Investments of the CRS are governed by Chapter 3307 of the Ohio Revised Code, section 203-65 of the Cincinnati Municipal Code, as well as Board adopted policies. Board members and their fiduciaries (retirement staff, investment consultants, investment managers) are required to discharge their duties solely in the interest of the System's participants and beneficiaries.
For the five-year term period 1/1/2003 through 12/21/2007 assets of the CRS have increased from approximately $1.97 billion to $2.67 billion. The annualized rate of return of 6.4% (Net of Fees) on the System’s investments during the ten- year period was less than the actuarial assumed rate of return of 8%.
The following table provides the market value of assets, the System’s investment performance, and the funding ratio over the last eleven-year period.
| Year-end | Market Value Assets | Investment Perf. | Funding Ratio |
| 12/21/07 | $2,671,743,481 | 7.8% | 89.5% |
| 12/31/06 | $2,614,618,397 | 13.08% | 88% |
| 12/31/05 | $2,421,207,045 | 6.489% | 95% |
| 12/31/04 | $2,394,205,710 | 9.89% | 94% |
| 12/31/03 | $2,291,753,439 | 21.98% | 94% |
| 12/31/02 | $1,976,125,182 | (12.10%) | 101% |
| 12/31/01 | $2,352,508,063 | (9.59%) | 107% |
| 12/31/00 | $2,560,804,597 | 0.30% | 114% |
| 12/31/99 | $2,626,392,512 | 11.90% | 118% |
| 12/31/98 | $2,410,525,750 | 13.80% | 117% |
| 12/31/97 | $2,161,461,760 | 19.30% | 117% |
Investment Managers
While the Retirement Board is responsible for establishing the asset allocation of the overall System, the Board utilizes the services of professional investment managers for actual investment of all the System's assets. The System currently retains 27 managers who specialize in investing in specific asset classes and/or investment styles. The investment managers are as follows:
U.S. Equity Investment ManagersAllegiant Asset Management Bartlett & Company Gradison McDonald Investments Montag & Caldwell PanAgora Asset Management Rhumbline Advisers
International Equity Investment Managers Harding Loevner Investment Management Mondrian Investment Partners Dimensional Fund Advisors, Inc.
Domestic Fixed Income Investment Managers Blackrock Financial Management Smith-Graham & Company Pacific Investment Management Shenkman Capital Management
Venture Capital Investment Manager Private Equity Fund-of-Fund Managers | Real Estate Managers Morgan Stanley – Prime Property Fund J.P. Morgan – Strategic Property Fund Prudential Financial – PRISA III Fund Principal Real Estate Investors Mesirow Institutional Real Estate
Infrastructure Managers Macquarie Securities Alinda
Long/Short Equity Investment Consultants |
