Investments

Current Value:

$20.75 billion

(as of September 30, 2025)

Please click to view: OP&F Investment Portfolio

Asset allocation:

A risk parity approach adopted in 2010 allows a portion of the portfolio to be conservatively leveraged; reducing the total expected risk of the portfolio without sacrificing the expected return. Essentially, the risk parity approach balances OP&F’s exposure among investment classes that perform differently in various economic and market environments.

Actual Allocation as of August 31, 2025   
U.S. Equity
 22.77%
Non-U.S. Equity
 14.48%
Private Markets
 7.07%
Total Growth Assets
 44.31%
High Yield Bonds
 7.81%
Private Credit
 3.26%
Total Defensive Growth Assets
 11.07%
U.S. Inflation Protected Securities
 15.70%
Real Estate
 9.32%
Real Assets
 6.37%
Midstream Energy Infrastructure
 5.40%
Gold
 5.99%
Commodities
 2.22%
Total Inflation Oriented Assets
 45.00%
Fixed Income
 22.51%
Cash
 0.70%
Total Defensive Assets
 23.21%
TOTAL FUND
 123.60%
Transition Policy Benchmark for 2025
U.S. Equity
 20.00%
Non-U.S. Equity
 13.00%
Private Markets
 8.50%
Total Growth Assets
 41.50%
High Yield Bonds
 8.00%
Private Credit
 4.00%
Total Defensive Growth Assets
 12.00%
U.S. Inflation Protected Securities
 15.00%
Real Estate
 12.00%
Real Assets
 7.10%
Midstream Energy Infrastructure
 5.00%
Gold
 5.40%
Commodities
 2.00%
Total Inflation Oriented Assets
 46.50%
Fixed Income
 25.00%
Cash
 0.00%
Total Defensive Assets
 25.00%
TOTAL FUND
 125.00%
Long-Term Policy Benchmark
U.S. Equity
 18.60%
Non-U.S. Equity
 12.40%
Private Markets
 10.00%
Total Growth Assets
 41.00%
High Yield Bonds
 7.00%
Private Credit
 5.00%
Total Defensive Growth Assets
 12.00%
U.S. Inflation Protected Securities
 15.00%
Real Estate
 12.00%
Real Assets
 8.00%
Midstream Energy Infrastructure
 5.00%
Gold
 5.00%
Commodities
 2.00%
Total Inflation Oriented Assets
 47.00%
Fixed Income
 25.00%
Cash
 0.00%
Total Defensive Assets
 25.00%
TOTAL FUND
 125.00%

The total portfolio has long term target allocations that total 125% due to the implementation of leverage in core fixed income and U.S. Inflation linked bonds and the implementation approach for gold.

The OP&F investment portfolio is governed by state statute requiring a "prudent person" standard to be applied to all investment decisions. This standard requires fiduciaries to "discharge their duties solely in the interest of the fund participants and beneficiaries and with the degree of diligence, care and skill which prudent persons would ordinarily exercise under similar circumstances in a like position."

The OP&F Board of Trustees serve as fiduciaries and determine the policies and strategies for the investment portfolio. The OP&F Investment staff and our professional advisors work with the Board of Trustees to ensure the portfolio contains an appropriate amount of risk and produces an adequate expected rate of return.

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Send all Investment related questions or concerns to Investments@op-f.org. To ensure you receive a response from us, please add investments@op-f.org to your list of approved senders.