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Segal reports strong one-year returns for Providence pension and trusts; hedge-fund sleeve noted as drag
Summary
Segal told the Board that the total plan returned 1.3% for the quarter and 13.6% for the year; trusts rose 1.9% in February and about 19% for the trailing 12 months. Segal flagged cash drag and hedge-fund underperformance as the main sources of recent underperformance.
Segal told the City of Providence Board of Investment Commissioners on March 26 that the pension plan posted a 1.3% return for the fourth-quarter snapshot and a 13.6% return for the one-year period (net of fees), and that trust funds produced roughly 1.9% for February and about 19% for the trailing 12 months.
"We had a 1.3% return for that quarter, and we had a 13.6% return for the 1 year," a Segal advisor reported, noting that the pension's long-term objective is broadly in the…
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