Hear how SWIB is working to help the Wisconsin Retirement System remain among the nation’s most resilient pension funds – growing and protecting participants’ benefits and giving them peace of mind to focus on work, life, and the future.

In this market update, we welcome back SWIB’s Head Economic and Asset & Risk Allocation Chief Investment Officer Todd Mattina to talk about the issues that impacted the markets through the first quarter of the year and what we might expect as we make our way further into 2026.

Rather than reacting to short-term headlines, the focus remained on fundamentals, valuation, and the long-term objectives of the Wisconsin Retirement System.

In this episode of The SWIB Podcast, we welcome back SWIB Executive Director and Chief Investment Officer Edwin Denson.

We’ll look back at how global financial markets performed in 2025, a year shaped by easing inflation pressures, shifting interest-rate expectations, and continued uncertainty across economies and geopolitics.

Looking ahead to 2026, we’ll discuss the themes SWIB is watching closely — from the trajectory of economic growth and monetary policy to how public and private markets may respond to evolving conditions.

We’ll also talk about where opportunities may emerge, how risks are being assessed, and how SWIB positions portfolios to remain resilient in a range of possible outcomes. Edwin will share perspective on how SWIB approaches uncertainty, balances near-term market dynamics with long-term responsibilities, and continues to invest with a focus on meeting the retirement promises made to Wisconsin’s public employees and retirees.

In this episode of The SWIB Podcast, hear from Cefe Quesada, SWIB’s chief technology officer, and Salah Khalaf, senior portfolio manager, about how SWIB staff is using AI to augment their ability to process information, identify risks, and make decisions, all with an eye to good governance, ethics, and transparency ̶ helping the WRS remain fully funded and well-positioned to deliver on its promise to over 692,000 participants

This is part two in our two-part series about A.I., so don’t forget to check out episode 35 for a grounding in what these tools are, how they work, and what it means for society.

In this market update, we welcome back SWIB’s Head Economic and Asset & Risk Allocation Chief Investment Officer Todd Mattina to talk about the issues that impacted the markets through the fourth quarter of the year and what we might expect as we make our way through the final weeks of 2025.

In this first of two new episodes of The SWIB Podcast, Cefe Quesada, SWIB’s chief technology officer, and Salah Khalaf, senior portfolio manager, discuss what’s working, what’s next, and how public pension funds can embrace AI while keeping transparency and performance front and center and helping the WRS remain fully funded and well-positioned to deliver on its promise to over 692,000 participants.

In this market update, we talk with SWIB’s Head of Multi-Asset Strategies, Nick Stanton, about the stock market's continued performance despite economic headwinds and what investors might expect in the months ahead.

In this market update, we talk with SWIB’s Head of Funds Alpha Derek Drummond about the issues that have impacted the markets through the first half of the year and what we might expect in the second half of the year.

In this episode of The SWIB Podcast, we look at how SWIB's real estate portfolio plays an important part in SWIB's asset allocation. We talk to Jason Rothenberg, SWIB’s head of real estate, about some of the challenges facing SWIB’s real estate portfolio, what trends are impacting how institutional investors view the real estate market, and what steps SWIB’s real estate team has taken to overcome the market volatility.

In this episode of The SWIB Podcast, we welcome back SWIB Portfolio Manager Chris Prestigiacomo. Chris talks about the investments SWIB’s private debt and venture capital portfolios hold in Wisconsin companies, the positive impact the two portfolios have had on the WRS trust funds as well as the state's economy, and what the current private debt and venture capital ecosystems look like in Wisconsin.

In this episode of The SWIB Podcast, we welcome back SWIB Executive Director and Chief Investment Officer Edwin Denson. Edwin provides insight on some of the events and trends that impacted the financial markets in 2024, the performance of the WRS trust funds, and what we might expect in the year ahead.

What does SWIB’s small cap portfolio look like? How does it fit into SWIB’s investment strategy for the Wisconsin Retirement System, or WRS? Joy Mukherjee, lead portfolio manager of SWIB’s small cap equity strategy, explains the difference between large cap and small cap investments, describes some of the common misconceptions of small cap investments, and talks about how SWIB’s portfolio has capitalized on opportunities that have had a positive impact on the WRS trust funds.

In this episode of the SWIB Podcast, learn more about the role passive strategies like synthetic replication, passive exposure management, and leverage implementation have in helping keep the WRS fully funded. Find out how SWIB’s use of securities finance, collateral optimization, and liquidity management benefit the WRS trust funds. Finally, hear how SWIB’s innovative spirit played an important role in the founding of the Global Peer Financing Association and how the association has helped SWIB engage in a variety of securities finance activities and promote best practices and knowledge sharing with peers across the world.

In this episode of The SWIB Podcast, Chris Eckerman and Kirk Wolff of SWIB’s Private Equity and Co-Investment team answer those questions as we discuss private equity co-investments and learn more about how the Investment Board was an early adopter of building out an internal co-investment program. 

In this episode of The SWIB Podcast, SWIB Executive Director and Chief Investment Officer Edwin Denson talks about the positive performance the WRS trust funds turned in for 2023 and what that means for annuity adjustments for the system’s retirees and contribution rates for active employees and their employers. Edwin discusses how he and his team navigated the unpredictable financial markets, what we might expect in the year ahead, and how SWIB is working to keep itself positioned as a leading global investor. 

In this episode of The SWIB Podcast, Andrea Ruiz, portfolio manager for the State Investment Fund talks about the role the SIF plays not only for local governments but also the WRS. Andrea will also talk about some of the challenges she and her team have had to navigate in 2023.

In this episode of The SWIB Podcast, SWIB’s Head Economist and Asset and Risk Allocation Chief Investment Officer Todd Mattina talks about what all these headline grabbing issues mean for investors and the WRS. Todd shares his thoughts on the first half of 2023 and his perspective on what the economic outlook is for the remainder of the year.

In this episode of The SWIB Podcast, we talk with Chris about how SWIB’s venture capital and private debt portfolios have weathered the market challenges, where the portfolios stand today, and what the future might bring given the current market conditions. 

SWIB worked to navigate the volatility while seeking opportunities to keep the WRS well-positioned for the future. Because almost 50% of the Wisconsin Retirement System's Core Fund and all of the Variable Fund are invested in stocks, finding investment opportunities, even in a down market, is critical to SWIB’s investment strategy and the long-term success of the WRS.

In this episode of The SWIB Podcast, we talk with Susan Schmidt, SWIB's Head of Public Equities. Susan shares her expertise and insight into the challenges investors faced in 2022 and what we might expect in the 2023 year ahead. Plus, she'll discuss the impetus behind the "best ideas" portfolio that her team manages, and how it helps position SWIB to deliver on its promise to members of the WRS.

Despite the challenges of 2022, the State of Wisconsin Investment Board remained committed to its long-term investment strategy that aims to keep annuity adjustments and contribution rates stable, and meet the benefits promised to over 660,000 Wisconsin Retirement System participants. So how did SWIB's strategy weather the volatility of the past year, and what trends will continue to shape the 2023 landscape?

In this episode of The SWIB Podcast, we welcome back SWIB Executive Director and Chief Investment Officer Edwin Denson. We'll talk to Edwin about what he and his team experienced in the past year as they negotiated these choppy markets. We'll also speak about some of the global events that made headlines and impacted investors in 2022 and discuss what to expect as we start the new year.

In this episode of the SWIB podcast, we take a look at SWIBs corporate governance program, including the policies used to analyze its domestic and international proxy votes, and how those policies benefit the Wisconsin Retirement System.

In this episode of The SWIB Podcast, we talk to Brian Murphy and Jim Anderson, actuaries from Gabriel, Roeder, Smith and Company (GRS). We will hear how they help SWIB and the Department of Employee Trust Funds to peer into the future and keep the WRS on track for success and how GRS helps SWIB conduct robust stress testing of the system to evaluate and strengthen its investment returns.

In this episode of The SWIB Podcast, we talk to SWIB Executive Director and Chief Investment Officer Edwin Denson, and Leo Kropywiansky, a senior portfolio manager with SWIB's asset and risk allocation division, about what these headline grabbing issues mean for the WRS. We get an update on how the trust funds are performing midway through 2022 and what to expect for the rest of the year and beyond.

In this episode of The SWIB Podcast, we are going to look at how SWIB’s real estate portfolio plays an important part in SWIB’s asset allocation. We will talk to Private Markets and Funds Alpha Chief Investment Officer Anne-Marie Fink and Jason Rothenberg, head of real estate, about the history behind SWIB’s real estate portfolio, the types of investments being made, and what the outlook is for the remainder of this year and beyond.  

The relationship between data, technology and human talent is key to the successful incorporation of these trends in active portfolio management. Investment managers are constantly enhancing the technology they use to stay on the cutting edge of an industry that is changing at a rapid pace.

The State of Wisconsin Investment Board is no different. But what does this technology look like? How does it help investment management staff make the right decisions to help the Wisconsin Retirement System meet its goals?

In this episode of the SWIB Podcast, we're going to hear how SWIB is growing the technology it uses to support the increasingly complex internal strategies designed to add value for the benefit of WRS participants. We talk to two SWIB portfolio managers, Nick Stanton and Derek Drummond, about how they use technology and how it helps them work smarter to generate returns, managed risk and keep the WRS among the only fully funded pensions in the country.

There is no doubt that the WRS has done that and more over the last four decades. But, the WRS, as one of the only fully funded public pension systems in the country, is more than just a retirement benefit for state and local government employees. It also provides a strong, steady economic pillar for the entire state.

Economic gains attributable to defined benefit pensions like the WRS are substantial. Benefits paid by state and local pension plans support a significant amount of economic activity that ripples through the economy, creating a multiplier effect as one person’s spending becomes another person’s income. In Wisconsin, more than 85% of WRS pensions go to retirees living in Wisconsin who purchase goods and services and pay taxes.

In this episode, we talk to Dan Doonan, executive director of the National Institute on Retirement Security, a non-profit research and education organization established to contribute to informed policymaking by fostering a deep understanding of the value of retirement security to employees, employers, and the economy as a whole.

Dan shares some insights about what he calls "Pensionomics," and some recent studies his organization has conducted that show just how crucial the WRS and other defined benefit plans like it are to their local economic ecosystems.

In 2021, the financial markets saw ongoing volatility caused by COVID-19 while the Federal Reserve continued with the policies it put in place to combat the economic effect of the pandemic. Interest rates, inflation, and supply chain backlogs were all topics that grabbed headlines throughout the year. But in the end, SWIB remained committed to its long-term investment strategy for the Wisconsin Retirement System and generated strong investment returns, which are expected to deliver annuity increases to members and continuing contribution stability for employees and employers.

In this episode, SWIB Executive Director and Chief Investment Officer Edwin Denson looks back on a successful year and lays the groundwork for building on that success in 2022. 

Last year, SWIB continued to look forward when it launched two new internal alternative fixed income strategies. The new Mortgage Backed Securities and High Yield Portfolios are designed to target less efficient segments of the market. In addition, SWIB partnered with three North American public pension plans to create the Global Peer Financing Association, an innovative nonprofit investment group focused on peer-to-peer securities financing opportunities.

In this episode of the podcast, we talk about these innovative initiatives, find out more about how they fit into SWIB’s overall investment strategy for the WRS, and learn how they are keeping SWIB at the leading edge of institutional investing. We're joined by Mike Shearer, SWIB’s head of alternative fixed income strategies; Dave Jordan, SWIB’s high yield portfolio manager; and Chris Benish, a managing analyst in SWIB’s Asset & Risk Allocation Division.

Since its creation in 1951, SWIB has grown into a premier asset manager recognized around the world for its innovation and success, strong leadership, dedicated staff, and a forward-thinking culture. In this episode, we're going to talk with Rochelle Klaskin, SWIB's deputy executive director and chief administrative officer, as we look back at how a unique partnership led to the creation of SWIB. Hear how, with the help of government leaders and system participants, SWIB has over the past seven decades met the challenges posed by a vastly changing investment industry to keep the WRS among the only fully funded public pension systems in the country. We'll also look ahead at what SWIB’s next 70 years might hold.

Edwin joined SWIB in 2018 as the managing director of asset and risk allocation, responsible for risk analysis, allocation and oversight, asset allocation, passive portfolio and leverage implementation, macroeconomic analysis, and fund level investment strategies. After arriving at SWIB, Edwin worked to more than double the asset and risk allocation staff to help build out innovative investment strategies for the WRS. In April, the Board of Trustees appointed Edwin to lead SWIB. Now, he is using his wealth of experience in both public and private sector asset management to continue to move the agency forward and deliver results for the WRS. 

In this episode, we will get to know SWIB’s new leader a little bit better and hear what’s in store under his direction. 

But through it all, SWIB has continued to serve members of the Wisconsin Retirement System at a high level, due in large part to the unique governance structure that positions SWIB as a global leader in public pension asset management.

In this episode, we discuss how SWIB's nine-member, independent board of trustees supports the solid foundation of leadership that makes SWIB’s success possible with Board of Trustees Chair David Stein. We talk to David about the search for and recent appointment of SWIB's new Executive Director and Chief Investment Officer Edwin Denson, the board's vision for the future, and how strong governance is keeping SWIB well-positioned for the future.

Derek’s competitive spirit carries over into his work. As SWIB’s funds alpha manager, Derek is constantly pushing himself and his team to find investments across traditional and alternative strategies that will benefit the Wisconsin Retirement System and its over 650,000 members. Being an investment professional and a tri-athlete requires the ability to think clearly under pressure, draw on information from past experiences, and excel under difficult and changing conditions.

In this episode, we talk to Derek about just what alpha generation is and why it is important to SWIB’s sophisticated investment strategy. We also ask Derek what makes 2021 an interesting investing climate, and what are the largest opportunities and threats he sees on the horizon.

The Core Fund, the larger of the two WRS trust funds with more than $120 billion in assets, ended the year with a net return of just above 15%. The Core Fund's 5- and 10-year returns both exceeded the pension system's actuarial target.

The great news for WRS participants is that exceeding the pension fund’s 7% target return for both the 5- and 10-year periods is expected to result in continued stability in employer and employee contribution rates and a positive annuity adjustment for retirees of around 5%.

In this episode, we hear from Edwin Denson, SWIB's managing director of asset and risk allocation; Anne-Marie Fink, the managing director of private markets and funds alpha; and Brian Hellmer, managing director of global public market strategies, about their perspective on SWIB’s success in 2020 and what we might expect in the 2021 year ahead. 

Whether it's a company headquartered in Wisconsin or a global corporation doing business in the state, the State of Wisconsin Investment Board is proud to have partnered with all types of businesses to help those companies succeed and generate returns for WRS members.

In this episode of The SWIB Podcast, we explore SWIB's Wisconsin private debt and venture capital portfolios with portfolio manager and hometown Madison native Chris Prestigiacomo.

Similarly, the investment professionals at the State of Wisconsin Investment Board have to strike just the right balance between an asset allocation that is not too risky for the system's risk sharing design, but takes enough risk to generate the returns necessary to sustain the fund over the long term.

In this episode, SWIB's Managing Director of Asset & Risk Allocation Edwin Denson joins Chris and Dusty to talk about how asset allocation drives SWIB's investment strategy and long-term success. Hear how adopting a diverse and efficient asset mix manages risk and stabilizes returns to meet the goals of the Wisconsin Retirement System.

Whether it's tracking the performance of individual investments, implementing a new investment instrument or settling a trade, the work of these skilled professionals plays an important role in the diverse and robust portfolio that helps SWIB deliver the returns necessary to fully fund the state's pension system.

In this episode, Deputy Executive Director and Chief Administrative Officer Rochelle Klaskin and Agency Business Director Mike Jacobs talk about SWIB's mission and about the work that SWIB's investment services professionals do every day to position SWIB as a leader in asset management.

In this episode, we talk to Anne-Marie Fink, SWIB’s managing director of private markets and funds alpha, to learn how the investments she oversees play an important role in the diverse and robust portfolio that helps SWIB deliver the returns necessary to fund the state's pension system. WRS members will recognize many of the big-name brands in which SWIB has invested, including local institutions with deep Wisconsin roots.

A recent addition to the team at SWIB, Anne-Marie brings more than two decades’ experience in both the public and private sectors. She most recently served as the chief investment officer for the Employees’ Retirement System of Rhode Island and for a large family office.

This is thanks, in no small part, to the steady, thoughtful investment decisions of the State of Wisconsin Investment Board's team of financial experts. Under the leadership of Executive Director and Chief Investment Officer David Villa, the WRS has strengthened its position as a model pension fund that's the envy of many state and local employers nationwide.

In this episode, David explains the investment decisions that drive this success, offers reassurance for concerned WRS members, and shares some insights from his decades of experience as an investment professional.

Navigating today’s financial markets takes innovative thinking to design and implement investment strategies that control risk while generating reasonable returns. In a time when public pension funds across the country are struggling with issues related to underfunding, SWIB has helped fuel one of the only fully funded pension systems in the U.S.

Join us as we talk about the importance of managing assets in a more challenging environment and optimizing cost over the long term on behalf of the more than 642,000 current and former state and local government employees and their families who rely on the WRS for some of their retirement security.

SWIB is recognized as a premier investment organization because of its strong management of the trust funds of the WRS and several other smaller trust funds. SWIB has been successful in generating respectable returns to help ensure the WRS is able to meet is obligations today and in the future.