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Investment advisers report portfolio near $62 million; managers cite rebalancing gains
Summary
HB Wealth reported the consolidated pension portfolio at just under $62 million with a 6% YTD return; CBIZ INR said its sleeve has returned 9.45% YTD and credited a February rebalance into small-cap and value for outperformance.
Trustees heard consolidated and manager-level investment updates at the Upper Darby Firefighters Pension Board quarterly meeting.
Paul, who presented the consolidated report for HB Wealth, said the overall portfolio value was "just under $62,000,000" at the end of the second quarter, with the plan roughly aligned to the investment policy target (about 65% equities/35% fixed). He told the board the consolidated year-to-date performance was about 6 percent and that the plan’s conservative sleeve keeps interest-rate exposure short.
Pete Riviello, vice president at CBIZ INR, reviewed the more aggressive sleeve they manage (75% stocks/25% bonds). Riviello said the plan’s CBIZ INR sleeve has returned 9.45 percent year-to-date and that a rebalance in early February — selling some growth/large-cap positions and adding small-cap and value exposure — contributed to outperformance: “the Vanguard small cap ETF was up 19.23% year to date,” he noted.
Managers said they continue to monitor market volatility tied to geopolitical events and interest-rate direction but had no immediate changes to recommended allocations. Trustees asked clarifying questions about factor‑based funds; managers explained the equity sleeve is asset‑class ETF based while fixed income uses Treasury, aggregate and corporate bond exposures with some high‑yield for yield pickup.
The investment reports will be included in the meeting packet and managers said they would return as needed for updates.
