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The Commissioners decided to sell international-equity holdings and move the proceeds into investment-grade U.S. corporate bonds across four accounts, including the OPEB and library funds. The trades involved selling 9,784.149 shares of the IQLT ETF and buying 8,260 shares of the IGIB ETF.
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The change reduces international-stock exposure and increases holdings in intermediate-term, investment-grade U.S. bonds amid recent market volatility and geopolitical uncertainty. The Commissioners also discussed updating the investment rules for the Town’s Stabilization Funds to allow a longer-term approach, but that proposal is expected to go before Fall Town Meeting rather than being adopted at this meeting. The accounts had reported market values totaling approximately $22.2 million.
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