[{"_1":2,"_87":-5,"_88":-5},"loaderData",{"_3":4,"_26":27},"root",{"_5":6,"_17":10,"_18":19,"_20":21,"_22":10,"_23":-5,"_24":-5,"_25":10},"user",{"_7":8,"_9":10,"_11":10,"_12":-5,"_13":-5,"_14":15,"_16":-5},"roles",[],"isAuthenticated",false,"isPremium","planName","subscriptionStatus","featureFlags",{},"insightsBudget","isDevelopmentHost","userPreferences",{},"recaptchaSiteKey","6LcvOJcUAAAAAHsB-gPGfGktcRlKpH7OTIU_dMTD","isImpersonating","impersonation","affiliateStatus","isFreedomPortal","routes/v2/article/layout",{"_28":29,"_30":31},"notFound",true,"relatedArticles",[32,75],{"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":48,"_49":50,"_51":52,"_53":54,"_55":56,"_57":58,"_59":60,"_61":62,"_63":64,"_65":66,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},"mediaId",6184484,"mediaKeyId","5090389-0aae99f786c7b4e009ee822b3d381755","parentId",5090389,"title","St. Mary's County trust approves U.S. equity restructure, names Vanguard small-cap value manager","audioSeconds",2562,"startMs",1548164,"endMs",4110220,"viewUrl","/Search/View?dp=1&key=5090389-0aae99f786c7b4e009ee822b3d381755&start=1548&end=4110","thumbnailUrl","https://assets.pipeline.soar.com/5090389-0aae99f786c7b4e009ee822b3d381755/thumbnail_1548164.jpg","articleUrl","/articles/6184484/St-Marys-County/Maryland/St-Marys-County-trust-approves-US-equity-restructure-names-Vanguard-small-cap-value-manager","mediaUrl","https://secure.pipeline.soar.com/6184484-2d460fb9175f21c0edaa72b843ec4b77/orig.mp4?Expires=1771146448&Signature=dXdZUfpZrWezM8JinUE5Y0-kuKolERITYqDCAdowAjZPx~vqS1Arr8q7ysmmjIEwisrkhs7KKFrWBMZGttKuzhr3H03jKdhFcZuzW61BeRSDaB1YkgmdBmStDFNGoxQtfGjmwJF1lvinkgALHpmYAjbPrCYc993yzspnNw5v~8L2efy74FuXEdsrW89bhQ6vO1ANweBIcNbIhEs5oyWhvBr6CWcHDDHcl0F8OnydmSSfFHjFSENLL8HxGMLfZhURsIurLl0q0saRXSXOtDBzGz5lR1F6WzT1Gw7ybKNNrFR-FxCrZM~GlnwQ83S4soKQORc31YcFpJflnbSzE4Y70A__&Key-Pair-Id=KUT5TJCACFTXG","author","St. Mary's County, MD","date","2025-06-28T03:52:43Z","article","The St. Mary's County Retirement Benefits Trust voted June 27 to restructure its U.S. equity allocation to increase mid-cap exposure and adopt a new small-cap value manager. The board approved staff's recommendations as presented on page 27 of the meeting materials, including a swap of the current Schwab S&P 500 large-cap index exposure into an index intended to track the Russell 1000 and the appointment of Vanguard's small-cap value index fund as the new small-cap value manager.

Consultant Patrick Wing summarized the rationale: the trust was modestly overweight large caps and underweight mid caps relative to the policy benchmark. Staff recommended replacing the Schwab S&P 500 holding (a large-cap index) with a Russell 1000 index exposure to move incremental weight from the largest-cap stocks into the 501'1,000 range, thereby increasing mid-cap exposure without taking additional active manager risk. Wing reviewed three small-cap value options'Boston Partners, Kennedy, and Vanguard'and described Vanguard's index construction (CRSP US small-cap value methodology) as providing higher mid-cap tilt, lower fees, and better downside protection in certain down markets.

The implementation plan discussed during the meeting included manager and allocation changes summarized by staff: full liquidation of the Schwab S&P 500 position into the Vanguard Russell 1000 exposure; full liquidation of William Blair (a manager the consultant said had been on watch for underperformance); replacement of the trust's current small-cap value manager with Vanguard small-cap value; and adjustments in other portfolios to rebalance toward fixed income and cash as needed. The consultant presented numeric rebalancing targets and illustrative dollar movements in the packet; staff warned that exact dollar proceeds from liquidations will vary between the presentation and implementation because market prices change between report preparation and trade execution.

During discussion trustees asked about timing and implementation risk. Wing said there is no perfect timing and that rebalancing now would be consistent with selling an overweighted segment after a period of relative outperformance. Trustees asked about William Blair's performance history (in place since March 2021) and staff confirmed the manager had been on watch for performance issues and could be replaced now.

Motion and vote: Vanetta Van Cleve moved to approve the proposed changes as presented on page 27, noting the new small-cap value manager would be the Vanguard small-cap value fund; John Walters seconded. Chairman David Weiskopf called the vote; members signified approval and the motion carried.

Post-vote instructions: staff and the plan administrator (Joy Sapp) will carry out liquidations and transfers consistent with the approved plan, with final settlement amounts and exact cash positions to be reported back to the board once trades settle. Wing and staff also recommended trimming recent non-U.S. equity gains (two $500,000 reductions from WCM and Dodge & Cox in the packet) and reallocating proceeds into fixed-income managers (example target amounts in the packet included transfers to Reams and Loomis) to move the portfolio closer to its formal targets.

The vote concluded a substantive portfolio change intended to increase mid-cap exposure, reduce fees in the small-cap value sleeve, and realign allocations to policy targets.","mediaType","Video","parentTitle","6/27/25 Retiree Benefit Trust (OPEB) for St. Mary's County","oneSentenceSummary","The St. Mary's County Retirement Benefits Trust voted June 27 to restructure its U.S. equity allocation, swapping its Schwab S&P 500 exposure for a Russell 1000 index and approving Vanguard's small-cap value index as the new small-cap value manager.","taxTitle","St. Mary's County, Maryland","taxId",51086,"location","headline","","shortSummary",{"_33":76,"_35":36,"_37":38,"_39":77,"_41":78,"_43":79,"_45":80,"_47":81,"_49":82,"_51":83,"_53":84,"_55":56,"_57":58,"_59":85,"_61":62,"_63":64,"_65":86,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},6184487,"St. Mary's County OPEB trust posts 0.7% Q1 gain; board accepts quarterly report",1409,102605,1511640,"/Search/View?dp=1&key=5090389-0aae99f786c7b4e009ee822b3d381755&start=102&end=1511","https://assets.pipeline.soar.com/5090389-0aae99f786c7b4e009ee822b3d381755/thumbnail_102605.jpg","/articles/6184487/St-Marys-County/Maryland/St-Marys-County-OPEB-trust-posts-07-Q1-gain-board-accepts-quarterly-report","https://secure.pipeline.soar.com/6184487-b7ecbc5b4933543bc7fcf95d422d21ac/orig.mp4?Expires=1771146448&Signature=eSeS9MCaDVp7MiGkAgNVrcwO6UZrDQFErLJnf4pX2yFXz-51QNBXNZAlfltru1Y6KYDmXm15UOQDtQ-zNTk1PJtUF1l8Hxe3A8lfW6x5HwKleVUNYoUnwQf6IvfCLL0SJ~TPfQ3Gp4vSnNyThnzLR2qYqM~OWXU8kAXBanGUMLeXZJaHN~LDKHV-0yiP9aTjyae2awgBF5exe~XJz5vx~GVSPOj~oN4urOtb7eg5t96BhabIuqU6C8glw~YHdegqDz07zszxkKtNvPSG1bThxtLpJvitADb4gOS0sYYLGXuL3B9TlZ-F9xP9XosGwP-CBX~GN7D5FsuJxx5EaWqiww__&Key-Pair-Id=KUT5TJCACFTXG","The St. Mary's County Retirement Benefits Trust on June 27 accepted a quarterly performance report showing a March 31 market value of about $123.5 million and a net investment change of roughly $800,000 for the quarter, producing a 0.7% return, about 30 basis points ahead of the trust's policy index.

The report, presented by investment consultant Patrick Wing, summarized portfolio and market dynamics that produced the quarter's results. Wing said U.S. GDP estimates were revised downward for first-quarter growth, and that economists' forecasts for later quarters had also been ratcheted lower. Those macro factors, and volatile market pricing around anticipated Federal Reserve actions, helped shape returns across asset classes during the period.

Wing highlighted that U.S. equities were down roughly 5% in the quarter while developed non-U.S. and emerging-market equities posted positive returns aided by a weaker U.S. dollar. On the fixed-income side, broad U.S. bonds generated about a 3% return as yields fell. Wing said diversification across active managers and alternative allocations (infrastructure, private credit) contributed positively to the trust's relative performance.

The presentation included private-market updates. As of the statements available to the board, Wing said private-equity unfunded commitments stood at about $2,150,000 but that most of that figure is overstated and he estimated roughly $500,000 of that amount was likely to be called. Private-equity IRR was reported near 16.5% (a multi-year figure that Wing said had declined from the 20%-plus levels seen in earlier years). Private real estate IRR was reported at about 10.6% and private credit continued to be a steady performer in the trust's alternatives allocation. Wing cautioned that many private market values were reported as of 12/31 and that the staff had adjusted those figures for subsequent calls and distributions when possible.

Plan administrator Joy Sapp and other staff noted the trust's liquidity needs: Wing reminded the board the plan is paying roughly $4,800,000 a year in reimbursements and benefits (about 4% of the fund) and that the trust's illiquid private-market positions require careful attention when rebalancing.

Motion and vote: Vanetta Van Cleve moved to accept the quarterly report as presented; John Walters seconded. Chairman David Weiskopf called the vote and members signified their approval. The motion passed.

Administrative items noted after the presentation included a capital call of $105,000 to Accolade Partners Growth II and payments from the trust of $48,008.37 to external managers (RCM, DBoomershine, and Marquette) for fees. Sapp reported the fourth-quarter county reimbursement for health-care costs was $1,205,055, bringing total fiscal-year 2025 reimbursements to $4,000,007.95. The board set its next meeting for Aug. 29, 2025.

The trust adjourned the performance discussion and moved on to implementation items later in the agenda.","The St. Mary's County Retirement Benefits Trust accepted its quarterly performance report June 27, reporting a March 31 market value of about $123.5 million and a 0.7% return for the quarter, ahead of the fund's policy index by roughly 30 basis points.","actionData","errors"]

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St. Mary's County trust approves U.S. equity restructure, names Vanguard small-cap value manager

St. Mary's County OPEB trust posts 0.7% Q1 gain; board accepts quarterly report