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Pension board hears quarterly review: equities drove recent returns, adviser says
Summary
The Police and Fire Pension Board received a quarterly portfolio review on July 28, 2026, reporting that equities accounted for the majority of recent gains and that the fund added a small international equity position for diversification.
The Police and Fire Pension Board on July 28 heard a quarterly portfolio overview from the board’s presenter, Member Altonette Welch, who said equities were the primary driver of the fund’s recent returns.
"Cash stood at 2.7% at roughly $54,000," Member Altonette Welch said, outlining the fund’s holdings. She reported that fixed income comprised about 45% of the portfolio — roughly $886,000 — split between a short-term Vanguard ETF (~$446,000) and the Dodge & Cox Income Fund (~$439,000). Equity exposure was about 52.3%.
Welch described recent performance: a withdrawal of $300,000 over the quarter, approximately $15,000 in income from dividends and coupons, and market appreciation of about $53,000, which she summarized as a total return near $68,000 for the period. She told the board the year-to-date return stood at 2.37% and that the portfolio’s longer-term annualized return is roughly 7.22%.
The presenter also noted some inconsistent figure references during the review — for example, multiple market-value numbers were cited during the presentation — and encouraged the board to rely on staff reports for final accounting figures. No questions were raised after the presentation.
The board took no immediate investment action at the meeting; the presentation was informational and framed the fund’s asset-allocation rationale going into the next quarter.
