Rob Thornton

The committee meeting agenda includes the review of audited financial statements for the 2025 retirement funds, discussion of independent auditor's reports on internal controls, and reports on open audit issues. Key topics also cover investment guidelines compliance, annual affirmations and disclosures, the status of the 2026 internal audit plan, and a five-year audit summary. Financial reporting items include a quarterly management cost update and approval of the fiscal year 2027 state operating budget. Additionally, the committee will address administrative matters such as the ethics hotline report, contract updates, and trustee education materials during the open and closed sessions.

The board meeting included an educational session covering the U.S. economic outlook and academic research in defined benefits. Regular business included committee reports from audit, finance, compensation, workforce development, and strategic planning. The board reviewed investment performance, market updates, and quarterly updates for private markets. Further discussions addressed ERCC charter amendments, updates to investment committee guidelines, and future meeting planning. A closed session was held to discuss proprietary investment strategies, compensation, and legal matters.

This document, the 2026 Goals, Strategies & Performance Report, outlines the strategic direction for the State of Wisconsin Investment Board (SWIB). The organization's mission is to be a trusted global investment entity that contributes to the strong financial future of its beneficiaries, with a vision to be an innovative, agile, and integrated organization that optimizes investment returns while meticulously managing risk and cost. Key strategic goals for 2026 include enhancing investment strategies to increase active returns, optimizing operations and technology infrastructure, and improving talent acquisition, retention, and management. The report also highlights past performance, a commitment to long-term investing, portfolio diversification, and robust risk management practices to ensure the sustainability of the Wisconsin Retirement System.

The committee meeting agenda includes an update on the LMBI Division and a review of Q4 2025 performance for LIRM and Multi-Strat portfolios. Additional items involve a transition update, an announcement of committee actions taken during a closed session regarding confidential investment strategies, a report from the Research Task Force, and a quarterly performance review. Furthermore, the committee will address the QIR Annual Certification Report, soft risk parameters, and future meeting topics.

This Investment Policy outlines the strategic objectives, philosophies, and directives for the management and oversight of the Wisconsin Retirement System (WRS) assets by the State of Wisconsin Investment Board (SWIB). The policy is structured around key areas including strategic asset allocation, rebalancing, active risk targeting, and comprehensive risk monitoring, performance benchmarking, and cost management. Its primary goals are to maximize long-term returns within prudent risk parameters, ensure sufficient funds for pension obligations, and maintain the stability of the WRS through diversification and a balanced approach to investment strategies. The 2026 recommendations adjust asset allocation targets to reduce volatility while maintaining strong long-term expected returns and increase passive investment flexibility.