Representatives from the town’s investment consultant presented the pension performance through September 2025 and explained a strategic reallocation made in May 2025.

The consultant reported a third‑quarter net return on assets of 5.23% (benchmark 5.33%) and an annualized since‑inception return of 14.49% versus benchmark 14.36, with one‑year performance of about 12.1% (benchmark ~11.88%). Market value was reported to have increased from roughly $123.6 million to about $191.6 million through Sept. 2025, with net plan outflows of approximately $1.6 million and an investment gain of about $9.6 million.

Consultants said the May reallocation modestly reduced U.S. large‑cap passive exposure and added allocations to U.S. small‑cap, emerging markets, global equity, REITs and listed infrastructure to improve diversification. On exposure to so‑called AI‑heavy names — e.g., Nvidia and other large caps — consultants noted the U.S. large‑cap sleeve is passive and therefore carries market cap weights; lowering the U.S. large‑cap weight reduces that concentrated exposure.

Board members asked about the discount rate and funded status. The consultant said a 6.625% expected return is a reasonable assumption and noted the plan is currently actuarially overfunded; the consultant expects funded status to continue improving given the plan is partially closed.

No formal action was required on the investment report; the board thanked the consultants and asked for more detailed breakdowns of sector exposures and any AI‑concentration figures for follow up.