Winter Springs pension board approves rebalancing, moves to cut RBC Global stake and add Vanguard short-term bonds

The Winter Springs Pension Board voted to reduce its foreign-equity exposure and increase holdings in a Vanguard short-term bond fund, approving an amended motion to liquidate $2.7 million from equity and cash sources and place it into the Vanguard short-term bond fund.

Board Chair Michael Santoro put the question after a lengthy investment review from staff member David West. West recommended rebalancing the portfolio to take profits from equities and reduce an overweight cash position. "My recommendation is going to be to rebalance our equity allocation...rebalance to the tune of $1,700,000 and, my recommendation is to pull that from the, the Vanguard Total Stock Market Index Fund," West said during his presentation. After discussion about international exposure and manager performance, the board approved an amended motion to increase the originally proposed liquidation so the portfolio would move $2,700,000 into the Vanguard short-term bond fund.

Why it matters: the action lowers the pension fund's equity weight and places more assets in a…