The investment portfolio of the Quincy Retirement Board was up 12.6% for the calendar year ended December 31, 2010. The return is more than 4% better than the System’s actuarial assumed rate of return. 2010 followed a very strong rebound in 2009, in which the System returned 18.2% bringing the total assets of the plan to over $270 million dollars.
In conjunction with our investment consultant, Meketa Investment Group, the Board has selected investment managers whom invest the System’s assets in a broadly diversified portfolio throughout the full spectrum of asset classes. The manager roster is also diversified. The System utilizes the talents of fourteen different firms for the various investment mandates, minimizing entity risk.
Most of the managers exceeded their benchmarks being led by the Board’s Domestic Small Cap Equity manager, Penn Capital. Penn returned 41.8% outperforming their benchmark by almost 15%. The Board’s Emerging Markets Equity manager, Aberdeen, had an outstanding year returning 29.1% topping their benchmark by over 10%. Although the allocation to Fixed Income was a drag on overall performance, Domestic Investment Grade Fixed Income returned 6.6% and High Yield Bonds were up 14.3% being additive to the overall return.