The NMI Retirement Fund remains optimistic that its investment performance this 2005 will continue to surge, despite a Merrill Lynch warning that the Fund may not get the same double-digit gains it posted last year.<\/p>\n
\u201cWe\u2019re optimistic. Yes, we need to be realistic but we\u2019re in constant communication with our consultant,\u201d said Fund board chair Joseph Reyes.<\/p>\n
In a meeting last week on Saipan, Merrill Lynch investment consultants Patrick McFadden and Keri Tanaka said that the Fund\u2019s double-digit earning in 2004 was impressive but it may not necessarily happen this year.<\/p>\n
The Fund registered a record high investments value at $394.2 million as of December 31, 2004, which was about $40 million more from its third quarter asset last year.<\/p>\n
Reyes said that such growth was the highest in 23 years or since the beginning of the Fund.<\/p>\n
The strong market performance in the last quarter of the year was due to sound investment strategies, asset allocation, as well as overall market condition in the U.S, McFadden said.<\/p>\n
Tanaka, meantime, warned that a double-digit return does not usually occur in two consecutive years. She also said that it is too early to tell whether 2005 is the beginning of the bull market.<\/p>\n
For his part, Reyes said that the agency would closely monitor its investments to avoid potential losses.<\/p>\n
\u201cWe get a report card about our investments regularly. If we see any trend of nonperformance, we\u2019d ask our consultant to act accordingly,\u201d he said.<\/p>\n
The Fund\u2019s total market value as of Dec. 31 was $394.2, a huge increase from $435 million in September.<\/p>\n
As of Dec. 31, 2004 large capital investments reached $195.7 million; small capital equities, $52.6 million; international equities, $53.5 million; fixed income, $55.2 million; Treasury Inflation-Protected Securities or TIPS, $20 million; and cash, $16.2 million.<\/p>\n
These assets are being handled by Atalanta, Sabre, S&P 500 Idex Fund, Stratem, Renaissance, Nicholas-Applegate, Gabelli, EAFE ETF, Templeton, Provident, and IRM. They report to New York-based Merrill Lynch on a regular basis.<\/p>\n
Merrill Lynch, meantime, provides the Fund a summary of the manager\u2019s performance on a monthly basis.<\/p>\n","protected":false},"excerpt":{"rendered":"
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