Asset Allocation
Our Current Mix of Assets as of December 31, 2025
| Assets | Market Value | Actual | Target | Difference1 |
|---|---|---|---|---|
| Public Equity2 |
$7,458,698,196 |
53.2% | 48.0% | 5.2% |
| Safe Haven Fixed Income3 |
$1,527,138,181 |
10.9% | 10.0% | 0.9% |
| Risk Seeking Fixed Income | $773,853,140 | 5.5% | 4.0% | 1.5% |
| Real Estate | $815,175,088 | 5.8% | 8.2% | -2.4% |
| Private Equity | $1,008,179,813 | 7.2% | 11.0% | -3.8% |
| Absolute Return |
$968,671,577 |
6.9% | 6.0% | 0.9% |
| Real Assets |
$884,056,263 |
6.3% | 6.0% | 0.3% |
| Private Credit |
$563,449,026 |
4.0% | 6.8% | -2.8% |
| Cash + Overlay4 |
$27,754,165 |
0.2% | 0.0% | 0.2% |
| Total Investment Assets5 | $14,026,975,450 | 100.0% | 100.0% |
1 The Difference between Total Exposure and Policy.
2 Public Equity Total Exposure is the sum of Physical Exposure, $6.9B, and Overlay Exposure,
$514.0M, for a Total Equity Exposure of $7.5B.
3 Safe Haven Fixed Income Total Exposure is the sum of Physical Exposure, $1.4B, and Overlay
Exposure, $135.9M, for a Total Safe Haven Fixed Income Exposure of $1.5B.
4 Cash + Overlay Exposure is the sum of Physical Cash Exposure, $499.4M, Parametric Account
Value, $178.2M, and Overlay Exposure, -$649.9M, for a Total Cash + Overlay Exposure of $27.8M.
5 May not sum to 100% due to rounding.