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St. Mary's County pension consultants recommend modest rebalancing; board approves moves
Summary
Marquette Associates reviewed first-quarter performance and recommended modest rebalancing to reduce an overweight in large-cap U.S. equities and bring cash within policy ranges. The board approved the rebalancing plan on April 24, 2025.
Patrick Wing, an investment consultant with Marquette Associates, told the St. Mary's County Sheriff's Office Retirement Plan board on April 24 that diversification helped the plan eke out a small gain in the first quarter despite a weak U.S. equity market.
"The diversification of the SORP was very helpful in Q1 at a time where U.S. equities were down almost 5%," Wing said, summarizing the brief quarterly performance update and the drivers behind relative results.
Wing said the plan began the year with roughly $157.6 million in assets and experienced a positive net cash flow of about $909,000 in Q1 and a net investment change of about $600,000, producing a return of about 0.4%, slightly above the policy index return of about 0.3%.
Wing highlighted that non‑U.S. equities, fixed income, infrastructure and other diversifying holdings outperformed U.S. large-cap equities in Q1. He also reviewed private markets activity: Carlisle (Carlyle) and TPG had begun funding new private managers and legacy…
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