Retirement System trustees accept investment report; fund about $505 million after quarter of market volatility

On April 24, 2025, the Government Employees Retirement System Board of Trustees accepted the investment report following a presentation by Makita investment advisers and system staff, voting 5-0 with one trustee absent.

The board heard a quarterly markets briefing from Makita (presenters identified in the meeting as Leo and Sean) that summarized performance through March 31, 2025: U.S. equities posted losses for the quarter while many overseas stocks and most fixed-income sectors posted gains. Makita noted increased market volatility in recent weeks and said the dollar’s decline boosted returns on foreign equities when measured in U.S. dollars. “The objective of the fund is to make over 6% per year on average over a period in excess of 10 or 20 years,” Leo of Makita said during the presentation.

Trustees were told the system’s strategic allocation changed last year to reduce U.S. equity exposure by 10 percentage points and shift that weight into fixed income; the advisers and staff said that move and earlier reallocation since late 2022 have helped…