The Government Employees Retirement System’s investment officer reported monthly performance results and portfolio metrics as of July 31, 2025.
According to the presentation, the total plan was up about 0.5% for the month. Total domestic equity rose roughly 2.2% (with the Russell 1000 contributing about 2.2% and the Russell 2000 about 1.7%), while total international equity was down approximately 0.6%. Developed-market equity returned about -1.4% for the month, while emerging-market equity returned about 1.7%.
On the fixed-income side, investment-grade bonds were down roughly 0.3%, Treasury Inflation-Protected Securities (TIPS) were up about 0.1% and high-yield bonds returned about 0.5%. Cash yield was reported near 0.3%. Total alternatives were down about 0.9% for the month.
The portfolio’s market value at month-end was reported at approximately $495,000,000. The investment officer said the plan began the month near $492,000,000, had net cash flows of about $606,500 and recorded unrealized appreciation of roughly $2,900,000 for the month.
Investment-related fees reported for the month were about $92,000 (approximately $63,000 to the investment consultant and $29,000 to investment managers). Fiscal year-to-date fees were reported at about $425,000, including consultant and manager fees and custodian bank fees. The officer said the overall expense ratio paid to managers remained low at roughly 0.03% (3 basis points).
After the presentation, the board moved to accept the investment officer’s report by motion; the roll-call vote recorded present trustees voting to accept the report.