How an Ex-Teacher Turned a Tiny Pension Into a Giant-Killer.

The Plymouth County Retirement Association, a small Massachusetts pension fund, has achieved impressive performance rankings in recent years by making bold investment decisions. The fund's director of investments, Peter Manning, made an early bet that interest rates would rise, which helped the fund weather market volatility. The fund outperformed larger peers by reducing exposure to Treasurys and public stocks and reinvesting in infrastructure, private equity, and inflation-protected debt. Despite the current market rally, Manning remains committed to avoiding big losses rather than chasing high returns. The fund's success has made it a trendsetter in the industry, despite its relatively small size. [Extracted from the article]