preliminary analysis of a small bitcoin allocation that raised policy and operational questions.
An investment consultant reported Dec. 16 that both the Cocoa Beach fire and police pension funds finished the quarter with market values above $20 million and posted strong fiscal-year gains, and the board discussed portfolio composition, manager changes and a preliminary bitcoin allocation analysis.
Presenter Carrie said the fire fund ended the quarter at about $20.8 million and the police fund at about $20.4 million. She described a positive quarter for equities (U.S. equities up roughly 8% and the S&P 500 posting an above-par quarter) and a fiscal year in which police and fire were up roughly 12.1% and 12.3% respectively, net of fees. Carrie noted the quarter’s gains were concentrated — ‘‘about 70% of that 8% for the S and P came from those…
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