SWIB Market Update - Q4 2025 (Dec. 18, 2025)

Each quarter, hear from SWIB staff about the economy, the markets, and how the Wisconsin Retirement System trust funds are impacted. 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 fourth quarter of the year and what we might expect as we make our way through the final weeks of 2025.