We inquired with Pension Reserves Investment Management Board (PRIM) officials about management fees and whether PRIM management compares them to any benchmarks. The PRIM officials told us that they do not use any industry standard benchmarks regarding fees because the industry is highly competitive and there are many factors that determine fees. For example, according to PRIM officials, an actively managed fund could charge higher management fees while a passively managed fund could charge lower fees. The asset class is another determining factor. The PRIM officials explained that while they are concerned with fees, they also consider risk versus return versus cost in determining whether the risks of the funds and the returns are worth the cost of the fees. PRIM officials stated that PRIM does not make its decision solely on which investment managers charge the lowest fees.
PRIM officials explained that they use a multi-pronged approach in assessing fees. First, they have a current market landscape for fees for the specific type of service that they can use as a benchmark in assessing the fees charged by investment managers. Second, PRIM management collaborates with consultants who assist in determining whether the proposed fees are reasonable. Third, PRIM management uses an external database containing information about different investment strategies. By triangulating data from these sources, PRIM management establishes the current fee rates that are competitive with the market.
Another tool at PRIM management’s disposal is the inclusion of a “most favored nation” clause within its contracts with investment managers. This is intended to ensure that PRIM is paying competitive fees to the investment managers by allowing PRIM to adjust the fees if another client that has a similar mandate to PRIM is paying lower fees. This is meant to allow PRIM to ensure that it receives competitive fees from investment managers.
PRIM monitors the fees it pays to investment managers by tracking its analysis of management fees in a spreadsheet. We observed this spreadsheet and noted that PRIM’s analysis charted instances where it was paying higher or lower fees or paying around the median. PRIM officials acknowledged that sometimes PRIM accepts higher fees to secure better investment managers.
PRIM officials stated that the assessment of investment managers ultimately hinges on their overall net performance. This evaluation typically spans a period of three to five years, rather than being done annually.
PRIM examines whether investment managers are meeting their initial objectives and surpassing expected benchmarks. If managers are not performing well, even before fees are taken into account, it raises the question of why they would continue to keep that particular investment manager in their portfolio.
The tables below compare investment managers’ performances for funds in fiscal years 2023 and 2024 by showing returns on investment (ROIs), both gross and net of fees, and comparing those returns to the benchmarks used by PRIM. We also included the funds’ net asset value (NAV) to indicate the size of the funds.
Investment Managers’ Performances by Fund for Fiscal Year 202311
| Fund Name | NAV $ | Gross ROI | Net ROI | Difference (Percentage ROI Spent on Fees) | Benchmark | Net ROI Compared to Benchmark |
|---|---|---|---|---|---|---|
| SSGA S&P 500 | $16,831,883 | 19.66% | 19.66% | 0.00% | 19.67% | -0.01% |
| RhumbLine S&P 500 | 2,085,612 | 19.67% | 19.66% | 0.01% | 19.67% | -0.01% |
| Summit Creek | 465,503 | 6.64% | 5.78% | 0.86% | 18.57% | -12.79% |
| Frontier | 524,244 | 22.3% | 21.78% | 0.52% | 6.04% | 15.74% |
| Riverbridge | 403,257 | 18.03% | 17.28% | 0.75% | 18.59% | -1.31% |
| SSGA R2500 | 1,062,434 | 13.53% | 13.52% | 0.01% | 13.58% | -0.06% |
| Acadian US Microcap | 234,075 | 18.52% | 14.64% | 3.88% | 1.37% | 13.27% |
| Brandywine US Microcap Value | 175,987 | 8.75% | 7.97% | 0.78% | 2.86% | 5.11% |
| Lord Abbett US Microcap Growth | 200,524 | 24.97% | 24.09% | 0.88% | 12.67% | 11.42% |
| Driehaus Capital Management | 229,982 | 22.6% | 21.69% | 0.91% | 12.67% | 9.02% |
| SSGA World Ex-US Standard | 2,279,191 | 17.53% | 17.52% | 0.01% | 17.19% | 0.33% |
| Marathon-London | 2,389,236 | 19.06% | 18.69% | 0.37% | 17.19% | 1.50% |
| Baillie Gifford | 1,734,242 | 19.52% | 19.22% | 0.30% | 17.19% | 2.03% |
| Mondrian Investment | 765,973 | 13.88% | 13.5% | 0.38% | 17.19% | -3.69% |
| ARGA | 656,070 | 23.18% | 22.7% | 0.48% | 17.19% | 5.51% |
| Columbia Threadneedle* | 553,931 | 23.18% | 22.93% | 0.25% | 29.15% | -6.22% |
| Causeway Capital Management* | 488,274 | 40.03% | 39.66% | 0.37% | 29.15% | 10.51% |
| Pzena Investment Management* | 408,203 | 37.69% | 37.35% | 0.34% | 29.15% | 8.20% |
| Xponance | 347,003 | 16.21% | 15.63% | 0.58% | 17.19% | -1.56% |
| SSGA World Ex-US Small | 714,473 | 10.24% | 10.23% | 0.01% | 10.07% | 0.16% |
| Acadian INTL Small Cap | 360,854 | 12.19% | 11.64% | 0.55% | 10.07% | 1.57% |
| AQR INTL Small Cap | 234,850 | 17.39% | 16.71% | 0.68% | 10.07% | 6.64% |
| Driehaus Small Cap | 185,884 | 13.45% | 12.74% | 0.71% | 10.07% | 2.67% |
| Artisan Small Cap | 189,717 | 15.15% | 14.2% | 0.95% | 10.07% | 4.13% |
| AQR Emerging | 687,812 | 3.22% | 2.95% | 0.27% | 1.56% | 1.39% |
| T Rowe Price Em Equity Strat | 245,725 | -0.08% | -0.72% | 0.64% | 1.56% | -2.28% |
| Baillie Gifford EMM | 753,431 | 8.93% | 8.35% | 0.58% | 1.56% | 6.79% |
| Driehaus Capital | 867,303 | 1.53% | 1.06% | 0.47% | 1.56% | -0.5% |
| Pzena Investment | 1,028,880 | 18.37% | 17.67% | 0.70% | 1.56% | 16.11% |
| Acadian | 516,995 | 19.46% | 18.39% | 1.07% | 13.31% | 5.08% |
| Wasatch | 167,218 | 11.4% | 10.34% | 1.06% | 13.31% | -2.97% |
| Xponance | 108,004 | 15.31% | 14.63% | 0.68% | 13.13% | 1.50% |
| Blackrock Passive | 1,399,819 | -0.86% | -0.87% | 0.01% | -0.94% | 0.07% |
| PIMCO Core | 1,412,343 | -0.51% | -0.71% | 0.20% | -0.94% | 0.23% |
| Loomis Sayles Core | 1,758,293 | -0.43% | -0.55% | 0.12% | -0.94% | 0.39% |
| AFL–CIO Housing Investment–ETI | 131,834 | -2.13% | -2.23% | 0.10% | -0.94% | -1.29% |
| Pugh | 463,912 | 0.29% | 0.12% | 0.17% | -0.94% | 1.06% |
| New Century | 397,454 | -0.89% | -1.06% | 0.17% | -0.94% | -0.12% |
| Longfellow | 472,659 | -0.06% | -0.21% | 0.15% | -0.94% | 0.73% |
| Blackrock–Strips | 2,472,331 | -10.64% | -10.65% | 0.01% | -10.81% | 0.16% |
| Blackrock–Short Term | 860,431 | 0.18% | 0.17% | 0.01% | 0.15% | 0.02% |
| Blackrock—Tips | 2,547,807 | -1.35% | -1.36% | 0.01% | -1.4% | 0.04% |
| Blackrock ILBs | 845,813 | -3.56% | -3.68% | 0.12% | -3.72% | 0.04% |
| Bivium | 70,820 | -0.57% | -1.03% | 0.46% | -0.94% | -0.09% |
| Fidelity | 477,973 | 8.16% | 7.82% | 0.34% | 8.97% | -1.15% |
| Loomis Sayles High Yield | 445,239 | 7.6% | 7.16% | 0.44% | 8.97% | -1.81% |
| Shenkman | 422,333 | 10.28% | 9.87% | 0.41% | 8.97% | 0.90% |
| Eaton Vance | 1,063,045 | 10.35% | 9.92% | 0.43% | 10.71% | -0.79% |
| Voya | 1,038,843 | 9.68% | 9.33% | 0.35% | 10.71% | -1.38% |
| Ashmore | 398,492 | 4.78% | 4.12% | 0.66% | 6.85% | -2.73% |
| PIMCO EMD | 394,216 | 9.15% | 8.79% | 0.36% | 6.85% | 1.94% |
| Bivium | 61,547 | 5.55% | 4.89% | 0.66% | 8.08% | -3.19% |
| Other Credit Opportunities | 1,420,265 | 4.98% | 4.81% | 0.17% | 7.36% | -2.55% |
| Private Debt | 1,110,078 | 5.92% | 4.69% | 1.23% | 1.91% | 2.78% |
| Private Equity | 16,776,635 | -3.45% | -4.62% | 1.17% | -3.57% | -1.05% |
| Invesco Core | 2,703,497 | -6.51% | -6.8% | 0.29% | -3.91% | -2.89% |
| LaSalle | 2,545,916 | -2.8% | -3.11% | 0.31% | -3.91% | 0.80% |
| AEW | 2,499,230 | -1.4% | -1.04% | -0.36% | -3.91% | 2.87% |
| CBRE | 671,625 | -1.08% | -1.82% | 0.74% | -3.91% | 2.09% |
| Stockbridge | 613,952 | 1.36% | 0.55% | 0.81% | -3.91% | 4.46% |
| PRIM–CORE Real Estate | 738,609 | 4.21% | 4.09% | 0.12% | -3.91% | 8.00% |
| AEW Core Trans | 65,953 | -6.38% | -6.85% | 0.47% | -3.91% | -2.94% |
| Invesco Trans | 60,933 | 2.84% | 2.39% | 0.45% | -3.91% | 6.30% |
| Non-Core | 574,075 | -1.65% | -2.62% | 0.97% | -3.91% | 1.29% |
| CenterSquare Global Reit | 674,505 | -3.04% | -3.36% | 0.32% | -3.74% | 0.38% |
| Brookfield | 343,415 | -2.72% | -3.16% | 0.44% | -3.74% | 0.58% |
| Cambridge Associates | 32,857 | 6.52% | -12.94% | 19.46% | 6.93% | -19.87% |
| Forest Investments | 1,358,346 | 10.22% | 9.99% | 0.23% | 11.31% | -1.32% |
| The Campbell Group | 1,624,479 | 2.55% | 2.73% | -0.18% | 11.31% | -8.58% |
| Directional Hedge Funds | 2,105,626 | 4.92% | 4.91% | 0.01% | 9.09% | -4.18% |
| Stable Value Hedge Funds** | 4,475,167 | 4.64% | 4.64% | 0.00% | 4.15% | 0.49% |
| Pacific Alternative Asset Management Company** | 712,460 | 2.88% | 2.88% | 0.00% | 5.56% | -2.68% |
| Real Assets | 736,761 | -5.49% | -6.06% | 0.57% | 10.14% | -16.20% |
| Parametric | 143,601 | 10.63% | 10.35% | 0.28% | 13.46% | -3.11% |
| Total Liquidating Portfolios | 37,246 | -13.12% | -13.18% | 0.06% | -13.12% | -0.06% |
| Total Assets Under Management | $97,057,205 |
* These investments were not part of the portfolio long enough to determine a one-year performance. As a result, we used the inception-to-date benchmark and ROI in our calculations. However, they do have one-year performance metrics for 2024.
** For this hedge fund, management fees are taken out before Gross of Fees reports.
Investment Managers’ Performances by Fund for Fiscal Year 202412
| Fund Name | NAV $ | Gross ROI | Net ROI | Difference (Percentage ROI Spent on Fees) | Benchmark | Net ROI Compared to Benchmark |
|---|---|---|---|---|---|---|
| SSGA S&P 500 | $19,365,893 | 24.64% | 24.63% | 0.01% | 24.65% | -0.02% |
| RhumbLine S&P 500 | 3,554,179 | 24.66% | 24.65% | 0.01% | 24.65% | 0.00% |
| RhumbLine—EIA* | 276,089 | 0.51% | 0.47% | 0.04% | 7.60% | -7.13% |
| Summit Creek | 406,190 | 5.21% | 4.38% | 0.83% | 9.13% | -4.75% |
| Frontier | 617,830 | 21.78% | 21.27% | 0.51% | 10.93% | 10.34% |
| Riverbridge | 297,852 | -0.47% | -1.13% | 0.66% | 9.02% | -10.15% |
| SSGA R2500 | 1,174,075 | 10.51% | 10.5% | 0.01% | 10.48% | 0.02% |
| Acadian US Microcap | 252,005 | 4.97% | 4.71% | 0.26% | 1.72% | 2.99% |
| Brandywine US Microcap Value | 140,854 | -5.77% | -6.48% | 0.71% | 7.96% | -14.44% |
| Lord Abbett US Microcap Growth | 238,403 | 6.12% | 5.36% | 0.76% | 2.4% | 2.96% |
| Driehaus Capital Management | 295,775 | 15.93% | 15.06% | 0.87% | 2.4% | 12.66% |
| SSGA World Ex-US Standard | 2,110,617 | 11.04% | 11.03% | 0.01% | 11.12% | -0.09% |
| Marathon—London | 2,640,410 | 12.8% | 12.44% | 0.36% | 11.12% | 1.32% |
| Baillie Gifford | 1,592,452 | 1.26% | 0.99% | 0.27% | 11.12% | -10.13% |
| Mondrian Investment | 581,788 | 11.97% | 11.59% | 0.38% | 11.12% | 0.47% |
| ARGA | 730,598 | 11.36% | 10.92% | 0.44% | 11.12% | -0.20% |
| Columbia Threadneedle | 621,381 | 12.18% | 11.88% | 0.30% | 11.12% | 0.76% |
| Causeway Capital Management | 548,633 | 12.36% | 11.95% | 0.41% | 11.12% | 0.83% |
| Pzena Investment Management | 450,982 | 10.48% | 10.11% | 0.37% | 11.12% | -1.01% |
| Xponance | 370,905 | 6.9% | 6.36% | 0.54% | 11.12% | -4.76% |
| SSGA World Ex-US Small | 555,789 | 7.88% | 7.86% | 0.02% | 7.79% | 0.07% |
| Acadian Intl Small Cap | 368,748 | 16.28% | 15.74% | 0.54% | 7.79% | 7.95% |
| AQR Intl Small Cap | 282,618 | 20.34% | 19.62% | 0.72% | 7.79% | 11.83% |
| Driehaus Small Cap | 209,860 | 12.9% | 12.23% | 0.67% | 7.79% | 4.44% |
| Artisan Small Cap | 195,533 | 3.07% | 2.17% | 0.90% | 7.79% | -5.62% |
| AQR Emerging | 806,131 | 21.83% | 20.12% | 1.71% | 12.46% | 7.66% |
| T Rowe Price EM Equity Strat | 221,099 | 0.15% | -0.48% | 0.63% | 12.46% | -12.94% |
| Baillie Gifford EMM | 842,650 | 15.66% | 15.04% | 0.62% | 12.46% | 2.58% |
| Driehaus Capital | 946,079 | 18.49% | 17.97% | 0.52% | 12.46% | 5.51% |
| Pzena Inv | 1,021,655 | 15.55% | 14.85% | 0.70% | 12.46% | 2.39% |
| Acadian | 553,953 | 28.42% | 27.3% | 1.12% | 19.97% | 7.33% |
| Wasatch | 199,731 | 19.44% | 18.29% | 1.15% | 19.97% | -1.68% |
| Xponance | 207,230 | 13.43% | 12.68% | 0.75% | 12.31% | 0.37% |
| Blackrock Passive | 1,334,455 | 2.66% | 2.65% | 0.01% | 2.63% | 0.02% |
| Pimco Core | 1,646,862 | 3.72% | 3.55% | 0.17% | 2.63% | 0.92% |
| Loomis Sayles Core | 2,032,781 | 4% | 3.88% | 0.12% | 2.63% | 1.25% |
| AFL–CIO Housing Investment–ETI | 136,421 | 3.6% | 3.48% | 0.12% | 2.63% | 0.85% |
| Pugh | 588,986 | 3.56% | 3.39% | 0.17% | 2.63% | 0.76% |
| New Century | 487,230 | 2.88% | 2.71% | 0.17% | 2.63% | 0.08% |
| Longfellow | 602,220 | 4.35% | 4.19% | 0.16% | 2.63% | 1.56% |
| Blackrock—Strips | 2,811,363 | -13.12% | -13.13% | 0.01% | -13.1% | -0.03% |
| Blackrock—Short Term | 1,001,422 | 4.51% | 4.5% | 0.01% | 4.51% | -0.01% |
| Blackrock—Tips | 2,921,676 | 2.71% | 2.7% | 0.01% | 2.71% | -0.01% |
| Blackrock ILBs | 951,295 | 1.84% | 1.71% | 0.13% | 1.99% | -0.28% |
| Bivium | 73,319 | 3.53% | 3.06% | 0.47% | 2.63% | 0.43% |
| Fidelity High Yield | 633,621 | 10.94% | 10.61% | 0.33% | 10.53% | 0.08% |
| Loomis High Yield | 489,075 | 9.84% | 9.4% | 0.44% | 10.53% | -1.13% |
| Shenkman High Yield | 464,995 | 10.1% | 9.7% | 0.40% | 10.53% | -0.83% |
| Eaton Vance | 1,165,704 | 10.08% | 9.66% | 0.42% | 11.11% | -1.45% |
| Voya | 1,146,083 | 10.67% | 10.32% | 0.35% | 11.11% | -0.79% |
| Ashmore | 442,322 | 11.73% | 11% | 0.73% | 8.35% | 2.65% |
| Pimco EMD | 437,462 | 10.97% | 10.6% | 0.37% | 8.35% | 2.25% |
| Bivium | 88,977 | 10% | 9.3% | 0.70% | 9.89% | -0.59% |
| Other Credit Opportunities | 1,896,877 | 14.41% | 14.25% | 0.16% | 11.89% | 2.36% |
| Private Debt | 868,115 | 8.94% | 7.78% | 1.16% | 8.95% | -1.17% |
| Private Equity | 17,885,820 | 8.97% | 7.69% | 1.28% | 5.94% | 1.75% |
| Invesco Core | 2,467,380 | -7.45% | -7.79% | 0.34% | -6.4% | -1.39% |
| LaSalle | 2,368,676 | -6.8% | -7.15% | 0.35% | -6.4% | -0.75% |
| AEW | 2,431,080 | -4.37% | -4.64% | 0.27% | -6.4% | 1.76% |
| CBRE | 829,712 | 1.72% | 0.83% | 0.89% | -6.4% | 7.23% |
| Stockbridge | 795,746 | 5.87% | 4.7% | 1.17% | -6.4% | 11.10% |
| DivcoWest* | 122,589 | -0.31% | -0.31% | 0.00% | -0.98% | 0.67% |
| PRIM—Core Real Estate | 565,425 | -23.8% | -24.03% | 0.23% | -6.4% | -17.63% |
| Invesco Trans | 884 | -4.53% | -4.87% | 0.34% | -6.4% | 1.53% |
| Non-Core | 581,178 | -11.8% | -12.71% | 0.91% | -12% | -0.71% |
| CenterSquare Global REIT | 724,106 | 7.35% | 7% | 0.35% | 5.48% | 1.52% |
| Cambridge Associates | 68,480 | 4.31% | -0.86% | 5.17% | -3.11% | 2.25% |
| Forest Investments | 1,464,342 | 14.14% | 13.9% | 0.24% | 9.85% | 4.05% |
| The Campbell Group | 1,727,940 | 7.47% | 7.36% | 0.11% | 9.85% | -2.49% |
| Directional Hedge Funds** | 2,555,987 | 16.35% | 16.35% | 0.00% | 12.5% | 3.85% |
| Stable Value Hedge Funds** | 4,714,294 | 11.52% | 11.52% | 0.00% | 7.5% | 4.02% |
| Pacific Alternative Asset Management Company** | 771,944 | 8.35% | 8.35% | 0.00% | 7.5% | 0.85% |
| Real Assets | 692,521 | -8.66% | -9.2% | 0.54% | 5.79% | -14.99% |
| Parametric | 177,317 | 23.5% | 23.18% | 0.32% | 14.15% | 9.03% |
| Total Liquidating Portfolios | 25,465 | -6.68% | -7.38% | 0.70% | -6.68% | -0.70% |
| Total Assets Under Management | $105,870,134 |
* These investments were not part of the portfolio long enough to determine a one-year performance. As a result, we used the inception-to-date benchmark and ROI in our calculations.
** For this hedge fund, management fees are taken out before Gross of Fees reports.
| Date published: | November 13, 2025 |
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