Investments

Current Value:

$15.78 billion

(as of Sept. 30, 2019)


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 Sept. 30, 2019
U.S. Equity
18.0%
Non-U.S. Equity
17.6%
Master Limited Partnerships
7.9%
Fixed Income
10.0%
U.S. Inflation Protected Securities
9.5%
High Yield Bonds
9.8%
Private Credit
2.4%
Real Estate
11.3%
Private Markets
8.5%
Real Assets
3.1%
Cash
2.0%
Transition Policy Benchmark for Q3 2019:
U.S. Equity
18.0%
Non-U.S. Equity
18.0%
Master Limited Partnerships
8.0%
Core Fixed Income
11.0%
U.S. Inflation Protected Securities
8.5%
High Yield Bonds
9.0%
Private Credit
3.5%
Real Estate
12.0%
Private Markets
7.5%
Real Assets
4.5%
Cash
0.0%
Long-Term Policy Benchmark:
U.S. Equity
16.0%
Non-U.S. Equity
16.0%
Master Limited Partnerships
8.0%
Core Fixed Income
23.0%
U.S. Inflation Protected Securities
17.0%
High Yield Bonds
7.0%
Private Credit
5.0%
Real Estate
12.0%
Private Markets
8.0%
Real Assets
8.0%
Cash
0.0%

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.