VRS 80 Years Celebration & Overview

24 Summary RS Virginia Retirement System The VRS portfolio is positioned defensively - underweight both stocks (given current uncertainty) and bonds (in the face of rising interest rates). Private markets are performing very well, largely offsetting losses in public stocks and bonds. ■ Uncertainty has increased as the magnitude of Fed hikes and the possible slowdown in corporate earnings create unknowns. The Board has continued its measured pace of evolution in its long- term risk/reward policy. Staff continues to add value through strong performance and by cost- effective implementation practices.

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