Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Investments topic
No spam. Unsubscribe anytime.
Investment manager: city portfolios positive year-to-date despite market volatility
Summary
Hoxton Management reported the city's corporate account is up about 2.2% year-to-date with a multi-year average near 9.9%; the police pension portfolio, managed more conservatively, has also shown gains. The firm cautioned on short-term volatility tied to geopolitical events.
R.G. Hoxton of Hoxton Management briefed the Charles Town Finance Committee on April 14 about the city's investment performance and outlook.
Hoxton said markets have been "kind of a bumpy year" because of geopolitical uncertainty but that the city's corporate portfolio has recovered from earlier losses and is positive year-to-date. He reported a three‑year average return of roughly 9.9% per year, a calendar-year 2023 return near 10%, and a year‑to‑date return of about 2.2%. "So we're sort of coming into this environment from a position of strength," he said.
He described the portfolio allocation as about 50% equities, the remainder mainly bonds, and roughly 5% in interest‑bearing cash for liquidity. Hoxton also included the police pension account in his review: it is managed more conservatively (about 35% in equities) and he said it was "up 12% over the last year" with a three‑year average near 7.7%.
Hoxton advised caution amid short-term volatility tied to international events but said the accounts are positioned to absorb shocks and that the firm will continue monitoring trends and working with city staff. Committee members asked follow‑up questions about the reports and requested copies of the presentation slides for records.
Next steps: Hoxton will provide the committee with the written materials he referenced and continue to coordinate with the staff regarding performance and the police pension oversight.
