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Investment managers report gains; board reviews allocation and cash needs
Summary
Bowen & Haines and Mariner reported the pension portfolio was up roughly 14% through March and outperformed policy benchmarks; managers discussed allocation (equities overweight at ~76%), upcoming bond maturities, and plans to use cash flows to rebalance toward the 75% equity target.
Bowen & Haines presented the plan’s quarterly investment review and said the portfolio has delivered strong year‑to‑date returns.
David Kelly of Bowen & Haines reported the plan was up about 14% through March, roughly double the bogey for the period, and said the firm expects continued market sensitivity to geopolitical developments, oil prices and AI‑driven flows. “We're up a couple percent through March, but now we're up 14%…That's the good news,” Kelly said, noting the allocation has risen above the 75% equities target because existing holdings appreciated rather than through new stock purchases.
Kelly reviewed recent bond maturities expected in 2026 and said proceeds would be reinvested with a long-term view on improving coupons. He described sector exposures and flagged a few names where managers are monitoring valuation and competition risk.
A Mariner representative gave a complementary market update, saying the March drawdown was sharp but short-lived and that the plan avoided the worst of the losses. Mariner confirmed the portfolio is largely in compliance with policy but noted approximately $50,000 in the R&D account will need to be coordinated with planned disbursements; the firm said it will work with the plan’s custodian and administrators on cash flow timing and natural rebalancing.
No formal votes were required on the investment reports. Managers said they will continue to monitor allocations and return to the board if active rebalancing or other adjustments are recommended.
