Asset Allocation
Our Current Mix of Assets as of June 30, 2025
| Assets | Market Value | Actual | Target | Difference1 |
|---|---|---|---|---|
| Public Equity2 |
$6,943,262,977 |
52.7% | 48.0% | 4.7% |
| Safe Haven Fixed Income3 |
$1,514,795,177 |
11.5% | 10.0% | 1.5% |
| Risk Seeking Fixed Income | $514,683,30 | 3.9% | 4.0% | -0.1% |
| Real Estate | $824,417,621 | 6.3% | 8.2% | -1.9% |
| Private Equity | $944,84,764 | 7.2% | 11.0% | -3.8% |
| Absolute Return |
$1,034,959,996 |
7.9% | 6.0% | 1.9% |
| Real Assets |
$801,982,375 |
6.1% | 6.0% | 0.1% |
| Private Credit |
$569,302,332 |
4.3% | 6.8% | -2.5% |
| Cash + Overlay4 |
$14,700,596 |
0.1% | 0.0% | 0.1% |
| Total Investment Assets5 | $13,162,909,220 | 100.0% | 100.0% |
1 The Difference between Total Exposure and Policy.
2 Public Equity Total Exposure is the sum of Physical Exposure, $6.0B, and Overlay Exposure,
$912.2M, for a Total Equity Exposure of $6.9B.
3 Safe Haven Fixed Income Total Exposure is the sum of Physical Exposure, $1.3B, and Overlay
Exposure, $241.5M, 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.
A $400 million pre-funding contribution from the County of Alameda at June month-end temporarily boosted cash, which was invested in early July to meet asset-allocation targets.