Board records $8.1M March loss amid market turbulence
Danvers Retirement Board recorded $8.1 million in portfolio losses during March amid global market volatility. Investment manager Rafik Ghazarian of Segal Marco advised the board to hold current investment positions while drawing down $1 million from a fixed-income account for operational cash
Retirement Board · Meeting of April 29, 2026
Danvers Retirement Board recorded $8.1 million in portfolio losses during March amid global market volatility. Investment manager Rafik Ghazarian of Segal Marco advised the board to hold current investment positions while drawing down $1 million from a fixed-income account for operational cash needs, noting that despite the quarterly loss of $2.9 million, the system's 10-year average return of 8 percent continues to exceed its 7 percent target. The board unanimously approved refunds totaling $13,622.74 and welcomed two new pension-system members.
It also scheduled a July 31 election for the seat of Dana M. Hagan, whose term expires June 30.
In the full story:
- The complete report — 321 words
Source: the Retirement Board meeting of April 29, 2026, compiled from the official minutes.
Members read the rest of this story and every Danvers meeting we cover, in full.
Become a memberAlready a member? Sign inA 30-day free trial needs a payment method. After it, your membership renews at the price shown at checkout until you cancel, which you can do anytime from your account. Subscription terms
Share this brief
Know someone in Danvers who follows town government? Share Townbrief Danvers: they can sign up free.