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Board of Trustees Education Day Meeting

March 18 @ 9:00 am – 4:00 pm

PMRS Board of Directors Annual Education Meeting

Join by phone: (267) 332-8737    Conference ID: 182 973 789#

Meeting ID: 298 084 655 072 18    Passcode:  My26ER2X

or

In-Person Location:

Pennsylvania Judicial Building

600 Commonwealth Ave, #1500, Harrisburg, PA 17120

AGENDA (Day 1 – Educational Session)

  1. 9:30am – Call to Order & Attendance
  2. 9:30am – 10:15am Liability Review – Cheiron
    • Update on current funding position of PMRS and general fiduciary education on the actuarial process
  3. 10:15am – 11:00am 2025 Market Overview and 2026 Market Outlook – Evan Frazier, Sr. Research Analyst, Marquette Associates
    • 2025 Market Overview and 2026 Outlook.  Touching on reasons for optimism vs. Possible headwinds of various asset classes and sub-asset classes.  Impacts of geopolitical policy and trade tension.
  4. 11:00am – 11:10am – BREAK
  5. 11:10am – 12:00pm Private Credit Discussion – Chad Sheaffer, Assoc. Dir. Of Private Credit, Marquette Associates
    • Primer on private credit and the role of different sub-sectors of Direct Lending within an asset allocation.   Constructing a direct lending allocation.  Headwinds and tailwinds within he private credit and sub-IG markets.
  6. 12:00pm – 12:45pm – LUNCH BREAK
  7. 12:50pm – 1:40pm – Real Assets Discussion – Marquette with PGIM, Forest, Blackstone, Brookfield
    • Discussion of role that Real Assets play within the portfolio from an Asset Allocation point of view.  Current state and forward outlook on Private Infrastructure, Timberland and Real Estate.
  8. 1:40pm – 1:50pm – BREAK
  9. 1:50pm – 2:40pm – International Equity Panel Discussion – Marquette with Boston Partners, HGK, Hardman Johnson
    • Panel discussion with PMRS’s active international equity managers, speaking to the opportunity and risks of value/growth/core equities, return drivers for strong 2025 performance, expected impact of trade wars and heightened geopolitical tension, and potential headwinds and tailwinds for emerging markets.
  10. 2:40pm – 3:00pm – Q & A and Debrief with Trustees
  11. Adjournment                                                                                                                                  

PMRS would like to thank you for your attendance and participation at our annual PMRS board education day meeting. 

We welcome any feedback or suggestions from today’s event!