Current Portfolio

As of September 30, 2023

Asset Class Market Value Actual Target
Global Public Equity $9,569,575,898 45.5% 45.0%
Private Equity $3,531,852,228 16.8% 15.0%
Income Strategies


14.2% 17.0%
Real Assets


14.1% 13.0%
Risk Mitigation


8.5% 10.0%
Unique Strategy


0.4% 0.0%
Cash & Cash Overlay


0.5% 0.0%
Total Assets


100.0% 100.0%

Investment Performance
Q3 2023 - Performance Review

Global equities declined in the third quarter and generated a negative return of -3.4%. Concerns about the implications of the higher for longer interest rate environment and economic slowdown in China weighed on investor sentiment. US stocks performed in line with their global counterparts as the S&P 500 declined -3.3%. Furthermore, smaller companies underperformed larger ones, a reflection of the risk-off sentiment. Emerging markets equities were the best performers during the period posting a negative return of -2.9%. Developed markets stocks, on the other hand, were the worst performers as they lost -4.1%. 

The Federal Reserve hiked rates by 25 bps in July and paused in September. US Treasury yields rose across the curve with longer dated maturities rising the most. The rate volatility during the period led to negative returns in most fixed income sectors. Investment grade bonds were down -3.2% while the risker high yield bonds were up 0.5%. Emerging markets debt was also impacted by the rate volatility and negative for the quarter.

The Bloomberg Commodity Index advanced 4.7% during the third quarter. The energy sub-component performed strongly returning 19.6%. Within energy, crude oil prices rose sharply and were up 29.8%. The positive performance of industrial metals was offset by the fall in prices of precious metals such as gold and silver.  

As of September 30, 2023, OCERS’ portfolio had a market value of $21.0 billion, slightly down from $ 21.5 billion at the end of the second quarter. OCERS’ portfolio generated a quarterly return of -1.3% relative to the policy benchmark return of -1.6%. This placed OCERS in the top 17% best performing pension plans in its peer group. For the trailing one-year period, OCERS’ portfolio generated 9.0% relative to the Policy Index return of 10.7%.

  3 Month 1 Year 3 Year 5 Year 10 Year
Total Fund (net of fees) -1.3% 9.0% 7.3% 6.6% 6.7%
Policy Benchmark -1.6% 10.7% 7.3% 6.2% 6.8%