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Trustees approve shifting 3% of equities into floating-rate funds
Summary
Trustees voted to reduce equity exposure by 3% (taken equally from three equity managers) and allocate the proceeds to two floating-rate managers (Aristotle and PG); the motion carried by voice vote.
The Indian River Shores trustees voted to reduce overall equity exposure by 3 percentage points and move that amount into floating-rate funds, splitting the change equally between two floating-rate managers.
"Reduce the equity exposure by 3% equally between the 3 equity managers and allocate that money to the floating rate equally between the 2 floating rate managers," the Committee member who moved the change said when presenting the motion. The mover argued floating-rate funds offer a safer position if interest rates rise; the motion was seconded by the Chair and carried by voice vote.
Investment figures referenced during the discussion included a reported aggregate bond ETF yield of "4.94%" and a floating-rate (Arasato) yield near "8%," which trustees used to assess the trade-off between equity exposure and current floating-rate returns.
