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Wyoming Retirement System posts above‑benchmark longer‑term returns; investment staff warn of greater near‑term volatility
Summary
WRS staff and independent consultants told the Select Committee on Capital Financing & Investments that long‑term returns improved, the fund reached top quartile performance in recent periods, and gold and marketable alternatives helped recent returns. WRS CIO and consultants recommended continued focus on risk‑adjusted returns as capital market
The Wyoming Retirement System (WRS) updated the Select Committee on Capital Financing & Investments on investment performance through March 31, 2025. WRS and its independent consultants told the committee the system’s longer‑term returns have improved relative to peers, but consultants and staff warned that capital‑market assumptions show lower expected risk‑adjusted returns over the next decade and more volatility.
Sam Massudi, CIO of the Wyoming Retirement System, told the committee that WRS focuses on beating its benchmark over longer windows and that the five‑year return of the total fund was presented at roughly 11.66% annualized — about 1.34 percentage points above the benchmark — and placed WRS in the top percentile of its peer universe. Massudi said the board’s objective is a “highest…
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