The Plymouth County Retirement Association, a $1.4 billion pension fund, has outperformed its peers by betting on rising interest rates. Under the leadership of Peter Manning, the fund reduced exposure to Treasurys and public stocks before their decline in 2022, reinvesting in infrastructure, private equity, and inflation-protected debt. This strategy has resulted in an average annual net return of 5.7% over the last three years, placing the fund in the top 10% of U.S. pensions.