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Investment consultant: fund up about 4.5% for fiscal year; portfolio slightly overweight equities
Summary
The board's investment consultant reported the fund was up roughly 4.5% for the fiscal year, with equities at about 65.9% of the portfolio (target 60%), $32 million in assets, and approximately 2% in cash to cover short‑term obligations.
The board heard a quarterly market and portfolio update from the investment consultant (identified in the meeting as Scott). Scott said short‑term volatility remains, but longer‑term targets remain achievable: "As of ... the fiscal year, we're up 4.5 percent," he reported, and noted the fund was on track to meet its target by September 30.
Scott outlined portfolio positioning: a modest overweight to large‑cap equities (about 65.9% vs. a 60% target), underweight fixed income, and roughly 2% cash on hand to meet near‑term obligations. He emphasized manager dispersion this quarter and stressed avoiding panic during short swings: "you get managers, each manager has a job... we can't panic if something happens in the market." The consultant also reported the fund balance was "about $32,000,000 and change" as of March 31 and recommended no immediate tactical changes.
