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Retirement board told portfolio held up in turbulent quarter; advisers warn more volatility likely
Summary
Graystone advisers told Portsmouthretirement trustees the planportfolio was near policy targets after a volatile first quarter, reporting a net return of about -0.07% vs. a benchmark loss of 0.52%; advisers said tariffs and trade uncertainty make continued volatility likely.
Brian (Graystone presenter) told the Portsmouth Retirement Board that the plan—s investment mix was "effectively spot on our investment policy targets" at the end of the first quarter and that the portfolio returned slightly under flat, "we were down 7 basis points, for the first quarter," net of all fees.
The board heard that the plan—s policy targets remain roughly 70% equities, about 22% fixed income and 8% alternatives. Brian said U.S. equity volatility drove most of the quarter—s moves: "For the full quarter, the S and P was down about 4%," while non-U.S. developed markets were positive and helped mitigate the impact because roughly 35% of…
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