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St. Mary's County OPEB trust posts 0.7% Q1 gain; board accepts quarterly report
Summary
The St. Mary's County Retirement Benefits Trust accepted its quarterly performance report June 27, reporting a March 31 market value of about $123.5 million and a 0.7% return for the quarter, ahead of the fund's policy index by roughly 30 basis points.
The St. Mary's County Retirement Benefits Trust on June 27 accepted a quarterly performance report showing a March 31 market value of about $123.5 million and a net investment change of roughly $800,000 for the quarter, producing a 0.7% return, about 30 basis points ahead of the trust's policy index.
The report, presented by investment consultant Patrick Wing, summarized portfolio and market dynamics that produced the quarter's results. Wing said U.S. GDP estimates were revised downward for first-quarter growth, and that economists' forecasts for later quarters had also been ratcheted lower. Those macro factors, and volatile market pricing around anticipated Federal Reserve actions, helped shape returns across asset classes during…
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