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Board hears Marquette Associates review of Q4 performance; accepts report
Summary
Marquette Associates presented the retirement plan’s fourth-quarter 2024 performance, showing a Q4 net investment change of –$1.7 million and a quarter return of –1.1%; the board voted to accept the report.
Marquette Associates presented the St. Mary’s County Sheriff’s Office Retirement Plan’s fourth-quarter 2024 investment performance report and the board voted to accept the report.
Marquette Associates senior presenter (Mr. Wing) said the trust’s market value at quarter end was about $157.6 million and that Q4 produced a net investment change of roughly –$1.7 million, translating to a quarter return of –1.1% against a policy index of –1.3%. He noted that private-investment valuations were carried at Q3 levels because audited statements for many private funds lag the calendar year.
The firm summarized market drivers for Q4, saying slowing U.S. GDP growth and rising intermediate- and long-term rates pressured broad bond returns; U.S. equities finished the quarter positive (driven by a handful of very large names) while developed non-U.S. and emerging market equities were weaker for U.S.-based investors because of dollar strength. Mr. Wing described private-credit and private-equity cash flows, noting recent calls and distributions that have tended to return capital to the plan as older closed-end funds wind down.
Board members asked about private-market unfunded commitments, managers on watch, and the timing of capital calls. Mr. Wing said some private-equity and real-estate funds remain callable and that Carlyle’s first capital call this year was slightly more than 25% of its commitment. He also said the hedge fund Millennium produced a positive contribution in Q4.
After discussion, a trustee moved and a second was recorded; the board voted with all present saying “aye” and the chair declared the motion carried.
The board plans no immediate policy change from the presentation; Marquette Associates will continue to provide the more granular private-market and U.S.-equity exposure materials at the board’s next meeting.
Votes at the meeting included formal acceptance of the Q4 performance report and other routine approvals (see separate votes summary).
