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St. Mary's County LOSAP board hears Q1 investment update; approves small rebalancing
Summary
Marquette Associates presented a first-quarter performance review showing a modest positive return and outperformance versus policy; the LOSAP board approved the consultant's recommended rebalancing to increase U.S. equity exposure.
The St. Mary's County Length of Service Awards Program (LOSAP) board heard a presentation on April 25 from Marquette Associates on first-quarter investment performance and approved a modest rebalancing recommended by the consultant.
Marquette Associates reported the LOSAP trust began the year with about $18,310,000 in assets and showed a Q1 net investment gain that produced a 1.2% quarterly return, slightly ahead of the policy index return of 1.1%. The consultant recommended marginal rebalancing into U.S. equities; the board approved that recommendation by voice vote.
The presentation, delivered by a Marquette Associates representative, emphasized diversification as the primary driver of the quarter’s positive return. “What we saw in Q1, despite a lot of volatility and weakness in U.S. equity markets, it was pretty much the polar opposite of Q4,” the Marquette Associates representative said, summarizing the quarter. The consultant pointed to gains in developed non‑U.S. equities, infrastructure and investment‑grade fixed income as offsetting weakness in…
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