Healthcare systems have faced an onslaught of challenges in recent years. They had to navigate the operational and financial headwinds stemming from COVID-19, a severe labor shortage, and 2022’s double-digit drawdowns in both stocks and bonds. Since the end of 2022, global equity markets have returned more than 70% cumulatively, but a combination of portfolio draws and elevated cash expense growth has left median days cash on hand roughly flat. Going forward, balance sheet liquidity is likely to be restrained. While operating margins are improving, the appetite for capital spending remains high and the effects of the One Big Beautiful Bill Act have yet to emerge. At the same time, equities are expensive and credit spreads are tight, limiting the margin for error. Health systems need to carefully weigh the risks of a significant market decline with the need for long-term growth.
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Luis Sierra Speaking at 2026 529 Conference 9/23
On Monday, September 23, Luis Sierra, CFA, will be speaking at the annual 529 Conference hosted by ISS Market Intelligence in Nashville, Tennessee.
Luis will be presenting a session entitled “Structuring & Evaluating the Investment Lineup” for attendees addressing:
- Investment structure in philosophy and in practice
- Defining key terms and differentiating factors
- Investment types and management style trends
- New asset classes, trends in selection, and review of fee types
The 529 conference brings together the entire 529 and ABLE ecosystem and includes panels, presentations, and workshops exploring the most significant trends, challenges and opportunities shaping the industry today. Discussions will cover the latest federal and state legislative developments, product enhancements, investment trends, marketing and distribution strategies, operational initiatives, consumer insights, and key regulatory and compliance updates.
For more information, please visit the 529 Conference website.
Matt Nowak Speaking at 2026 12th Annual GAPPT Trustee School 9/29
On Tuesday, September 29, Matt Nowak, AIF® will be speaking at the Georgia Association of Public Pension Trustees (GAPPT) Twelfth Annual Trustee School in Athens, Georgia.
Matt will be presenting an educational session for attendees entitled “Plan Governance and Fiduciary Responsibilities.” The GAPPT is a nonprofit organization formed to provide education and professional development opportunities to trustees and administrators of Georgia’s public pension plans. Subject areas span fiduciary responsibility and liability, board governance, investment acumen, and plan administration. For more information, please visit the GAPPT website.
Jessica Noviskis Featured on Bloomberg Markets 7/3/26
Portfolio Strategist Jessica Noviskis, CFA was featured on Bloomberg Television’s Markets coverage on July 3, 2026.
Jessica discussed market uncertainty surrounding the AI rally, how investors can approach diversification within portfolio construction — including across both asset classes or geography — what asset classes may diversify portfolios well outside the 60/40 structure, and expectations for how Fed actions may impact markets and the economy with Warsh at the helm.
Watch Jessica’s interview segment on Bloomberg’s website.
The opinions expressed herein are those of Marquette Associates, Inc. (“Marquette”), and are subject to change without notice. This material is not financial advice or an offer to purchase or sell any product. Marquette reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs.
Seventy-Five Horses and Two Pieces of Plastic
Anyone who has gone snowmobiling knows it can be simultaneously exhilarating and terrifying. Throttling across snow and through a forest powered by a 75-horsepower engine with two plastic skis to steer makes it hard to feel like one has complete control; 30 mph in the open air feels more like 100!
Nonetheless, operating a snowmobile is pretty straightforward: The throttle is a right-thumb button, the brake is a left-hand squeeze lever. Beyond those two controls, it’s up to the driver to effectively navigate the trail, with the critical concession that the terrain is out of anyone’s complete control. Which brings me to our 2026 market outlook.
The “throttles” for portfolios are the usual constituents: equities, below investment grade credit, and private markets. The “brakes” are investment grade fixed income, particularly Treasuries which can slow a portfolio’s losses if the market tumbles. The terrain is naturally the actual path that each of these asset classes will follow in 2026. Since 2022 the equity market ride has been mostly exhilarating, save for some of the terrifying moments like the market dip after Liberation Day. But that’s in the rearview mirror, and the focus is what is around the bend. Will the thrill continue, or should we ease up on the throttle?
Kweku Obed Speaking at 2026 Apollo U.S. Public Pension Private Capital Roundtable 6/22
On Monday, June 22, Kweku Obed, CFA, CAIA will be speaking at the 2026 U.S. Public Pension Private Capital Roundtable hosted by Apollo Global Management at the University of Chicago Booth School of Business.
Kweku will be joining a panel entitled, “Portfolio Construction: Rethinking Risk, Return & Resilience,” described as follows: The investment landscape has grown more complex for institutional investors, and particularly for public pension plans navigating long-duration liabilities in a period of sustained geopolitical volatility. Persistent inflation, elevated rates, policy uncertainty, and rapidly evolving capital markets are challenging long-held assumptions around asset allocation, diversification, and risk management. This session will explore how investors are rethinking portfolio construction in real time, including approaches to risk budgeting, rebalancing discipline, and building resilience across market regimes. Panelists will examine the expanding role of private capital as a tool for enhancing return potential, managing downside risk, and strengthening portfolio durability through periods of sustained uncertainty.
The Roundtable is a one-day event that will bring together senior investment professionals from leading public pension plans alongside top consultants, academic experts, and Apollo’s senior leadership. For more information about Apollo, visit their website.
Sam Frymier Speaking at NCPERS 2026 Annual Conference & Exhibition 5/18
On Monday, May 18, Sam Frymier will be speaking at the National Conference on Public Employee Retirement Systems’ (NCPERS) 2026 Annual Conference & Exhibition in Las Vegas.
Sam will be joining the Annual Investment Consultant Panel: Strategic Perspectives for Public Pension Funds with several investment professionals, described as follows:
As public pension systems navigate an increasingly complex investment landscape, the role of investment consultants remains critical in shaping long-term strategy and decision-making. This annual panel brings together leading investment consultants to share timely insights on market conditions, emerging risks, and evolving opportunities facing institutional investors.
The discussion will explore key themes influencing portfolio positioning, including asset allocation trends, risk management approaches, and the impact of macroeconomic and geopolitical developments. Panelists will also provide perspectives on how pension systems can adapt to changing market dynamics while maintaining focus on long-term objectives and fiduciary responsibilities.
Attendees will gain valuable insights into how consultants are advising clients in the current environment and practical considerations for aligning investment strategies with evolving market conditions.
Since 1941, NCPERS has been a trusted partner to pension leaders across local, county, and state retirement systems with the mission of connecting and empowering public pension leaders with the skills, strategies, and networks to solve today’s challenges and prepare for tomorrow’s. At the Annual Conference, attendees will explore the most pressing challenges facing public pensions and gain actionable insights to navigate them effectively. For more information, please visit the event webpage.
Jessica Noviskis Featured on Bloomberg Surveillance 5/11/26
Portfolio Strategist Jessica Noviskis, CFA was featured on Bloomberg TV’s Surveillance coverage on May 11, 2026.
Jessica discussed investor sentiment regarding the ongoing conflict/ceasefire narrative in the Middle East, Fed policy, how artificial intelligence and tech companies continue to shape the market, and how current risks influence portfolio construction and performance.
Watch the segment on Bloomberg’s website or YouTube channel.
The opinions expressed herein are those of Marquette Associates, Inc. (“Marquette”), and are subject to change without notice. This material is not financial advice or an offer to purchase or sell any product. Marquette reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs.
Tim Burdick and Greg Leonberger Speaking at Community Foundation of Middle Tennessee Event 5/7
On Thursday, May 7, Tim Burdick, CFA and Greg Leonberger, FSA, EA, MAAA, FCA will be speaking at an educational session hosted by the Community Foundation of Middle Tennessee: “Marquette Associates Investment Update for Fundholders: Understanding Your Fund in Today’s Changing Markets.”
The two will discuss portfolio performance before taking a detailed look at what today’s market conditions mean for long-term charitable giving, including the cost of missing the market’s best days, why disciplined investors tend to come out ahead over time, and how emotional decision-making during volatile periods can shape long-term results.
For more information, please visit the Community Foundation of Middle Tennessee website.
3Q 2025 Market Insights
This video is a recording of a live webinar held October 22 by Marquette’s research team analyzing the third quarter across the economy and various asset classes as well as themes we’ll be monitoring through the rest of 2025.
Our quarterly Market Insights series examines the primary asset classes we cover for clients including the U.S. economy, fixed income, U.S. and non-U.S. equities, hedge funds, real assets, and private markets, with commentary by our research analysts and directors.
Featuring:
Greg Leonberger, FSA, EA, MAAA, FCA, Partner, Director of Research
Frank Valle, CFA, CAIA, Associate Director of Fixed Income
James Torgerson, Senior Research Analyst
Catherine Hillier, Senior Research Analyst
David Hernandez, CFA, Director of Traditional Manager Search
Evan Frazier, CFA, CAIA, Senior Research Analyst
Dennis Yu, Research Analyst
Amy Miller, Associate Director of Private Equity
Sign up for research alerts to be invited to future webinars and notified when we publish new videos.
If you have any questions, please send our team an email.