Pension Board 04-08-2026

The City of Norwalk Connecticut Pension Board held a meeting on April 8, 2026, primarily focused on reviewing pension applications and discussing the international equity portfolio structure. The board approved tabling pension application votes pending clearer documentation on application initiation dates. A significant portion of the meeting was dedicated to evaluating the current international equity managers, particularly the outsized exposure to Silchester, a value-biased manager, and Walter Scott, a growth-oriented manager. The board considered alternative portfolio mixes including maintaining active management, introducing a passive core index to reduce fees and risk, or moving to a fully passive international equity portfolio. Fee structures, performance metrics, and risk exposures were analyzed, with discussions on potential rebalancing to achieve style neutrality and reduce concentration risk. The board expressed interest in improving reporting quality from investment managers and agreed on exploring passive investment options while continuing active management with a more balanced approach. No formal votes on portfolio changes were taken, but there was consensus on moving forward with further analysis and potential incremental shifts toward passive investments.