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BOARD  \nJUNE 27 , 2025  \nSam Austin, Partner  \nThao Nguyen, Senior Consulting Specialist  \nP R O P R I E T A R Y & C O N F I D E N T I A L  \nTABLE OF CONTENTS  \nPage  \nMarket Environment Update 3  \nThird Party Placement Agent Disclosure 14  \nTotal Fund Performance 18  \nAppendix: Market Environment 65  \nMARKET  \nENVIRONMENT  \nMARKET ENVIRONMENT  \nQ1 2025 OVERVIEW  \n\n|  |  | Qtr. | 1 Yr. | 3 Yr. | 5 Yr. | 10 Yr. |\n| --- | --- | --- | --- | --- | --- | --- |\n| World Equity Benchmarks |  |  |  |  |  |  |\n| MSCI ACWI IMI (Net) | World with Small Cap | -1.61% | 6.30% | 6.31% | 15.02% | 8.55% |\n| MSCI ACWI Net (USD) | World W/O Small Cap | -1.32% | 7.15% | 6.91% | 15.18% | 8.84% |\n| MSCI ACWI (Local) | World (Local Currency) | -2.15% | 7.42% | 8.06% | 15.70% | 9.32% |\n| Domestic Equity Benchmarks |  |  |  |  |  |  |\n| Russell 3000 | Domestic All Cap | -4.72% | 7.22% | 8.22% | 18.18% | 11.80% |\n| S&P 500 | Large Core | -4.27% | 8.25% | 9.06% | 18.59% | 12.50% |\n| Russell 1000 | Large Core | -4.49% | 7.82% | 8.65% | 18.46% | 12.18% |\n| Russell 1000 Growth | Large Growth | -9.97% | 7.76% | 10.10% | 20.09% | 15.12% |\n| Russell 1000 Value | Large Value | 2.14% | 7.18% | 6.64% | 16.15% | 8.79% |\n| Russell 2000 | Small Core | -9.48% | -4.01% | 0.52% | 13.27% | 6.30% |\n| Russell 2000 Growth | Small Growth | -11.12% | -4.86% | 0.78% | 10.77% | 6.14% |\n| Russell 2000 Value | Small Value | -7.74% | -3.12% | 0.05% | 15.31% | 6.07% |\n| NASDAQ Composite | Large Growth | -10.26% | 6.37% | 7.61% | 18.48% | 14.52% |\n| International Equity Benchmarks |  |  |  |  |  |  |\n| MSCI ACWI Ex USA | World ex-US | 5.23% | 6.09% | 4.48% | 10.92% | 4.98% |\n| MSCI EAFE Net (USD) | Int'l Developed | 6.86% | 4.88% | 6.05% | 11.77% | 5.39% |\n| MSCI EAFE (Local) | Int'l Developed (Local Currency) | 2.89% | 4.13% | 8.71% | 13.26% | 6.34% |\n| MSCI EAFE Small Cap | Small Cap Int'l | 3.69% | 3.10% | 0.88% | 9.89% | 5.34% |\n| MSCI Emerging Markets | Emerging Equity | 2.93% | 8.09% | 1.44% | 7.94% | 3.71% |\n| Domestic Fixed Income Benchmarks |  |  |  |  |  |  |\n| Bloomberg Aggregate | Core Bonds | 2.78% | 4.88% | 0.52% | -0.40% | 1.46% |\n| Barclays US High Yield | High Yield | 1.00% | 7.69% | 4.98% | 7.29% | 5.01% |\n| CSFB Levered Loans | Bank Loans | 0.61% | 7.02% | 7.10% | 8.90% | 4.98% |\n| BofA ML US 3-Month T-Bill | Cash | 1.02% | 4.97% | 4.23% | 2.56% | 1.87% |\n| Bloomberg US TIPS 1-10 Yr | Inflation | 4.00% | 6.94% | 1.81% | 3.44% | 2.81% |\n| Global Fixed Income Benchmarks |  |  |  |  |  |  |\n| Barclays Global Aggregate | Global Core Bonds | 2.64% | 3.05% | -1.63% | -1.39% | 0.61% |\n| FTSE WGBI | World Gov. Bonds | 2.57% | 2.10% | -2.89% | -2.97% | -0.05% |\n| BC Global Credit | Global Bonds | 2.82% | 4.47% | 0.57% | 0.97% | 1.69% |\n| JPM GBI-EM Glob. Diversified | Em. Mkt. Bonds (Local Currency) | 4.31% | 4.03% | 2.71% | 2.29% | 1.27% |\n| JPM EMBI+ | Em. Mkt. Bonds | 2.11% | 7.43% | 2.91% | 0.44% | 1.68% |\n| Alternative Benchmarks |  |  |  |  |  |  |\n| Bloomberg Commodity Index | Commodities | 8.88% | 12.28% | -0.77% | 14.51% | 2.77% |\n| HFRI Fund of Funds Composite Index | Fund of Hedge Funds | -0.21% | 4.55% | 4.00% | 7.14% | 3.51% |\n| Cambridge PE Lagged* | Private Equity | 0.00% | 6.78% | 4.44% | 13.94% | 13.00% |\n| NCREIF ODCE Net Lagged* | Real Estate | 0.96% | -2.27% | -3.14% | 1.99% | 4.94% |\n| FTSE NAREIT All Equity REITs | REIT | 2.75% | 9.23% | -1.65% | 9.56% | 5.70% |\n| CPI + 2% | Inflation/Real Assets | 1.13% | 4.45% | 5.67% | 6.46% | 5.13% |\n\n* As of 12/31/2024  \nRISK-OFF U.S. POSTURE PERMEATED MARKETS  \nQUARTERLY TOTAL RETURNS  \nSources: S&P, Russell, MSCI, JPM, Bloomberg, FactSet  \n2024 RETURN DYNAMICS HAVE BROADLY REVERSED  \nRETURN COMPARISON CALENDAR YEAR 2024 VERSUS Q1 2025  \nNote: Chart truncated at 40%; Bitcoin 2024 return was 123% .  \nSources: S&P, MSCI, Russell, FactSet  \nU.S. MARKETS EXPERIENCED A CORRECTION  \n% OF YEARS WITH A X% DRAWDOWN IN TH","cbCaigx683yeyLCU","https://ap.wps.com/l/cbCaigx683yeyLCU","pdf",3173041,100,"English","# Market Environment Update\n## Q1 2025 Overview\n## Quarterly Total Returns\n## Return Comparison (Calendar Year 2024 vs Q1 2025)\n## U.S. Markets Correction\n## Valuations Compressed Across Top Names\n## Market Dynamics Benefitted Value Names\n## Non-U.S. Returns Bolstered by Weaker USD","[{\"question\":\"What reporting period and organization does the investment performance analysis cover?\",\"answer\":\"It covers the period ending March 31, 2025 for the New Mexico Educational Retirement Board.\"},{\"question\":\"Which asset classes are included in the Q1 2025 quarterly total returns tables?\",\"answer\":\"The tables include global equities, U.S. domestic equities, international equities, domestic and global fixed income, alternative benchmarks, and CPI/inflation-related measures.\"},{\"question\":\"What key themes does the market environment update emphasize for Q1 2025?\",\"answer\":\"It emphasizes risk-off conditions, a correction in U.S. markets, reversal of 2024 return dynamics, valuation compression among top names, value relative outperformance, and the support to non-U.S. returns from a weaker U.S. dollar.\"}]","Investment Performance Analysis - New Mexico Educational Retirement Board - Q1 2025 Overview | PDF",252]