The Punta Gorda City Pension Board voted unanimously to move $2,000,000 from the Euro Pacific Growth fund into the Vanguard Total International Stock Index (VTIAX).

Jack, the investment consultant from Mariner, recommended the reallocation as a way to reduce tracking error and costs. "My recommendation is to take 2,000,000 from Euro Pacific Growth and add it to a new fund Vanguard Total International Stock Index, VTIAX," Jack said.

The consultant told trustees that Euro Pacific has been in the portfolio since 2013 and has produced strong long‑term returns but has shown more short‑term tracking error over the past three to four years. He said indexing a portion of that allocation would reduce volatility and lower fees — from roughly 50 basis points for the active fund to about 9 basis points for the index portion.

A trustee moved the proposal, another trustee seconded it, and the motion was recorded as carried unanimously. The meeting transcript does not record the individual trustees’ names for the motion and second. The board did not specify further implementation dates or transaction mechanics during the recorded discussion.

Trustees also discussed regional exposure differences among international funds and the concentration risk in certain subfunds, particularly Japan exposure in some Asia‑focused indexes. The consultant cautioned that tactical timing in international subregions is difficult when the board meets quarterly and favored a broader international index to better match the board’s All Country World ex‑U.S. benchmark.

The reallocation decision follows the consultant’s broader review of the fund lineup and was taken as a single formal action during the meeting. No amendments to the motion were recorded.