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PERS investment update: fund valued at $35.3 billion, fiscal YTD up 5.11%; fees called out
Summary
Trustees heard an investment committee update reporting total fund assets of $35.3 billion as of Sept. 30, 2024, fiscal year-to-date performance up 5.11%, notable fixed-income manager returns, and total investment fees of about $105 million (≈0.31% of portfolio); the board approved the investment report and related trades.
Trustees of the Public Employees Retirement System of Mississippi received the investment committee’s quarterly update on Oct. 23, which showed the total fund at $35.3 billion as of Sept. 30, 2024, and fiscal year-to-date performance of 5.11%.
Dr. McCoy, delivering the committee report, highlighted strong returns from fixed-income managers over the previous 12 months: Loomis (up 12.51%), Manulife (12.54%), PIMCO (12.93%) and Prudential (13.72%). Staff also noted real estate performance contributed positively to overall returns. The committee emphasized monitoring manager performance and fees.
Staff called attention to total investment-related fees of roughly $105,000,000, which represents about 0.31% of the portfolio. Trustees discussed the size of the fee number in context of the portfolio and expressed appreciation for staff efforts to manage fees without sacrificing performance.
The board voted by voice to approve the investment report and the trades and transactions included since the last meeting.
What happens next: staff will continue oversight of managers and report performance in future meetings; any significant allocation changes would be brought to the board for action.
Quotes are from the meeting transcript; vote was taken by voice and no numeric roll-call tally appears in the transcript.
