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Danvers Retirement Board hears strong PRIM, Segal Marco reports; approves $1 million cash transfer
Summary
PRIM reported $123.3 billion in assets under management and Segal Marco reported a Danvers fund market value near $194.2 million; the board approved moving $500,000 from Kayne Anderson and $500,000 from Rhumbline Russell Growth 1000 into cash to meet liquidity needs.
The Danvers Retirement Board on Feb. 25 received investment briefings from PRIM and Segal Marco and approved a $1,000,000 transfer into the system’s cash account to meet near‑term liquidity needs.
Laura Strickland, senior client services officer at the Pension Reserves Investment Management (PRIM) board, told trustees that PRIM’s assets under management were at a record $123.3 billion — a 12.6% increase in 2025 and an 11% increase over three years. Strickland highlighted PRIM’s private equity allocation (16% of assets) and referenced a chart in the board packet showing PRIT fiscal‑year market‑value trends and outflows; the packet lists a PRIT net‑of‑fees market value of $92,728,087 as of Dec. 31, 2025.
Rafik Ghazarian, an investment manager with Segal Marco, reviewed Danvers’ fourth‑quarter 2025 and January 2026 performance reports. He reported a fourth‑quarter composite market value of $191,800,913 and a January market value of $194,205,872; he summarized a reported 13.8% rate of return that produced a $23,333,813 net investment change for the year. Ghazarian said the plan is somewhat overweight U.S. equities and intentionally underweight real estate, noted January underperformance by manager Eagle, and recommended the board consider four levers to close ranking gaps: manager consolidation, return positioning, fund costs and risk reduction.
To meet cash needs, Ghazarian recommended transferring $500,000 from Kayne Anderson and $500,000 from the Rhumbline Russell Growth 1000 sleeve into the plan’s cash account. Rodney Conley moved the transfer; Vincent Malgeri seconded, and the board voted unanimously to approve the transfers.
Board members reviewed routine portfolio transactions and reporting during the meeting and accepted sales and purchases as presented. The board also received manager‑level commentary that Emerging Markets equities and IFM global infrastructure had strong recent returns (reported roughly 11%), and that the Dow Jones Brookfield Global Infrastructure index is an imperfect benchmark for nonpublic IFM assets.
The board’s next regular meeting was set for March 25, 2026.
