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Overview
Strategic asset allocation is the most significant factor influencing long-term investment performance and asset volatility. As a long-term investor, PERA will invest across a wide spectrum of investments in a prudent manner.
As of September 30, 2023
Colorado PERA invests in stocks issued by domestic and international companies. Stock investments represent an important source of long-term growth for the overall portfolio.
External Managers
- Acadian Asset Management
- Baillie Gifford Overseas Limited
- BlackRock
- Mondrian Investment Partners Limited
- Schroder Investment Management
- William Blair & Company
As of September 30, 2023
PERA invests in bonds primarily issued by U.S. and foreign governments, government entities, and corporations. The bonds that PERA owns are generally high quality, although PERA may have a modest exposure to emerging market and high-yield bonds. Bond investments represent an important source of interest income and cash flow for the Plan. The portfolio is 100% internal active management.
Fixed Income Holdings as of September 30, 2023PERA's Top Ten Bond Holdings by Fair Value as of December 31, 2022
(In thousands of dollars, does not include defined contribution plans or commingled funds)
| Par Value | Bonds | Fair Value | |
|---|---|---|---|
| 1. | $306,234 | US Treasury Bonds, 3.875%; Due 2/15/2043 | $310,436 |
| 2. | $178,300 | US Treasury Notes, 4.000%; Due 2/29/2028 | $182,137 |
| 3. | $175,000 | US Treasury Notes, 3.625%; Due 3/31/2028 | $175,304 |
| 4. | $167,000 | US Treasury Notes, 3.500%; Due 2/15/2033 | $167,987 |
| 5. | $155,000 | GNMA II Jumbos, 0.000%; Settles April | $150,779 |
| 6. | $150,000 | FHLMC, 2.450%; Due 4/25/2032 | $130,354 |
| 7. | $162,000 | US Treasury Bonds, 2.500%; Due 2/15/2046 | $129,166 |
| 8. | $170,000 | US Treasury Bonds, 1.875%; Due 2/15/2041 | $127,537 |
| 9. | $139,000 | US Treasury Notes, 2.880%; Due 12/31/2028 | $126,442 |
| 10. | $123,361 | GNMA, 3.000%; Due 11/20/2051 | $113,005 |
As of September 30, 2023
PERA invests in private equity, venture capital, and special situation partnerships. PERA will also consider co-investments with private equity sponsors on a limited basis. The Private Equity program's objective is to generate investment returns in excess of the publicly traded markets as well as to deliver investment returns that rank highly against the private market opportunity set.
Private Equity Holdings as of December 31, 2022Private Equity: The BasicsAs of June 30, 2023
PERA invests in office buildings, apartments, industrial buildings, and other types of commercial real estate around the world. PERA’s real estate investments produce stable income and the opportunity for capital appreciation.
Real Estate Direct Ownership as of December 31, 2022Real Estate Joint Ventures and Fund as of December 31, 2022As of June 30, 2023
Currently, Alternatives is comprised of a variety of liquid and illiquid investments including tactical opportunities stemming from market dislocations or regulatory change, alternative forms of credit, real assets, and global macro and multi-strategy hedge funds.
Alternatives as of December 31, 2022Hedge Fund Investments as of December 31, 2022As of September 30, 2023
