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Marquette consultant tells Lawrence County board portfolio ‘protecting’ plan amid market volatility; small-cap manager removed
Summary
Marquette Associates consultant Sarah Wilson reviewed the retirement fund’s first-quarter performance, saying the portfolio “is doing exactly what it’s designed to do,” reported a March 31 market value of $115.2 million and an April update near $121 million, and described removing an underperforming small-cap manager.
Lawrence County Retirement Board members on June 16 received a quarterly market and performance report from Marquette Associates consultant Sarah Wilson, who said the county’s pension portfolio had weathered recent market volatility and that the firm removed an underperforming small-cap manager in late March/early April.
Wilson opened her presentation with an economic overview, citing oil-market disruptions and uneven global growth as drivers of volatility. She told the board that ‘‘this portfolio is doing exactly what it’s designed to do. It’s protecting it in the down market,’’ and noted that while the plan showed a net negative return of about 1.1% for the first quarter (ending March 31), the trailing 12-month return remained positive (about 13.6%).
The consultant reported the fund’s official quarter-end market value as $115.2 million as of March 31 and provided an interim April figure of roughly $121 million, which several board members cited in the discussion. Wilson said Marquette responded to persistent underperformance by placing a small-cap manager on watch and then removing that manager in late March/early April, reallocating the assets to an indexed solution; she described that as an action taken by the consultant’s team rather than as a board-directed motion.
Wilson reviewed performance across major asset classes, saying non-U.S. equities and certain small-cap managers lagged while defensive allocations such as real estate, infrastructure and low-volatility equity managers helped limit losses. She told the board there were no recommended changes to the plan’s target asset allocation at this time.
Board members asked clarifying questions about report dating and the April interim value; the board confirmed it had a quorum and approved the meeting’s June 2 minutes by roll call earlier in the session. There were no public commenters present, and the board scheduled its next meeting for Aug. 11, 2026, before adjourning.
The meeting record does not show a formal board motion to terminate the small-cap manager; Marquette’s report indicates the consultant implemented the change after monitoring and review. The board did not take additional formal investment actions during the session.
