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Board hears investment reports showing strong fiscal-year gains
Summary
Investment managers reported fiscal-year returns near 30% and described portfolio positioning: an overweight to U.S. large-cap technology names and recent bond purchases that should yield about 5% when reinvested. Managers gave fund-size estimates between $24.9 million and $26.8 million depending on cash timing.
Trustees heard two investment reviews showing strong recent performance and portfolio positioning. David Kelly reviewed recent fixed-income purchases and current yield expectations; a Mariner representative presented peer-group comparisons and reconciliations showing the plan ranks well among similar public funds.
"As the money rolls in and matures, probably the next year or so, we're gonna be able to cast those bonds out and get 5%," David Kelly said when describing recent bond purchases including Dollar General, JPMorgan and Intel with coupons in the low- to mid-5% range. The Mariner presenter said the plan's book showed roughly $25.4 million–$26.8 million depending on cash timing and highlighted a fiscal-year return in the 30% range.
