OP&F Investment notes, March 2025

Portfolio value: The OP&F portfolio was valued at $19.15 billion as of March 25.

OP&F hires Wellington to manage Non-US Equity Small Cap mandate

The OP&F Board approved hiring Wellington Management Company to manage a Non-US Equity Small Cap account currently valued at approximately $160 million. The mandate was previously managed by Barings, who was terminated by OP&F for performance issues in September 2024.

OP&F’ staff and its investment consultant, Wilshire, conducted the search following a targeted RFP release last fall. Wellington was selected due to the stability and depth of its team, intuitive philosophy and clear risk controls.

iCON added as OP&F real assets manager

The Board of Trustees approved a commitment of up to $80 million to iCON Infrastructure Partners VII as part of OP&F’s real assets portfolio. iCON is a non-core, closed-end fund focusing on middle market opportunities in Europe and North America. The OP&F Real Assets portfolio is valued at $1.2 billion, or 6.25 percent of the total portfolio. The target allocation for Real Assets is 8.0 percent.

Wilshire presents 4th quarter performance report

OP&F’s general investment consultant, Wilshire, presented results through calendar year 2024 showing OP&F had a gross return of 11.13% for the year. This return was ahead of the policy benchmark return of 10.0 percent.

Posted 3/27/2025