Filtered by author: Allen Jones Clear Filter

Listed REITs Have Likely Priced in a Recession; Analysis Points to a Recovery Next

Investors have priced in a negative, forward-looking view of listed real estate. Slowing growth and higher inflation have created a stagflationary backdrop that has been especially challenging for REITs. The result is that there has been a dramatic performance difference between listed and private real estate in 2022. While REITs, as measured by the FTSE Nareit All Equity REITs Index, are down -27.9% through September and down -21% through November, the NCREIF ODCE index, a measure of private real estate that is calculated quarterly, is up 13% through September on a total return basis. Based on history, we believe that gap in performance will not persist. Indeed, private real estate returns are just beginning to slow as expected. Private real estate typically lags listed real estate due to its slower-moving price discovery and transactions.

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Inflation Regimes and Return Distributions

Goldman Sachs recently released a chart depicting the low or negative correlation between stocks and bonds we have seen over the past few decades. This has been attributable to the low inflationary regime over the period. This makes perfect sense given monetary policy's operation over the last twenty-five years. Counter cyclical policy is very effective in periods of low and stable inflation. When equity markets become concerned about recessions ahead, earnings expectations reduce and valuation multiples contract. Stock prices fall. Bond markets typically would then anticipate the increased chance of the standard monetary policy response; cutting interest rates to spur economic growth. Bond prices rise.

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Celebrating Older Americans: Uncovering the Contributions of America's Aging Population in May 2023

In May 2023, Americans are invited to join in celebrating Older Americans Month – a time dedicated to recognizing the contributions of older Americans to our nation’s culture and society. U.S. population statistics show that the number of Americans age 65 and older is expected to double over the next 25 years – making it more important than ever for TEXPERS members to appreciate and value the contributions of this segment of our population. Join us as we explore why celebrating Older Americans Month is so important for all of us!

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'The Gentle Art of Swedish Death Cleaning' is Looking for TEXPERS Pension System Members to Apply for Its Next Season in Austin

 

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Legislative Committees You Might Want to Watch

TEXPERS members might want to tune in for upcoming legislative hearings. 

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Brief Finds State and Local Pensions Should Stabilize Debt as Share of Economy Instead of Fully Funding Them

The author of a new brief from the Center for Retirement Research at Boston College finds that state and local pension plans should focus on stabilizing their pension debt as a share of the economy rather than full funding. The alternative of fully prefunding state and local pensions to maintain fiscal sustainability will mean big contribution hikes. 

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Bill Impacting Public Retirement System Investing Agents Placed on the Senate Calendar

There is a bill on the Texas Senate Calendar for April 19 that relates to the fiduciary responsibilities of the governing bodies of public retirement systems in the state and their investment managers and proxy advisors.

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House Pensions & Investments Committee to Host Public Hearing at 8 a.m. on April 12

The Texas House Committee on Pensions, Investments and Financial Services is holding a public hearing at 8 a.m. Wednesday, April 12 in E2.014 of the Capitol Building. 

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Jeff Mueller of Polen Capital to Keynote TEXPERS' 2023 Annual Conference

TEXPERS is thrilled to announce Polen Capital as the Gold Sponsor and keynote presenter for our 2023 Annual Conference taking place April 2-5, 2023, at Austin Marriott Downtown, 304 E. Cesar Chavez St. in Austin, Texas.

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We've Sold Out of Our Conference Hotel Block Rooms

We've sold out of our room block at the Austin Marriott Downtown, the official hotel venue for the TEXPERS' 2023 Annual Conference, April 2-5 in Austin, Texas!

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Overview of March 1 House Pensions Committee Meeting

House Committee on Pensions, Investment, and Financial Services members met on March 1 to discuss the Employee Retirement System and the Teacher Retirement System, among other topics.

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Uncover How Lawmakers Could Impact Your Public Retirement System in the 88th Legislative Session

The 88th Texas Legislative Session is in full swing, with lawmakers proposing and debating bills that could significantly impact public employee pension plans.

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Fulfill State-mandated Educational Requirement Through TEXPERS Courses

TEXPERS is holding Basic and Advanced training on Saturday, April 1, 2023, at the Austin Marriott Downtown, 304 E. Cesar Chavez St.

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How to Take Conference Notes

When you attend a pensions and investment conference, taking notes can be invaluable. Jotting down notes will help you remember topics and ideas for managing the secure retirement of your fund's annuitants.

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Book Your Conference Room by March 10 to Get a Special Rate

As conference attendees, finding a convenient and comfortable place to stay can be difficult. Staying at the on-site hotel of a conference venue is more convenient than staying off-site. 

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The Benefits of Participating in a Golf Tournament

For public pension fund trustees, administrators and investment firm managers, business success relies heavily on networking and connecting with the right people. Participating in a golf tournament is an ideal way to achieve both goals while having fun.

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Texas Governor Touts Economy, Outlines Priorities During State of the State Address

State and local government public pensions weren't among Gov. Greg Abbot's State of the State address on Feb. 16; however, he did discuss the importance of the public education system in Texas, touted previous increases to teacher pay, and said the current legislative session could do even more for the educational system and teachers. 

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House Speaker Names Chair of Pensions, Investments & Financial Services Committee

Texas House Speaker Dade Phelan announced committee assignments on Feb. 8, naming Rep. Giovanni Capriglione, R-Keller, chair of the Committee on Pensions, Investments & Financial Services.

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Mail Carriers Receive Some Love on Feb. 4 in the U.S.

On Saturday, Feb. 4, a specific group of U.S. Postal Service workers will get some much-needed love. 

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Senate Finance Committee Hears Overview of Pension Review Board's Budget

The Senate Committee on Finance met on Jan. 30, 2023, to discuss Senate Bill 1, the Senate budget proposal, and to hear presentations from the Legislative Budget Board and Article 1 agencies. It was necessary to reschedule the hearing due to inclement weather; however, the Texas Pension Review Board made its presentation. 

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