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Punta Gorda firefighters’ pension hears Intercontinental update; trustees opt to hold course
Summary
Intercontinental Real Estate told the Punta Gorda Firefighters’ Pension Board that the plan’s $2,392,000 commitment is now worth about $2,479,995 after distributions; trustees discussed liquidity and manager performance and asked staff to bring searches for passive and active large‑ and small‑cap options at the next meeting.
The Punta Gorda Firefighters’ Pension Board heard a presentation from Paul Masser of Intercontinental Real Estate on the fund’s performance and company staffing changes, then discussed whether to alter the plan’s exposure.
Masser said the board’s committed investment of $2,392,000 is now worth $2,479,995 and that trustees have received $637,073 in net distributions. He described recent firm succession moves and new hires, and reviewed market performance: eight quarters of negative returns during the rate‑rise cycle have given way to several quarters of modest appreciation, he said. "Your original $2,392,000 today is worth $2,479,995," Masser reported.
Masser told trustees the fund’s redemption queue had peaked at about $1.5 billion and was down to roughly $700 million, and that the manager had $3.5 billion of unencumbered properties that could be used to provide liquidity if needed. He also summarized property‑type performance: industrial, grocery‑anchored retail and multifamily were recovering or doing well, while office remained the weakest segment and the firm had actively reduced office exposure from prior highs.
Trustees questioned whether to redeem or remain invested. One trustee urged caution about selling when prices were down; another, Jack, said while Intercontinental’s office allocation (about 28% at the time cited) was higher than some peers, the fund has performed well for this board and he favored holding for now. Board members agreed staff should return with comparative manager searches and passive options to evaluate reallocating portions of domestic equity exposure.
The board recorded no formal change to its Intercontinental allocation at the meeting. Staff said they would bring searches for large‑ and small‑cap active and passive funds to the next meeting to allow trustees to consider trimming active domestic equity exposure.
The meeting ended with routine administrative business and an adjournment.
