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St. Mary's County sheriff's retirement board accepts Q1 performance report, approves modest rebalancing
Summary
At its June 25 meeting the Sheriff's Office retirement board accepted Marquette Associates' Q1 performance report, approved a rebalancing that trims emerging‑market exposure and directs funds into inflation‑protected and fixed‑income holdings, and accepted the administrator's report.
The St. Mary's County Sheriff's Office Retirement Plan Board of Trustees on June 25 accepted Marquette Associates' first‑quarter performance report and approved a modest rebalancing that shifts money out of emerging markets into real assets and fixed‑income allocations.
Marquette's Patrick Wing told trustees the plan's market value at the end of March was "about $184,000,000" and that more recent data in the meeting materials showed the fund had grown to "just to shade under $198,500,000" as of the close of business the prior Thursday. Wing said the plan posted a Q1 return of negative 0.8%, a net investment change of roughly negative $1,400,000 and that active equity managers and certain alternatives provided modest positive attribution versus the policy index.
Wing framed the performance against broad economic forces: U.S. growth was revised to about 2.1% for Q1, energy‑price volatility tied to a Middle Eastern conflict had been a headwind, and fertilizer and other commodity disruptions could create latent inflationary pressure later in the year. He also said markets had repriced monetary expectations after a change in Federal Reserve leadership, with markets now pricing the possibility of one to two rate hikes over the near term.
On manager changes and private‑market activity, Wing reminded trustees that underperforming assets at PGIM Genesis had been transitioned to MFS at the end of March. He also highlighted private‑market positioning: a $3.5 million infrastructure commitment to Brookfield remains outstanding and is expected to be called Oct. 1; TPG, a newer private credit manager previously approved by the board, has made capital calls; and private debt managers (including Carlyle and TPG) produced positive net investment changes for the quarter.
The board approved the staff rebalancing recommendation as presented. Materials in the meeting packet specified a $1,000,000 reduction from the Fidelity Emerging Markets Fund and a smaller stated trim from the Vanguard Russell 1000 index fund (recorded in the packet as "$500"); proceeds were directed to TIPS (via a Fidelity Inflation‑Protected bond index) and to fixed‑income manager REAMS, with additional adjustments expected from available cash to keep the plan under its stated cash maximum.
Trustees moved and seconded the motions to approve the Q1 performance report and the rebalancing recommendation; votes recorded in the meeting were in the affirmative and the motions passed. The board also approved the April 23 meeting minutes (one trustee abstained because he was not present at that meeting) and accepted the administrator's report, which listed vendor payments totaling $37,364.74 and custodial administration/disbursement transactions totaling $12,818.29. The next scheduled meeting was set for July 23, 2026.
Administrator David Weiskopf read a commendation, signed by the five county commissioners, honoring Captain Joshua Crum on his last official meeting as a citizen trustee. The board adjourned following the recognition.
Votes at a glance: agenda approval — passed; April 23 minutes — passed (one abstention); Q1 performance report approval — passed; rebalancing recommendation — passed; administrator's report acceptance — passed. (Motions and seconds are recorded in the meeting transcript; some seconders were recorded only by speaker label in the transcript and not tied to a single named trustee.)
