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March markets hit trust: $50 million decline, big draws from international equities to fund benefits
Summary
Kellum LLC told the board March produced sharp losses across public markets—domestic equity down 5.17%, international nearly 11%—and staff rebalanced roughly $17 million from international equities into fixed income and cash; fiscal year-to-date the fund remained ahead of its blended benchmark.
Alex Browning of Kellum LLC presented the trust's March investment performance, saying March was "a really ugly month" as rising oil prices and inflation expectations tied to the Middle East conflict pressured both equities and bonds. Browning reported that public markets fell in March and estimated the trust lost about $50 million for the month.
Browning provided asset-class specifics: the domestic equity composite declined 5.17% (versus the Russell 3000), international equities…
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