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 the period.

Wing highlighted that U.S. equities were down roughly 5% in the quarter while developed non-U.S. and emerging-market equities posted positive returns aided by a weaker U.S. dollar. On the fixed-income side, broad U.S. bonds generated about a 3% return as yields fell. Wing said diversification across active managers and alternative allocations (infrastructure, private credit) contributed positively to the trust's relative performance.

The presentation included private-market updates. As of the statements available to the board, Wing said private-equity unfunded commitments stood at about $2,150,000 but that most of that figure is overstated and he estimated roughly $500,000 of that amount was likely to be called. Private-equity IRR was reported near 16.5% (a multi-year figure that Wing said had declined from the 20%-plus levels seen in earlier years). Private real estate IRR was reported at about 10.6% and private credit continued to be a steady performer in the trust's alternatives allocation. Wing cautioned that many private market values were reported as of 12/31 and that the staff had adjusted those figures for subsequent calls and distributions when possible.

Plan administrator Joy Sapp and other staff noted the trust's liquidity needs: Wing reminded the board the plan is paying roughly $4,800,000 a year in reimbursements and benefits (about 4% of the fund) and that the trust's illiquid private-market positions require careful attention when rebalancing.

Motion and vote: Vanetta Van Cleve moved to accept the quarterly report as presented; John Walters seconded. Chairman David Weiskopf called the vote and members signified their approval. The motion passed.

Administrative items noted after the presentation included a capital call of $105,000 to Accolade Partners Growth II and payments from the trust of $48,008.37 to external managers (RCM, DBoomershine, and Marquette) for fees. Sapp reported the fourth-quarter county reimbursement for health-care costs was $1,205,055, bringing total fiscal-year 2025 reimbursements to $4,000,007.95. The board set its next meeting for Aug. 29, 2025.

The trust adjourned the performance discussion and moved on to implementation items later in the agenda.