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Pension trustees vote to move underperforming MFS growth allocation to Vanguard index option
Summary
Trustees approved a motion to replace the MFS Growth active manager with a Vanguard Russell 1000 Growth institutional share (VRGWX) or, if unavailable, the cheaper ETF option, citing persistent underperformance and fee considerations.
Trustees of the Town of Indian River Shores pension plan voted to move the plan's allocation out of the underperforming MFS Growth fund and into a Vanguard Russell 1000 Growth option.
Brad Bridal of Mariner Institutional framed the recommendation during the quarterly investment review, saying the MFS Growth mandate "keeps underperforming" and that "it's hard to justify keeping that MFS growth given the continued underperformance" (transcript). He offered low-cost Vanguard…
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