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Hospital authority votes to move about $8.7 million into less-risk international fund
Summary
Trustees agreed to reallocate roughly $8.7 million from an aggressive growth fund into a less risky Dodge & Cox international stock fund based on a financial adviser's recommendation to seek similar projected growth with lower risk; the motion passed by voice vote.
The Midwest City Memorial Hospital Authority approved a recommendation to move approximately $8,700,000 from the Primecap Odyssey Aggressive Growth account into a less-risk Dodge & Cox international stock fund.
A financial planner who met with trustees recommended the change to reduce portfolio risk while preserving projected growth. "The recommendation they've given us is to move all of our assets that are currently in our prime cap, Odyssey aggressive growth, and we're gonna move it into a less risky Dodge and Cox international stock fund," the adviser said. Trustees noted the manager's record and cited prior returns under current management as reasons to trust the recommendation.
A trustee moved the motion on the floor and the authority approved it by voice vote. The action is a portfolio reallocation consistent with the authority's investment policy review and does not change operating budgets; it reallocates existing assets among funds under the authority's oversight.
Next steps: the authority's financial manager will implement the fund transfers and continue monitoring performance; trustees did not identify specific timing in the meeting record.
