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Board hears market update showing slight quarterly dip, April rebound to about $781 million
Summary
At its April 23 meeting the Montgomery County Employees Retirement Board approved minutes and heard an investment presentation from SEI reporting a small quarterly decline in market value and a reported April rebound to roughly $781 million; trustees discussed alternatives, commodities exposure and private-credit risks.
The Montgomery County Employees Retirement Board on April 23 approved meeting minutes and heard an investment presentation outlining a modest quarterly decline in the plan’s market value and a recent rebound in April.
Chair called the meeting to order and, after confirming no members of the public wished to comment, moved to approve the January 22, 2026 meeting minutes; Commissioner Makisha seconded and the board approved the minutes by voice vote.
Presenter from SEI summarized market performance and portfolio positioning. "Your market value is back up to $781,000,000," the presenter said, adding that represented an estimated 5% gain for the month and roughly 4% year-to-date. The presenter also described the quarter as "just a little bit under 1%" negative, noting market value moved from about $752,000,000 to $743,000,000 over the quarter.
The presenter framed recent moves as driven by a late-February geopolitical shock that pushed down most asset classes while commodities were an exception. He emphasized the "value of diversification" and the plan’s strategic asset allocation as a buffer against volatility.
Board members questioned portfolio exposures and strategy. A committee member asked how the plan gains commodity exposure; the presenter said a dynamic asset-allocation fund provides commodity index exposure (precious metals, agriculture, oil) and allows SEI to take shorter-term tactical positions within the plan’s broader strategic allocation.
The presenter highlighted alternatives and special-situation funds as buffers for the plan. He reported alternatives comprised about 5.7% of the portfolio and credited emerging-market debt and the special-situation collective fund for supporting one-year returns. The presenter warned that private credit carries liquidity and valuation risks: "private credit ... you can only get about 5%" redemption in many structures, he said, and urged caution because these funds are less liquid and less frequently valued.
There were no formal decisions on asset-allocation changes; the presenter said staff would bring an annual review of allocation to the board for a possible formal assessment. Chair moved to adjourn the meeting; a committee member seconded, members voted "Aye," and Chair announced the motion carried.
The meeting ended after roughly the scheduled discussion of the executive summary and portfolio slides. The board did not take additional formal action at this session.
