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Board hears investment performance update as staff trims global managers and watches public equity managers
Summary
Investment staff reported manager terminations in global and international large‑cap equities, intensified monitoring of underperforming managers, and private‑markets reports showing healthy private‑equity and real‑assets IRRs; trustees discussed market concentration, manager style risk and the role of private credit in a multi‑sector fixed‑income approach.
Investment staff told trustees they recently terminated two global equity managers and two large‑cap international managers after reviewing performance and style drift; a new international core manager was added. Staff said global active management has been challenged this cycle by concentrated gains in a handful of AI and semiconductor leaders, and that many quality or low‑volatility managers have underperformed as a result. The board emphasized disciplined oversight and long‑term evaluation rather than reactive quarterly turnover.
