Investments

Current Value:

$16.50 billion

(as of November 30, 2020)


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 November 30, 2020
U.S. Equity
20.1%
Non-U.S. Equity
18.1%
Private Markets
9.6%
High Yield Bonds
8.2%
Private Credit
2.9%
Total Growth Assets
58.9%
U.S. Inflation Protected Securitiest
18.0%
Real Estate
10.0%
Real Assets
3.4%
Midstream Energy Infrastructure
5.4%
Gold
2.6%
Total Inflation Assets
39.4%
Fixed Income
19.3%
Cash
2.1%
Total Safety Assets
21.4%
TOTAL FUND
119.7%
Transition Policy Benchmark for Q4 2020:
U.S. Equity
20.4%
Non-U.S. Equity
17.0%
Private Markets
8.0%
High Yield Bonds
9.0%
Private Credit
3.0%
Total Growth Assets
57.4%
U.S. Inflation Protected Securitiest
17.0%
Real Estate
12.0%
Real Assets
4.0%
Midstream Energy Infrastructure
5.0%
Gold
4.6%
Total Inflation Assets
42.6%
Fixed Income
20.1%
Cash
0.0%
Total Safety Assets
20.1%
TOTAL FUND
120.1%
Long-Term Policy Benchmark:
U.S. Equity
21.0%
Non-U.S. Equity
14.0%
Private Markets
8.0%
High Yield Bonds
7.0%
Private Credit
5.0%
Total Growth Assets
55.0%
U.S. Inflation Protected Securitiest
17.0%
Real Estate
12.0%
Real Assets
8.0%
Midstream Energy Infrastructure
5.0%
Gold
5.0%
Total Inflation Assets
47.0%
Fixed Income
23.0%
Cash
0.0%
Total Safety Assets
23.0%
TOTAL FUND
125.0%

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.

Click here for the Scrutinized Companies list

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.