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St. Mary's County retirement board reviews asset-allocation options, approves $200,000 rebalancing
Summary
Marquette Associates presented options to reallocate private real estate and private equity in the St. Mary's County Sheriff’s Office Retirement Plan. The board directed staff to update the investment policy statement and approved a $200,000 rebalancing into a Fidelity inflation-protected bond index.
St. Mary's County, Md. — The St. Mary's County Sheriff’s Office Retirement Plan board heard a detailed asset-allocation analysis Oct. 23 from consultant Patrick Wing of Marquette Associates and gave staff direction to memorialize new long-term targets while approving a $200,000 rebalancing.
The consultant told the board the fund stands at just under $180 million and that private-market holdings (private equity and private real estate) have fallen from roughly 12% in 2020 to about 7.5% today. ‘‘I don't recall ever seeing a number quite like that. So it's great news,’’ Patrick Wing said, describing nearly $450,000 of net investment gains reported in the private-equity sleeve for the quarter and about $580,000 across private markets for the period.
Wing walked trustees through five portfolio variants that answer two questions: where to allocate an existing 4% private-real-estate target as those funds wind down, and where to place a 6% private-equity target. Option A would eliminate the real-estate target…
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