City trust fund continues to grow amid turbulent economic times – The Oxford Eagle
The City of Oxford Reserve and Trust Fund Committee has reported continued growth for the fourth quarter of 2021, despite disruptions to supply chains and rising inflation rates due to the pandemic of Covid-19.
The fund rose 3.3% in the fourth quarter, just below the blended benchmark of 3.6%. Equities returned 8.1%, while the value of fixed income investments fell 0.4%.
The fund’s market value was $41,464,840 in December 2021, a net gain of $19.4 million since its inception in April 2012.
Glenmede Investment Management, which manages the fund’s asset allocation, said 46% of allocations are currently in equities, with 54% of the funds in fixed income and cash.
The committee discussed several possible changes to the portfolio, including increasing the equity allocation and shifting funds from large-cap stocks to smaller-cap or international stocks. However, none of the options have been subject to formal review.
The fund was created in 2012 when Baptist Memorial Hospital-North Mississippi sold its old campus to the City and County of Lafayette in order to build a new one. He gave the city and county $30 million each, which the city used to establish the Oxford Municipal Reserve and Trust Fund. It finances municipal projects not covered by the official budget.