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Portsmouth retirement fund posts strong recent returns but active managers lag; funded gap remains
Summary
Investment consultants told the Portsmouth Retirement Board the portfolio rose in the second quarter but underperformed a new benchmark after active managers lagged, driven largely by heavy India exposure at one firm. The plan's funded ratio remains in the low-to-mid 70s; a full 2025 actuarial valuation is pending.
Portsmouth's retirement portfolio recorded strong market gains in the second quarter but fell short of its benchmark, presenters told the Retirement Board during a virtual meeting where no quorum was available.
Greystone and Morgan Stanley reported the plan earned roughly 7% net of fees for the second quarter but underperformed the MSCI All Country World Investable Market Index by about 1.6 to 1.7 percentage points for that period. The fund's long-term objective remains the actuarial assumed return of 7.25%.
The shortfall was mainly the result of underperformance by several active equity managers, presenters said. Morgan Stanley singled out GQG's emerging-markets and global equity sleeves: the emerging-markets sleeve returned about 5.3% in the quarter…
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