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Investment consultant reports strong quarter; Edgewater portfolio up for the fiscal year
Summary
Investment consultant John told trustees the plan posted strong quarterly gains and is performing well year-to-date, citing an approximate 20% swing in certain holdings between April and June and fiscal-year returns that placed the plan ahead of most peers.
John, the board’s investment consultant, presented the quarterly investment report and told trustees the plan produced strong recent returns and ranks well among peers.
Speaking to the June 30 report, John said certain holdings moved about 20% between April and June and that quarter returns put the plan in a high percentile versus peers. In his words, the market movement meant “give or take, you're under $20,000,000 but just take 20% of $20,000,000 somewhere between $3,500,000 and $4,000,000 we moved in a matter of 2 months.” He reported the fiscal-year-to-date return and manager-level performance and noted incoming state monies that staff will invest according to policy.
John emphasized the portfolio’s diversification—U.S. equity, international equity, fixed income and commercial real estate managers all played roles in the quarter’s results—and reminded trustees that expected Federal Reserve action could affect short-term returns. No changes to the investment policy were adopted at the meeting; redlined language in the investment policy statement and Exhibit A will be updated and distributed before finalization.
