Fund Universe Library

RECOMMENDATION Receive and file the Chief Investment Officer’s Report for the quarter ended March 31, 2026. PURPOSE This agenda item provides the Board with updates to the SCERS investment program and contributes to the effective management and oversight of investment activities. DISCUSSION The quarterly CIO Report presentation will cover investment performance, economic data and market performance, SCERS’ asset class allocations relative to targets, overlay and physical rebalancing activity for

SECOND QUARTER 2024 ... - SCERS has a target real estate allocation of 9% with an allowable range of 7.0%-11.0%. As of the end of the second quarter, 2024 (the “Quarter”), the Real Estate Portfolio was below the real estate target and below the allowable range at 6.6%. While the real estate allocation at 6.6% is less than the 7% minimum, we note that 1.2% of capital is undrawn as of the second quarter. As noted in the past, it is likely not all capital will be drawn, but SCERS is constantly eval

public, partnering ... to improve their finances ... and fighting fraud and corruption ... The New York State Common Retirement Fund’s long-term, diversified investment strategy helped it remain strong despite ongoing market volatility in 2024. The audited value of the Fund as of March 31, 2024 is $267.4 billion—securing benefits for the 1.2 million members, retirees and beneficiaries of the New York State and Local Retirement System (NYSLRS). ... Comptroller DiNapoli’s steady, systematic invest

Cheiron has performed the actuarial valuation of the Fairfax ... as of June 30, 20 ... , as of ... in the financial progress of the ... , 3) Determine the contribution rate to be paid by the County for Fiscal Year 2027, and 4) Provide specific information and documentation required for the ... ’s financial reporting. An actuarial valuation establishes and analyzes system assets and liabilities on a consistent basis and traces the progress of both from one year to the next. It includes measuremen

The Board receives quarterly reporting from their external consulting firm to ensure compliance with its stated objectives and policy. Staff also monitors the performance of the System ... and its investment managers and updates the Board on a monthly basis throughout the year. Rate ... Investment Section is calculated using ... Staff completed a project to provide enhanced and more-focused investment presentations to the Board of Trustees. This included improvements to quarterly investment revi

Program Overview The Los Angeles Department of Water and Power Employees’ Retirement, Disability and Death Benefit Plan (the “Plan”) Private Equity Program (the “Program") consists of both fund-of-funds and one direct partnership investment as of March 31, 2009. The Program is relatively young as the initial commitments to two secondary market fund-of-funds were made in 2006. As private equity partnerships are long-term investments that are invested over several years, the Program is expected to

independent financial source ... current market pricing ... The Assistant CFO and Treasurer or his/her designee shall submit quarterly investment reports that summarize investment income to the Committee and the Board for information and evaluation. Pursuant to California Government Code section 53646, the report will list the type of investments, name of issuer, maturity date, par and dollar amount of the investments. For the total investment program, the report will list average maturity, mark

Notice ... . Report of Payment ... for May 202 ... 5. Investment Reports for April 2024 a) Summary of Investment Returns as of April 30, 2024 b) Market Value of the Retirement, Death, and Disability Funds and Retiree Health Benefits Fund as of April 30, 2024 c) Market Value of Investments by Fund and Month as of April 30, 2024 ... 9. Presentation by StepStone Real Estate – Q4 2023 Real Estate Performance Mr. Jay Morgan, StepStone Real Estate, presented the item. REGULAR RETIREMENT BOARD MEETI

MEMORANDUM To: Grace Mao, Finance and Risk Control Division Divina Mercado, LADWP Investments From: KPMG Accounting Advisory Services (AAS) Subject: June 30, 2024 Investment Review Date: February 3, 2025 KPMG was engaged by the Los Angeles Department of Water and Power ("LADWP") to: 1. Assess LADWP's investment portfolios as of June 30, 2024, to determine whether their risk profile is appropriate to meet their investment objectives; 2. Compare the risk level in LADWP's trust funds relative to ot

The Water and Power Employees’ Retirement Plan of the City of Los Angeles ... ial Valuation and Review as of July ... We are pleased to submit this Actuarial Valuation and Review as of July 1, 2025. It summarizes the actuarial data used in the valuation, analyzes the preceding year's experience, and establishes the funding requirements for fiscal year 2025-2026. ... This report has been prepared by Segal to present a valuation of The Water and Power Employees’ Retirement Plan of the City of

JUNE 30, 2024 ... WATER and POWER EMPLOYEES’ RETIREMENT, DISABILITY and DEATH BENEFIT INSURANCE PLAN ... The Summary Annual Report as of June 30, 2024, is submitted in conformity with Section III C (4) of the Retirement Plan provisions. A complete financial report, audited by Simpson & Simpson, CPAs, is available on the Retirement Plan Office website (https://retirement. ... wp.com/). ... 9,3 ... 6 21,075,626,579 RETIREMENT FUND PORTFOLIO PERFORMANCE (Fiscal Year Ended June 30, 2024) ... As

Attached is the quarterly investment report for the special trust funds (Trust Funds) that are held by U.S. Bank Trust Company, National Association (Trustee) and are managed internally by LADWP. LADWPs Trust Fund Investment Policy (Investment Policy) requires the Financial Services Organization to submit a quarterly investment report to the Board of Water and Power Commissioners. ... For the quarter ending September ... the Decommission ... Portfolio Valuation Investment ... 52 ... 166,293,197

PRR Portfolio generated 15th consecutive quarter of positive performance in Q1 • Quarterly gains of $10.8M during Q1, continuing strong performance from prior 14 quarters • Since inception IRR decreased 19 basis point from the prior quarter and remains above pre-COVID levels • The Portfolio outperformed its designated benchmark, CPI-U + 400 bps, by 532 bps on a since ... • Portfolio generated gains in all four quarters over ... • Portfolio generated ... distributions of $ ... • Net value increas

Net value increased $0.8M ... Q2 • Distributions of $ ... 6.8M in Q2 • Quarterly IRR of ... 0.13% • Total Market value decreased 0.3% during Q2 ... net cash flow out ... | | Portfolio Snapshot ... (USD in ... Real Estate 1% ... Santa Barbara County Employees' Retirement System Portfolio Performance Summary by ... as of June 30, 2024 ... 2021 Mega Buyout ... 10,0 ... 0,000 3,294,027 7,220,157 692,443 7,995,830 8.8% Hellman & Friedman Capital Partners XI, L.P. 2023 Mega Buyout 10,000,000 10,000

Santa Barbara County Employees’ Retirement System Fourth Quarter 2024 Private Equity (PE) Performance Update ... PE Portfolio Highlights – December 31, 2024 Performance ... public benchmark ( ... with an IRR of 3. ... Q4 2024: Positive performance and value creation • Net value increased $0.1M during Q4 • Distributions of $28.7M in Q2 • Quarterly IRR of 0.00% • Total Market value decreased 1.7% during Q4 given net cash flow out ... • Generated gains in all four of the prior quarters • Portfolio

due to investment ... by the difference between contributions and benefit ... , investment return ... primarily driven by strong performance in public equity ... moderated by the ... An additional structure study found that the portfolio was able to take on additional illiquidity risk of Private Investments in the Real Assets allocation. Based on the findings, the Board of Retirement ... approved changing the Private-to-Public Real Assets allocation from 60/40 to 75/25. The ... recommendation to

Thepensionfundportfolioexperiencedamarketrateofreturn of9.77%(netoffees)forthefiscalyearendedJune30,2025.As of June 30, 2025, the SBCERS’ Total Net Position Restricted for Benefits was $4.9 billion. SBCERS’ Net Position for Pension Benefits increased by $384.4 million during the fiscal year, mostly due to investment gains of $429.2 million offset by the difference between contributions and benefit payments. Overall, return was driven by moderate performance in both domestic and international equ

Fourth Quarter 2019 Real Estate Performance Update ... 17 Fourth Quarter 2019 Real Estate Performance ... 30 Portfolio Summary ... 32 Detailed Portfolio Summary for the Period Ending December 31, 2019 ... Fourth Quarter 2019 Real Estate Performance ... SBCERS Investment Return Snapshot ... SBCERS Real Estate Attribution Analysis ... Quarter Return data for December 31, 2019 ... SBCERS Property Type vs Index ... Quarter Return data for December 31, 2019 ... SB

Second Quarter Review - Real Assets ... General Market - Diversified Inflation Strategies (DIS) Diversified Inflation Strategy (DIS) managers tracked closely by RVK broadly underperformed a US-centric blend of 60% equity and 40% fixed income during the quarter. Managers with larger exposures to commodities and TIPS lagged peers most significantly while those with larger REIT and Global Listed Infrastructure allocations tended to outperfrom peers. General Market - Real Estate Core private real es

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asset allocation can ... along with schedules ... and brokerage commissions on pages ... 90 and ... position-restricted for benefits increased ... $10.1 billion ... $11 ... December 3 ... 13.9 ... net of investment management fees, reflecting market ... CCCERA’ ... rate of return ... 12.6 ... PORTFOLIO MANAGEMENT: As an integral part of the investment policy, CCCERA has an internally developed portfolio construction methodology, known as the Functionally Focused Portfolio (FFP), to assign portfo

 CCCERA real estate returned 1.8% for the quarter. This return outperformed the median real estate ... manager return of 1.6% and the CCCERA real estate benchmark return of -0.4%. ... Real Estate The median real estate manager returned 1.6% for the quarter while CCCERA’s total real estate returned 1.8%. CCCERA’s total real estate ranks in the 2nd percentile over the trailing year, the 8th percentile over the trailing five-years, and the 4th percentile over the trailing ten years. For comments o

Overview On a quarterly basis CCCERA’s Board receives a report which details critical elements of CCCERA’s Functionally Focused Portfolio’s sub-portfolios. The purpose of the report is to highlight elements of the sub-portfolios which are good indicators to the Board of the program’s efficient and effective operation. Summary CCCERA’s Total Fund is largely performing as expected, exhibiting returns above expectations for the amount of risk taken over the long term. This is measured by the Sharpe

4TH QUARTER 2024 Investment Landscape ...  Trends and challenges in the commercial real estate sector ... How fixed income portfolios are affected ... | Economic environment 9 | ... | --- | ... | Fixed income rates & credit 20 | ... | Equity 27 | ... | Other assets 37 | ... TRENDS AND CHALLENGES IN THE COMMERCIAL REAL ESTATE SECTOR ... The rise and fall of interest rates can have a significant positive or negative impact on fixed income portfolio performance. ... HOW FIXED INCOME PORTFOLIOS ARE

Overview On a quarterly basis CCCERA’s Board receives a report which details critical elements of CCCERA’s Functionally Focused Portfolio’s sub-portfolios. The purpose of the report is to highlight elements of the sub-portfolios which are good indicators to the Board of the program’s efficient and effective operation. Summary CCCERA’s Total Fund is largely performing as expected, exhibiting returns near expectations for the amount of risk taken over the long term. This is measured by the Sharpe

4TH QUARTER 2025 Investment Landscape ... Real Estate Fund ...  LDI ... Verus addresses the state of the core real estate fund universe. Discussion includes the mixed fundamental conditions facing the asset class and the heavy redemption queues that continue to challenge certain funds and frustrate investors who are seeking liquidity. ... 3rd quarter summary ... 2.9% to ... but price rises ... much more subdued relative to ... forecasts of many economists ... shift in U.S. trade policy. EQUITY

CASH PORTFOLIO ... STRUCTURE REVIEW ▪ The ERSRI Pension Plan has a strategic cash asset allocation target of 2.0% ‒ The allocation resides within the Volatility Protection category (15% target) which is part of the broader Stability sleeve (33% target) ... ▪ The strategic cash portfolio is actively managed by Payden & Rygel ▪ Since inception (2017) the strategy has outperformed the benchmark by ~25 basis points, net of fees ‒ Despite the long-term outperformance, there have been periods of me

| Private Real Assets (ex Real Estate) | 4.0% | -- | Cambridge Associates Private Infrastructure Index, 1Q Lag | ... | Core Real Estate | 4.0% | -- | NFI-ODCE Index, 1Q Lag | ... seeks to profit ... • Private Real Assets (ex-Real Estate) The Private Real Assets (ex-Real Estate) portfolio primarily consists of privately listed infrastructure funds that invest in physical systems vital to the broad economy or certain essential sectors such as transportation, energy, water/wastewater, and telecommu

 Employees’ Retirement System of Rhode Island made an original commitment $35 million to AEW’s core open-end fund in Q3 2008 and made additional commitments in 2013 and 2016.  Being one of the original investors in the Fund, ERSRI’s management fee on their entire commitment is 50 bps per annum.  Since inception, ERSRI has received dividends of approximately $41.9 million, equating to a dividend yield of 4.96% and has outperformed the ODCE benchmark net of ... AEW CORE MULTIFAMILY RETURNS

The annualized time-weighted return (net of fees) on the portfolio for the one-year, three-year, and five-year periods ended June 30, 2024 were 10.5%, 5.9%, and 9.1%, respectively. A discussion regarding annualized returns and related benchmark indices for fiscal year 2024 is explained in the MD&A. ... more detailed exhibit ... and investment performance ... Investment Section of this report ... During fiscal year 2024, the SIC continued to focus on maintaining an asset allocation structure that

79 ... Investment Portfolio ... 79 ... Performance: Actual Returns vs. Benchmark Returns ... 84 ... 86 ... The defined benefit program had a return of 7.08% while the group life insurance program had a return of 6.6% for fiscal year 2019. Total value of the defined benefit portfolio increased to $15.1 billion at June 30, 2019 from $14.5 billion at June 30, 2018. This increase in the total value of the portfolio is due to earnings that exceeded the negative cash flow experienced by the mature def

completed the Act ... ial Valuation Report for the Maine Public ... System (MainePERS ... System) State Employee and ... ) as ... 30, 2 ... Measure and disclose, as of the valuation date ... the financial condition of the ... Examine trends, both historical and prospective, in the condition of the Program, ... Assess and disclose actuarial risks of the ... Report on the ... in this valuation for ... ) 2 ... 4 were developed in ... budgeting process in July 2022, based on a roll-forward of the Ju

Investment Portfolio .............................................................................................................................................................................94 ... Largest Holdings....................................................................................................................................................................................99 ... Performance: Actual Returns vs. Benchmark Returns

Investment Portfolio ... 89 ... Largest Holdings ... 96 Performance: Actual Returns vs. Benchmark Returns ... 97 ... The defined benefit program had an annual money weighted rate of return of 3.4% while the group life insurance program had a return of -14.1% for fiscal year 2022. Total value of the defined benefit portfolio was down slightly to $18.4 billion at June 30, 2022, as compared to $18.7 billion at June 30, 2021. ... Investments The assets of all the defined benefit retirement plans tha

89 Investment Portfolio ... 89 Largest Holdings ... 97 ... Performance: Actual Returns vs. Benchmark Returns ... 98 ... Investments The assets of all the defined benefit retirement plans that the System administers are commingled for investment purposes. ... Target Asset Allocation Defined Benefit Retirement Plans Risk Diversifiers 7.5% ... 10. ... Natural Resources 5.0% ... Infrastructure 10.0% ... Real Estate 10.0% ... Alternative Credit 10.0% ... The System’s investment portfolio for the defi

Program (Program ... Cheiron has completed the Actuarial Valuation Report for the Maine Public Employees Retirement System (MainePERS or System) Legislative Retirement Program (Program) as of June 30, 2025. The purpose of this report is to: ... and disclose, as of the ... , 2) Examine ... Program trends, 3) Assess and disclose actuarial risks of the ... , 4) Report on the contribution rates ... in this valuation for informational purposes (Note ... 025 were ... in ... budgeting process in July 2

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5,240,447 $ 5,388,901 $ ... ,18 ... 3,746,871 $ 8,929,642 $ 14.6% | ... | Real Estate | $ 2,818,536 $ 3,092,296 $ 2,122,469 $ 1,997,633 $ 4,120,102 5.6% | ... | Total | 15,766,014 $ 16,014,626 $ 12,895,449 $ 10,643,689 $ 23,539,138 $ 9.7% | ... | Real Estate Co-Investments | $ 72,243 6 $ 65,202 $ 22,715 $ 26,547 $ 49,261 -6.9% | ... MainePERS Private Market Investments Summary: ... 06/30

During FY 2023 the Employees’ Retirement System portfolio earned a 2.4% investment returns, with the fiduciary net position increasing to $22.4 billion as of June 30, 2023. As a long-term investor, the multi-year numbers, reflect continued progress in our plans to become fully funded with our ERS achieving investment returns in excess of the ERS 7% percent annualized long-term Policy Benchmark return target over the past 3 and 5 year periods, with annualized returns of 10.5% and 7.7%, respective