Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Investments topic
No spam. Unsubscribe anytime.
Mixed returns in February; board presses consultant for manager‑fee review
Summary
ISERS staff reported mixed investment returns for February 2025, highlighted capital calls and distributions, and trustees pressed for an update on manager fee reviews being conducted by the system’s consultant.
ISERS investment staff reported the fund posted mixed results for February 2025 and trustees asked for follow‑up on manager fee concerns.
Scott (investment staff) told the board that the BlackRock Russell 3000 account returned negative 1.92% for the month, while the system’s two other equity managers (EF and Dimensional) were up 1.92% and 0.93%, respectively. The William Blair growth fund was down about 3.62%. Global REITs led categories for the month at approximately +2.6%. Scott identified a capital call to the HarborVest fund for $850,000 and a distribution from Crescent of just under $358,000.
Trustees raised a concern that manager fees for two managers appeared “excessive,” and asked whether the system’s consultant, Verus, had concluded its review. Scott said Verus had requested supporting documentation from the board’s staff and manager‑fee work was in progress; trustees were told to expect a report back next month.
Scott also noted that changes to the board’s target policy table approved earlier in the meeting will be reflected in next month’s materials and that alternative and real‑asset numbers for December would post in next month’s packet.
Board discussion of fees included a request that staff continue to press for Verus’s written findings and for any recommended next steps if fee levels remain a concern.
