Financial Information

Investments of the CRS are governed by Chapter 307 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.

The following table provides:

  • the market value of assets(liquidation value of all assets in the pension fund)
  • the System’s investment performance (total yield of invested assets)
  • the funding ratio (rates of assets to liabilities) over the last 10-year period.
Year-end Market Value Assets Investment Performance Funding Ratio Pension Funding Ratio Medical
12/31/13 $2,263,609,000 16.5% 63.2% 109.1%
12/31/12 $2,061,895,000 11.9% 61.3% 98.8%
12/31/11 $1,970,286,000 1.1% 66.8% 102.3%
12/31/10 $2,102,425,000 13.6% 75.1% 110.6%
12/31/09 $1,991,824,000 20.3% 76.7%  
12/31/08 $1,816,139,000 -27.5% 70.5%  
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.

Defining the Investment Professionals and Benchmark Indexes

Asset Class Investment Manager Benchmark Index
Core Bonds Blackrock Barclays Aggregate Bond
Core Bonds PIMCO Barclays Aggregate Bond
High Yield Bonds Shenkman Barclays High Yield Bond
U.S. Large-Cap Value Equity Northern Trust Russell 1000 Value
U.S. Large-CapGrowth Equity Northern Trust Russell 1000 Growth
U.S. Mid-Cap Value Equity Iridian Russell Mid-Cap Value
U.S. Mid-Cap Core Equity Northern Trust Russell Mid-Cap Value
U.S. Small-Cap Value Equity Northern Trust Russell 200 Value
U.S. Small-Cap Value Equity Opus Russell 2000 Value
U.S. Small-Cap Value Equity WCM Russell 2000 Value
Non-U.S. Core Equity Harding Loevner MSCI EAFE
Non-U.S. Core Equity Mondrian MSCI EAFE
Emerging Market Equity Mondrian MSCI Emerging Market
Non-U.S. Small-Cap Dimensional Fund Advisors Citi ex-U.S. < $2 Billion
Real Estate – Core Morgan Stanley NCREIF ODCE
Real Estate – Core J.P. Morgan NCREIF ODCE
Real Estate – Value Added Prudential NCREIF ODCE
Real Estate – Value Added Principal NCREIF ODCE
Real Estate – Non U.S. Mesirow/Courtland NCREIF ODCE
Private Equity Fund of Funds Fort Washington V.E. All-Private Equity
Private Equity Fund of Funds North Sky V.E. All-Private Equity
Private Equity Fund of Funds Portfolio Advisors V.E. All-Private Equity
Infrastructure Macquarie LIBOR + 4%
Infrastructure Alinda LIBOR + 4%
Multi-Strategy Fofs Fintan LIBOR +4%
Long-Short Equity ABS 80% Russell 3000
Risk Parity AQR 60% W5000/40% Bar. Agg.

Investment Professional

Service Provider

Custodian Bank of New York Mellon
Investment Consultant Marquette Associates
Cash Equitization Manager The Clifton Group
Securities Lending Provider Bank of New York Mellon
Commission Re-capture Agent Abel Noser
Commission Re-capture Agent BoNY/Lynch Jones & Ryan
Commission Re-capture Agent C.L. Glazer
Commission Re-capture Agent Frank Russell
Commission Re-capture Agent ConvergEx
Third Party Proxy Voting Service Provider None