Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Punta Gorda pension board raises equity target, trims risky bond positions and taps a new core-plus manager
Summary
The City of Punta Gorda General Employees Retirement System voted to raise its domestic equity target to 40% (total equity ≈55%), lower fixed income to 35%, sell dedicated high‑yield and floating‑rate funds, and direct a $5 million transfer from Garcia Hamilton to a recommended core‑plus manager (Baird), with implementation to follow next quarter.
The City of Punta Gorda General Employees Retirement System board on Thursday approved a shift in its investment policy and portfolio that raises the plan’s exposure to equities and reduces reliance on volatile fixed‑income strategies.
The board voted to change the investment policy target for domestic equity to 40% and the fixed‑income composite to 35%, increasing total equity exposure to roughly 55%. Trustees approved the amendment by voice vote after hearing a recommendation from the plan’s investment consultant, Jack of Mariner Institutional.
Jack told trustees the change reflects the plan’s new status as an open plan and the…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
