Investment managers reported a strong September for the Norwalk City pension fund and briefed the board on a bankruptcy exposure tied to First Brands and UBS co‑investments.

The manager (Speaker 7) said the pension fund grew by just over $8.5 million net of distributions for the month of September and that the fiscal‑year‑to‑date return was about 4.9%, with U.S. and emerging‑market equities the largest contributors to the gain. The manager noted some active managers lagged their benchmarks—for example, LSV underperformed the Russell 2000 value benchmark by roughly 500 basis points for the quarter—while other managers added meaningful alpha against their benchmarks.

The board heard an update on First Brands, which filed for bankruptcy; the presentation said roughly 2,300,000,000.0 funds were missing from company accounts in the managers’ accounting (transcript figure). Managers said UBS O’Connor had co‑investment exposure dating to 2019 and that some managers who did more due diligence avoided the position. The manager recommended inviting UBS to discuss what went wrong and changes to their processes; board members supported follow‑up and asked staff to arrange that meeting.

The board then moved to discuss calendar scheduling for 2026 meetings (pension, OPEB and DC) and agreed to draft a meeting calendar to present in December.