Yogi Berra once famously said, “It ain’t over till it’s over.” That was certainly true for financial markets in 2023. Just when it looked like many of the same issues that investors faced in 2022 would hold down returns, 2023 finished strong. Despite the challenges of the past year, 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 deliver the benefits promised to over 675,000 Wisconsin Retirement System participants. 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.