Investment Plan 2011 - OPERS

OPERS
2011 ANNUAL INVESTMENT PLAN
Table of Contents
Report from the CIO ............................................................................................................... 1
Board Policies Governing Investment Activities ...................................................................... 5
Staff Committee Structure ...................................................................................................... 5
Staffing ................................................................................................................................... 7
Peer Group Comparison ........................................................................................................12
Risk Management .................................................................................................................13
FUND STRATEGIES ................................................................................................................14
Defined Benefit Fund .............................................................................................................14
Health Care Fund ..................................................................................................................17
Defined Contribution Fund .....................................................................................................20
ASSET CLASS STRATEGIES .................................................................................................22
Tactical Outlook .....................................................................................................................22
Public Equity..........................................................................................................................26
Public Fixed Income ..............................................................................................................27
Alternatives ...........................................................................................................................29
Private Equity ........................................................................................................................29
Real Estate ............................................................................................................................29
Hedge Funds .........................................................................................................................30
Opportunistic .........................................................................................................................30
Commodities .........................................................................................................................30
APPENDIX ...............................................................................................................................31
Appendix A – Economic Outlook ...........................................................................................31
Appendix B – Staff Biographies .............................................................................................39