Oklahoma City pension fund hears market outlook from Earnest Partners; consultant recommends $15 million cash raise

Trey Greer, a partner at Earnest Partners, and the retirement system—s investment consultant presented the fund—s market update on May 8, 2025, outlining recent performance, portfolio positioning and two recommended changes: raise $15 million in cash from the State Street S&P 500 index fund and move an international manager from a mutual fund into a lower-cost collective investment trust.

The presentations matter because the Oklahoma City Employee Retirement System portfolio has exposures across U.S. large-cap, small- and mid-cap value, non-U.S. equity, fixed income and private assets; the consultants said those allocations and a broadly diversified structure helped limit losses during April—s tariff-driven volatility and positioned the plan for possible liquidity needs and private-equity capital calls.

Greer described Earnest Partners— small- to mid-cap value strategy, which has managed the plan—s allocation since February 2003 and represents roughly 5% of the system—s assets (about $50 million). He said Earnest is an "employee-owned firm" that pursues a bottom-up, fundamental approach and keeps portfolio turnover low…