A distant view shows a mountainous landscape with sloping peaks, green trees in the foreground, and a cloudy sky above.


<p>The PERA Board determines the strategic asset allocation policy for the fund. The PERA Board’s policy specifies the desired target allocation for each asset class as well as the ranges within which each asset class may operate.&nbsp;The PERA Board commissioned an asset/liability study during 2024, which resulted in the approval of the following policy benchmark weights and ranges, since January 1, 2025:</p>



<figure class="wp-block-table"><table><thead><tr><th>Asset Class</th><th> Policy Benchmark Weight</th><th>Long-Term Target Allocation</th><th>Permissible Range</th></tr></thead><tbody><tr><th>Global Equity</th><td>51.0%</td><td>51%</td><td>45% to 57%</td></tr><tr><th>Fixed Income</th><td>23.0%</td><td>23%</td><td>18% to 28%</td></tr><tr><th>Private Equity</th><td>10.0%</td><td>10%</td><td>5% to 15%</td></tr><tr><th>Real Estate</th><td>10.0%</td><td>10%</td><td>5% to 15%</td></tr><tr><th>Alternatives</th><td>6.0%</td><td>6%</td><td>1% to 11%</td></tr><tr><th>Cash</th><td>0.0%</td><td>0%</td><td>0% to 3%</td></tr><tr><th>Total Fund</th><td>&nbsp;100%</td><td></td><td>&nbsp;</td></tr></tbody></table></figure>



<h2 style="color:#00793a;" class="wp-block-heading has-dartmouth-green-color has-text-color has-large-font-size">&nbsp;As of March 31, 2025</h2>



<figure class="wp-block-image size-large"><img decoding="async" src="https://content.copera.org/wp-content/uploads/2025/06/asset-allocation-7-25.png" alt="A doughnut chart shows asset allocation: Global Equity 57.1%, Fixed Income 18.4%, Real Estate 9.3%, Private Equity 7.9%, Alternatives 6.8%, Cash 0.5%."/></figure>



<h3 class="wp-block-heading">Quarterly Performance</h3>



<p><em>Preliminary and unaudited as of March 31, 2025</em></p>



<h4 class="wp-block-heading">Market Value</h4>



<figure class="wp-block-table"><table><thead><tr><th>Portfolio</th><th>Market Value (in Millions)</th><th>% of Total Fund</th><th>3-Month</th><th>Year-to-Date</th></tr></thead><tbody><tr><th>Global Equity</th><td>$35,740</td><td>54.6%</td><td>-2.8%</td><td>-2.8%</td></tr><tr><th>Fixed Income</th><td>$13,394</td><td>20.4%</td><td>2.9%</td><td>2.9%</td></tr><tr><th>Private Equity*</th><td>$5,146</td><td>7.9%</td><td>1.0%</td><td>6.4%</td></tr><tr><th>Real Estate**</th><td>$6,171</td><td>9.4%</td><td>0.6%</td><td>-0.6%</td></tr><tr><th>Alternatives***</th><td>$4,786</td><td>7.3%</td><td>0.7%</td><td>0.7%</td></tr><tr><th>Cash</th><td>$279</td><td>0.4%</td><td>1.1%</td><td>1.1%</td></tr><tr><th>Total Fund</th><td>$65,517</td><td>100%</td><td>-1.0%</td><td>-1.0%</td></tr></tbody></table></figure>



<p><em>&nbsp;&nbsp;</em>* Private Equity performance is through December 31, 2024, and is based on reporting lags of 3-9 months.<br>&nbsp;** Real Estate performance is through December 31, 2024.<br>*** Alternatives components may have reporting lags of up to 6 months.</p>



<h4 class="wp-block-heading">&nbsp;Total Return&nbsp;</h4>



<p><em>(3-, 5-, and 10-year returns are annualized. Total returns are net of fees)</em></p>



<figure class="wp-block-table"><table><thead><tr><th>Portfolio</th><th>1-Year</th><th>3-Year</th><th>5-Year</th><th>10-Year</th></tr></thead><tbody><tr><th>Global Equity</th><td>5.1%</td><td>6.4%</td><td>15.3%</td><td>9.6%</td></tr><tr><th>Fixed Income</th><td>5.2%</td><td>1.0%</td><td>0.1%</td><td>1.9%</td></tr><tr><th>Private Equity*</th><td>6.4%</td><td>1.3%</td><td>11.7%</td><td>11.5%</td></tr><tr><th>Real Estate**</th><td>-0.6%</td><td>0.5%</td><td>5.9%</td><td>8.6%</td></tr><tr><th>Alternatives***</th><td>6.9%</td><td>7.4%</td><td>9.6%</td><td>6.8%</td></tr><tr><th>Cash</th><td>5.1%</td><td>4.4%</td><td>2.7%</td><td>2.0%</td></tr><tr><th>Total Fund</th><td>4.7%</td><td>4.2%</td><td>10.8%</td><td>7.9%</td></tr></tbody></table></figure>



<p> <em> </em>* Private Equity performance is through December 31, 2024, and is based on reporting lags of 3-9 months.<br> ** Real Estate performance is through December 31, 2024.<br>*** Alternatives components may have reporting lags of up to 6 months.</p>
