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Edgewater firefighters’ pension posts 13% fiscal‑year return; trustees review allocations
Summary
Investment consultant David Kelly reported a roughly 13% return for the fiscal year ending Nov. 30, with the plan at about $28 million in assets, roughly $1.2 million in cash, and an asset mix near 74% equities and 21% bonds; trustees discussed rebalancing and market drivers including AI and trade policy.
David Kelly delivered the pension fund’s investment report, saying that as of Nov. 30 the plan had produced about a 13% return for the fiscal year and stood at roughly $28 million in market value. Kelly said the plan held approximately $1.2 million in cash earmarked for bond purchases and rebalancing, with an asset allocation that was roughly 74.2% equities and 21% bonds.
Kelly reviewed recent maturities and new bond purchases, noted current yields (he cited a short‑end yield near 3.9%), and named several large equity holdings the plan holds, including Apple, Microsoft and NVIDIA. He said the board’s equity allocation remains close to its top collar of 75% and that cash would be deployed incrementally on a meaningful pullback.
Trustees and staff praised the performance and noted long‑term diversification goals. One trustee said the plan’s four‑year smoothing returned nearly 10% and emphasized the importance of a long‑term plan amid market cycles. Trustees asked about compliance with allocation targets and were told the plan was within policy ranges at this time.
The board did not change allocations at the meeting; the investment report will be included in the meeting packet and monitored for future rebalancing decisions.
