SUBJECT/RECOMMENDATION:
Title
Approve the termination of small-cap growth equity money manager Riverbridge Partners, LLC and authorize the appropriate officials to execute same.
Body
SUMMARY:
Riverbridge Partners (Riverbridge) was hired as a small-cap growth equity money manager for the plan in October 2010. As of March 31, 2026, the market value of the plan’s investment in Riverbridge’s small-cap growth product totaled $22.62 million, or 1.62% of the Plan’s total investment portfolio.
Riverbridge’s performance has declined significantly in recent years, as detailed below. The Pension Investment Committee unanimously recommended termination at their February 19, 2026, quarterly committee meeting.
As of March 31, 2026, the fund’s performance over the past five years has been as follows:
Benchmark
Performance Index
Last 1 year (14.77)% 23.58%
Last 3 years (5.33)% 12.27%
Last 5 years (8.35)% 1.62%
STRATEGIC PRIORITY:
Attract and retain top-quality personnel through the maintenance of a competitive compensation and benefits program.