St. Mary's County LOSAP Committee accepts Q1 performance report and approves modest rebalancing
June 27, 2026 | St. Mary's County, Maryland
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The St. Mary's County LOSAP Committee on June 26 accepted Marquette Associates' first-quarter performance report for the volunteer retirement trust and approved a modest rebalancing recommended by the investment adviser.
Patrick Wing of Marquette Associates presented the Q1 report and told the committee the market-value of the trust was $23,000,000 at the end of March and that ‘‘total assets of the trust [are] 25.4 ish million,’’ reflecting a rebound in equity markets since quarter-end. Wing said the trust recorded a net investment change of about a negative $89,300 in Q1, a quarter return near -0.3%, but that positive cash flows and contributions led to overall growth during the quarter.
Wing described the macro backdrop—U.S. GDP revisions to roughly 2.14% for Q1, moderating energy prices and potential lagged inflationary pressure from fertilizer-price moves linked to disruptions in the Strait of Hormuz. He said the market now expects one to two Federal Reserve rate hikes later in the year, a shift that will influence the trust’s outlook.
On asset performance, Wing said U.S. equities ended Q1 down roughly 4% after a late-quarter rally, non-U.S. and emerging markets outperformed, U.S. bonds were flat and real assets like listed infrastructure and REITs provided defensive returns.
On rebalancing, Wing recommended trimming emerging-market equities by about $150,000 as a risk-mitigation step and deploying proceeds, together with modest cash draws, into the real-assets sleeve (principal and short-term TIPS) and to bolster fixed-income allocations (Fidelity U.S. bond index, Baird, and a high-yield ETF). ‘‘This is more of a risk mitigation type of recommendation,’’ he said of the emerging-markets trim.
Commissioner Scott Ostrow moved to approve the proposed rebalancing as summarized in the packet; a committee member seconded. The committee voted by voice and the chair announced, ‘‘Ayes have it.’’ No individual tallies were recorded in the transcript.
The committee also discussed an operational update: documents for a private credit manager (TPG) have been approved and are expected to be executed in July with a planned Aug. 1 close and a capital call in early 2027.
The committee did not schedule additional investment changes at the meeting beyond the approved rebalancing. Future LOSAP committee meeting dates noted by staff are Aug. 28, Oct. 23 and Dec. 4.
The committee accepted the Q1 report and approved the rebalancing, concluding the investment business on the agenda.
Patrick Wing of Marquette Associates presented the Q1 report and told the committee the market-value of the trust was $23,000,000 at the end of March and that ‘‘total assets of the trust [are] 25.4 ish million,’’ reflecting a rebound in equity markets since quarter-end. Wing said the trust recorded a net investment change of about a negative $89,300 in Q1, a quarter return near -0.3%, but that positive cash flows and contributions led to overall growth during the quarter.
Wing described the macro backdrop—U.S. GDP revisions to roughly 2.14% for Q1, moderating energy prices and potential lagged inflationary pressure from fertilizer-price moves linked to disruptions in the Strait of Hormuz. He said the market now expects one to two Federal Reserve rate hikes later in the year, a shift that will influence the trust’s outlook.
On asset performance, Wing said U.S. equities ended Q1 down roughly 4% after a late-quarter rally, non-U.S. and emerging markets outperformed, U.S. bonds were flat and real assets like listed infrastructure and REITs provided defensive returns.
On rebalancing, Wing recommended trimming emerging-market equities by about $150,000 as a risk-mitigation step and deploying proceeds, together with modest cash draws, into the real-assets sleeve (principal and short-term TIPS) and to bolster fixed-income allocations (Fidelity U.S. bond index, Baird, and a high-yield ETF). ‘‘This is more of a risk mitigation type of recommendation,’’ he said of the emerging-markets trim.
Commissioner Scott Ostrow moved to approve the proposed rebalancing as summarized in the packet; a committee member seconded. The committee voted by voice and the chair announced, ‘‘Ayes have it.’’ No individual tallies were recorded in the transcript.
The committee also discussed an operational update: documents for a private credit manager (TPG) have been approved and are expected to be executed in July with a planned Aug. 1 close and a capital call in early 2027.
The committee did not schedule additional investment changes at the meeting beyond the approved rebalancing. Future LOSAP committee meeting dates noted by staff are Aug. 28, Oct. 23 and Dec. 4.
The committee accepted the Q1 report and approved the rebalancing, concluding the investment business on the agenda.
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