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St. Mary's County OPEB posts 0.7% Q1 gain; consultant recommends shifting equity exposure and board approves $500,000 rebalancing
Summary
Marquette Associates reported a 0.7% return for the OPEB trust in Q1 and recommended shifting equity exposure toward mid-cap/value; the board approved a $500,000 rebalancing from a short-duration fixed-income fund to a large-cap value index fund by voice vote.
St. Mary's County OPEB Board, April 25 — Marquette Associates told the St. Mary's County OPEB Board on April 25 that the county's OPEB trust returned 0.7% in the first quarter of 2025 and recommended modest allocation shifts to reduce concentration in mega-cap growth stocks; the board approved a $500,000 rebalancing by voice vote.
Marquette Associates senior consultant Patrick Wing presented the performance update and said the trust began the quarter “with a just a shade under a hundred and 22 and a half million dollars.” He reported a positive net investment change of about $846,000 for Q1 and said diversification across asset classes produced modest outperformance versus the policy benchmark (roughly 30 basis points ahead for the quarter).
The consultant highlighted several drivers: an overweight to U.S. large-cap value and downside protection from some active managers offset losses in U.S. large-cap…
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