Investment consultant: portfolio near $979 million; trustees receive monthly report
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Summary
At the Dec. 11 meeting the board received the monthly investment report showing the retirement fund near $979 million in assets, positive year-to-date returns across major asset classes, and continued emphasis on long-term allocation targets amid market valuation concerns.
The Oklahoma City Employee Retirement System board received its monthly investment report Dec. 11, hearing from the system’s investment consultant that total assets were reported at just under $1 billion and that the portfolio produced double-digit trailing 12‑month returns net of fees.
Jason, the board’s investment consultant, said the fund’s assets were “now actually at over 979,000,000 in assets” and described year-to-date performance with strong results in fixed income, large-cap equities and international markets. He noted fixed income was up about 7.5% year-to-date and that private equity returned about 10% over the last year, while large-cap returns outpaced small cap on a trailing basis.
The consultant walked trustees through asset allocation and policy targets, saying roughly 40–45% of the portfolio is in U.S. equities with a private equity target of about 15%. He explained that structural changes — including private companies staying private longer and a shift in the Russell 2000’s composition — have made short-term relative returns uneven for active managers.
During questions a trustee asked how much of international returns were driven by a weakening dollar; Jason said currency added about 10% to year-to-date international returns and recommended the board maintain long-term allocation targets rather than pursue major tactical shifts.
The chair moved and the board voted to receive the investment report. The vote was recorded as approved and no changes to allocations were taken at the meeting.