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Investment adviser advises keeping two funds on watch, removing two after Q4 review
Summary
Dare Capital's quarterly review reported the DC plan ended Q4 at about $32 million, recommended keeping JPMorgan Growth Advantage and American Century Small Cap Growth on the watch list for risk concerns, and removing Hartford Dividend & Growth and AllianceBernstein Inflation Strategy from watch.
The Employee Retirement Account Committee heard a quarterly investment review on Feb. 26 from Howard Dare of Dare Capital Group, who recommended maintaining two funds on the plan’s watch list and removing two others after fourth-quarter analysis.
Dare told the committee the market finished Q4 2025 with modest gains and that the committee’s defined-contribution plan ended the year at about $32,000,000. He said some funds posted strong annual returns even while failing certain internal risk metrics: “JPMorgan growth advantage fund ended the year over 16%,” he said, and the fund held just under $400,000 of participant dollars in the DC plan. He recommended keeping that fund on watch because of risk measures, not performance.
He said American Century Small Cap Growth — the second fund he flagged — has roughly $600,000 invested in the plan and represents about 2% of plan assets; the fund has been on the watch list for a second consecutive review. “Again, it’s the risk measures that aren’t all that great right now,” Dare said, urging the committee to monitor whether managers reduce volatility.
Dare recommended removing Hartford Dividend & Growth and the AllianceBernstein Inflation Strategy Fund from the watch list after those funds met the committee’s criteria in Q4. He offered to bring a small set of alternative options for any fund the committee wants to review further at a future meeting when he can appear in person.
Committee members signaled support for the recommendations during discussion but did not record a roll-call vote on the watch-list changes on the record at this meeting. Dare said the watch-list holdings represent roughly $1,000,000 of the plan’s assets — about 4% of total assets — and reiterated that the committee evaluates funds on both performance and risk metrics.
The committee did not take a formal, recorded vote on fund removals or replacements during the session; Dare said he would return in person at the next meeting to present alternative fund options if the committee requests them.
