Investments
Investments
OCERS is among the nation’s 100 largest public pension funds, with the Investment Committee overseeing the system’s diverse portfolio. The combination of employee and employer contributions and the earnings from OCERS’ investments give the retirement system the ability to pay our members the retirement benefits that they’ve earned.
OCERS’ Asset Allocation
As of September 30, 2024
| Asset Class | Market Value | Actual | Target |
|---|---|---|---|
| Global Public Equity | $11,940,784,032 | 48.7% | 45.0% |
| Private Equity |
$3,845,424,932 |
15.7% | 15.0% |
| Income Strategies |
$3,467,287,603 |
14.1% | 17.0% |
| Real Assets |
$3,118,464,257 |
12.7% | 13.0% |
| Risk Mitigation |
$1,848,114,459 |
7.5% | 10.0% |
| Unique Strategy |
$193,734,505 |
0.8% | 0.0% |
| Cash & Cash Overlay |
$116,575,270 |
0.5% | 0.0% |
| Total Assets |
$24,530,385,058 |
100.0% | 100.0% |
OCERS’ Fund Performance
As of September 30, 2024
| 3 Month | 1 Year | 3 Year | 5 Year | 10 Year | |||
|---|---|---|---|---|---|---|---|
| Total Fund (net of fees) |
4.1% |
17.7% | 6.0% | 9.0% | 7.6% | ||
| Policy Benchmark |
4.3% |
17.1% | 5.6% | 8.6% | 7.6% | ||
Investment Performance
Q3 2024 - Capital Markets Review
Global equities performed strongly in Q3 2024, despite volatility. The quarter began with a sharp correction in early August due to weaker-than-expected jobs data, raising recession fears. However, markets rebounded in September after the Federal Reserve’s 50 basis point rate cut, which marked the start of an easing cycle and pushed risk assets to new highs. The S&P 500 gained 5.9% for the quarter, while small caps and value stocks outperformed, signaling improved market breadth as interest broadened beyond mega-cap growth stocks.