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Third-quarter markets lift MCERA to $833.5 million; managers mostly outperform peers
Summary
Investment consultant Callan and staff reported the pension portfolio reached a record $833.5 million after a strong year and quarter for markets. The board heard a manager‑by‑manager review, approved a plan to deploy additional real estate allocations beginning Jan. 1, and was briefed on rebalancing and liquidity processes.
Mendocino County Employees Retirement Association trustees received a third‑quarter market and performance review on Nov. 4 and heard that the pension fund reached a record $833.5 million as of Sept. 30, 2025. Callan and MCERA staff said broad market gains and strong fixed‑income returns drove the result and that staff will begin a measured deployment into the fund’s new real‑estate allocation early next year.
"The last fiscal year the program was up 12.3%. The first quarter of the new fiscal year, the portfolio was up 5.4%," Callan consultant Claire told trustees when summarizing the quarter. She said US large caps and small caps both…
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