Hudson Edge and Lazard report positive returns to Sarasota pension board; managers outline holdings and outlooks

Two investment managers presented to the General Employees Pension Plan Board on March 26, reviewing 2025 performance, portfolio positioning and near-term outlook.

Hudson Edge: Matthew (Matt) Witchell, director of national accounts at Hudson Edge Investment Partners, reviewed the plan’s large-cap value sleeve and said the strategy returned strongly in 2025. "For the full year, it was a really solid year performance-wise — 17.6 percent gross of fees," Witchell said, noting the account ended the year near $30.3 million after roughly $2 million in withdrawals and that the quarter return was just under 3.7%. He identified contributors such as health-care holdings and consumer rebounds and named detractors including certain industrials and payment processors. Witchell also discussed how AI implementation could broaden sector participation beyond pure technology winners and said the firm expects broader participation to support value sectors.

Lazard Asset Management: Frank Esposado, director at Lazard, described a global listed infrastructure strategy that invests in companies operating long-lived assets (airports, toll roads, utilities and cell towers). Esposado said the strategy is relatively concentrated (about 25–50 stocks) but provides diversified underlying exposure to hundreds of assets and that the portfolio outperformed peers. "You’re up about 24% last year," Esposado told trustees, and he noted the mandate is designed to deliver steady, dividend-like cash flows and downside protection versus broader equities.

Board members asked questions about holdings, index composition and turnover; Hudson Edge and Lazard representatives answered and offered to follow up with additional materials. Both managers expressed readiness to support the board with further detail if requested.