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University of Maine System investment committee approves updated managed-investment-pool policy; consultants flag two underperforming global equity managers
Summary
At its May 2026 meeting the University of Maine System Investment Committee approved a redlined update to the managed investment pool Investment Policy Statement and heard quarterly performance reviews from NEPC and CapTrust; NEPC placed Impax and Lindsell Train on increased watch after recent underperformance, and a longtime advisor announced his retirement.
The University of Maine System Investment Committee on May 2026 approved an updated Investment Policy Statement (IPS) for the managed investment pool and received quarterly performance and fee reviews from its consultants, NEPC and CapTrust.
NEPC consultants presented the capital-markets review and portfolio results for the first quarter. Matt of NEPC tied March’s sell-off — and the relative underperformance of non-U.S. markets — to the outbreak of conflict in the Middle East and said April’s rebound put many indexes back into positive territory. Kelly of NEPC summarized portfolio-level results: the operating fund rose by about $34 million in Q1 to roughly $263 million, the pension fund fell about $1 million (ending “just shy” of $15 million), and the managed investment pool ended the quarter near $400 million after an approximately $12 million decline.
Kelly and NEPC recommended one governance change: update the managed investment pool IPS to memorialize allocation changes previously approved by the committee (adjusted equity…
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