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Investment consultant reports 2.11% quarterly gain; plan market value near $19.3 million
Summary
Mariner Consulting presented a fourth-quarter economic overview and reported the plan returned +2.11% for the quarter (net of fees), with a 12/31/25 market balance of $19,292,904; the board was told no rebalancing was needed and an upcoming capital call will move allocations toward target.
Tyler Grumbles of Mariner Consulting presented the plan’s quarterly investment performance and an economic overview at the Rockledge Fire Employees’ Retirement Board meeting on Jan. 30.
Grumbles said economic conditions moderated in the fourth quarter, with inflation easing and labor-market momentum softening, and noted that Federal Reserve rate cuts had supported bond-market stability and risk assets. He reported a quarter-ending balance of $19,292,904 as of Dec. 31, 2025, and a quarterly return of +2.11% net of fees. The plan’s prior quarter balance (Sept. 30) was listed at $18,590,759.
On portfolio positioning, Grumbles said no rebalancing was needed at this time. He identified an upcoming Harrison Street capital call that will move the plan closer to its target allocation and recommended the board review the Cohen & Steers investment at a future meeting.
Board Attorney Madison Levine provided legal input during the meeting and advised there have been no bills related to proposed property tax changes. Plan Administrator Julie Enright reviewed administrative items including distribution of annual member statements and payment of fiduciary insurance ($4,857.09).
The board did not take further investment action and scheduled its next meeting for May 15 at 9:00 a.m.
