The Florida Retirement System (FRS) Pension Plan has recently acquired additional shares of Anheuser-Busch InBev (BUD), a popular beer manufacturer. By the end of June, their total holdings reached 797,081 shares, after purchasing 114,373 more shares during the second quarter.
During this quarter, however, the company faced a significant decline in share price, dropping by 15%. One of the contributing factors to this decrease was a conservative boycott that followed an April promotion involving Bud Light and transgender social media personality, Dylan Mulvaney. This controversy put pressure on the stock, resulting in significant unrealized losses of about $2.5 million within the holdings.
Despite these setbacks, the FRS Pension Plan remains committed to its investment strategy and continues to monitor the performance of its portfolio.
Investment Change Sparks Response from Florida State Board of Administration
The Florida State Board of Administration (FSBA) has yet to comment on a recent investment change, despite requests for clarification. The FSBA is responsible for overseeing the FRS Pension Plan, also known as the Defined Benefit Plan, which currently holds total assets worth $189 billion as of July 31.
According to the FSBA website, their primary goal is to maximize returns over the long term. They prioritize risk considerations in order to ensure that the FRS Pension Plan remains a valuable resource for participating retirees who rely on it to meet their financial goals. Their commitment extends to all plan participants, assuring them that their retirement funds are invested prudently.
It's important to note that the FRS Pension Plan is separate from the FRS Investment Plan. The latter offers a portable and flexible alternative, boasting total assets worth $15 billion as of July 31.
In a previous statement, Governor DeSantis hinted at the possibility of taking legal action against AB InBev, attributing the decline in share prices to what he perceived as the company's adherence to "radical social ideologies." Specifically, DeSantis highlighted AB InBev's collaboration with Mulvaney as an example.
Governor DeSantis' office has yet to provide further comment regarding this matter.
Despite AB InBev's stock experiencing a 6.3% decline in 2023, it remains relatively unaffected in the third quarter. The company recently reported strong second-quarter results and continues to enjoy worldwide success with its various brands.
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