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Consultant brief: strong third-quarter returns, SMID managers dragged trust below benchmark
Summary
Callan (Kellum LLC) told trustees that macro drivers — tariff announcements, a government shutdown and Fed action — produced volatile markets; the trust earned healthy returns but lagged its benchmark due to private equity benchmarking and small/mid-cap manager performance.
Callan consultants presented the pension trust’s quarterly performance review and an October flash report, describing a market environment shaped by persistent inflation, a pivot in the Federal Reserve’s focus toward employment and disruptive tariff and government-shutdown events.
The presenters said the economy continued to expand, with GDP readings indicating growth, but that the Fed’s policy path shows dispersion among FOMC members. Callan noted short-end rates had moved down after rate cuts in September and October and that the tariff announcement…
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