Board hears Marquette on Q4 performance, approves $1M trim from emerging-markets fund for liquidity
February 27, 2026 | St. Mary's County, Maryland
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Patrick Wing of Marquette Associates presented the sheriff’s office retirement plan board with the fund’s Q4 2025 investment review and a short recommendation to rebalance assets.
Wing told the board the plan returned about 2% for the quarter, with calendar-year-end market value just under $185 million and more recent assets of roughly $189.5 million as of Feb. 19. He said public markets performed modestly, with non-U.S. and emerging markets outperforming U.S. equities, while private-market statements remain delayed and may upwardly revise performance once reported.
Why it matters: Wing emphasized that tech-sector capital expenditures and AI-related spending drove substantial dispersion beneath headline index levels and that some active, defensive managers underperformed as a result. He also flagged imminent private capital calls — about $4 million of outstanding commitments — and recommended a liquidity-driven, tactical trim.
The recommendation: Wing recommended trimming $1,000,000 from the Fidelity Emerging Markets Index and moving that amount into the money market fund. He said the move was intended to lock gains after an exceptional run in emerging markets and to ensure liquidity to meet near-term capital calls from private managers.
Board reaction and vote: After a brief discussion, a board member moved to approve the rebalancing recommendation, a second was heard, and the board voted in favor. The motion carried.
Numbers and attribution: Wing cited a Q4 U.S. GDP print of 1.4% (received late because of a shutdown) and noted hyperscaler capital expenditures grew materially year over year. He identified specific manager-level results: Millennium and IFM posted strong returns in hedge funds and infrastructure, while certain active equity managers lagged because of concentration and thematic exposure.
Next steps and timing: The board approved the $1,000,000 trim to the money market fund to provide cash for expected capital calls over the next two to three months. Wing noted the board will revisit concentration and the international-growth manager at the March meeting. The board’s next scheduled meeting is March 26.
The meeting record shows the rebalancing motion was made, seconded and carried; no dissenting votes were recorded in the transcript.
Wing told the board the plan returned about 2% for the quarter, with calendar-year-end market value just under $185 million and more recent assets of roughly $189.5 million as of Feb. 19. He said public markets performed modestly, with non-U.S. and emerging markets outperforming U.S. equities, while private-market statements remain delayed and may upwardly revise performance once reported.
Why it matters: Wing emphasized that tech-sector capital expenditures and AI-related spending drove substantial dispersion beneath headline index levels and that some active, defensive managers underperformed as a result. He also flagged imminent private capital calls — about $4 million of outstanding commitments — and recommended a liquidity-driven, tactical trim.
The recommendation: Wing recommended trimming $1,000,000 from the Fidelity Emerging Markets Index and moving that amount into the money market fund. He said the move was intended to lock gains after an exceptional run in emerging markets and to ensure liquidity to meet near-term capital calls from private managers.
Board reaction and vote: After a brief discussion, a board member moved to approve the rebalancing recommendation, a second was heard, and the board voted in favor. The motion carried.
Numbers and attribution: Wing cited a Q4 U.S. GDP print of 1.4% (received late because of a shutdown) and noted hyperscaler capital expenditures grew materially year over year. He identified specific manager-level results: Millennium and IFM posted strong returns in hedge funds and infrastructure, while certain active equity managers lagged because of concentration and thematic exposure.
Next steps and timing: The board approved the $1,000,000 trim to the money market fund to provide cash for expected capital calls over the next two to three months. Wing noted the board will revisit concentration and the international-growth manager at the March meeting. The board’s next scheduled meeting is March 26.
The meeting record shows the rebalancing motion was made, seconded and carried; no dissenting votes were recorded in the transcript.
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