The policy benchmark (below) indicates what the returns would have been if MOSERS' portfolio had been invested passively according to our asset allocation. The total portfolio return allows us to determine if our returns are meeting assumptions. It also indicates if staff decisions have increased our investment earnings.
MOSERS' Investment Performance
Total Fund Performance as of September 30, 2021
Total Portfolio Return
Asset and Risk Allocation
One of the most important decisions in the investment management process is determining the System's asset allocation. In 2018, the MOSERS Board, with advice from staff and the Board's investment consultant, adopted a new asset allocation as described in the Investment Policy Statement. The asset allocation reflects a diversified portfolio designed to achieve the long-term required return objectives of the System, given certain risk constraints.
While the Board maintains a set policy allocation mix, they have taken steps to provide flexibility. The Board has granted authority to the CIO to make strategic allocation decisions. This allows the CIO to capitalize on attractively valued opportunities within prudent risk constraints. This flexibility allows MOSERS to take advantage of changing market conditions.
Total Fund Asset Allocation at September 30, 2021
Policy Target vs. Actual Allocation