El Paso employees pension fund reports $1.007 billion in assets; trustees hear May performance rebound and capital-call timeline

The City of El Paso Employees Retirement Trust reported approximately $1.007 billion in net assets available for benefits as of May 31, 2025, and heard investment advisers describe a sharp month-to-month rebound in market returns.

Louis Meyer of the city controller’s office, presenting the treasurer’s report, told trustees “total cash and investments, dollars 1,004,000,000 approximately,” and outlined flows for the nine months ended May 31: receipts of about $46.7 million, net investment income of about $36.4 million and benefits paid to retirees of about $61.8 million. Meyer said quarterly net additions and investment returns left the trust with an ending net-assets figure “of approximately $1,007,000,000.”

The report and a separate monthly briefing from Kellen LLC showed the trust’s fiscal-year-to-date return had improved to roughly 4.42 percent after a volatile spring. Alex Ford of Kellen said May “turned out for risk assets to be 1 of the best months in years,” noting a strong rebound in U.S. equities and a roughly 6.3 percent return for the S&P 500 in May. Ford and the treasurer both cautioned that volatility remains high and world events can change trajectories quickly.

Why it matters: the figures drive actuarial planning and the board’s investment decisions. Trustees discussed tactical limits on rebalancing, operational limits imposed by commingled funds and timing needs for trades. Ford and trustees noted that some active managers are constrained by capacity and operational logistics: AllianceBernstein remains on the board’s watch list for underperformance and will report next month; Arrowstreet has outperformed but is closing strategies and cannot take additional contributions; the board recently committed to a third real‑estate manager (TA Realty).

Trust staff and advisers flagged upcoming private‑market cash flows: Ford said distributions in recent weeks added liquidity but noted a capital call from Adams Street expected June 25 for about $3,450,000. Trustees asked staff to account for the call when planning a rebalance; board members indicated a quarterly rebalance is planned after the investment committee meets next month.

Board members also discussed operational items tied to the finances. Robert Ashe, executive director, told trustees staff will propose a different budget presentation next month that includes previously unbudgeted items (investment management fees and some legal expenses) so the annual budget more fully reflects the fund’s total administrative cost. Ashe and trustees said the change will make year‑to‑year budget comparisons less direct but will provide more transparency about total fees paid.

Ending note: trustees instructed staff and advisers to continue monitoring manager performance, capital‑call timing and rebalancing opportunities and to report back at the next investment‑committee and regular meetings.