RBC adviser: borough pension funds down modestly in quarter but up strongly year‑over‑year

An RBC adviser briefed the West Chester Finance Committee on pension fund performance and strategy, urging a long‑term perspective amid recent equity market volatility.

Bruce Biesecker of RBC Wealth Management summarized performance for the most recent quarter and the trailing 12 months: “If you look at the most recent quarter, it was down 1.7% … and by the way, in calendar year 2025 this fund was up 14.7%,” he said, noting the trailing 12‑month return and explaining drawdown mechanics.

Biesecker walked the committee through allocations, noting that indexed domestic equity performed well over the last year while active international managers added value in a period when international benchmarks lagged. He said the policy target for international equity is 15% of the portfolio with an allowable band of plus or minus 5 percentage points (10–20%).

He also reported that since RBC began advising in February 2023 the average annual net return is approximately 10.5% and that a change in investment providers produced an estimated $200,000 annual expense savings, totaling about $600,000 in reduced fees over three years.

Committee members asked whether the committee should increase international equity exposure; Biesecker said staff continues to review the case and that any shift would require moving allocation from another asset class and careful consideration of whether growth stocks and large caps would resume leadership.

The adviser finished by offering to return in three months for the next quarterly review.