December 5, 2024
Markets and PRIT Fund Performance
Financial markets were strong in the quarter ended September 30, 2024, and the PRIT Fund ended with a record high balance of $110.5 billion, surpassing the previous record balance set last quarter. For the September quarter, the PRIT Fund returned 4.4% net of all fees, and for the trailing twelve months, the PRIT Fund returned 16.4% (net) which equates to an investment gain of $15.6 billion.
For the one-year period, Global Equity led returns with a gain of 30.6% net of fees, propelled in part by US Large Capitalization Equities including the “Magnificent Seven” group of technology companies. Emerging Markets Equity, US Small Capitalization Equities, and Developed International Equities were also strong, up 25.7%, 25.1%, and 23.9%, respectively. Fixed Income strategies, Hedge Funds and Timberland posted strong double-digit gains while Real Estate declined 4.9%. Private equity was up 7.0% for the one-year period as it reported its seventh consecutive quarterly gain in the quarter and positive cash flows for both the quarter and calendar year to date. Fourteen of the fifteen major asset classes in the PRIT Fund had a positive contribution to the total return of 16.4%. We believe a 16.4%, 12-month gain in the turbulent environment is a very solid accomplishment. The PRIT Fund has performed well over a long period of time through strong and weaker markets and through turbulent times; we remain confident in its ability to do so in the future.
Michael G. Trotsky, CFA, PRIM’s Executive Director and Chief Investment Officer, was presented with the “Lifetime Achievement Award” by Allocate with (with Intelligence) for his work at PRIM and was named to the 2024 CIO Power 100 list by Chief Investment Officer.
PRIM was awarded two Commonwealth Citations for Outstanding Performance by Treasurer Deborah Goldberg. Veena Ramani, PRIM’s Director of Stewardship, was recognized for her leadership in the development of new stewardship priorities and enhanced PRIM’s Proxy Voting Guidelines.
George Tsipakis, Director of Investment Operations, was recognized for his oversight of the investment cash processing and investment back office. He is also a key member supporting PRIM’s entire real estate leverage program, including maintaining all compliance protocols.
Katherine Kovach, Investment Analyst on the Private Equity team, passed the third and final CFA exam and is now a CFA Charter holder.
Organizational Updates
Andre Abouhala has been promoted to Senior Investment Officer on the Public Markets team. Andre joined PRIM in 2014 as an Investment Analyst and has steadily moved up our ranks. Andre holds a Bachelor of Science from Bryant University, and a Master of Business Administration from Boston University Questrom School of Business with a focus on Strategy & Innovation and Finance.
Vincent Li has been promoted to Senior Investment Operations Analyst on the Finance team. Vincent joined PRIM in 2021 and has become a key member of the Investment Operations team primarily focusing on investment cash processing and monitoring. Vincent previously served as a Management Analyst for Massachusetts Department of Children & Families (DCF). Prior to DCF, he was a Rates Analyst at KPN iBasis. Vincent holds a Bachelor of Arts in Economics from the University of California San Diego.
Silas Owoyemi has been promoted to Systems Administration Support Specialist on the IT team. Silas joined PRIM in March of 2020 as a Help Desk and Operational Support Specialist. Silas previously worked as a Network Engineer at Ocean Spray, where he was responsible for planning and maintaining their data network and associated infrastructure. He was also Senior Support Specialist at Alkermes Biopharmaceutical Company. Silas holds a Bachelor of Science in Mathematics from the University of Ilorin, Nigeria.
*PRIM claims compliance with the Global Investment Performance Standards (GIPS®). GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein. You may obtain a GIPS® Asset Owner Report by emailing mliposky@mapension.com.
