NEPC’s Margaret Belmondo was recently featured in Pensions & Investments for her commentary on all-weather portfolios and emerging markets. View excerpts below or read the full article on the Pensions & Investments site here.
U.S. public pension funds chalked up a second straight year of positive returns for the fiscal year ended June 30, with half posting double-digit numbers despite a somewhat muted bond market and continuing challenges in private markets.
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Margaret Belmondo, partner and public fund team leader at investment consultant NEPC, echoed that it has been frustrating for the firm to see such a narrow market outperforming when they want to create a diversified all-weather portfolio, but signs are the market is broadening again since the beginning of fiscal year 2025.
“We’re seeing a broader market in value names, and we’re also seeing it in small caps, which is great,” Belmondo said. “It’s so hard because our clients are diversified across all asset classes … so we want to create an all-weather portfolios. It does get frustrating when you just see this narrow market outperforming, but we do see ourselves coming out of it.”
“I also think with the Fed going to begin to cut rates in September, that should be a tailwind. But there’s still a lot of uncertainty,” she said.
Click here to read the full article on the Pensions & Investments site.