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Naples trustees approve moving small‑cap mandates to Russell 2000 index, weigh bigger fixed‑income allocation and pause new private‑credit funding
Summary
After a Greystone Consulting review that credited the plan with double‑digit one‑year returns, trustees moved two active small‑cap mandates into a Russell 2000 index blend, discussed boosting fixed‑income and voted to hold current private‑credit exposure without adding new money.
Trustees for the City of Naples’ three pension plans spent the bulk of their March 6 meeting on investments after a Greystone Consulting presentation that showed strong one‑year performance and reiterated a long‑term return target near 7%.
Scott Owens of Greystone (a Morgan Stanley business) told trustees the plans’ one‑year return was in the mid‑teens and repeated the board’s stated objective of targeting about 7% over the long run with the lowest reasonable risk. "For the year, our return was over 15%," Owens said. He also noted the board had added private credit after December 31 and that recent reallocation activity had reduced portfolio volatility.
Trustees debated manager performance, with…
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