Board receives quarterly investment performance review; consultant outlines monitoring and consolidation rationale

The Oklahoma City Deferred Compensation Board received a quarterly investment performance review from Asset Consulting Group on March 3, 2025. Jason Puilis of Asset Consulting Group presented the report and described the consulting firm’s ongoing monitoring approach.

Puilis summarized the consulting team’s recent work to consolidate overlapping investment options across the city’s multiple plans, aiming to offer one active and one passive option per asset class where appropriate and to narrow redundancies. He reiterated the board’s fiduciary responsibility in a participant-directed plan to provide a diversified set of options, including low-cost passive choices and target date funds as the qualified default option.

The consultant discussed performance and manager evaluation beyond quarterly returns: Asset Consulting Group meets regularly with active managers, reviews team stability and organizational changes, and evaluates legal and regulatory developments that could affect managers. The report includes fund-level pages with assets, expense ratios, benchmarks, peer rankings and rolling-return statistics.

Puilis highlighted specific lineup features: the Voya fixed account B (a stable-value transfer from prior recordkeepers) has a significant asset base that may trend down over time; Fidelity Contrafund was noted as a large-cap growth option that has attracted assets; and the Loomis small-to-mid-cap growth option tends historically to capture about 85% of the upside and 83% of the downside, per the report’s up/down capture discussion. The consultant emphasized selecting managers with repeatable processes, reasonable fees and stable teams rather than chasing short-term top performance.

After the presentation the board voted to receive the report; the motion passed per the meeting record.