In January of 2019, the PMIF adopted an Investment Policy Statement (IPS), which establishes expectations of the PMIF Investment Committee as well as objectives and guidelines for the investment of Portfolio assets. The IPS creates a framework for a well-diversified asset mix that can be expected to generate acceptable long-term returns at a level of risk suitable to the Investment Committee.
The IPS is intended to be a summary of an investment philosophy and the procedures that provide guidance for the Investment Committee. The policies described in the IPS are dynamic and should reflect the Investment Committee’s current status and philosophy regarding the investment of the Portfolio. These policies will be reviewed and revised periodically to ensure they adequately reflect any changes related to the Portfolio, to the Investment Committee, or the capital markets. The Portfolio, itself, will be monitored on a quarterly basis by the Investment Committee and will be re-allocated if there is sufficient deviation from the Target Asset Allocation.
It should be recognized that the Portfolio will invest in a variety of securities and that the actual weighting of these securities can and will vary. It is also important to note that future returns of the securities of the Portfolio, and the Portfolio itself, can be expected to vary from the historical returns. The Portfolio’s historical rate of return is not a guarantee of future investment returns, nor an indication of expectation regarding future results. Future returns could differ significantly, and capital loss is possible.