MAPS trust reports strong returns, renews consultant contract and restates audit agreement

The Oklahoma City MAPS Investment Operating Trust received quarterly investment reports showing broad gains across equities and fixed income and approved a series of routine contracts and claims at its Aug. 18, 2025, meeting.

The trust voted unanimously to receive the general manager’s report for the period ending July 31, 2025, the quarterly investment report for the period ending June 30, 2025, and monthly investment reports for May 31, June 30 and July 31, 2025. Trustees also unanimously approved renewal number 4 of the investment‑consulting agreement with Mariner Institutional, a third amendment and restatement to the audit contract with Allen, Gibbs & Hulick, and ratification of claims covering April 16 through July 22, 2025.

Why it matters: trustees oversee a trust meant to generate stable income and preserve principal for long-running MAPS projects. The reports presented figures and portfolio allocations trustees use to judge liquidity, income generation and whether to pursue alternative asset classes such as real estate.

Doug Anderson, senior representative for Mariner Institutional, described the quarter as “good news” and said Mariner’s institutional division has grown through acquisitions. Anderson said Mariner’s assets under advisement now exceed $400,000,000,000 and noted strong market performance during the period, with the S&P up nearly 11% and international equities up roughly 12% in the quarter. “Over the trailing year, the portfolio really hit on all cylinders,” Anderson said, summarizing performance across equities and fixed income.

Matt Boggs, City Treasurer, briefed trustees on trust operations and allocations, noting the trust’s current strategic allocation is about 47.5% domestic equities, 40% fixed income, 8.5% international equities and 3.1% cash. Boggs said staff has split innovation‑district allocations between two subprojects to improve tracking and expects an additional fiscal‑year 2026 allocation to appear on the November agenda.

Trustees discussed liquidity and possible future funding needs for projects. Anderson and trustees noted the portfolio’s liquidity profile allows the fund to be converted to cash within days, and Anderson said short‑term fixed income yields now provide a cushion for meeting a roughly 4% annual spending target without forcing sales of long‑term holdings. Anderson also cautioned that real estate and other alternative investments are in a period of distress in some markets and recommended caution before funding private real‑estate commitments.

On fees and performance, Anderson reported a fund‑weighted average expense ratio of about 20 basis points for a portfolio sized at roughly $141 million, and said most equity exposure is held in low‑cost passive vehicles. Anderson told trustees that returns shown are net of investment management fees.

On contracts and claims, trustees approved renewal number 4 of the consulting agreement with Mariner Institutional at an estimated cost of $65,000 for the period cited in the agenda (the renewal was described as the final one before the trust must solicit competitive proposals pursuant to its procurement policies). Trustees also approved amendment number 3 to the audit contract with Allen, Gibbs & Hulick to add audit services for fiscal year 2024–25 at an estimated cost of $13,628, and ratified claims for the period April 16–July 22, 2025. All motions recorded at the meeting passed unanimously.

The trust adjourned at about 10:37 a.m.