Investments

Current Value:

$18.13 billion

(as of March 31, 2024)


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 March 31, 2024
U.S. Equity
17.56%
Non-U.S. Equity
12.29%
Private Markets
7.95%
Total Growth Assets
37.79%
High Yield Bonds
7.85%
Private Credit
2.99%
Total Defensive Growth Assets
10.84%
U.S. Inflation Protected Securities
15.81%
Real Estate
10.17%
Real Assets
6.05%
Midstream Energy Infrastructure
6.26%
Gold
5.30%
Commodities
0.74%
Total Inflation Oriented Assets
44.32%
Fixed Income
20.62%
Cash
8.68%
Total Defensive Assets
29.30%
TOTAL FUND
122.24%
Transition Policy Benchmark for 2024
U.S. Equity
20.40%
Non-U.S. Equity
13.00%
Private Markets
8.50%
Total Growth Assets
41.90%
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
6.50%
Midstream Energy Infrastructure
5.00%
Gold
5.60%
Commodities
2.00%
Total Inflation Oriented Assets
46.10%
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.