Asset Allocation
Our Current Mix of Assets as of September 30, 2025
| Assets | Market Value | Actual | Target | Difference1 |
|---|---|---|---|---|
| Public Equity2 |
$7,289,990,470 |
53.0% | 48.0% | 5.0% |
| Safe Haven Fixed Income3 |
$1,532,428,473 |
11.1% | 10.0% | 1.1% |
| Risk Seeking Fixed Income | $592,497,381 | 4.3% | 4.0% | 0.3% |
| Real Estate | $817,088,726 | 5.9% | 8.2% | -2.3% |
| Private Equity | $1,029,633,809 | 7.5% | 11.0% | -3.5% |
| Absolute Return |
$1,046,409,584 |
7.6% | 6.0% | 1.6% |
| Real Assets |
$845,074,930 |
6.1% | 6.0% | 0.1% |
| Private Credit |
$561,647,958 |
4.1% | 6.8% | -2.7% |
| Cash + Overlay4 |
$41,201,307 |
0.3% | 0.0% | 0.3% |
| Total Investment Assets5 | $13,755,972,638 | 100.0% | 100.0% |
1 The Difference between Total Exposure and Policy.
2 Public Equity Total Exposure is the sum of Physical Exposure, $6.7B, and Overlay Exposure,
$582.9M, for a Total Equity Exposure of $7.3B.
3 Safe Haven Fixed Income Total Exposure is the sum of Physical Exposure, $1.4B, and Overlay
Exposure, $154.7M, for a Total Safe Haven Fixed Income Exposure of $1.5B.
4 Cash + Overlay Exposure is the sum of Physical Cash Exposure, $1.0B, Parametric Account
Value, $136.7M, and Overlay Exposure, -$1.2B, for a Total Cash + Overlay Exposure of $14.7M.
5 May not sum to 100% due to rounding.