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Board reviews public fixed‑income and liquidity updates; staff says liquidity improved after 2024 rebalancing
Summary
Staff told the board the public fixed‑income portfolio returned 4.7% in 2024 (public credit 6.7%, treasuries 2.3%), described a new public‑credit construction framework targeting ~75 bps excess return, and said rebalancing raised over $2.3 billion from public equities into fixed income and cash, improving liquidity metrics.
Staff presented the public fixed income and cash annual update and a separate liquidity management briefing. Alo Martins explained the role of treasuries, public credit and cash as liquidity and income sources and noted the board’s new strategic targets: 8% to treasuries, 12% to public credit and 1% added to cash as part of strategic allocation changes approved last year. He reported the fixed income portfolio returned 4.7% in 2024, outperforming its policy benchmark by about 70 basis points, with the public credit sleeve returning 6.7% and treasuries roughly in line with index…
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