The City of Bradford’s Police, Fire and Non-Uniform pensions are performing well, according to Laura Dealy, CFA, a senior financial consultant for Manning & Napier.

Dealy provided an update to City Council members prior to Tuesday’s meeting.

“I come bearing really good news,” she said. Dealy explained that all three pensions cumulatively have made $5.8 million and are “performing really good.”

Manning & Napier has a Barron’s Fund Family Ranking of No. 1 for 2020, with a rank of No. 3 for World Equity and No. 4 for Taxable Bond.

“We didn’t set out in 2020 to be Number 1 of anything. We did what we do, cushion the downdraft in the first quarter, buy into that dip and ride the upswing,” Dealy said. “We are very pleased. 2020 was a tough year in many ways but not for our clients. This was one less stressor on our clients.”

Dealy outlined the gains for each pension, noting that for the City of Bradford’s Non-Uniformed Employees Pension Fund, the one-year performance was a gain of 23.19% while the year to date was 11.92%.

“This fund made quite a bit of money especially recently. The one-year is up 23%,” Dealy said.

For the City of Bradford Fire Pension Fund, the one-year was 22.34%, while for the City of Bradford Police Pension Fund, the one-year was 22.52%.

“One interesting note on the police pension fund is that it has grown 290% since inception,” Dealy stated.

Council member Brad Mangel asked about the outlook for 2022.

“What we think it’s going to be is that GDP growth is going to go back to pre-covid levels. What we’ve seen is really a demand driven increase in U.S. economic growth rate,” Dealy said, explaining it related to people being home doing nothing during the coronavirus pandemic, followed by a period of masking and vaccination that led to people getting out to be more active. She said that will trail off, with GDP expected to settle into 2 to 3% in the U.S.

She stated the company doesn’t see impending problems, but cautioned that “most people don’t. No one knew COVID was coming.”

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