Oakland Police and Fire Retirement System
May 28, 2025
Quarterly Performance Report as of
March 31
, 2025
Oakland Police and Fire Retirement
System
Table of Contents
1. Executive Summary
2. Economic and Market Update
as of
March
31, 202
5 3.
Quarterly
Performance as of
March
31, 202
5 4.
Manager Monitoring / Probation
Status
5. Appendix
6. Disclaimer, Glossary, and Notes
Executive Summary
Oakland Police and Fire Retirement System
Executive Summary | As of
March
3 1
, 202
5 MEKETA.COM
Total Portfolio
Review
The
Oakland Police and Fire Retirement System (OPFRS)
finished the
calendar year
with
$
4 58.6
million in assets
after net cash flows including monthly
benefit payments
.
→
As of
March
31, 202
5 ,
all
asset
classes
except
Domestic
Equity and Fixed Income
were with
in their
long
-
term
target allocation ranges
of the new asset allocation policy that became effective on July 1.
Cash Flow Summary
($ Millions)
Quarter
1 Year
Beginning Market Value
463.0
454.5
Net Cash Flows (including Benefit Payments)
-
4.5 -
16.0 Net Investment Change (Gain/Loss)
0.1 20.2
Ending Market Value
458.6
458.6
Investment
Performance
1 QTD
FYTD
1 Year
3 Year
5 Year
Total Plan
(Gross)
0.0 4.1
4.5 4.1
9.6 Total Plan (Net)
-
0.1 3.9
4.1 3.8
9.3 Policy Benchmark
0.4 4.3
5.8 5.0
9.5 Excess Return
-
0.4 -
0.4 -
1.6 -
1.2 -
0.2 Public DB ($250M
-
$1B) Median Fund
-
0.2 4.0
4.7 4.0
10.2 Total Plan (Net) vs. Peer Median Fund
0.1 -
0.1 -
0.6 -
0.2 -
0.9 Peer Group Percentile Rank
47 53
75 61
72 1
Fiscal year
beg
in
s on July 1. Peer group is Investment Metrics Public Defined Benefit plans with $250 million to $1 billion in assets. The num ber of peers is
between
111
–
1 15
portfolios in each time period.
Please see
the
Benchmark History section
for
the Policy Benchmark’s current and historical compositions.
Oakland Police and Fire Retirement System
Executive Summary | As of
March
3 1
, 202
5 MEKETA.COM
Asset Class
and
Manager
Highlights
1 →
On both gross
-
and net
-
of
-
fees basis, the
Total Plan
lagged its Policy Benchmark during the quarter as well as over the 1
-
, 3
-
, and 5
-
year trailing periods.
•
The Plan’s
relative
underperformance during the quarter was primarily due to the
over
-
allocation
(relative to the
interim policy targets)
to
Domestic Equity
and related under
-
allocation to Fixed Income
as
Domestic Equity
declined and Fixed Income
made gains during the quarter.
•
On the other hand, the relative underperformance from these two asset classes were slightly offset by the
outperformance
from the International Equity and Crisis Risk Offset classes.
→
Domestic
E
quity
out
performed the Russell 3000 Index
during the quarter but underperformed in
all
other
time
periods
.
All a
ctive Domestic Equity managers
except
EARNEST
out
performed
their respective
benchmark
s
for the quarter
.
→
International
E
quity
and its only active manager, SGA,
outperformed MSCI ACWI ex US
(Net)
for all
time
periods
.
→
Fixed
I
ncome
and
two of its managers, Ramirez and Reams,
out
performed
its
custom
benchmark
2 over
the
quarter.
Wellington Core Bond
kept pace with
its Bloomberg US Aggregate
benchmark
during the quarter
.
→
The
Credit
segment, with Polen Capital as its
sole
manager,
under
performed
its
benchmark,
the
B
loomberg
US
Corp
orate
High Yield Index,
during
the
quarter.
Covered Calls
under
performed the CBOE S&P
500 Buy
Write
Index
during the quarter
and
over the 1
-
year period
though it outperformed the benchmark over the longer periods.
•
Please note that the Credit and Covered Calls asset classes are undergoing gradual withdrawals as no longer have a target allocation since July 2024.
→
The
Crisis Risk Offset
segment
out
performed
its
custom
benchmark
during the quarter but lagged the benchmark in
all
other
time periods measured
.
K
epos
Alternative Risk Premia
outperformed
its
benchmark
across all time periods
while Versor
Trend Following
lagged its
benchmar
k
.
1 Fiscal year begins on July 1.
Please see the Benchmark History section for the
custom benchmarks’
current and historical compositions.
2 The custom benchmark is
Bloomberg US Universal Index
since 04/2006.
Economic and Market Update
Data as of March 31, 2025
Economic and Market Update
MEKETA.COM
Commentary
In the first quarter of 2025, investment flows rotated out of US stocks to non -
US stocks while bond markets
rallied on
uncertainty related to tariffs and
growth
.
→
Domestic
equities sold
off in the first quarter
(Russell 3000:
-
4.7%)
with
growth
under
performing value, small
-
cap
trailing large
-
cap, and defensive sectors outperforming.
→
Non
-
US developed market stocks (MSCI EAFE
:
+
6.9 %)
outperform
ed
US markets
at the start of the year
,
supported by rate cuts from the ECB
,
EU planned increases in
defense spending
, and a weakening US dollar
.
→
Emerging market equities returned +
2.9 %
in the first quarter
,
largely supported by a rally in
Chinese stocks
(
they
rose
an impressive +
1 5.0
%
)
on DeepSeek AI enthusiasm.
→
In February, the Federal Reserve held rates steady with inflation ,
while improving
,
remain
ing
above target and with
the unemployment rate at near historic lows
.
→
Mos
t fixed income markets posted positive returns
in the first quarter with
the broad bond market (Bloomberg
Aggregate) up 2.8%. Long Treasuries (+4.7%) were the best performer in the falling rate environment while high yield bonds (+1.0%) produced the smallest gains given the economic
uncertainty in the US.
→
Looking ahead,
continued
uncertainty related to
the
US
a
dministration’s
tariff
policies
and
their
impact on the
economy, inflation, and Fed policy will be key. The path of China’s economy and relations with the US, as well as
concerns over elevated valuations and
technology
-
driven concentration in the US equity market will also be important focuses of 2025.
Economic and Market Update
MEKETA.COM
Index Returns
1 →
At the end of the first quarter
,
global investors rotated away from the US
,
with
domestic
equities in negative territory
(particularly small cap)
, while other asset classes were
positive
.
→
Commodities led the way
during
the quarter due to safe havens like gold, while
non
-
US
developed markets
followed,
driven by strong results in Europe.
→
I
n March,
ahead of tariff announcements in the US
,
riskier assets generally sold
off.
1 Source: Bloomberg. Data is as of
March 31
, 202
5 .
Q1
March
3.9%
1.6%
1.0%
0.6%
0.6%
0.0%
-
0.4%
-
1.0%
-
3.6%
-
4.0%
-
5.6%
-
5.8%
-
6.8%
Bloomberg Commodity Index
JPM GBI-EM Global Diversified
Bloomberg Short-Term TIPS
Bloomberg US TIPS
MSCI Emerging Markets
Bloomberg Aggregate
MSCI EAFE
Bloomberg High Yield
FTSE NAREIT Equity
MSCI ACWI
S&P 500
Russell 3000
Russell 2000
8.9%
6.9%
4.3%
4.2%
3.0%
2.9%
2.8%
1.0%
0.9%
-
1.3%
-
4.3%
-
4.7%
-
9.5%
Bloomberg Commodity Index
MSCI EAFE
JPM GBI-EM Global Diversified
Bloomberg US TIPS
Bloomberg Short-Term TIPS
MSCI Emerging Markets
Bloomberg Aggregate
Bloomberg High Yield
FTSE NAREIT Equity
MSCI ACWI
S&P 500
Russell 3000
Russell 2000
Economic and Market Update
MEKETA.COM
Domestic Equity Returns
1 Domestic Equity
March
(%)
Q1
(%)
1 YR
(%)
3 YR
(%)
5 YR
(%)
10 YR
(%)
S&P 500
-
5.6 -
4.3 8.3
9.1 18.6
12.5 Russell 3000
-
5.8 -
4.7 7.2
8.2 18.2
11.8 Russell 1000
-
5.8 -
4.5 7.8
8.6 18.4
12.2 Russell 1000 Growth
-
8.4 -
10.0 7.8
10.1 20.1
15.1 Russell 1000 Value
-
2.8 2.1
7.2 6.6
16.1 8.8
Russell MidCap
-
4.6 -
3.4 2.6
4.6 16.3
8.8 Russell MidCap Growth
-
7.4 -
7.1 3.6
6.2 14.8
10.1 Russell
MidCap Value
-
3.7 -
2.1 2.3
3.8 16.7
7.6 Russell 2000
-
6.8 -
9.5 -
4.0 0.5
13.3 6.3
Russell 2000 Growth
-
7.6 -
11.1 -
4.9 0.8
10.8 6.1
Russell 2000 Value
-
6.0 -
7.7 -
3.1 0.0
15.3 6.1
US Equities:
In the first quarter t
he Russell 3000
fell
-
4.7 %
.
→
After a strong start to the year, US equities ended the quarter lower.
In late January
China’s DeepSe
ek
introduced
a
n
AI model
comparable to market leaders but at a much lower cost. This
took investors by surprise
and heavily
weighed on technology stocks
,
particularly the “Magnificent 7”
. Renewed trade tensions between the US and its
trading partners
also caused investors to lower expectations.
→
Growth stocks were harder hit than value stocks across the market cap spectrum. In the large cap space, this dynamic was driven by
t
echnology stocks (NVIDIA, Broadcom, Microsoft, Apple), along with Tesla. In the small cap space, where the divergence was less pronounced,
t
echnology stocks were again the driver, mainly due to
s
oftware
and
s
emiconductor stocks.
→
Small cap stocks (Russell 2000) trailed large cap stocks (Russell 1000) over the quarter as recession fears grew.
1 Source: Bloomberg. Data is as of
March 31
, 202
5 .
Economic and Market Update
MEKETA.COM
Russell 3000 Sector Returns
1 →
There was wide performance dispersion among sectors in the first quarter, from -
1 3.0
% (
technology
) to
+8.5%
(
c
onsumer
s
taples). Overall, the defensive sectors performed better than growth -
oriented sectors.
→
The so
-
called “Magnificent 7” stocks came under pressure weighing on both the technology and consumer discretionary sectors. The announcement of DeepSeek out of China and weak results from Tesla and Amazon drove
results.
→
Consumer
s
taples
was a bright spot as more defensive, dividend
-
paying stocks, such as Coca
-
Cola and
Philip
Morris International, fared relatively well. Energy and u
tilities also performed well due to broader growth and
inflation concerns.
1 Source: Bloomberg. Data is as of
March 31
, 202
5 .
-
2.3%
-
8.8%
1.1%
3.1%
-
4.6%
-
2.7%
-
5.1%
-
9.6%
-
1.4%
0.0%
-
5.8%
3.8%
-
10.5%
8.5%
6.6%
1.8%
3.5%
-
3.0%
-
13.0%
4.2%
5.2%
-
4.7%
-20%
-10%
0%
10%
Basic Materials
Consumer Discretionary
Consumer Staples
Energy
Financials
Health Care
Industrials
Technology
Telecommunications
Utilities
Russell 3000
March
Q1
Economic and Market Update
MEKETA.COM
Foreign Equity Returns
1 Foreign Equity
March
(%)
Q1
(%)
1 YR
(%)
3 YR
(%)
5 YR
(%)
10 YR
(%)
MSCI ACWI Ex US
-
0.2 5.2
6.1 4.5
10.9 5.0
MSCI EAFE
-
0.4 6.9
4.9 6.0
11.8 5.4
MSCI EAFE (Local Currency)
-
2.8 2.9
4.1 8.7
13.2 6.3
MSCI EAFE Small Cap
0.5 3.7
3.1 0.9
9.9 5.3
MSCI Emerging Markets
0.6 2.9
8.1 1.4
7.9 3.7
MSCI Emerging Markets (Local Currency)
0.3 2.7
11.1 4.7
9.6 5.7
MSCI EM ex China
0.0 -
1.7 -
2.1 0.7
12.0 4.5
MSCI China
2.0 15.0
40.4 3.5
1.5 2.5
Foreign Equity: Developed international equities (MSCI EAFE) returned
6.9 % in
the first quarter
and
emerging
market equities (MSCI
Emerging Markets)
rose
2.9 %.
→
By contrast to the US
,
d
eveloped market
equitie
s rose in the first quarter
benefiting from the rotation away from
US
technology companies
. Euro
zone
stocks saw the highest returns, driven by
plans in Germany to increase
defense and infrastructure spending, strong gains in the financial sector (particularly banks), and continued
rate
cuts from the ECB
.
The UK followed
closely
behind, with gains led by returns in
large cap e
nergy and
f
inancials.
Japan
saw moderate losses
,
due to
global trade uncertaint
ies
hurting exporters
.
→
Emerging markets saw modest gains in the first quarter, driven largely by China. China’s gains were a combination of improving sentiment towards
t
ech following DeepSeek’s promising AI debut
and the announcement of additional
stimulus measures.
Brazil was another strong performer in Q1, benefitting from strong
commodity
gains and a
strengthening currency
. India saw declines due to slowing growth
and
weakening demand for
their
exports
.
1 Source: Bloomberg. Data is as of
March 31
, 202
5 .
Economic and Market Update
MEKETA.COM
Equity Cyclically Adjusted P/E Ratios
1 →
Valuations in US stocks
came down over the quarter but
remained
at a
significant
premium to non
-
US developed
and emerging market stocks.
→
US
equities
, priced
at
3 5.6
times
earnings,
continue
d
to trade well above their long
-
run P
/
E average of 28.
3 .
→
Non
-
US developed market valuations
(21.
2 times)
increased over the quarter due in part to strong results in Europe and
are trading
slightly above
their long
-
term average
. E
merging market valuations
(15.
1 times)
also increased in
Q1 but remain
below their long
-
run average
.
1 US Equity Cyclically Adjusted P/E on S&P 500 Index. Source: Robert Shiller, Yale University, and Meketa Investment Group. Dev eloped and Emerging Market Equity (MSCI EAFE and EM Index) Cyclically Adjusted P/E Source: Bloomberg. Earnings figures represent th
e average of monthly “as reported” earnings over the previous ten years. Data is as of March
202
5 . The average line is the long
-
term average of the US, EM, and EAFE PE values from April 1998 to the recent month -
end
,
respectively.
Economic and Market Update
MEKETA.COM
Fixed Income Returns
1 Fixed Income
March
(%)
Q1
(%)
1 Yr
(%)
3 YR
(%)
5 YR
(%)
10 YR
(%)
Current
Yield
(%)
Duration
(Years)
Bloomberg Universal
0.0 2.
7 5.2
1.0 0.3
1.8 4.9
5.9 Bloomberg Aggregate
0.0 2.8
4.9 0.5
-
0.4 1.5
4.6 6.1
Bloomberg US TIPS
0.6 4.2
6.2 0.1
2.4 2.5
4.2 6.8
Bloomberg Short
-
term TIPS
1.0 3.0
7.0 3.2
4.1 2.8
4.1 2.4
Bloomberg US Long Treasury
-
0.9 4.7
1.3 -
7.2 -
7.9 -
0.6 4.6
14.9 Bloomberg High Yield
-
1.0 1.0
7.7 5.0
7.3 5.0
7.7 3.5
JPM GBI
-
EM Global Diversified (USD)
1.6 4.3
4.0 2.7
2.3 1.3
--
--
Fixed Income: The Bloomberg Universal index
rose
2. 7
% in
the first quarter
.
→
Uncertainty related to tariffs and growing worries about economic growth drove investors to high quality bonds over the quarter.
→
The broad US bond market (Bloomberg Aggregate)
rose 2.8% with
both short
-
(+3.0%)
and longer
-
dated
(+4.2%)
TIPS
outperforming
as inflation risks rose modestly.
Long
-
term Treasuries
(+4.7%)
particularly benefited in this
environment of uncertainty and falling interest rates.
→
High yield bonds
(+1.0%) rose the least during
the
quarter as uncertainty and risk aversion grew
ahead of the
planned tariff announcement
from the US
in early April.
1 Source: Bloomberg. Data is as of
March 31
, 202
5 . The yield and duration data from Bloomberg is defined as the index’s yield to worst and modified duration, respectively. JP M GBI
-
EM data is from J.P. Morgan.
Current yield and duration data is not
available.
Economic and Market Update
MEKETA.COM
US Yield Curve
1 →
US Treasury yields
declined
significantly
over the
quarter
, as investors expressed concern
s
about the potential
policies
of the new US administration
,
economic data related to consumers weakened
, and overall growth
expectations fell
.
→
T
he more policy sensitive
2 -
year Treasury yield
fell
from
4.24 % to
3. 8
9 %, while the
10 -
year
Treasury yield
declined
from
4. 57
%
to 4.
2 1
%
.
→
After the Fed started reducing interest rates in September 2024
, t
he yield curve
stopped being
inverted (short
-
term
interest rates higher than long
-
term interest rates) given expectations for
inflation to continue to decline and policy
rates to continue lower
.
1 Source: Bloomberg. Data is as of
March 31
, 202
5 .
The August 202
4 T
reasury yields are shown as a reference before the first interest
rate cut.
0%
1%
2%
3%
4%
5%
6%
3M
6M
1Y
2Y
5Y
7Y
10Y
30Y
8/31/2024
3/31/2025
Economic and Market Update
MEKETA.COM
Stress is Building on US Consumers
Total Balance by Delinquency Status
1 Transition into Serious Delinquency for Credit Cards by Age 2 →
Some signs of stress on the US consumer have started to emerge given persistently higher prices and interest rates.
→
After falling to historic lows during the pandemic, loan delinquencies recently
started ris
ing
.
→
While some segments of the credit market have started to show signs of stress, total delinquencies remain well below pre
-
pandemic levels.
→
While total delinquency rates are below pre
-
pandemic
levels
, the credit card segment is showing more signs of
distress where borrowers are subject to variable and higher borrowing costs.
→
Credit card delinquencies are rising rapidly, especially for borrowers under the age of forty
.
1 Source: New York Federal Reserve, Quarterly
Household Debt and
Credit Report, February 2025. See also FRED. Data is as of February 28, 2025.
2 Source: FRED. Data is as of February 28, 2025.
0%
2%
4%
6%
8%
10%
12%
14%
30 days late
60 days late
90 days late
120+ days late
Severely Derogatory
0%
2%
4%
6%
8%
10%
12%
14%
16%
18-29
30-39
40-49
50-59
60-69
70+
All
Economic and Market Update
MEKETA.COM
Credit Spreads vs. US Treasury Bonds
1 →
Given all the uncertainty
,
s
preads (the yield above a comparable maturity Treasury) widened
in the first quarter.
→
High yield spreads moved the most (2.9% to 3.5%) due to the concerns related to the US economy.
→
All yield spreads remained below their respective long
-
run averages, particularly high yield
(
3.5 % versus
4.9 %)
.
→
Although spreads are tight,
absolute
bond
yields remain at above
-
average levels compared to the last two decades
.
1 Source: Bloomberg. Data is as
March 31
, 202
5 . Average lines denote the average of the investment grade, high yield, and emerging market spread values from September 2002
to the recent
month
-
end, respectively.
Economic and Market Update
MEKETA.COM
Equity and Fixed Income Volatility
1 →
B
ond and equity volatility
rose
in
the first quarter
driven
mainly
by
policy
and trade
uncertainty
.
→
V
olatility levels (VIX) in the US stock market
and bond market (MOVE)
finished
the quarter
above
their respective
long
-
run average
s.
1 Equity Volatility
–
Source: FRED. Fixed Income Volatility
–
Source: Bloomberg. Implied volatility as measured using VIX Index for equity markets and the MOVE Index to measure interest r ate volatility for fixed income markets. Data is as
of
March
31 ,
202
5 . The average line indicated is the average of the VIX and MOVE values between January 2000 and March
202
5 .
Economic and Market Update
MEKETA.COM
US Ten
-
Year Breakeven Inflation and CPI
1 →
While inflation has been slow to return to the Fed’s 2% average
target,
over the quarter
the year
-
over
-
year rate
fell
from 2.9% to 2.4%
. The month
-
over
-
month rate moved into negative territory at quarter
-
end (
-
0.1%). A
slowing
in
the rate of increase in the services sector along with a d rop
in energy prices contributed to the
recent decline
.
→
Core inflation
year
-
over
-
year
also declined
over the quarter (3.2% to 2.8%) with the month
-
over
-
month rate slowing
to 0.1%.
A decline in the pace of shelter price increases drove results.
→
Inflation expectations (breakevens)
stayed relatively stable over the quarter
as
investors continued to evaluate
the
potential inflationary impacts of the new US administration’s policies .
1 Source: FRED. Data is
as
of
March
2025
. The CPI
and 10 Year Breakeven average lines denote the average values from February 1997 to the present month -
end, respectively. Breakeven values represent month
-
end values for comparative
purposes.
Economic and Market Update
MEKETA.COM
Global Inflation (CPI Trailing Twelve Months)
1 →
I
nflation
in the eurozone
fell
over the quarter
(2.
4 % to 2.
2 %)
,
due largely to
declines in energy costs
and services.
L
evels remain
slightly
below the US.
→
T
he latest reading of i
nflation in Japan
dropped
from 4.0% to
3. 7
% as energy subsidies were reintroduced
.
→
In China,
despite record policy
stimulus consumer
prices
moved back into negative territory over the quarter. In March
,
prices fell by 0.1% compared to a year prior, a lower decline than the February
reading of
-
0.7%
.
Despite
years of policy stimulus to counter the real estate crisis
and economy
,
the
Chinese consumer has remained weak
.
1 Source: Bloomberg
. Data is as
March
2025
, except Japan which is as of
February
202
5 .
Economic and Market Update
MEKETA.COM
US Unemployment
1 →
In March, the US added 228,000 jobs
(above expectations of 140,000)
. The
unemployment rate rose slightly to
4.2% but
remain
ed
in the tight range of 4.0%
to
4.2% it has been in since May of last year. There were
7.1 million
jobseekers
(little changed from the prior reading)
of which 1.5 million have been without work for more th an
27 weeks
.
→
A broader measure of total unemployed
(
U
-
6 )
that includes
those marginally attached to the labor force and
employed part
-
time for economic reasons,
fell slightly
to
7.9 %
.
→
Health care
(+54k),
social assistance
(+24k), retail (+24k)
,
and transportation (+23k)
added jobs in
March
while the
Federal government lost
4,000
jobs
adding to the 11
,000
lost in February.
→
The last reading of j
ob
opening fell slightly to
7. 6
million
,
a level
well below
the
pandemic highs
(>
12 million
)
; the
number of openings exceed
ed
the number of unemployed workers looking for work (
7.1 million
)
.
→
Separations
(5.
3 million
)
and hires
(5.
4 million
)
remain
ed
steady
a
nd average hourly wages continue
d
to grow at
approximately
4. 0
%
annually
.
1 Source: FRED and BLS. Data is as of
March 31
, 202
5 .
Economic and Market Update
MEKETA.COM
Policy Rates
1 →
T
he Fed
kept
US
interest rates steady at their
March
meeting after
reduc
ing
rates by 0.25%
twice over the
final
quarter
of 2024
to a range of 4.
25 % to 4.
50 %
.
Given growing concerns about growth
,
m
arkets recently i
ncreased
expectations for the
number
of rate cuts in 2025 to
over
three.
→
In February
,
t
he Bank of England
cut interest
rates
for the third time by 0.25%
to 4.5%
,
while in March
the
European
Central
Bank cut
rates by another 0.25%
to 2.5%
.
In
addition to cutting interest rates
,
t
he People’s Bank
of China
has
also
reduced reserve requirements, lowered mortgage rates, and supported the stock market.
→
In contrast to many other
central banks,
the Bank of Japan increased interest rates in January
to 0.5%
,
in the face
of
persistent inflation. R
ate cutting by other major central banks are complicating prospects for further policy rate hikes in Japan.
1 Source: Bloomberg. Data is as of
March 31
,
202
5 .
United
States rate is the mid
-
point of the Federal Funds Target Rate range. Eurozone rate is the ECB Deposit Facility Announcement Rate. Japan rate is the Bank
of
Japan Unsecured Overnight
Call Rate Expected. China rate is the China Central Bank 1 -
Year Medium Te
rm Interest Rate. UK rate is the UK Bank of England Official Bank Rate.
Economic and Market Update
MEKETA.COM
US Dollar vs. Broad Currencies
1 →
After largely strengthening through 2024
,
t
he US dollar
recently started to weaken
.
→
Concerns over
changing US administration policies,
slower growth
,
and corresponding lower yield
s
have
recently
weighed on the value of the dollar.
1 Source: Bloomberg. Data as of
March 31
, 202
5 .
Economic and Market Update
MEKETA.COM
Summary
Key Trends:
→
According to the International Monetary Fund’s (IMF)
January
report, global growth in 2025 is expected to
be
slightly
higher
than
2024
(
3. 3
%
versus 3.2%). Growth forecast in t
he US (+2.7%)
and
China (+4.6%)
are lower for
this year compared to last
,
while growth in
the EU (+1.0%)
is projected to be
slightly higher in 2025.
→
Elevated levels of uncertainty along with higher tariffs could weigh on growth while at the same time
fan inflation.
Inflation levels
will likely lead to
a slower pace of interest rate cuts by the Fed.
Uncertainty in the US and the
potential for slower growth could continue the rotation out of US assets and the pressure on
the dollar.
→
Signs of
stress
have started to emerge on the
US consumer
with sentiment weakening.
Consumers are particularly
concerned about losing their jobs and the potential for higher prices.
O
verall risk to economic growth
and to inflation
from tariffs, as well
as
elevated
borrowing
costs, could
put further pressure on consumers and lead to a weaker
job
market.
→
US equities have recently come under pressure.
A focus going forward will be whether earnings can remain resilient if growth slows. Also, the future paths of the large technology companies that have driven market gains will continue
to
be important.
→
Trade tensions between the US and China will remain a key focus. As tariffs have soared on both sides, China has
allowed its currency to weaken against the dollar. Outside of tariffs, China
continues to focus on supporting
its
economy/asset prices with a suite of fiscal and financial policy stimulus measures.
Advances in AI technologies
have also contributed to
some
optimism. Despite the policy support
,
consumer spending
is still
weak and issues
remain
in the real estate sector.
Quarterly
Performance
as of
March
3 1
, 202
5
Summary of Cash Flows
QTD ($)
1 Year ($)
OPFRS Total Plan
Beginning Market Value
462,969,798
454,455,689
Net Cash Flow
-4,482,669
-16,019,551
Net Investment Change
118,490
20,169,481
Ending Market Value
458,605,619
458,605,619
Return Summary Ending March 31, 2025
OPFRS Total Plan
OPFRS Policy Benchmark
0.0 3.0
6.0 9.0
12.0 -3.0
R
a
t
e
o
f
R
e
t
u
r
n
%
QTD
FYTD
1 Year
3 Years
5 Years
0.4 4.3
5.8 5.0
9.5 -0.1
3.9 4.1
3.8 9.3
Oakland Police and Fire Retirement System
OPFRS Total Plan | As of March 31, 2025
Total Plan performance shown is net of fees.
Risk-Return Summary
QTD Ending March 31, 2025
IM Public DB $250M-$1B
OPFRS Total Plan
OPFRS Policy Benchmark
-3.0
-2.0
-1.0
0.0 1.0
2.0 T
o
t
a
l
R
e
t
u
r
n
0.9 1.2
1.5 1.8
2.1 2.4
2.7 3.0
Annualized Standard Deviation
Risk-Return Summary
1 Yr Ending March 31, 2025
IM Public DB $250M-$1B
OPFRS Total Plan
OPFRS Policy Benchmark
2.0 4.0
6.0 8.0
T
o
t
a
l
R
e
t
u
r
n
3.6 4.5
5.4 6.3
7.2 8.1
9.0 9.9
Annualized Standard Deviation
Return
Standard
Deviation
OPFRS Total Plan
-0.1
2.0 OPFRS Policy Benchmark
0.4 1.6
Median
-0.2
1.9 Return
Standard
Deviation
OPFRS Total Plan
4.1 8.0
OPFRS Policy Benchmark
5.8 7.1
Median
4.7 7.3
Oakland Police and Fire Retirement System
Total Plan Risk/Return Summary | As of March 31, 2025
Performance shown is net of fees. Calculation is based on monthly periodicity. Plan Sponser Peer Group shown is net of fees.
Market Value
($)
% of
Portfolio
QTD
(%)
FYTD
(%)
1 Yr
(%)
3 Yrs
(%)
5 Yrs
(%)
10 Yrs
(%)
Since
Inception
Inception
Date
OPFRS Total Plan (Gross)
458,605,619
100.0
0.0 4.1
4.5 4.1
9.6 6.8
6.7 Dec-88
OPFRS Policy Benchmark
0.4 4.3
5.8 5.0
9.5 6.9
7.9 Excess Return
-0.4
-0.1
-1.3
-0.9
0.2 -0.1
-1.2
Domestic Equity (Gross)
200,126,910
43.6 -3.8
4.0 4.5
6.3 16.6
10.7 9.1
Jun-97
Russell 3000 (Blend)
-4.7
3.9 7.2
8.2 18.2
11.8 9.5
Excess Return
1.0 0.2
-2.7
-1.9
-1.6
-1.1
-0.4
International Equity (Gross)
64,519,979
14.1 7.0
8.3 8.5
7.1 12.6
6.7 5.8
Jan-98
MSCI ACWI ex US (Blend)
5.2 5.1
6.1 4.5
10.9 5.0
5.3 Excess Return
1.8 3.2
2.5 2.7
1.6 1.7
0.5 Fixed Income (Gross)
113,106,700
24.7 2.9
5.0 5.2
1.1 1.1
2.2 4.7
Jan-94
Fixed Income & Credit Benchmark
2.8 5.2
5.4 1.1
0.3 1.8
4.5 Excess Return
0.1 -0.2
-0.2
0.0 0.8
0.3 0.2
Credit (Gross)
5,962,886
1.3 0.7
4.7 5.9
5.0 9.9
5.7 5.8
Feb-15
Blmbg. U.S. Corp: High Yield Index
1.0 6.5
7.7 5.0
7.3 5.0
5.1 Excess Return
-0.4
-1.8
-1.8
0.0 2.6
0.7 0.7
Covered Calls (Gross)
19,552,021
4.3 -3.2
4.3 8.1
7.5 15.6
9.9 9.6
Apr-14
Cboe S&P 500 Buy Write Index
-3.1
8.2 9.8
4.6 11.7
6.4 6.3
Excess Return
-0.1
-3.9
-1.7
2.9 3.9
3.5 3.3
Crisis Risk Offset (Gross)
38,427,918
8.4 2.7
-2.6
-4.1
-2.1
-5.3
--
-6.2
Aug-18
Crisis Risk Offset Benchmark
1.2 -0.6
-2.0
3.6 2.1
--
0.5 Excess Return
1.4 -2.0
-2.1
-5.8
-7.4
--
-6.7
Cash (Gross)
16,909,205
3.7 0.4
0.8 1.1
0.4 0.2
0.8 0.6
Mar-11
Oakland Police and Fire Retirement System
Asset Class Performance: Gross of Fees | As of March 31, 2025 Performance shown is gross of fees. Since Inception Date and Performance begin in the month following an investments initial funding. Fiscal year begins on July 1. Please see Benchmark History section for custom benchmark compositions.
Market Value
($)
% of
Portfolio
QTD
(%)
FYTD
(%)
1 Yr
(%)
3 Yrs
(%)
5 Yrs
(%)
10 Yrs
(%)
Since
Inception
Inception
Date
OPFRS Total Plan (Net)
458,605,619
100.0
-0.1
3.9 4.1
3.8 9.3
6.5 6.6
Dec-88
OPFRS Policy Benchmark
0.4 4.3
5.8 5.0
9.5 6.9
7.9 Excess Return
-0.4
-0.4
-1.6
-1.2
-0.2
-0.4
-1.3
IM Public DB $250M-$1B Median (Net)
-0.2
3.9 4.7
4.0 10.1
6.6 --
Peer Group Rank
46 51
74 62
72 58
--
Domestic Equity (Net)
200,126,910
43.6 -3.8
3.8 4.2
6.0 16.3
10.4 9.0
Jun-97
Russell 3000 (Blend)
-4.7
3.9 7.2
8.2 18.2
11.8 9.5
Excess Return
0.9 -0.1
-3.1
-2.3
-1.9
-1.4
-0.5
International Equity (Net)
64,519,979
14.1 6.9
7.8 7.9
6.5 11.9
6.2 5.6
Jan-98
MSCI ACWI ex US (Blend)
5.2 5.1
6.1 4.5
10.9 5.0
5.3 Excess Return
1.6 2.7
1.8 2.0
1.0 1.2
0.4 Fixed Income (Net)
113,106,700
24.7 2.9
4.8 5.0
0.9 0.9
1.9 4.5
Jan-94
Fixed Income & Credit Benchmark
2.8 5.2
5.4 1.1
0.3 1.8
4.5 Excess Return
0.1 -0.3
-0.4
-0.2
0.6 0.1
-0.1
Credit (Net)
5,962,886
1.3 0.5
4.3 5.3
4.4 9.3
5.0 5.1
Feb-15
Blmbg. U.S. Corp: High Yield Index
1.0 6.5
7.7 5.0
7.3 5.0
5.1 Excess Return
-0.5
-2.3
-2.4
-0.6
2.0 0.0
0.0 Covered Calls (Net)
19,552,021
4.3 -3.2
4.2 7.9
7.2 15.3
9.6 9.3
Apr-14
Cboe S&P 500 Buy Write Index
-3.1
8.2 9.8
4.6 11.7
6.4 6.3
Excess Return
-0.1
-4.0
-1.9
2.6 3.7
3.2 3.0
Crisis Risk Offset (Net)
38,427,918
8.4 2.6
-2.8
-4.3
-2.3
-5.4
--
-6.4
Aug-18
Crisis Risk Offset Benchmark
1.2 -0.6
-2.0
3.6 2.1
--
0.5 Excess Return
1.4 -2.2
-2.3
-6.0
-7.6
--
-6.9
Cash (Net)
16,909,205
3.7 0.4
0.8 1.1
0.4 0.2
0.8 0.6
Mar-11
Oakland Police and Fire Retirement System
Asset Class Performance: Net of Fees | As of March 31, 2025 Performance shown is net of fees, except for Total Plan, Domestic Equity, and International Equity composites which have a mix of gross and net of fees performance. Please see the Addendum for more details. Since inception date and performance begin in the month following an investments initial funding. Fiscal year begins on July 1. Please see Benchmark History section for custom benchmark compositions.
Performance Attribution
Quarter To Date Ending March 31, 2025
Selection Effect
Allocation Effect
Interaction Effect
Total Effects
0.0%
0.4%
0.8%
1.2%
1.6%
-0.4 %
-0.8 %
-1.2 %
-1.6 %
-2.0 %
Cash
Crisis Risk Offset
Covered Calls
Credit
Fixed Income
International Equity
Domestic Equity
Total Plan
Beginning
Actual Wt.
(%)
Index
Weight
(%)
Wtd. Actual
Return
(%)
Wtd. Index
Return
(%)
Excess
Return
(%)
Allocation
Effect
(%)
Selection
Effect
(%)
Interaction
Effect
(%)
Total
Effect
(%)
Domestic Equity
45.6 34.0
-3.8
-4.7
0.9 -0.6
0.3 0.1
-0.2
International Equity
13.3 12.0
6.9 5.2
1.6 0.1
0.2 0.0
0.3 Fixed Income
23.7 44.0
2.9 2.8
0.1 -0.5
0.0 0.0
-0.5
Credit
1.4 0.0
0.5 1.0
-0.5
0.0 0.0
0.0 0.0
Covered Calls
4.4 0.0
-3.2
-3.1
-0.1
-0.2
0.0 0.0
-0.2
Crisis Risk Offset
8.1 10.0
2.6 1.2
1.4 0.0
0.1 0.0
0.1 Cash
3.5 0.0
0.4 0.4
0.0 0.0
0.0 0.0
0.0 Total Plan
100.0
100.0
-0.1
0.4 -0.4
-1.2
0.7 0.1
-0.4
Oakland Police and Fire Retirement System
Total Fund Attribution | As of March 31, 2025
Performance shown is net of fees.
Total impacts may not sum to excess return due to rounding, rebalancing, and measurement frequencies.
Performance Attribution
1 Year Ending March 31, 2025
Selection Effect
Allocation Effect
Interaction Effect
Total Effects
0.0%
0.4%
0.8%
-0.4 %
-0.8 %
-1.2 %
-1.6 %
-2.0 %
-2.4 %
Cash
Crisis Risk Offset
Covered Calls
Credit
Fixed Income
International Equity
Domestic Equity
Total Plan
Beginning
Actual Wt.
(%)
Index
Weight
(%)
Wtd. Actual
Return
(%)
Wtd. Index
Return
(%)
Excess
Return
(%)
Allocation
Effect
(%)
Selection
Effect
(%)
Interaction
Effect
(%)
Total
Effect
(%)
Domestic Equity
44.2 35.5
4.2 7.2
-3.1
-0.1
-1.2
-0.1
-1.4
International Equity
13.3 12.0
7.9 6.1
1.8 0.0
0.2 0.0
0.2 Fixed Income
23.7 40.8
5.0 5.4
-0.4
-0.1
-0.2
0.1 -0.2
Credit
2.0 0.5
5.3 7.7
-2.4
0.0 0.0
0.0 0.0
Covered Calls
4.8 1.3
7.9 9.8
-1.9
0.0 0.1
0.0 0.1
Crisis Risk Offset
8.5 10.0
-4.3
-2.0
-2.3
0.1 -0.2
0.0 -0.1
Cash
3.5 0.0
1.1 1.1
0.0 -0.2
0.0 0.0
-0.2
Total Plan
100.0
100.0
4.2 5.8
-1.6
-0.3
-1.3
0.0 -1.6
Oakland Police and Fire Retirement System
Total Fund Attribution | As of March 31, 2025
Performance shown is net of fees.
Total impacts may not sum to excess return due to rounding, rebalancing, and measurement frequencies.
Trailing Period Performance
Ending March 31, 2025
OPFRS Total Plan
OPFRS Policy Benchmark
IM Public DB $250M-$1B Median
0.0 4.0
8.0 12.0
16.0 -4.0
R
a
t
e
o
f
R
e
t
u
r
n
%
QTD
FYTD
1 Yr
3 Yrs
5 Yrs
-0.2
3.9 4.7
4.0 10.1
0.4 4.3
5.8 5.0
9.5 -0.1
3.9 4.1
3.8 9.3
Calendar Year Performance
Ending March 31, 2025
OPFRS Total Plan
OPFRS Policy Benchmark
IM Public DB $250M-$1B Median
0.0 15.0
30.0 -15.0
-30.0
R
a
t
e
o
f
R
e
t
u
r
n
%
2025
2024
2023
2022
2021
4.7 10.2
12.5 -13.1
14.0 5.8
10.9 15.1
-14.0
12.2 4.1
9.3 13.5
-14.7
13.8 Oakland Police and Fire Retirement System
Portfolio Relative Performance Results | As of March 31, 2025 Total Plan performance is a mix of gross and net of fees; performance is gross of fees prior to January 2016 and thereafter. Fiscal year begins on July 1.
Balance
($)
Current
Allocation (%)
Policy
(%)
Difference
(%)
Interim
Policy (%)
Policy Range
(%)
Within IPS
Range?
Domestic Equity
200,126,910
43.6 25.0
18.6 34.0
15.0 - 35.0
No
International Equity
64,519,979
14.1 5.0
9.1 12.0
2.0 - 22.0
Yes
Fixed Income
113,106,700
24.7 51.0
-26.3
44.0 31.0 - 71.0
No
Credit
5,962,886
1.3 10.0
-8.7
0.0 0.0 - 16.0
Yes
Covered Calls
19,552,021
4.3 0.0
4.3 0.0
0.0 - 5.0
Yes
Crisis Risk Offset
38,427,918
8.4 9.0
-0.6
10.0 4.0 - 14.0
Yes
Cash
16,909,205
3.7 0.0
3.7 0.0
0.0 - 5.0
Yes
Total
458,605,619
100.0
100.0
0.0 100.0
March 31, 2025: $458,605,618.8
Cash
3.7%
Covered Calls
4.3%
Credit
1.3%
Crisis Risk Offset
8.4%
Fixed Income
24.7%
Domestic Equity
43.6%
March 31, 2024: $406,308,110.42
Cash
3.5%
Covered Calls
5.6%
Credit
2.2%
Crisis Risk Offset
9.0%
Fixed Income
23.7%
Domestic Equity
43.0%
Oakland Police and Fire Retirement System
Asset Allocation | As of As of March 31, 2025
Cash account market value includes cash balances held in ETF accounts at the custodian and residuals from terminated managers.
Policy (%) column reflects the long-term allocation targets starting July 1, 2024.
Market Value
($)
% of
Portfolio
QTD
(%)
FYTD
(%)
1 Yr
(%)
3 Yrs
(%)
5 Yrs
(%)
10 Yrs
(%)
Since
Inception
Inception
Date
Domestic Equity
200,126,910
100.0
-3.8
3.8 4.2
6.0 16.3
10.4 9.0
Jun-97
Russell 3000 (Blend)
-4.7
3.9 7.2
8.2 18.2
11.8 9.5
Excess Return
0.9 -0.1
-3.1
-2.3
-1.9
-1.4
-0.5
Northern Trust Russell 1000
104,907,537
52.4 -4.5
4.1 7.8
8.5 18.3
12.1 13.6
Jun-10
Russell 1000 Index
-4.5
4.1 7.8
8.7 18.5
12.2 13.7
Excess Return
0.0 0.0
-0.1
-0.1
-0.1
-0.1
-0.1
EARNEST Partners
40,136,600
20.1 -3.5
1.1 -4.2
2.5 14.8
10.1 9.0
Apr-06
Russell Midcap Index
-3.4
6.1 2.6
4.6 16.3
8.8 8.8
Excess Return
-0.1
-5.0
-6.8
-2.1
-1.4
1.3 0.1
eV US Mid Cap Core Equity Rank
49 76
78 81
69 23
48 Wellington Select Quality Equity
23,847,070
11.9 -0.9
4.7 4.1
--
--
--
6.9 May-22
Russell 1000 Index
-4.5
4.1 7.8
--
--
--
12.5 Excess Return
3.6 0.6
-3.7
--
--
--
-5.5
eV US Large Cap Core Equity Rank
17 29
70 --
--
--
95 Brown Fundamental Small Cap Value
13,664,837
6.8 -6.4
2.0 0.5
6.5 --
--
5.9 Apr-21
Russell 2000 Value Index
-7.7
0.5 -3.1
0.0 --
--
0.9 Excess Return
1.4 1.5
3.6 6.5
--
--
5.1 eV US Small Cap Value Equity Rank
39 37
23 12
--
--
19 Rice Hall James
17,570,865
8.8 -2.5
9.4 7.4
3.4 14.4
--
7.3 Aug-17
Russell 2000 Growth Index
-11.1
-2.0
-4.9
0.8 10.8
--
6.2 Excess Return
8.6 11.4
12.3 2.6
3.6 --
1.0 eV US Small Cap Growth Equity Rank
2 5
5 16
23 --
72 Oakland Police and Fire Retirement System
Manager Performance - Net of Fees | As of March 31, 2025 Performance shown is net of fees, except for the Domestic Equity composite which has a mix of gross and net of fees performance. Please see the Addendum for more details.
Since inception date and performance begin in the month following an investments initial funding. Fiscal year begins on July 1. Please see Benchmark History section for custom benchmark compositions.
Market Value
($)
% of
Portfolio
QTD
(%)
FYTD
(%)
1 Yr
(%)
3 Yrs
(%)
5 Yrs
(%)
10 Yrs
(%)
Since
Inception
Inception
Date
International Equity
64,519,979
100.0
6.9 7.8
7.9 6.5
11.9 6.2
5.6 Jan-98
MSCI ACWI ex US (Blend)
5.2 5.1
6.1 4.5
10.9 5.0
5.3 Excess Return
1.6 2.7
1.8 2.0
1.0 1.2
0.4 Vanguard Developed Markets ETF
17,021,188
26.4 6.8
5.2 4.6
5.3 12.1
--
7.6 Sep-19
FTSE Developed All Cap ex-U.S. Index
5.9 5.0
4.4 5.1
12.2 --
7.8 Excess Return
0.9 0.1
0.2 0.2
-0.1
--
-0.2
SGA ACWI ex-U.S. Equity
47,498,791
73.6 6.9
8.8 9.1
7.1 12.0
--
6.4 Dec-19
MSCI AC World ex USA (Net)
5.2 5.1
6.1 4.5
10.9 --
5.7 Excess Return
1.7 3.7
3.1 2.6
1.0 --
0.7 eV ACWI ex-US All Cap Core Eq Rank
27 23
28 16
48 --
49 Oakland Police and Fire Retirement System
Manager Performance - Net of Fees | As of March 31, 2025 Performance shown is net of fees, except for the International Equity composite which has a mix of gross and net of fees performance. Please see the Addendum for more details.
Since inception date and performance begin in the month following an investments initial funding. Fiscal year begins on July 1. Please see Benchmark History section for custom benchmark compositions.
Market Value
($)
% of
Portfolio
QTD
(%)
FYTD
(%)
1 Yr
(%)
3 Yrs
(%)
5 Yrs
(%)
10 Yrs
(%)
Since
Inception
Inception
Date
Fixed Income
113,106,700
100.0
2.9 4.8
5.0 0.9
0.9 1.9
4.5 Jan-94
Fixed Income & Credit Benchmark
2.8 5.2
5.4 1.1
0.3 1.8
4.5 Excess Return
0.1 -0.3
-0.4
-0.2
0.6 0.1
-0.1
Ramirez
76,582,558
67.7 2.9
4.7 4.8
0.7 0.9
--
1.9 Jan-17
Blmbg. U.S. Aggregate Index
2.8 4.8
4.9 0.5
-0.4
--
1.6 Excess Return
0.1 -0.1
-0.1
0.2 1.3
--
0.4 eV US Core Fixed Inc Rank
25 64
73 53
15 --
38 Wellington Core Bond
7,357,994
6.5 2.8
5.0 5.4
1.0 --
--
-0.5
Apr-21
Blmbg. U.S. Aggregate Index
2.8 4.8
4.9 0.5
--
--
-0.7
Excess Return
0.0 0.2
0.5 0.4
--
--
0.2 eV US Core Fixed Inc Rank
45 22
14 25
--
--
50 Reams
29,166,148
25.8 2.9
5.1 5.4
1.3 1.8
3.0 4.9
Feb-98
Fixed Income & Credit Benchmark
2.8 5.2
5.4 1.1
0.3 1.8
4.2 Excess Return
0.1 -0.1
0.0 0.2
1.4 1.1
0.7 eV US Core Plus Fixed Inc Rank
18 44
48 38
32 13
32 Oakland Police and Fire Retirement System
Manager Performance - Net of Fees | As of March 31, 2025 Performance shown is net of fees.Since inception date and performance begin in the month following an investments initial funding. Fiscal year begins on July 1. Please see Benchmark History section for custom benchmark compositions.
Market Value
($)
% of
Portfolio
QTD
(%)
FYTD
(%)
1 Yr
(%)
3 Yrs
(%)
5 Yrs
(%)
10 Yrs
(%)
Since
Inception
Inception
Date
Credit
5,962,886
100.0
0.5 4.3
5.3 4.4
9.3 5.0
5.1 Feb-15
Blmbg. U.S. Corp: High Yield Index
1.0 6.5
7.7 5.0
7.3 5.0
5.1 Excess Return
-0.5
-2.3
-2.4
-0.6
2.0 0.0
0.0 Polen Capital
5,962,886
100.0
0.5 4.3
5.3 4.4
9.3 5.0
5.1 Feb-15
ICE BofA U.S. High Yield Index
0.9 6.4
7.6 4.8
7.2 4.9
5.0 Excess Return
-0.4
-2.2
-2.3
-0.5
2.1 0.1
0.1 eV US High Yield Fixed Inc Rank
79 96
96 66
8 22
23 Oakland Police and Fire Retirement System
Manager Performance - Net of Fees | As of March 31, 2025 Performance shown is net of fees.Since inception date and performance begin in the month following an investments initial funding. Fiscal year begins on July 1. Please see Benchmark History section for custom benchmark compositions.
Market Value
($)
% of
Portfolio
QTD
(%)
FYTD
(%)
1 Yr
(%)
3 Yrs
(%)
5 Yrs
(%)
10 Yrs
(%)
Since
Inception
Inception
Date
Covered Calls
19,552,021
100.0
-3.2
4.2 7.9
7.2 15.3
9.6 9.3
Apr-14
Cboe S&P 500 Buy Write Index
-3.1
8.2 9.8
4.6 11.7
6.4 6.3
Excess Return
-0.1
-4.0
-1.9
2.6 3.7
3.2 3.0
Parametric BXM
9,387,805
48.0 -2.7
4.7 7.5
6.5 12.7
7.8 7.5
Apr-14
Cboe S&P 500 Buy Write Index
-3.1
8.2 9.8
4.6 11.7
6.4 6.3
Excess Return
0.4 -3.5
-2.3
1.9 1.0
1.4 1.2
Parametric DeltaShift
10,164,216
52.0 -3.7
3.7 8.3
8.0 17.8
11.1 11.2
Apr-14
Cboe S&P 500 Buy Write Index
-3.1
8.2 9.8
4.6 11.7
6.4 6.3
Excess Return
-0.6
-4.5
-1.5
3.4 6.1
4.7 4.9
Oakland Police and Fire Retirement System
Manager Performance - Net of Fees | As of March 31, 2025 Performance shown is net of fees.Since inception date and performance begin in the month following an investments initial funding. Fiscal year begins on July 1. Please see Benchmark History section for custom benchmark compositions.
Market Value
($)
% of
Portfolio
QTD
(%)
FYTD
(%)
1 Yr
(%)
3 Yrs
(%)
5 Yrs
(%)
10 Yrs
(%)
Since
Inception
Inception
Date
Crisis Risk Offset
38,427,918
100.0
2.6 -2.8
-4.3
-2.3
-5.4
--
-6.4
Aug-18
Crisis Risk Offset Benchmark
1.2 -0.6
-2.0
3.6 2.1
--
0.5 Over/Under
1.4 -2.2
-2.3
-6.0
-7.6
--
-6.9
Kepos Alternative Risk Premia
13,950,501
36.3 11.4
15.1 15.5
12.6 --
--
11.1 Feb-22
SG Multi Alternative Risk Premia Index
3.8 5.1
5.7 8.3
--
--
7.5 Over/Under
7.6 10.0
9.8 4.2
--
--
3.6 Versor Trend Following
11,662,822
30.3 -8.2
-22.2
-24.6
-8.0
--
--
-8.0
Apr-22
SG Trend Index
-4.7
-10.0
-12.9
0.5 --
--
0.5 Over/Under
-3.6
-12.2
-11.7
-8.5
--
--
-8.5
Vanguard Long-Term Treasury ETF
12,814,596
33.3 4.8
3.1 1.4
-7.4
-8.0
--
-3.2
Jul-19
Blmbg. US Govt: Long Term Bond Index
4.7 3.1
1.3 -7.2
-7.8
--
-3.2
Over/Under
0.1 -0.1
0.1 -0.2
-0.2
--
0.0 Oakland Police and Fire Retirement System
Manager Performance - Net of Fees | As of March 31, 2025 Performance shown is net of fees.Since inception date and performance begin in the month following an investments initial funding. Fiscal year begins on July 1. Please see Benchmark History section for custom benchmark compositions.
Cash Flow Summary
Quarter To Date
Beginning
Market Value
($)
Net Cash Flow
($)
Net Investment
Change
($)
Ending
Market Value
($)
Northern Trust Russell 1000
109,837,244
-
-4,929,707
104,907,537
EARNEST Partners
41,511,365
-
-1,374,765
40,136,600
Wellington Select Quality Equity
26,998,936
-3,000,000
-151,866
23,847,070
Brown Fundamental Small Cap Value
14,767,286
-199,900
-902,548
13,664,837
Rice Hall James
17,971,578
-
-400,713
17,570,865
Vanguard Developed Markets ETF
16,013,244
-81,104
1,089,048
17,021,188
SGA ACWI ex-U.S. Equity
44,366,111
-
3,132,681
47,498,791
Ramirez
74,416,688
-
2,165,870
76,582,558
Wellington Core Bond
7,160,521
-
197,473
7,357,994
Reams
28,334,617
-
831,531
29,166,148
Polen Capital
7,433,085
-1,500,000
29,801
5,962,886
Parametric BXM
9,642,261
-
-254,456
9,387,805
Parametric DeltaShift
10,549,483
-
-385,267
10,164,216
Kepos Alternative Risk Premia
12,522,581
-
1,427,920
13,950,501
Versor Trend Following
12,707,305
-
-1,044,483
11,662,822
Vanguard Long-Term Treasury ETF
12,311,888
-88,085
590,793
12,814,596
Cash - Money Market
6,614,606
198,200
63,399
6,876,205
Cash - Treasury
9,811,000
222,000
-
10,033,000
Securities Lending Northern Trust
-
-33,780
33,780
-
OPFRS Total Plan
462,969,798
-4,482,669
118,490
458,605,619
Oakland Police and Fire Retirement System
Financial Reconciliation | March 31, 2025
Growth of a Dollar
5 Years ending March 31, 2025
OPFRS Total Plan
OPFRS Policy Benchmark
Actuarial Rate
$0.90
$0.99
$1.08
$1.17
$1.26
$1.35
$1.44
$1.53
$1.62
$1.71
2020
2020
2021
2021
2022
2022
2023
2023
2024
2024
2025
Actuarial Rate: $1.32
OPFRS Total Plan: $1.56
Oakland Police and Fire Retirement System
Total Portfolio 5-Year Performance | As of March 31, 2025 The actuarial assumed rate is 8% through June 2009, 7.5% through June 2010, 7% through June 2011, 6.75% through June 2014, 6.5% through December 2017, 6.0% through June 2023, and 5.0% since July 2023.
OPFRS Policy Benchmark: $1.57
Plan Sponsor Peer Group Performance Comparison
vs. InvMetrics Public DB $250M-$1B Net
-4.0
-1.0
2.0 5.0
8.0 11.0
14.0 R
e
t
u
r
n
QTD
(%)
FYTD
(%)
1 Yr
(%)
3 Yrs
(%)
5 Yrs
(%)
10 Yrs
(%)
OPFRS Total Plan
-0.1
(46)
3.9 (51)
4.1 (74)
3.8 (62)
9.3 (72)
6.5 (58)
¢
£
OPFRS Policy Benchmark
0.4 (26)
4.3 (34)
5.8 (23)
5.0 (15)
9.5 (69)
6.9 (34)
5th Percentile
1.3 5.3
6.6 5.5
11.8 7.6
1st Quartile
0.4 4.4
5.6 4.6
10.7 7.1
Median
-0.2
3.9 4.7
4.0 10.1
6.6 3rd Quartile
-0.9
3.3 4.1
3.4 9.2
6.0 95th Percentile
-2.2
2.4 2.6
2.4 8.0
5.6 Population
100
100
99 97
96 86
Oakland Police and Fire Retirement System
Plan Sponsor Peer Group Analysis | As of March 31, 2025 Total Plan performance is a mix of gross and net of fees; performance is gross of fees prior to January 2016 and net of fees thereafter. Parentheses contain percentile rankings. Calculation based on monthly periodicity. Fiscal year begins on July 1.
Investment Manager Profiles
Oakland Police and Fire Retirement System
Alpha
Beta
Information
Ratio
Sharpe
Ratio
Tracking
Error
R-Squared
Up
Capture
Down
Capture
Northern Trust Russell 1000
0.00 1.00
-0.25
-0.49
0.01 1.00
99.70 99.94
Russell 1000 Index
0.00 1.00
-
-0.49
0.00 1.00
100.00
100.00
Trailing Performance
Northern Trust Russell 1000
Russell 1000 Index
0.0 10.0
20.0 30.0
-10.0
R
a
t
e
o
f
R
e
t
u
r
n
%
Q1-2025
1 Year
3 Years
5 Years
7 Years
10 Years
-4.5
7.8 8.7
18.5 13.0
12.2 -4.5
7.8 8.5
18.3 12.9
12.1 Growth of $1 - Since Inception
Northern Trust Russell 1000
Russell 1000 Index
-2.5
0.0 2.5
5.0 7.5
10.0 5/10
11/11
5/13
11/14
5/16
11/17
5/19
11/20
5/22
3/25
$6.7
$6.6
Calendar Year Returns
Northern Trust Russell 1000
Russell 1000 Index
0.0 20.0
40.0 60.0
-20.0
-40.0
R
a
t
e
o
f
R
e
t
u
r
n
%
2024
2023
2022
2021
2020
2019
24.5 26.5
-19.1
26.5 21.0
31.4 24.4
26.5 -19.4
26.5 20.8
31.4 Risk/Return - Since Inception
eV US Large Cap Core Equity
Northern Trust Russell 1000
Russell 1000 Index
3.0 6.0
9.0 12.0
15.0 18.0
R
e
t
u
r
n
4.0 6.0
8.0 10.0
12.0 14.0
16.0 18.0
20.0 Standard Deviation
QTD Return
QTD Risk
Northern Trust Russell 1000
-4.49
3.66 Russell 1000 Index
-4.49
3.67 Oakland Police and Fire Retirement System
Northern Trust Russell 1000 | As of March 31, 2025
Performance shown is net of fees. Risk is measured as Standard Deviation.
Alpha
Beta
Information
Ratio
Sharpe
Ratio
Tracking
Error
R-Squared
Up
Capture
Down
Capture
EARNEST Partners
-0.06
0.98 -0.05
-0.38
0.61 0.97
99.91 101.27
Russell Midcap Index
0.00 1.00
-
-0.37
0.00 1.00
100.00
100.00
Trailing Performance
EARNEST Partners
Russell Midcap Index
0.0 8.0
16.0 24.0
-8.0
-16.0
R
a
t
e
o
f
R
e
t
u
r
n
%
Q1-2025
1 Year
3 Years
5 Years
7 Years
10 Years
-3.4
2.6 4.6
16.3 9.2
8.8 -3.5
-4.2
2.5 14.8
9.4 10.1
Growth of $1 - Since Inception
EARNEST Partners
Russell Midcap Index
-2.0
0.0 2.0
4.0 6.0
8.0 3/06
3/08
3/10
3/12
3/14
3/16
3/18
3/20
3/22
3/25
$5.0
$5.1
Calendar Year Returns
EARNEST Partners
Russell Midcap Index
0.0 25.0
50.0 75.0
-25.0
-50.0
R
a
t
e
o
f
R
e
t
u
r
n
%
2024
2023
2022
2021
2020
2019
15.3 17.2
-17.3
22.6 17.1
30.5 7.1
16.8 -15.9
24.8 20.2
37.3 Risk/Return - Since Inception
eV US Mid Cap Core Equity
EARNEST Partners
Russell Midcap Index
6.0 8.0
10.0 12.0
R
e
t
u
r
n
15.2 16.0
16.8 17.6
18.4 19.2
20.0 20.8
Standard Deviation
QTD Return
QTD Risk
EARNEST Partners
-3.49
3.79 Russell Midcap Index
-3.40
3.84 Oakland Police and Fire Retirement System
EARNEST Partners | As of March 31, 2025
Performance shown is net of fees. Risk is measured as Standard Deviation.
Alpha
Beta
Information
Ratio
Sharpe
Ratio
Tracking
Error
R-Squared
Up
Capture
Down
Capture
Wellington Select Quality Equity
0.57 0.58
0.74 -0.29
1.58 0.96
67.94 39.87
Russell 1000 Index
0.00 1.00
-
-0.49
0.00 1.00
100.00
100.00
Trailing Performance
Wellington Select Quality Equity
Russell 1000 Index
0.0 10.0
20.0 30.0
-10.0
R
a
t
e
o
f
R
e
t
u
r
n
%
Q1-2025
1 Year
3 Years
5 Years
10 Years
-4.5
7.8 8.7
18.5 12.2
-0.9
4.1 Growth of $1 - Since Inception
Wellington Select Quality Equity
Russell 1000 Index
0.6 0.9
1.2 1.5
1.8 4/22
10/22
4/23
10/23
4/24
10/24
3/25
$1.4
$1.2
Calendar Year Returns
Wellington Select Quality Equity
Russell 1000 Index
0.0 20.0
40.0 60.0
-20.0
-40.0
R
a
t
e
o
f
R
e
t
u
r
n
%
2024
2023
2022
2021
2020
2019
24.5 26.5
-19.1
26.5 21.0
31.4 10.4
10.2 Risk/Return - Since Inception
eV US Large Cap Core Equity
Wellington Select Quality Equity
Russell 1000 Index
-10.0
0.0 10.0
20.0 30.0
R
e
t
u
r
n
3.0 6.0
9.0 12.0
15.0 18.0
21.0 24.0
27.0 Standard Deviation
QTD Return
QTD Risk
Wellington Select Quality Equity
-0.91
2.19 Russell 1000 Index
-4.49
3.67 Oakland Police and Fire Retirement System
Wellington Select Quality Equity | As of March 31, 2025 Performance shown is net of fees. Risk is measured as Standard Deviation.
Alpha
Beta
Information
Ratio
Sharpe
Ratio
Tracking
Error
R-Squared
Up
Capture
Down
Capture
Brown Fundamental Small Cap Value
-0.41
0.67 0.40
-1.10
1.12 1.00
49.09 75.80
Russell 2000 Value Index
0.00 1.00
-
-0.87
0.00 1.00
100.00
100.00
Trailing Performance
Brown Fundamental Small Cap Value
Russell 2000 Value Index
0.0 10.0
20.0 30.0
-10.0
-20.0
R
a
t
e
o
f
R
e
t
u
r
n
%
Q1-2025
1 Year
3 Years
5 Years
7 Years
10 Years
-7.7
-3.1
0.0 15.3
5.3 6.1
-6.4
0.5 6.5
Growth of $1 - Since Inception
Brown Fundamental Small Cap Value
Russell 2000 Value Index
0.6 0.9
1.2 1.5
1.8 3/21
9/21
3/22
9/22
3/23
9/23
3/24
9/24
3/25
$1.0
$1.3
Calendar Year Returns
Brown Fundamental Small Cap Value
Russell 2000 Value Index
0.0 20.0
40.0 -20.0
-40.0
R
a
t
e
o
f
R
e
t
u
r
n
%
2024
2023
2022
2021
2020
2019
8.1 14.6
-14.5
28.3 4.6
22.4 12.7
17.5 -7.7
Risk/Return - Since Inception
eV US Small Cap Value Equity
Brown Fundamental Small Cap Value
Russell 2000 Value Index
-8.0
0.0 8.0
16.0 24.0
R
e
t
u
r
n
12.0 15.0
18.0 21.0
24.0 27.0
30.0 Standard Deviation
QTD Return
QTD Risk
Brown Fundamental Small Cap Value
-6.38
2.29 Russell 2000 Value Index
-7.74
3.40 Oakland Police and Fire Retirement System
Brown Fundamental Small Cap Value | As of March 31, 2025 Performance shown is net of fees. Risk is measured as Standard Deviation.
Alpha
Beta
Information
Ratio
Sharpe
Ratio
Tracking
Error
R-Squared
Up
Capture
Down
Capture
Rice Hall James
2.37 0.83
1.26 -0.23
2.40 0.76
151.21
48.43 Russell 2000 Growth Index
0.00 1.00
-
-0.84
0.00 1.00
100.00
100.00
Trailing Performance
Rice Hall James
Russell 2000 Growth Index
0.0 10.0
20.0 30.0
-10.0
-20.0
R
a
t
e
o
f
R
e
t
u
r
n
%
Q1-2025
1 Year
3 Years
5 Years
7 Years
10 Years
-11.1
-4.9
0.8 10.8
5.0 6.1
-2.5
7.4 3.4
14.4 5.1
Growth of $1 - Since Inception
Rice Hall James
Russell 2000 Growth Index
0.4 0.8
1.2 1.6
2.0 2.4
7/17
7/18
7/19
7/20
7/21
7/22
7/23
3/25
$1.6
$1.7
Calendar Year Returns
Rice Hall James
Russell 2000 Growth Index
0.0 25.0
50.0 -25.0
-50.0
R
a
t
e
o
f
R
e
t
u
r
n
%
2024
2023
2022
2021
2020
2019
15.2 18.7
-26.4
2.8 34.6
28.5 16.1
14.1 -24.5
15.1 23.4
17.5 Risk/Return - Since Inception
eV US Small Cap Growth Equity
Rice Hall James
Russell 2000 Growth Index
0.0 5.0
10.0 15.0
20.0 R
e
t
u
r
n
16.0 20.0
24.0 28.0
32.0 36.0
40.0 Standard Deviation
QTD Return
QTD Risk
Rice Hall James
-2.48
4.64 Russell 2000 Growth Index
-11.12
4.88 Oakland Police and Fire Retirement System
Rice Hall James | As of March 31, 2025
Performance shown is net of fees. Risk is measured as Standard Deviation.
Alpha
Beta
Information
Ratio
Sharpe
Ratio
Tracking
Error
R-Squared
Up
Capture
Down
Capture
Vanguard Developed Markets ETF
0.58 0.84
0.58 1.05
0.47 0.96
108.21
2.10 FTSE Developed All Cap ex-U.S. Index
0.00 1.00
-
0.77 0.00
1.00 100.00
100.00
Trailing Performance
Vanguard Developed Markets ETF
FTSE Developed All Cap ex-U.S. Index
0.0 4.0
8.0 12.0
16.0 R
a
t
e
o
f
R
e
t
u
r
n
%
Q1-2025
1 Year
3 Years
5 Years
7 Years
10 Years
5.9 4.4
5.1 12.2
5.4 5.8
6.8 4.6
5.3 12.1
5.2 5.6
Growth of $1 - Since Inception
Vanguard Developed Markets ETF
FTSE Developed All Cap ex-U.S. Index
0.6 0.9
1.2 1.5
1.8 8/19
5/20
2/21
11/21
8/22
5/23
2/24
3/25
$1.5
$1.5
Calendar Year Returns
Vanguard Developed Markets ETF
FTSE Developed All Cap ex-U.S. Index
0.0 15.0
30.0 45.0
-15.0
-30.0
R
a
t
e
o
f
R
e
t
u
r
n
%
2024
2023
2022
2021
2020
2019
3.7 18.3
-15.3
11.9 10.3
22.7 3.2
17.9 -15.4
11.7 9.7
22.6 Risk/Return - Since Inception
eV ACWI ex-US All Cap Core Eq
Vanguard Developed Markets ETF
FTSE Developed All Cap ex-U.S. Index
0.0 4.0
8.0 12.0
16.0 R
e
t
u
r
n
12.0 14.0
16.0 18.0
20.0 22.0
24.0 Standard Deviation
QTD Return
QTD Risk
Vanguard Developed Markets ETF
6.79 1.81
FTSE Developed All Cap ex-U.S. Index
5.91 2.11
Oakland Police and Fire Retirement System
Vanguard Developed Markets ETF | As of March 31, 2025
Performance shown is net of fees. Risk is measured as Standard Deviation.
Alpha
Beta
Information
Ratio
Sharpe
Ratio
Tracking
Error
R-Squared
Up
Capture
Down
Capture
SGA ACWI ex-U.S. Equity
0.72 0.90
0.81 1.15
0.66 0.86
105.91
-469.15
MSCI AC World ex USA (Net)
0.00 1.00
-
0.80 0.00
1.00 100.00
100.00
Trailing Performance
SGA ACWI ex-U.S. Equity
MSCI AC World ex USA (Net)
0.0 4.0
8.0 12.0
16.0 R
a
t
e
o
f
R
e
t
u
r
n
%
Q1-2025
1 Year
3 Years
5 Years
7 Years
10 Years
5.2 6.1
4.5 10.9
4.5 5.0
6.9 9.1
7.1 12.0
Growth of $1 - Since Inception
SGA ACWI ex-U.S. Equity
MSCI AC World ex USA (Net)
0.6 0.9
1.2 1.5
1.8 11/19
8/20
5/21
2/22
11/22
8/23
5/24
3/25
$1.3
$1.4
Calendar Year Returns
SGA ACWI ex-U.S. Equity
MSCI AC World ex USA (Net)
0.0 15.0
30.0 -15.0
-30.0
R
a
t
e
o
f
R
e
t
u
r
n
%
2024
2023
2022
2021
2020
2019
5.5 15.6
-16.0
7.8 10.7
21.5 9.1
20.5 -16.3
9.9 7.0
Risk/Return - Since Inception
eV ACWI ex-US All Cap Core Eq
SGA ACWI ex-U.S. Equity
MSCI AC World ex USA (Net)
0.0 5.0
10.0 15.0
R
e
t
u
r
n
12.0 14.0
16.0 18.0
20.0 22.0
24.0 Standard Deviation
QTD Return
QTD Risk
SGA ACWI ex-U.S. Equity
6.91 1.70
MSCI AC World ex USA (Net)
5.23 1.75
Oakland Police and Fire Retirement System
SGA ACWI ex-U.S. Equity | As of March 31, 2025
Performance shown is net of fees. Risk is measured as Standard Deviation.
Account Information
Account Name
Ramirez
Account Structure
Separate Account
Inception Date
01/30/2017
Asset Class
US Fixed Income
Benchmark
Blmbg. U.S. Aggregate Index
Peer Group
eV US Core Fixed Inc
Credit Quality Allocation
Ramirez
Blmbg. U.S. Aggregate Index
0.0 25.0
50.0 75.0
100.0
A
A
A
/
A
a
a
A
A
/
A
a
A
B
B
B
+
/
B
a
a
1 /
B
B
B
/
B
a
a
2 B
B
B
-
/
B
a
a
3 B
B
/
B
a
B
N
o
t
R
a
t
e
d
C
a
s
h
3.4 73.1
10.5 12.9
0.0 0.2
0.0 0.0
0.0 2.6
62.7 9.6
12.2 2.6
0.1 0.0
9.4 0.8
Portfolio Performance Summary
QTD
(%)
1 Yr
(%)
3 Yrs
(%)
5 Yrs
(%)
Ramirez
2.9 4.8
0.7 0.9
Blmbg. U.S. Aggregate Index
2.8 4.9
0.5 -0.4
Sector Allocation
Ramirez
Blmbg. U.S. Aggregate Index
0.0 25.0
50.0 75.0
100.0
U
S
T
/
A
g
e
n
c
y
C
o
r
p
o
r
a
t
e
M
B
S
A
B
S
F
o
r
e
i
g
n
M
u
n
i
C
a
s
h
45.5 24.1
26.4 0.5
3.1 0.5
0.0 26.8
22.7 30.0
2.4 0.0
17.4 0.8
Portfolio Fixed Income Characteristics
Q1-25
Portfolio
Q4-24
Portfolio
Yield To Maturity
4.9 5.2
Average Duration
6.2 6.3
Average Quality
AA
AA
Weighted Average Maturity
9.1 9.3
Oakland Police and Fire Retirement System
Ramirez | As of March 31, 2025
Performance shown is net of fees.
Account Information
Account Name
Wellington Core Bond
Account Structure
Commingled Fund
Inception Date
04/01/2021
Asset Class
US Fixed Income
Benchmark
Blmbg. U.S. Aggregate Index
Peer Group
eV US Core Fixed Inc
Credit Quality Allocation
Wellington Core Bond
Blmbg. U.S. Aggregate Index
0.0 50.0
100.0
-50.0
A
A
A
/
A
a
a
A
A
/
A
a
A
B
B
B
+
/
B
a
a
1 /
B
B
B
/
B
a
a
2 B
B
/
B
a
C
C
C
/
C
a
a
N
o
t
R
a
t
e
d
C
a
s
h
3.4 73.1
10.5 12.9
0.2 0.0
0.0 0.0
73.6 5.1
9.3 12.3
0.0 0.0
1.3 -1.5
Portfolio Performance Summary
QTD
(%)
1 Yr
(%)
3 Yrs
(%)
5 Yrs
(%)
Wellington Core Bond
2.8 5.4
1.0 -
Blmbg. U.S. Aggregate Index
2.8 4.9
0.5 -
Sector Allocation
Wellington Core Bond
Blmbg. U.S. Aggregate Index
0.0 50.0
100.0
-50.0
U
S
T
/
A
g
e
n
c
y
C
o
r
p
o
r
a
t
e
M
B
S
A
B
S
F
o
r
e
i
g
n
M
u
n
i
R
e
p
u
r
c
h
a
s
e
A
g
r
e
e
m
e
n
t
s
C
a
s
h
45.5 24.1
26.4 0.5
3.1 0.5
0.0 0.0
30.0 0.0
42.4 7.3
0.0 0.0
21.8 -1.5
Portfolio Fixed Income Characteristics
Q1-25
Portfolio
Q4-24
Portfolio
Yield To Maturity
5.0 5.3
Average Duration
5.8 6.0
Average Quality
AA
AA
Weighted Average Maturity
-
-
Oakland Police and Fire Retirement System
Wellington Core Bond | As of March 31, 2025
Performance shown is net of fees.
Account Information
Account Name
Reams
Account Structure
Separate Account
Inception Date
01/01/1998
Asset Class
US Fixed Income
Benchmark
Fixed Income & Credit Benchmark
Peer Group
eV US Core Plus Fixed Inc
Credit Quality Allocation
Reams
Blmbg. U.S. Universal Index
0.0 25.0
50.0 75.0
100.0
A
A
A
/
A
a
a
A
A
/
A
a
A
B
B
B
+
/
B
a
a
1 /
B
B
B
/
B
a
a
2 B
B
/
B
a
B
C
C
C
/
C
a
a
C
C
/
C
a
C
D
C
a
s
h
3.5 64.1
11.9 14.3
3.3 2.1
0.7 0.0
0.0 0.0
0.0 18.6
56.3 15.8
9.0 0.0
0.0 0.0
0.0 0.0
0.0 0.3
Portfolio Performance Summary
QTD
(%)
1 Yr
(%)
3 Yrs
(%)
5 Yrs
(%)
Reams
2.9 5.4
1.3 1.8
Blmbg. U.S. Universal Index
2.7 5.2
1.0 0.3
Sector Allocation
Reams
Blmbg. U.S. Universal Index
0.0 25.0
50.0 75.0
100.0
U
S
T
/
A
g
e
n
c
y
C
o
r
p
o
r
a
t
e
M
B
S
A
B
S
F
o
r
e
i
g
n
M
u
n
i
C
a
s
h
39.0 31.6
22.7 0.4
6.0 0.4
0.0 25.4
25.5 44.1
4.7 0.0
0.0 0.3
Portfolio Fixed Income Characteristics
Q1-25
Portfolio
Q4-24
Portfolio
Yield To Maturity
5.2 5.4
Average Duration
6.1 6.6
Average Quality
AA
AA
Weighted Average Maturity
8.6 9.5
Oakland Police and Fire Retirement System
Reams | As of March 31, 2025
Performance shown is net of fees.
Account Information
Account Name
Polen Capital
Account Structure
Commingled Fund
Inception Date
02/01/2015
Asset Class
US Fixed Income
Benchmark
ICE BofA U.S. High Yield Index
Peer Group
eV US High Yield Fixed Inc
Credit Quality Allocation
Polen Capital
ICE BofA U.S. High Yield Index
0.0 25.0
50.0 75.0
100.0
B
B
B
+
/
B
a
a
1 /
B
B
B
/
B
a
a
2 B
B
/
B
a
B
C
C
C
/
C
a
a
C
C
/
C
a
C
D
N
o
t
R
a
t
e
d
C
a
s
h
1.9 53.2
34.9 8.5
1.0 0.4
0.1 0.0
0.0 0.0
5.1 38.4
50.3 0.0
0.0 0.0
3.9 2.2
Portfolio Performance Summary
QTD
(%)
1 Yr
(%)
3 Yrs
(%)
5 Yrs
(%)
Polen Capital
0.5 5.3
4.4 9.3
ICE BofA U.S. High Yield Index
0.9 7.6
4.8 7.2
Sector Allocation
Polen Capital
ICE BofA U.S. High Yield Index
0.0 25.0
50.0 75.0
100.0
C
o
r
p
o
r
a
t
e
100.0
100.0
Portfolio Fixed Income Characteristics
Q1-25
Portfolio
Q4-24
Portfolio
Yield To Maturity
9.7 9.6
Average Duration
2.2 2.2
Average Quality
B
B
Weighted Average Maturity
4.7 4.7
Oakland Police and Fire Retirement System
Polen Capital | As of March 31, 2025
Performance shown is net of fees.
Return
Standard
Deviation
Alpha
Beta
Information
Ratio
Tracking
Error
Up
Capture
Down
Capture
Inception
Date
Covered Calls
9.3 11.2
2.8 1.0
0.7 4.0
121.1
105.1
04/01/2014
Cboe S&P 500 Buy Write Index
6.3 10.1
0.0 1.0
-
0.0 100.0
100.0
Parametric BXM
7.5 9.2
2.0 0.9
0.3 3.2
98.0 85.6
04/01/2014
Cboe S&P 500 Buy Write Index
6.3 10.1
0.0 1.0
-
0.0 100.0
100.0
Parametric DeltaShift
11.2 13.4
3.7 1.2
0.8 6.2
143.5
122.0
04/01/2014
Cboe S&P 500 Buy Write Index
6.3 10.1
0.0 1.0
-
0.0 100.0
100.0
Trailing Period Performance
Covered Calls
Cboe S&P 500 Buy Write Index
0.0 6.0
12.0 18.0
-6.0
R
a
t
e
o
f
R
e
t
u
r
n
%
QTD
1 Year
3 Years
5 Years
-3.1
9.8 4.6
11.7 -3.2
7.9 7.2
15.3 Growth of a Dollar
Covered Calls
Cboe S&P 500 Buy Write Index
$0.80
$1.20
$1.60
$2.00
$2.40
2020
2020
2021
2022
2023
2023
2025
$1.74
$2.04
Calendar Year Performance
Covered Calls
Cboe S&P 500 Buy Write Index
0.0 15.0
30.0 -15.0
R
a
t
e
o
f
R
e
t
u
r
n
%
2024
2023
2022
2021
2020
20.1 11.8
-11.4
20.5 -2.8
18.4 20.0
-12.7
24.4 11.1
Oakland Police and Fire Retirement System
Covered Calls | As of March 31, 2025
Performance shown is net of fees.
Return
Standard
Deviation
Alpha
Beta
Information
Ratio
Tracking
Error
Up
Capture
Down
Capture
Inception
Date
Crisis Risk Offset
-6.4
10.3 -6.4
0.8 -0.7
9.3 36.7
127.8
08/01/2018
Crisis Risk Offset Benchmark
0.5 5.3
0.0 1.0
-
0.0 100.0
100.0
Kepos Alternative Risk Premia
11.1 6.6
4.1 0.9
0.7 5.0
123.1
73.7 02/01/2022
SG Multi Alternative Risk Premia Index
7.5 4.8
0.0 1.0
-
0.0 100.0
100.0
Versor Trend Following
-8.0
13.9 -8.3
1.0 -1.3
6.4 70.2
120.9
04/01/2022
SG Trend Index
0.5 12.0
0.0 1.0
-
0.0 100.0
100.0
Vanguard Long-Term Treasury ETF
-3.2
14.8 0.0
1.0 0.0
1.0 101.0
101.1
07/01/2019
Blmbg. U.S. Government: Long Term Bond Index
-3.2
14.6 0.0
1.0 -
0.0 100.0
100.0
Correlation Matrix
3 Months Ending March 31, 2025
Crisis Risk Offset
MSCI AC World Index Value
S&P 500 Index
Blmbg. Global Aggregate Index
Crisis Risk Offset
1.00 MSCI AC World Index Value
0.40 1.00
S&P 500 Index
0.44 1.00
1.00 Blmbg. Global Aggregate Index
0.88 -0.07
-0.03
1.00 Trailing Period Performance
Crisis Risk Offset
Crisis Risk Offset Benchmark
0.0 3.0
6.0 -3.0
-6.0
-9.0
R
a
t
e
o
f
R
e
t
u
r
n
%
QTD
1 Year
3 Years
5 Years
1.2 -2.0
3.6 2.1
2.6 -4.3
-2.3
-5.4
Oakland Police and Fire Retirement System
Crisis Risk Offset | As of March 31, 2025
Performance shown is net of fees.
Benchmark History
From Date
To Date
Benchmark
OPFRS Total Plan
01/01/2025
Present
34.0% Russell 3000 Index, 12.0% MSCI AC World ex USA (Net), 44.0% Fixed Income & Credit Benchmark, 10.0% Crisis Risk Offset Benchmark
07/01/2024
01/01/2025
34.0% Russell 3000 Index, 12.0% MSCI AC World ex USA (Net), 44.0% Blmbg. U.S. Universal Index, 10.0% Crisis Risk Offset Benchmark
06/01/2022
07/01/2024
40.0% Russell 3000 Index, 12.0% MSCI AC World ex USA (Net), 31.0% Blmbg. U.S. Universal Index, 2.0% Blmbg. U.S. Corp:
High Yield Index, 5.0% Cboe S&P 500 Buy Write Index, 10.0% Crisis Risk Offset Benchmark 01/01/2019
06/01/2022
40.0% Russell 3000 Index, 12.0% MSCI AC World ex USA index, 31.0% Blmbg. U.S. Universal Index, 5.0% Cboe S&P 500 Buy Write Index, 2.0% Blmbg. U.S. Treasury: Long, 10.0% Crisis Risk Offset Benchmark 05/01/2016
01/01/2019
48.0% Russell 3000 Index, 12.0% MSCI AC World ex USA index, 20.0% Blmbg. U.S. Universal Index, 20.0% CBOE BXM 10/01/2015
05/01/2016
43.0% Russell 3000 Index, 12.0% MSCI AC World ex USA index, 20.0% Blmbg. U.S. Universal Index, 15.0% CBOE BXM,
10.0% CPI - All Urban Consumers (unadjusted) +3%
01/01/2014
10/01/2015
48.0% Russell 3000 Index, 12.0% MSCI AC World ex USA index, 20.0% Blmbg. U.S. Universal Index, 10.0% CBOE BXM,
10.0% CPI - All Urban Consumers (unadjusted) +3%
03/01/2013
01/01/2014
40.0% Russell 3000 Index, 10.0% MSCI AC World ex USA index, 17.0% Blmbg. U.S. Universal Index, 33.0% ICE BofA 3 Month U.S. T-Bill
08/01/2012
03/01/2013
20.0% Russell 3000 Index, 7.0% MSCI AC World ex USA index, 18.0% Blmbg. U.S. Universal Index, 55.0% ICE BofA 3 Month U.S. T-Bill
10/01/2007
08/01/2012
53.0% Russell 3000 Index, 17.0% MSCI AC World ex USA index, 30.0% Blmbg. U.S. Universal Index 04/01/2006
10/01/2007
35.0% Russell 3000 Index, 15.0% MSCI AC World ex USA index, 50.0% Blmbg. U.S. Universal Index 01/01/2005
04/01/2006
35.0% Russell 3000 Index, 50.0% Blmbg. U.S. Aggregate Index, 15.0% MSCI AC World ex USA index 04/01/1998
01/01/2005
20.0% Russell 1000 Value Index, 10.0% Russell 1000 Index, 5.0% Russell Midcap Index, 50.0% Blmbg. U.S. Aggregate Index,
15.0% MSCI EAFE (Net)
01/01/1978
04/01/1998
40.0% S&P 500 Index, 55.0% Blmbg. U.S. Aggregate Index, 5.0% FTSE 3 Month T-Bill Oakland Police and Fire Retirement System
Benchmark History | As of March 31, 2025
Benchmark History
From Date
To Date
Benchmark
Domestic Equity
01/01/2005
Present
100.0% Russell 3000 Index
04/01/1998
01/01/2005
57.1% Russell 1000 Value Index, 28.6% Russell 1000 Index, 14.3% Russell Midcap Index 09/01/1988
04/01/1998
100.0% S&P 500 Index
International Equity
01/01/2005
Present
100.0% MSCI AC World ex USA (Net)
01/01/1998
01/01/2005
100.0% MSCI EAFE Index
Fixed Income & Credit
01/01/2025
Present
100.0% Blmbg. U.S. Aggregate Index
04/01/2006
01/01/2025
100.0% Blmbg. U.S. Universal Index
01/01/1976
04/01/2006
100.0% Blmbg. U.S. Aggregate Index
Covered Calls
04/01/2014
Present
Cboe S&P 500 Buy Write Index
Crisis Risk Offset
01/01/2023
Present
33.3% SG Trend Index, 33.3% SG Multi Alternative Risk Premia Index, 33.3% Blmbg. U.S. Government: Long Term Bond Index 08/01/2018
01/01/2023
100.0% SG Multi Alternative Risk Premia Index
Cash
03/01/2011
Present
FTSE 3 Month T-Bill
Oakland Police and Fire Retirement System
Benchmark History | As of March 31, 2025
Manager Monitoring
/
Probation Status
Oakland Police and Fire Retirement System
Manager Monitoring
| As of
March
3 1
,
202
5 MEKETA.COM
Managers on Watch
/
Probation Status
Breach of Investment Manager
Monitoring Criteria
As of
March 31, 2025,
EARNEST Partner
s
has breached the short
-
and long
-
term
monitoring criteria
:
→
The fund
’s rolling 1
-
year
return has lagged the benchmark return by
3.5% or more over the past six months.
→
The fund’s
5 -
year
VRR
4 has decreased below
0.97 over the past six consecutive months.
A
ll
other
public equity and fixed income managers pass the monitoring criteria.
Investment
Manager Monitoring
Criteria
3 Investment managers are evaluated on ongoing
and periodic
basis
using
both quantitative
performance criteria and
qualitative
aspects of the managers. The quantitative criteria for different asset classes are as follows :
Asset Class
Short
-
term
(R
olling 12 m
onths
)
Medium
-
term
(R
olling 36 m
on
th
s
)
Long
-
term
(60 + m
on
ths)
Active
US
Equity
F
un
d return < bench
mark
return by
3.5%
Annualized
F
un
d return < bench
mark
return by
1.75%
for 6 consecutive months
VRR
4 < 0.97 for 6 consecutive months
Active
Non
-
US
Equity
F
un
d return < bench
mark
return by
4.5%
Annualized Fund
return < bench
mark
return by
2.0%
for 6 consecutive months
VRR < 0.97 for 6 consecutive months
Passive
Non
-
US
Equity
Tracking Error >0.50%
Tracking Error >0.45% for 6 consecutive months
Annualized Fund
return < bench
mark
return
by
0.4% for 6 consecutive months
Fixed Income
F
un
d return < bench
mark
return by
1.5%
Annualized Fund
return < bench
mark
return by
1.0%
for 6 consecutive months
VRR < 0.98 for 6 consecutive months
1 Date when the Board voted to either monitor a manager at a heightened level or place it on probation.
2 Performance Since Placement starts at the beginning of the full month following the date of corrective action.
Performance shown is net of fees
and annualized after one year mark.
3 Per Investment Policy Statement and Manager Guidelines
(“IPS”)
, Revised 5/31/2023, section H
. Currently, only Domestic Equity, International Equity, and Fixed Income have stated quantitative monitoring
criteria in the IPS
.
4 VRR (Value Relative Ratio) is calculated as manager cumulative return/ benchmark
cumulative
return
.
Manager & Strategy
Concern Triggering
Watch Status
Date of
Corrective Action
1 Months
Since
Placement
Performance
2 Since Placement
Peer Group Rank
Since Placement
Versor Trend Following
Organization
/
Performance
9/27/2023
1 8
-
1 9.6
N/A
Benchmark: SG Trend In
d
ex
--
--
--
-
4.8 --
Probationary Threshold: EARNEST Partners underperforming the benchmark (Russell Midcap Index) by -3.5%.
Probationary Threshold: 5-year Value Relative Ratio (VRR) <0.97 for six consecutive months. VRR is the ratio of the cumulative return of the manager over that of the benchmark.
Probationary Threshold: EARNEST Partners underperforming the benchmark (Russell Midcap Index) by -1.75% for six consecutive months.
Short Term - Rolling 12-Month Excess Return
-18.0
-12.0
-6.0
0.0 6.0
12.0 E
x
c
e
s
s
P
e
r
f
o
r
m
a
n
c
e
%
A
p
r
-
2 1
O
c
t
-
2 1
A
p
r
-
2 2
O
c
t
-
2 2
A
p
r
-
2 3
O
c
t
-
2 3
A
p
r
-
2 4
O
c
t
-
2 4
M
a
r
-
2 5
Long Term - VRR
0.8 0.9
1.0 1.1
V
R
R
M
a
r
-
2 0
D
e
c
-
2 0
S
e
p
-
2 1
J
u
n
-
2 2
M
a
r
-
2 3
D
e
c
-
2 3
M
a
r
-
2 5
Medium Term - Rolling 36-Month Excess Return
-6.0
-3.0
0.0 3.0
6.0 E
x
c
e
s
s
P
e
r
f
o
r
m
a
n
c
e
%
A
p
r
-
2 1
O
c
t
-
2 1
A
p
r
-
2 2
O
c
t
-
2 2
A
p
r
-
2 3
O
c
t
-
2 3
A
p
r
-
2 4
O
c
t
-
2 4
M
a
r
-
2 5
Portfolio Performance Summary
1 Yr
(%)
3 Yrs
(%)
5 Yrs
(%)
EARNEST Partners
-4.2
2.5 14.8
Russell Midcap Index
2.6 4.6
16.3 eV US Mid Cap Core Equity Rank
79 83
68 Monitoring Status
-
Oakland Police and Fire Retirement System
EARNEST Partners | As of March 31, 2025
Probationary Threshold: Brown Small Cap Value underperforming the benchmark (Russell 2000 Value Index) by -3.5%.
Brown Small Cap Value was incepted in April 2021 and does not have enough history for this monitoring criterion. Probationary Threshold: 5-year Value Relative Ratio (VRR) <0.97 for six consecutive months. VRR is the ratio of the cumulative return of the manager over that of the benchmark.
Probationary Threshold: Brown Small Cap Value underperforming the benchmark (Russell 2000 Value Index) by -1.75% for six consecutive months.
Short Term - Rolling 12-Month Excess Return
-5.0
0.0 5.0
10.0 15.0
E
x
c
e
s
s
P
e
r
f
o
r
m
a
n
c
e
%
M
a
r
-
2 2
S
e
p
-
2 2
M
a
r
-
2 3
S
e
p
-
2 3
M
a
r
-
2 4
S
e
p
-
2 4
M
a
r
-
2 5
Long Term - VRR
No data found.
Medium Term - Rolling 36-Month Excess Return
-3.0
0.0 3.0
6.0 9.0
E
x
c
e
s
s
P
e
r
f
o
r
m
a
n
c
e
%
M
a
r
-
2 4
J
u
n
-
2 4
S
e
p
-
2 4
D
e
c
-
2 4
M
a
r
-
2 5
Portfolio Performance Summary
1 Yr
(%)
3 Yrs
(%)
5 Yrs
(%)
Brown Small Cap Value
0.5 6.5
-
Russell 2000 Value Index
-3.1
0.0 15.3
eV US Small Cap Value Equity Rank
24 12
-
Monitoring Status
-
Oakland Police and Fire Retirement System
Brown Small Cap Value | As of March 31, 2025
Probationary Threshold: Rice Hall James underperforming the benchmark (Russell 2000 Growth Index) by -3.5%.
Probationary Threshold: 5-year Value Relative Ratio (VRR) <0.97 for six consecutive months. VRR is the ratio of the cumulative return of the manager over that of the benchmark.
Probationary Threshold: Rice Hall James underperforming the benchmark (Russell 2000 Growth Index) by -1.75% for six consecutive months.
Short Term - Rolling 12-Month Excess Return
-20.0
-10.0
0.0 10.0
20.0 E
x
c
e
s
s
P
e
r
f
o
r
m
a
n
c
e
%
A
p
r
-
2 1
O
c
t
-
2 1
A
p
r
-
2 2
O
c
t
-
2 2
A
p
r
-
2 3
O
c
t
-
2 3
A
p
r
-
2 4
O
c
t
-
2 4
M
a
r
-
2 5
Long Term - VRR
0.8 0.9
1.0 1.1
1.2 V
R
R
M
a
r
-
2 0
D
e
c
-
2 0
S
e
p
-
2 1
J
u
n
-
2 2
M
a
r
-
2 3
D
e
c
-
2 3
M
a
r
-
2 5
Medium Term - Rolling 36-Month Excess Return
-9.0
-6.0
-3.0
0.0 3.0
6.0 E
x
c
e
s
s
P
e
r
f
o
r
m
a
n
c
e
%
A
p
r
-
2 1
O
c
t
-
2 1
A
p
r
-
2 2
O
c
t
-
2 2
A
p
r
-
2 3
O
c
t
-
2 3
A
p
r
-
2 4
O
c
t
-
2 4
M
a
r
-
2 5
Portfolio Performance Summary
1 Yr
(%)
3 Yrs
(%)
5 Yrs
(%)
Rice Hall James
7.4 3.4
14.4 Russell 2000 Growth Index
-4.9
0.8 10.8
eV US Small Cap Growth Equity Rank
5 16
23 Monitoring Status
-
Oakland Police and Fire Retirement System
Rice Hall James | As of March 31, 2025
Probationary Threshold: Tracking Error of Vanguard Developed Markets ETF (VEA) is more than 0.5%.
Probationary Threshold: Vanguard Developed Markets ETF (VEA) underperforming the benchmark (FTSE Developed All Cap ex US) by -0.4% for six consecutive months. To account for the delayed pricing discrepancies due to the time-zone differences among global securities markets, the fair value price (FVP) adjusted return streams are used for the calculations on this page.
Probationary Threshold: Tracking Error of Vanguard Developed Markets ETF (VEA) is more than 0.45% for six consecutive months.
Short Term - Rolling 12-Month Tracking Error
0.0 0.6
1.2 -0.6
-1.0
E
x
c
e
s
s
S
t
d
D
e
v
i
a
t
i
o
n
%
A
p
r
-
2 1
O
c
t
-
2 1
A
p
r
-
2 2
O
c
t
-
2 2
A
p
r
-
2 3
O
c
t
-
2 3
A
p
r
-
2 4
O
c
t
-
2 4
M
a
r
-
2 5
Long Term - Rolling 60-Month Excess Return
-0.4
-0.2
0.0 0.2
E
x
c
e
s
s
P
e
r
f
o
r
m
a
n
c
e
%
A
u
g
-
2 4
S
e
p
-
2 4
O
c
t
-
2 4
N
o
v
-
2 4
D
e
c
-
2 4
J
a
n
-
2 5
F
e
b
-
2 5
M
a
r
-
2 5
Medium Term - Rolling 36-Month Tracking Error
0.0 0.6
1.2 -0.6
-1.0
E
x
c
e
s
s
S
t
d
D
e
v
i
a
t
i
o
n
%
A
u
g
-
2 2
F
e
b
-
2 3
A
u
g
-
2 3
F
e
b
-
2 4
A
u
g
-
2 4
M
a
r
-
2 5
Portfolio Performance Summary
1 Yr
(%)
3 Yrs
(%)
5 Yrs
(%)
Vanguard Developed Markets ETF (VEA)
4.2 4.8
12.0 FTSE Developed All Cap ex US
4.4 4.9
12.0 Monitoring Status
-
Oakland Police and Fire Retirement System
Vanguard Developed Markets ETF (VEA) | As of March 31, 2025
Probationary Threshold: SGA ACWI ex US underperforming the benchmark (MSCI ACWI ex US (Net)) by -4.5%.
Probationary Threshold: 5-year Value Relative Ratio (VRR) <0.97 for six consecutive months. VRR is the ratio of the cumulative return of the manager over that of the benchmark.
Probationary Threshold: SGA ACWI ex US underperforming the benchmark (MSCI ACWI ex US (Net)) by -2.0% for six consecutive months.
Short Term - Rolling 12-Month Excess Return
-10.0
-5.0
0.0 5.0
10.0 E
x
c
e
s
s
P
e
r
f
o
r
m
a
n
c
e
%
A
p
r
-
2 1
O
c
t
-
2 1
A
p
r
-
2 2
O
c
t
-
2 2
A
p
r
-
2 3
O
c
t
-
2 3
A
p
r
-
2 4
O
c
t
-
2 4
M
a
r
-
2 5
Long Term - VRR
0.8 0.9
1.0 1.1
V
R
R
M
a
r
-
2 0
D
e
c
-
2 0
S
e
p
-
2 1
J
u
n
-
2 2
M
a
r
-
2 3
D
e
c
-
2 3
M
a
r
-
2 5
Medium Term - Rolling 36-Month Excess Return
-4.0
-2.0
0.0 2.0
4.0 E
x
c
e
s
s
P
e
r
f
o
r
m
a
n
c
e
%
N
o
v
-
2 2
M
a
y
-
2 3
N
o
v
-
2 3
M
a
y
-
2 4
N
o
v
-
2 4
M
a
r
-
2 5
Portfolio Performance Summary
1 Yr
(%)
3 Yrs
(%)
5 Yrs
(%)
SGA ACWI ex US
9.1 7.1
12.0 MSCI ACWI ex US (Net)
6.1 4.5
10.9 eV ACWI ex-US All Cap Core Eq Rank
27 16
47 Monitoring Status
-
Oakland Police and Fire Retirement System
SGA ACWI ex US | As of March 31, 2025
Probationary Threshold: Ramirez underperforming the benchmark (Blmbg. U.S. Aggregate Index) by -1.5%.
Probationary Threshold: 5-year Value Relative Ratio (VRR) <0.98 for six consecutive months. VRR is the ratio of the cumulative return of the manager over that of the benchmark.
Probationary Threshold: Ramirez underperforming the benchmark (Blmbg. U.S. Aggregate Index) by -1.0% for six consecutive months.
Short Term - Rolling 12-Month Excess Return
-4.0
-2.0
0.0 2.0
4.0 6.0
E
x
c
e
s
s
P
e
r
f
o
r
m
a
n
c
e
%
A
p
r
-
2 1
O
c
t
-
2 1
A
p
r
-
2 2
O
c
t
-
2 2
A
p
r
-
2 3
O
c
t
-
2 3
A
p
r
-
2 4
O
c
t
-
2 4
M
a
r
-
2 5
Long Term - VRR
0.9 1.0
1.1 V
R
R
M
a
r
-
2 0
D
e
c
-
2 0
S
e
p
-
2 1
J
u
n
-
2 2
M
a
r
-
2 3
D
e
c
-
2 3
M
a
r
-
2 5
Medium Term - Rolling 36-Month Excess Return
-1.8
-0.9
0.0 0.9
1.8 2.7
E
x
c
e
s
s
P
e
r
f
o
r
m
a
n
c
e
%
A
p
r
-
2 1
O
c
t
-
2 1
A
p
r
-
2 2
O
c
t
-
2 2
A
p
r
-
2 3
O
c
t
-
2 3
A
p
r
-
2 4
O
c
t
-
2 4
M
a
r
-
2 5
Portfolio Performance Summary
1 Yr
(%)
3 Yrs
(%)
5 Yrs
(%)
Ramirez
4.8 0.7
0.9 Blmbg. U.S. Aggregate Index
4.9 0.5
-0.4
eV US Core Fixed Inc Rank
72 53
16 Monitoring Status
-
Oakland Police and Fire Retirement System
Ramirez | As of March 31, 2025
Probationary Threshold: Wellington Core Bond underperforming the benchmark (Blmbg. U.S.
Aggregate Index) by -1.5%.
Wellington Core Bond was incepted in April 2021 and does not have enough history for this monitoring criterion. Probationary Threshold: 5-year Value Relative Ratio (VRR) <0.98 for six consecutive months. VRR is the ratio of the cumulative return of the manager over that of the benchmark.
Probationary Threshold: Wellington Core Bond underperforming the benchmark (Blmbg. U.S.
Aggregate Index) by -1.0% for six consecutive months.
Short Term - Rolling 12-Month Excess Return
-4.0
-2.0
0.0 2.0
4.0 E
x
c
e
s
s
P
e
r
f
o
r
m
a
n
c
e
%
M
a
r
-
2 2
S
e
p
-
2 2
M
a
r
-
2 3
S
e
p
-
2 3
M
a
r
-
2 4
S
e
p
-
2 4
M
a
r
-
2 5
Long Term - VRR
No data found.
Medium Term - Rolling 36-Month Excess Return
-1.5
-1.0
-0.5
0.0 0.5
1.0 E
x
c
e
s
s
P
e
r
f
o
r
m
a
n
c
e
%
M
a
r
-
2 4
J
u
n
-
2 4
S
e
p
-
2 4
D
e
c
-
2 4
M
a
r
-
2 5
Portfolio Performance Summary
1 Yr
(%)
3 Yrs
(%)
5 Yrs
(%)
Wellington Core Bond
5.4 1.0
-
Blmbg. U.S. Aggregate Index
4.9 0.5
-0.4
eV US Core Fixed Inc Rank
14 25
-
Monitoring Status
-
Oakland Police and Fire Retirement System
Wellington Core Bond | As of March 31, 2025
Probationary Threshold: Reams underperforming the benchmark (Fixed Income & Credit Benchmark) by -1.5%.
Probationary Threshold: 5-year Value Relative Ratio (VRR) <0.98 for six consecutive months. VRR is the ratio of the cumulative return of the manager over that of the benchmark.
Probationary Threshold: Reams underperforming the benchmark (Fixed Income & Credit Benchmark) by -1.0% for six consecutive months.
Short Term - Rolling 12-Month Excess Return
-2.0
0.0 2.0
4.0 E
x
c
e
s
s
P
e
r
f
o
r
m
a
n
c
e
%
A
p
r
-
2 1
O
c
t
-
2 1
A
p
r
-
2 2
O
c
t
-
2 2
A
p
r
-
2 3
O
c
t
-
2 3
A
p
r
-
2 4
O
c
t
-
2 4
M
a
r
-
2 5
Long Term - VRR
0.8 0.9
1.0 1.1
V
R
R
M
a
r
-
2 0
D
e
c
-
2 0
S
e
p
-
2 1
J
u
n
-
2 2
M
a
r
-
2 3
D
e
c
-
2 3
M
a
r
-
2 5
Medium Term - Rolling 36-Month Excess Return
-2.0
0.0 2.0
4.0 6.0
E
x
c
e
s
s
P
e
r
f
o
r
m
a
n
c
e
%
A
p
r
-
2 1
O
c
t
-
2 1
A
p
r
-
2 2
O
c
t
-
2 2
A
p
r
-
2 3
O
c
t
-
2 3
A
p
r
-
2 4
O
c
t
-
2 4
M
a
r
-
2 5
Portfolio Performance Summary
1 Yr
(%)
3 Yrs
(%)
5 Yrs
(%)
Reams
5.4 1.3
1.8 Fixed Income & Credit Benchmark
5.4 1.1
0.3 eV US Core Plus Fixed Inc Rank
47 38
31 Monitoring Status
-
Oakland Police and Fire Retirement System
Reams | As of March 31, 2025
Appendix
Oakland Police and Fire Retirement System
MEKETA.COM
Additional Information
Additional Information
Performance
Return
Types
:
Performance
shown
is
net
of
fees,
except
for
OPFRS
T otal
Plan,
Domestic
Equity,
and
International
Equity
Composites,
which
have
a
mix
of
gross
and
net
of
fees
performance
.
Performance
shown
for
OPFRS
T otal
Plan
and
International
Equity
composite
is
gross
of
fees
prior
to
January
2016
.
Performance
shown
for
Domestic
Equity
composite
is
gross
of
fees
prior
to
January
2017
.
Inception
Date
:
Since
inception
date
and
performance
begin
in
the
month
following
an
investments
initial
funding
.
Fiscal
Year
:
Fiscal
year
begins
on
July
1 .
Fair
Value
Pricing
Methodology
:
Though
Vanguard
Developed
Markets
ETF
is
a
passive
strategy,
short
-
term
performance
may
appear
to
diverge
from
the
index
it
tracks
more
than
would
be
expected
.
This
is
due
to
Fair
Value
Pricing
(FVP)
adjustments
that
address
the
pricing
discrepancies
that
may
arise
from
time
-
zone
differences
among
global
securities
markets
.
The
resulting
temporary
divergence
is
expected
to
correct
itself
when
the
foreign
markets
reopen
.
Disclaimer, Glossary, and Notes
Disclaimer, Glossary, and Notes
MEKETA.COM
THIS REPORT (THE “REPORT”) HAS BEEN PREPARED FOR THE SOLE BENEFIT OF THE INTENDED RECIPIENT (THE “RECIPIENT”).
SIGNIFICANT EVENTS MAY OCCUR (OR HAVE OCCURRED) AFTER THE DATE OF THIS REPORT, AND IT IS NOT OUR FUNCTION OR RESPONSIBILITY TO UPDATE THIS REPORT. THE INFORMATION CONTAINED HEREIN, INCLUDING ANY OPINIONS OR
RECOMMENDATIONS, REPRESENTS OUR GOOD FAITH VIEWS
AS OF THE DATE OF THIS REPORT AND IS SUBJECT TO CHANGE AT ANY TIME. ALL INVESTMENTS INVOLVE RISK, AND THERE CAN BE NO GUARANTEE THAT THE STRATEGIES, TACTICS, AND METHODS DISCUSSED HERE WILL BE SUCCESSFUL.
THE INFORMATION USED TO PREPARE THIS REPORT MAY HAVE BEEN OBTAINED FROM INVESTMENT MANAGERS, CUSTODIANS, AND OTHER EXTERNAL SOURCES. SOME OF THIS REPORT MAY HAVE BEEN PRODUCED WITH THE ASSISTANCE OF ARTIFICIAL INTELLIGENCE (“AI”) TECHNOLOGY. WHILE WE HAVE
EXERCISED REASONABLE CARE IN PREPARING THIS REPORT, WE CANNOT
GUARANTEE THE ACCURACY, ADEQUACY, VALIDITY, RELIABILITY, AVAILABILITY, OR COMPLETENESS OF ANY INFORMATION CONTAINED HEREIN, WHETHER OBTAINED EXTERNALLY OR PRODUCED BY THE AI.
THE RECIPIENT SHOULD BE AWARE THAT THIS REPORT MAY INCLUDE AI -
GENERATED CONTENT THAT MAY NOT HAVE CONSIDERED
ALL RISK FACTORS. THE RECIPIENT IS ADVISED TO CONSULT WITH THEIR MEKETA ADVISOR OR ANOTHER PROFESSIONAL ADVISOR
BEFORE MAKING ANY FINANCIAL DECISIO
NS OR TAKING ANY ACTION BASED ON THE CONTENT OF THIS REPORT. WE BELIEVE THE
INFORMATION TO BE FACTUAL AND UP TO DATE BUT DO NOT ASSUME ANY RESPONSIBILITY FOR ERRORS OR OMISSIONS IN THE CONTENT PRODUCED. UNDER NO CIRCUMSTANCES SHALL WE BE LIABLE FOR ANY SPE
CIAL, DIRECT, INDIRECT, CONSEQUENTIAL,
OR INCIDENTAL DAMAGES OR ANY DAMAGES WHATSOEVER, WHETHER IN AN ACTION OF CONTRACT, NEGLIGENCE, OR OTHER TORT, ARISING OUT OF OR IN CONNECTION WITH THE USE OF THIS CONTENT. IT IS IMPORTANT FOR THE RECIPIENT TO CRITICAL LY
EVALUATE THE INFORMATION PROVIDED.
CERTAIN INFORMATION CONTAINED IN THIS REPORT MAY CONSTITUTE “FORWARD -
LOOKING STATEMENTS,” WHICH CAN BE
IDENTIFIED BY THE USE OF TERMINOLOGY SUCH AS “MAY,” “WILL,” “SHOULD,” “EXPECT,” “AIM,” “ANTICIPATE,” “TARGET,” “PROJECT,” “ESTIMATE,” “INTEND,” “CONTINUE
,” OR “BELIEVE,” OR THE NEGATIVES THEREOF OR OTHER VARIATIONS THEREON OR COMPARABLE TERMINOLOGY. ANY FORWARD
-
LOOKING STATEMENTS, FORECASTS, PROJECTIONS, VALUATIONS, OR RESULTS IN THIS REPORT ARE BASED UPON CURRENT ASSUMPTIONS. CHANGES TO ANY ASSUMPTIONS MA
Y HAVE A MATERIAL IMPACT ON FORWARD
-
LOOKING
STATEMENTS, FORECASTS, PROJECTIONS, VALUATIONS, OR RESULTS. ACTUAL RESULTS MAY THEREFORE BE MATERIALLY DIFFERENT FROM ANY FORECASTS, PROJECTIONS, VALUATIONS, OR RESULTS IN THIS REPORT.
PERFORMANCE DATA CONTAINED HEREIN REPRESENT PAST PERFORMANCE. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.
Disclaimer, Glossary, and Notes
MEKETA.COM
Credit Risk:
Refers to the risk that the issuer of a fixed income security may default (i.e., the issuer will be unable to make timely pri ncipal and/or
interest payments on the security
).
Duration:
Measure of the sensitivity of the price of a bond to a change in its yield to maturity. Duration summarizes, in a single num ber, the
characteristics that cause bond prices to change in response to a change in interest rates. For example, the price of a b ond with a duration of three
years will rise by approximately 3% for each 1% decrease in its yield to maturity. Conversely, the price will decrease 3% fo r each 1% increase in the
bond’s yield. Price changes for two different bonds can be compa red using duration. A bond with a duration of six years will exhibit twice the percentage price change of a bond with a three
-
year duration. The actual calculation of a bond’s duration is somewhat complicated, but the idea behind the calculation is strai
ghtforward. The first step is to measure the time interval until receipt for each cash flow (coupon and principal payments) from a bond. The second step is to compute a weighted average of these time intervals. Each time interval is measured by th e pres
ent value of that
cash flow. This weighted average is the duration of the bond measured in years.
Information Ratio:
This statistic is a measure of the consistency of a portfolio’s performance relative to a benchmark. It is calculated by sub tracting
the benchmark return from the portfolio return (excess return), and dividing the resulting excess return by the standard d eviation (volatility) of this
excess return. A positive information ratio indicates outperformance versus the benchmark, and the higher the information ra tio, the more consistent
the outperformance.
Jensen’s Alpha:
A measure of the average return of a portfolio or investment in excess of what is predicted by its beta or “market” risk. Po rtfolio
Return
-
[Risk Free Rate+Beta*(market return
-
Risk Free Rate)].
Market Capitalization:
For a firm, market capitalization is the total market value of outstanding common stock. For a portfolio, market capitalizat ion
is the sum of the capitalization of each company weighted by the ratio of holdings in that company to total portfolio holding s;
thus it is a weighted
-
average capitalization. Meketa
Investment Group considers the largest 65% of the broad domestic equity market as large capitalization, the next 25% of the market as medium capitalization, and the smallest 10%
of stocks as small capitalization.
Market Weighted:
Stocks in many indices are weighted based on the total market capitalization of the issue. Thus, the individual returns of h igher
market
-
capitalization issues will more heavily influence an index’s return than the returns of the smaller market -
capitalizat
ion issues in the index.
Maturity:
The date on which a loan, bond, mortgage, or other debt/security becomes due and is to be paid off.
Prepayment Risk:
The risk that prepayments will increase (homeowners will prepay all or part of their mortgage) when mortgage interest rates decline; hence, investors’ monies will be returned to them in a lower interest rate environment. Also, the risk that prepaym ents wi
ll slow down when
mortgage interest rates rise; hence, investors will not have as much money as previously anticipated in a higher interest rat e environment. A
prepayment is any payment in excess of the scheduled mortgage payment.
Price
-
Book Value (P/B) Ratio:
The current market price of a stock divided by its book value per share. Meketa Investment Group calculates P/B as the current price divided by Compustat's quarterly common equity. Common equity includes common stock, capital surplus, r etained earnings,
and treasury stock adjusted for both common and nonredeemable preferred stock. Similar to high P/E stocks, stocks with high P/B’s tend to be riskier
investments.
Disclaimer, Glossary, and Notes
MEKETA.COM
Price
-
Earnings (P/E) Ratio:
A stock’s market price divided by its current or estimated future earnings. Lower P/E ratios often characterize stocks in low growth or mature industries, stocks in groups that have fallen out of favor, or stocks of established blue chip companies
with lo
ng records of stable
earnings and regular dividends. Sometimes a company that has good fundamentals may be viewed unfavorably by the market if it
is an industry that
is temporarily out of favor. Or a business may have experie nced financial problems causing investors to be skeptical about is future. Either of these situations would result in lower relative P/E ratios. Some stocks exhibit above -
average sales and earnings growth or expectations for above average growth. Conseq
uently, investors are willing to pay more for these companies’ earnings, which results in elevated P/E ratios. In other word s, investors
will pay more for shares of companies whose profits, in their opinion, are expected to increase faster than average.
Because future events are in no
way assured, high P/E stocks tend to be riskier and more volatile investments. Meketa Investment Group calculates P/E as the
current price divided
by the I/B/E/S consensus of twelve
-
month forecast earnings per share.
Quality Rating:
The rank assigned a security by such rating services as Fitch, Moody’s, and Standard & Poor’s. The rating may be determined by
such factors as (1) the likelihood of fulfillment of dividend, income, and principal payment of obligations; (2) the nature a nd
provisions of the issue;
and (3) the security’s relative position in the event of liquidation of the company. Bonds assigned the top four grades (AAA , AA, A, BBB) are considered
investment grade because they are eligible bank investments as determined by the controller of the currency.
Sharpe Ratio:
A commonly used measure of risk
-
adjusted return. It is calculated by subtracting the risk free return (usually three -
month Treasury
bill) from the portfolio return and dividing the resulting excess return by the portfolio’s total risk level (standard devi ation). The result is a measure of
return per unit of total risk taken. The higher the Sharpe ratio, the better the fund’s historical risk adjusted performance .
STIF Account:
Short
-
term investment fund at a custodian bank that invests in cash -
equivalent instruments. It is generally used to safely invest the excess cash held by portfolio managers.
Standard Deviation:
A measure of the total risk of an asset or a portfolio. Standard deviation measures the dispersion of a set of numbers aroun d
a central point (e.g., the average return). If the standard deviation is small, the distribution is concentrated within a na rrow
range of values. For a
normal distribution, about two thirds of the observations will fall within one standard deviation of the mean, and 95% of the
observations will fall within
two standard deviations of the mean.
Style:
The description of the type of approach and strategy utilized by an investment manager to manage funds. For example, the sty le for equities
is determined by portfolio characteristics such as price -
to
-
book value, price
-
to
-
earnings ratio, and dividend yield
. Equity styles include growth, value,
and core.
Tracking Error:
A divergence between the price behavior of a position or a portfolio and the price behavior of a benchmark, as defined by the
difference in standard deviation.
Disclaimer, Glossary, and Notes
MEKETA.COM
Yield to Maturity:
The yield, or return, provided by a bond to its maturity date; determined by a mathematical process, usually requiring the us e of a
“basis book.” For example, a 5% bond pays $5 a year interest on each $100 par value. To figure its current yield, divide $ 5 by $95
—
the market price
of the bond
—
and you get 5.26%. Assume that the same bond is due to mature in five years. On the maturity date, the issuer is pledged to
pay $100
for the bond that can be bought now for $95. In other words, t he bond is selling at a discount of 5% below par value. To figure yield to maturity, a simple and approximate method is to divide 5% by the five years to maturity, which equals 1% pro rata yearly. Add that 1% to
the 5.26% current
yield, and the yield to
maturity is roughly 6.26%.
5% (discount)
=
1% pro rata, plus
5.26% (current yield)
=
6.26% (yield to maturity)
5 (yrs. to maturity)
Yield to Worst:
The lowest potential yield that can be received on a bond without the issuer actually defaulting. The yield to worst is calculated by
making worst
-
case scenario assumptions on the issue by calculating the returns that would be received if provisions, including prepayment,
call, or
sinking fund, are used by the issuer.
NCREIF
Property Index (NPI):
Measures unleveraged investment performance of a very large pool of individual commercial real estate properties acquir
ed in the private market by tax
-
exempt institutional investors for investment purposes only.
The NPI index is capitalization
-
weighted for a
quarterly time series composite total rate of return.
NCREIF
Fund Index
-
Open End Diversified Core Equity (NFI
-
ODCE):
Measures the investment performance of 28 open
-
end commingled funds
pursuing a core investment strategy that reflects funds' leverage and cash positions.
The NFI
-
ODCE index is equal
-
weighted and is reported gross
and net of fees for a quarterly time seri
es composite total rate of return.
Sources:
Investment Terminology
, International Foundation of Employee Benefit Plans, 1999.
The Handbook of Fixed
Income Securities
, Fabozzi, Frank J., 1991
The Russell Indices
®
, TM, SM are trademarks/service marks of the Frank Russell Company.
Throughout this report, numbers may not sum due to rounding.
Returns for periods greater than one year are annualized throughout this report.
Values shown are in millions of dollars, unless noted otherwise.