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Thursday, February 26, 2015

Monthly Investment Portfolio Report update

At its regular meeting on February 25, 2015, the Investment Committee received an update about OCERS' preliminary fund performance as of January 31, 2015. Chief Investment Officer Girard Miller reported that OCERS' total fund has a year-to-date positive return of 0.34 percent, and recorded a return of 0.31 percent for the trailing three-month period. OCERS reported a one-year return of 6.66 percent as of that date, and a trailing five-year return of 8.49 percent. As of January 31, 2015, OCERS' total fund was more than $12.3 billion.

Investment Committee meeting action overview

In addition, the Investment Committee took a number of actions related to OCERS' portfolio at the February 25 meeting:

OCERS Chief Investment Officer Girard Miller said of the Committee actions taken on February 25, 2015: "The OCERS Investment Committee's decision to split its Core Plus mandate reflected a desire to increase our fixed-income manager diversification, and include a third manager in our stable of active fixed income managers. We are very pleased to add Dodge and Cox to enhance our select team of complementary managers, and were impressed with their consistency of positive returns over market cycles as a result of their impressive corporate bond and credit research capabilities. The decision to retain PIMCO for $100 million in their Core Plus bond strategy, along with our ongoing investment in their Unconstrained Bond strategy, reflects our continuing respect for the PIMCO team, their long history of strong performance for us at OCERS, and the firm's substantial research and strategic resources."


The next regular Board of Retirement meeting will be held at 9 a.m. on Monday, March 16, 2015; the next Investment Committee meeting will be held at 9 a.m. on Wednesday, March 25, 2015. Both meetings will be held in the Board Room at OCERS, 2223 E. Wellington Avenue, Suite 100, Santa Ana, CA.

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