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Consultants tell board markets have rebounded; March report shows strong trailing returns
Summary
The board heard a March performance update from consultants who said markets sold off after geopolitical shocks but rebounded in April; the portfolio’s trailing‑one‑year return was reported just under 13% and the S&P 500 was up about 6.25% year‑to‑date as of the update.
The board received a March performance and market update from the plan’s investment consultant, who said geopolitical events briefly pushed markets down but April produced a strong rebound. The consultant said, “With the onset of war in Iran, we did see markets sell off quite a bit,” and then noted that recent strength had lifted year‑to‑date returns across major indices.
The consultant highlighted near‑term volatility but emphasized the plan’s long‑term perspective and liability horizon: the total portfolio’s trailing‑one‑year return through March was reported at just under 13%, and the consultant added that the S&P 500 was “up a little over 6.25%” year‑to‑date. Board members pressed managers’ relative performance — the consultant said many active managers underperformed benchmarks in 2025, particularly on small‑cap and non‑U.S. growth mandates — and reviewed how absolute returns and tactical manager adjustments fit the long‑term policy framework.
