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Cornerstone presents quarterly investment review; county fund posts positive returns
Summary
Cornerstone consultants reviewed the Bedford County retirement portfolio for Q1 2024, reporting net portfolio returns of 5.42% (benchmark 5.08%), manager performance differences, asset allocation notes and a flash update showing May at about 5.2% return.
Cornerstone representatives presented the retirement fund's quarterly investment review at the Bedford County Retirement Board meeting on June 6.
J.P. Cavaliere, senior consultant at Cornerstone, provided an overview of domestic, international and fixed‑income markets over the prior 12 months and highlighted themes the firm considers relevant to the county portfolio: a positive global ‘‘soft landing,’’ elevated inflation pressures, and continued consumer credit stress. He described volatility as low (VIX roughly 12.5–13%) and said the largest contributions to recent S&P performance came from major technology firms frequently referred to in the presentation as the 'Magnificent 7.'
The presentation included a cash‑flow review for the quarter ending March 31, 2024, and reported an 'Ending Market Value total to date at $13,692 million' as recorded in the minutes; the minutes do not clarify the units or formatting of that figure. Cornerstone reported net portfolio performance at 5.42% versus a 5.08% benchmark and said net fee returns improved in April and May. Manager performance was mixed: Harbor and Diamond showed growth while Conestoga underperformed. The consultants noted the portfolio was relatively underweight cash and described international equity as an attractive opportunity for the period under review.
Chris Lakatosh reviewed additional performance charts and an April flash report; the minutes record a positive return for May of about 5.2% in that update.
No formal board action on investment allocation or manager changes is recorded in the minutes. The meeting adjourned at 12:15 p.m.; the minutes list the next meeting as to be determined.
