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The Town of Greenwich’s OPEB portfolio earned $4.2 million, or 6.78% net of fees, in April but lagged its policy benchmark by 47 basis points. The committee directed the treasurer to raise concerns with Morgan Stanley about underperforming actively managed funds and agreed to continue examining broader, less-correlated investment options.
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The OPEB portfolio helps fund the Town’s obligations for retiree benefits. Its value reached $66.0 million at the end of April, while fiscal-year-to-date returns were 12.45% and trailed the benchmark by 2.30 percentage points. The committee did not approve a portfolio change at this meeting, but it is considering whether lower-cost investment approaches and additional asset types could improve diversification and performance.
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