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Board hears strong investment performance; fiscal year return above actuarial assumption
Summary
Staff reported the system’s fiscal‑year returns outperformed the actuarial target, with strong June performance driven by equities; board discussion limited to questions about allocations and administrative reminders.
Staff reported to the Imperial County Board of Retirement that the pension portfolio finished the fiscal year with robust returns: a 2.57% gain for June and a fiscal‑year return of 10.57%, above the actuarial assumption of 6.75%.
Bridal Kelly (investment staff) summarized market drivers cited for June — resilient U.S. economic data, hopes of Federal Reserve rate cuts, and easing trade/geopolitical concerns — and noted international and emerging markets also contributed positively. Fixed income returns were positive but smaller for the month. Capital calls and distributions were reviewed: approximately $225,000 in capital calls for the month and distributions of about $3.4 million.
Staff pointed out real estate was the largest target allocation outlier but remained only a few percentage points from target. The reported end‑of‑day portfolio balance given to the board was approximately $1.294 billion.
The board asked no substantive policy changes during the presentation. Staff issued an administrative reminder about submitting waivers of recourse checks for timely payment processing.
Staff identified that real estate and alternatives month‑end returns will be reported in August and September, respectively.
