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The board voted 4-0 to liquidate the Entrust evergreen fund and move a multi-asset credit investment from Loomis to Wellington. It also unanimously approved requesting $35 million for the 2026 PRIT PEAVY sleeve and retaining M&T-Wilmington Trust as custodian for seven more years.
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The board made several changes to how the retirement fund is invested and managed. It cited concerns that the Entrust fund was underperforming and not following its proposed strategy; proceeds from liquidation may be returned over three to four years. The portfolio was reported to be up 10.5% year to date through November, with an expected additional 1% increase by year-end.
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