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The board unanimously approved replacing the T. Rowe Price Mid Cap Growth Fund with the Touchstone Mid Cap Growth Fund, which represented about 8% of the pension portfolio. The adviser reported Touchstone had returned 6.97% year to date versus 1.21% for T. Rowe Price, while the overall portfolio was up more than 8% from the end of the first quarter by the end of May.
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The change directs part of the public safety pension portfolio to a different investment manager after concerns about the fund’s recent performance and management transition. The adviser said the replacement carries a slightly higher fee but has shown stronger performance. The board also approved invoice payments and received a disclosure form and quarterly investment review.
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