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Norwalk pension board reviews 2025 performance and weighs moving more assets into passive ETFs
Summary
Trustees reviewed 2025 manager performance, discussed shifting some international and small‑cap exposure into passive ETFs, and scheduled a February presentation from manager Walter Scott to address recent underperformance.
The Norwalk pension board on Jan. 14 reviewed its 2025 investment results and spent substantial time weighing whether to shift some allocations from active managers into passive exchange‑traded funds (ETFs).
Consultants told trustees the pension plan completed manager searches last year, is transitioning a small‑cap sleeve from Principal to Emerald and has had presentations from several managers, including TCW, PIMCO and Walter Scott. A consultant said the transition paperwork is underway and that the work plan for 2026 will include a formal review of the pension and OPEB investment policy statements.
Trustees focused on Walter Scott’s…
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