CRS 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 Health |
| 12/31/2025 | $2,520,035,461 | 14.20% | 68.10% | 200.80% |
| 12/31/2024 | $2,366,473,000 | 9.50% | 68.30% | 155.00% |
| 12/31/2023 | $2,297,763,000 | 11.80% | 68.80% | 139.90% |
| 12/31/2022 | $2,203,917,000 | -8.70% | 69.30% | 146.40% |
| 12/31/2021 | $2,575,518,000 | 18.10% | 71.60% | 145.10% |
| 12/31/2020 | $2,325,603,283 | 8.90% | 70.50% | 126.30% |
| 12/31/2019 | $2,300,098,000 | 16.40% | 71.20% | 129.60% |
| 12/31/2018 | $2,108,566,000 | -3.90% | 72.60% | 97.30% |
| 12/31/2017 | $2,339,373,000 | 14.60% | 75.50% | 100.20% |
| 12/31/2016 | $2,177,816,000 | 8.70% | 76.90% | 108.00% |
| 12/31/2015 | $2,127,442,000 | -0.10% | 77.10% | 97.90% |
| 12/31/2014 | $2.262,891,323 | 6.30% | 64.30% | 119.60% |
| 12/31/2013 | $2,263,609,000 | 16.50% | 63.20% | 109.10% |
| 12/31/2012 | $2,061,895,000 | 11.90% | 61.30% | 98.80% |
| 12/31/2011 | $1,970,286,000 | 1.10% | 66.80% | 102.30% |
| 12/31/2010 | $2,102,425,000 | 13.60% | 75.10% | 110.60% |
Asset Allocation
|
Asset Class
|
Target
|
Minimum*
|
Maximum*
|
|
Core Plus Bonds
|
10.50%
|
6.50%
|
14.50%
|
|
Core Bonds
|
9.00%
|
5.00%
|
13.00%
|
|
Opportunistic Credit
|
3.00%
|
0.00%
|
7.00%
|
|
Private Debt
|
8.00%
|
4.00%
|
12.00%
|
|
Total Fixed Income
|
30.50%
|
15.50%
|
46.50%
|
|
|
|
|
|
|
All-Cap Core Equity
|
24.00%
|
19.00%
|
29.00%
|
|
Total Domestic Equity
|
24.00%
|
19.00%
|
29.00%
|
|
|
|
|
|
|
All-Cap Non-U.S.
|
15.00%
|
10.00%
|
20.00%
|
|
Total Non-U.S. Equity
|
15.00%
|
10.00%
|
20.00%
|
|
|
|
|
|
|
Real Estate Core
|
4.00%
|
0.00%
|
8.00%
|
|
RE Opportunistic
|
2.00%
|
0.00%
|
6.00%
|
|
Total Real Estate
|
6.00%
|
2.00%
|
10.00%
|
|
|
|
|
|
|
Infrastructure
|
7.00%
|
3.00%
|
11.00%
|
|
Total Infrastructure
|
7.00%
|
3.00%
|
11.00%
|
|
|
|
|
|
|
Hedged Funds
|
4.00%
|
0.00%
|
8.00%
|
|
Total Hedged Funds
|
4.00%
|
0.00%
|
8.00%
|
|
|
|
|
|
|
Private Equity
|
13.50%
|
8.50%
|
18.50%
|
|
Total Private Equity
|
13.50%
|
8.50%
|
18.50%
|
|
TOTAL
|
100.00%
|
|
|
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
|
Bank of New York Mellon
|
Bloomberg U.S. Aggregate
|
|
Core Bonds
|
Diamond Hill
|
Bloomberg U.S. Aggregate
|
|
Core Plus Bonds
|
Loomis
|
Bloomberg U.S. Aggregate
|
|
Core Plus Bonds
|
Reams
|
Bloomberg U.S. Aggregate
|
|
Opportunistic Credit
|
Shenkman
|
50/50 US HY/Leverage loan
|
|
Opportunistic Credit
|
Silver Point
|
50/50 US HY/Leverage loan
|
|
Opportunistic Credit
|
463Capital
|
50/50 US HY/Leverage loan
|
|
Private Debt
|
H.I.G.
|
MSCI Global Private Credit
|
|
Private Debt
|
Carlyle
|
MSCI Global Private Credit
|
|
Private Debt
|
Blue Owl
|
MSCI Global Private Credit
|
|
Private Debt
|
TPG
|
MSCI Global Private Credit
|
|
Private Debt
|
JP Morgan
|
MSCI Global Private Credit
|
|
Private Debt
|
Bain Capital
|
MSCI Global Private Credit
|
|
Broad U.S. Equity
|
Bank of New York Mellon
|
Russell 3000
|
|
Broad Non-U.S. Core Equity
|
Bank of New York Mellon
|
MSCI ACWI ex. U.S.
|
|
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.
|
StepStone
|
NCREIF ODCE
|
|
Private Equity Fund of Funds
|
Fort Washington
|
MSCI PC Global All PE
|
|
Private Equity Fund of Funds
|
North Sky
|
MSCI PC Global All PE
|
|
Private Equity Fund of Funds
|
JPM PEG
|
MSCI PC Global All PE
|
|
Private Equity Fund of Funds
|
Portfolio Advisors
|
MSCI PC Global All PE
|
|
Private Equity Fund of Funds
|
Siguler Guff
|
MSCI PC Global All PE
|
|
Private Equity
|
Timber Bay
|
MSCI PC Global All PE
|
|
Private Equity
|
JPMorgan Co Investment
|
MSCI PC Global All PE
|
|
Private Equity
|
Sapphire
|
MSCI PC Global All PE
|
|
Private Equity
|
WindRose
|
MSCI PC Global All PE
|
|
Infrastructure
|
JP Morgan
|
T-Bill + 4%
|
|
Infrastructure
|
IFM
|
T-Bill + 4%
|
|
Infrastructure
|
Ullico
|
T-Bill + 4%
|
|
Hedged Funds
|
Neuberger Berman
|
CBOE Put/Write Index
|
|
Hedged Funds
|
Whitebox
|
HFRI Composite
|
|
Hedged Funds
|
Manager A
|
HFRI Composite
|
|
Hedged Funds
|
Kirkoswald
|
HFRI Composite
|
Investment Service Providers
|
Investment Professional
|
Service Provider
|
|
Custodian
|
Bank of New York Mellon
|
|
Investment Consultant
|
Marquette Associates
|
|
Cash Equitization Manager
|
Parametric
|
|
Securities Lending Provider
|
Bank of New York Mellon
|