(I am working on a full post on this topic using the PRIT report. Lets just say it doesn’t paint the management at PRIM in that good of a light. Most of their “gains” touted by the Cahillites come from the law change in 2006 which forced underperfoming municipal pension plans into the state system. – promoted by Rob “EaBo Clipper” Eno)
State pension fund takes a beating in May
By Beth Healy, Globe Staff
May was a bad month for the state pension fund, with investment losses wiping out $1.5 billion in gains made so far this year, a pension official said during a meeting of the fund’s board today.
Stanley Mavromates, the $44 billion fund’s chief investment officer, said it was “the worst May since 1940” for the stock market, with an 8 percent drop in the Standard & Poor’s 500 Index. The fund had been up 4.4 percent this calendar year, through April.