Pension trustees approve $5 million shift from Vanguard to Galliard core fixed income

Winter Springs' Board of Trustees voted May 14 to move $5,000,000 from the Vanguard Total Stock Market Index into the Galliard core fixed income fund to bring domestic equity closer to its policy target and reduce concentration risk. The motion passed 4'1.

Mariner investment adviser Jack Everett told trustees the plan's domestic equity weighting was roughly 56% as of the March 31 reporting date and recommended repositioning $5 million back toward the target: "I think it's prudent to kind of take some of those gains, repositioning the portfolio," Everett said, arguing the shift would reduce the plan's exposure to a small number of high‑growth names and lower volatility.

Trustees questioned the tradeoffs, asking about duration in the Galliard portfolio, currency effects on international managers such as PIMCO, and the status of the plan's real estate funds (InterContinental and American Core Realty). Everett said the Galliard mandate is an intermediate/core fixed‑income approach, and that the reallocation would reduce domestic equity from about 56% to roughly 50% of total assets under the plan's investment policy ranges.

During roll‑call voting the board recorded Michael Blake voting no and trustees Brandon Fair, Carl Furno, Vice Chair Ari Fried and Chair Marco Santoro voting yes. The clerk recorded the motion as approved, and Everett said staff would execute the $5 million redemption from Vanguard and funding into Galliard.

The move follows Mariner's broader presentation of five model mixes showing how alternatives such as direct lending, bank loans and core real estate would affect expected returns and volatility. Everett emphasized the recommendation was not mandatory under the investment policy statement but intended to address an out‑of‑range equity weighting as of quarter end.

Next steps: staff and investment counsel will implement the trade and report back on execution and any timing or liquidity considerations.