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Waterford Township Police & Fire Pension Board votes to liquidate Clarkston Capital, move assets to Fidelity FSMAX
Summary
On April 14, 2026 the Waterford Township Police & Fire Pension Board voted unanimously to liquidate its holding in Clarkston Capital and reinvest the proceeds in Fidelity FSMAX following a recommendation from Mariner Institutional; the motion was moved by Treasurer Steven Thomas and seconded by Trustee Jeff Wise.
The Waterford Township Police & Fire Pension Board voted unanimously April 14, 2026, to liquidate its investment in Clarkston Capital and reinvest the proceeds in the Fidelity FSMAX fund, following a recommendation from Mariner Institutional.
Treasurer Steven Thomas made the motion to sell the Clarkston Capital holding and reinvest into Fidelity FSMAX; Trustee Jeff Wise seconded, and the motion passed without opposition. All five trustees present — Chairman Matt Covey, Treasurer Steven Thomas, Trustee Jeff Wise (participating by Zoom), Trustee J. Thomas Lesnau (Zoom) and Secretary Richard Haefner — voted yes.
The board took the action after Mike Holycross of Mariner Institutional recommended terminating the Clarkston Capital position. The minutes record the recommendation and the board’s resulting unanimous vote but do not specify the dollar amount of the Clarkston Capital holding to be liquidated.
Investment managers Hamlin Capital and Reinhart Partners also provided brief updates at the meeting; the minutes note those presentations but do not include performance figures or further detail on manager recommendations beyond Mariner’s advice to liquidate the Clarkston position.
Legal counsel Tom Michaud of VMT Law reminded trustees of the importance of continuing education, naming MAPERS as an example of a conference to meet training needs.
The board scheduled its next meeting for June 2, 2026, at 10:00 a.m. at the Waterford Regional Fire Department.
