As a fiduciary, PRIM’s mandate is to construct and manage a portfolio of investments that delivers strong risk-adjusted returns to reduce the Commonwealth’s unfunded pension liability and also help local participating retirement systems meet their pension obligations. PRIM aims to be a leading investor of retirement funds through strong financial performance, a high degree of professionalism and transparency, and responsible resource management.
PRIM’s highly experienced, professional investment staff seeks to maximize the return on investment with an acceptable level of risk by broadly diversifying the investment portfolio, capitalizing on economies of scale to achieve cost-effective operations, and providing access to high-quality investment strategies. Through a disciplined yet innovative approach to market opportunities, PRIM has consistently exceeded both its benchmark and its actuarial target rate of return as established by the Commonwealth over the long term.
We are focused on building a portfolio that maximizes our probability of achieving the actuarial rate of return while minimizing risk and cost. We believe that evaluating any investment and any portfolio must focus on three equally important parameters: return, risk, and cost. As a result of those beliefs, we don’t make tactical asset allocation decisions or investment decisions based on market or economic predictions. Instead, we engineer a strategic, long-term asset allocation policy that we construct to stand the test of a long-time horizon.
AWARDS AND RECOGNITION
Institutional Investor’s Lifetime Achievement Award
Michael Trotsky, CFA, Executive Director and Chief Investment Officer of Mass PRIM, was honored with Institutional Investor’s Lifetime Achievement Award at the third annual Allocators’ Choice Awards (December 2019)
PRIM’s Private Equity Portfolio ranked #2 by the American Investment Council
PRIM’s Private Equity Portfolio was ranked #2 among 176 U.S. public pension funds based on 10-year performance by the American Investment Council’s Public Pension Study. PRIM is the only fund that has been in the top five every year the study has been conducted. (July 2020)
Institutional Investor’s “Most Wanted Allocators” list
For the second year in a row, Eric Nierenberg was named to Institutional Investor’s “Most Wanted Allocators” list, a global “Top 50” list of allocators they deem as most coveted for potential future chief investment officer roles. (June 2019)
Government Finance Officer Association – Certificate of Achievement for Excellence in Financial Reporting –
PRIM was awarded the Government Finance Officer Association’s Certificate of Achievement for Excellence in Financial Reporting for the 15th consecutive year. (August 2020)
Institutional Investor Hedge Fund Industry Awards – Nominated for “Public Plan of the Year” For an unprecedented fourth year in a row, PRIM was nominated for “Public Plan of the Year” at the Institutional Investor Hedge Fund Industry Awards in June 2019. PRIM won this award in 2016. (June 2019)
EQDerivatives Investing Hall of Fame’s Portfolio Completion Strategies
PCS Director Bill Li, CFA, CAIA was inducted into the EQDerivatives Investing Hall of Fame’s 2019 Class, which “recognizes those individuals that have led the line in volatility and alternative risk premia thought leadership. (May 2019)
Commonwealth’s Citation for Outstanding Performance
Qingmei Li, CPA, from PRIM’s finance team received the Commonwealth’s Citation for Outstanding Performance at a State House ceremony with Treasurer Deborah Goldberg, Chair of the PRIM Board. (October 2019)