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