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Bedford County pension fund posts strong quarter as equities rebound
Summary
Bedford County’s pension plan returned 7.43% year-to-date through July and the portfolio rose from $14.0M to $15.4M during the quarter, driven by domestic and international equities amid a broader market rebound.
Bedford County’s pension plan recorded a 7.43% year-to-date return through July, with presenters noting that performance could annualize to about 15% if current trends continued. The fund’s portfolio value increased from $14.0 million to $15.4 million during the quarter.
Presenters attributed gains primarily to strong contributions from domestic equities and international stocks. Market context supplied at the meeting included a sharp rebound after early-2025 volatility: the Nasdaq rose 21.5% in the last three months, the S&P 500 was up 8.5% year-to-date, and the MSCI EAFE index for developed international stocks was up 17.8% year-to-date.
Fund management details in the meeting record noted that asset allocation remains close to targets and most fund managers generated strong performance; Conestoga was identified as an exception and characterized as underperforming due to market conditions. Real estate exposure is primarily through Cohen & Steers. The three-year return was reported at 11.83%, placing Bedford County in the 21st percentile nationally; presenters also cited risk-adjusted returns (Sharpe ratio) as indicating strong compensation for risk.
No formal policy change or vote on asset allocation was recorded in the provided transcript; managers’ performance and allocation were presented for review.
