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Verus consultant briefs ISERS on market drivers and portfolio performance; Q1 affected by import surge and tariff uncertainty
Summary
Verus consultant Brian told the ISERS board May 21 that U.S. equity weakness, a surge in imports and tariff‑related volatility drove first‑quarter returns; he reported modest net outflows and an ending portfolio balance near $1.259 billion and reviewed manager performance and private markets activity.
Brian (Verus consultant) provided the board with a market review and ISERS portfolio update on May 21, saying the first quarter’s key theme was U.S. underperformance, driven in part by a late‑February pullback, tariff headlines and a large pre‑tariff rush to import goods that materially affected GDP math.
He told trustees the April import surge was a major technical factor behind the headline Q1 GDP print of minus 0.3%: “There was a massive rush to import as much as you possibly…
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