Investments

For fiscal year ending June 30, 2025, SERS’ net investment return was 11.17% with $20.63 billion in assets. The Fund outperformed the policy benchmark by 1.05%. SERS maintains a diversified investment portfolio including global equities, global bonds, global private credit, global real assets, global private equity, and short-term securities.

June 2026 Total Fund Update

Global Equities — Equities are investments in company stock. Equity investments usually increase or decrease in price depending on the company’s financial performance. SERS’ global equity allocation is split equally between US and non-US investments.

Global Private Equity — Private equity investments are usually direct investments in private companies that are reorganizing or growing, or situations where one company is buying another. Private equity investments often require long holding periods to allow for a turnaround of a distressed company or the sale of a company to another buyer.

Global Fixed Income — SERS’ global fixed income portfolio consists of core assets (Treasuries, corporate bonds, and mortgages), core plus assets (below investment grade corporate bonds, non-US debt, and emerging market debt), and emerging market debt assets (bonds issued by less developed countries).

Global Real Assets — SERS’ global real assets portfolio is made up of a majority of real estate investments and some infrastructure investments. Real estate is divided into core strategies (properties that produce income through rents) and non-core strategies (those that appreciate in value over time).

Global Private Credit — Broadly defined as strategies that provide loans and financing to middle market companies in lieu of bank financing. The most common types include direct lending, mezzanine, structured credit, and distressed debt.

Opportunistic and Tactical — This asset class allows SERS to invest in short-term, nontraditional opportunities that are expected to provide a high return over a short period of time. Examples include absolute return strategies, event-driven strategies, and special situation strategies.

Short-Term Securities — Short-term securities are used to manage cash flows and provide liquidity for SERS’ investment activities.

• FY2026 Annual Investment Plan
• Annual Comprehensive Financial Report – 2025
• Investment Performance Chart – FY 1994–2025
• Statement of Investment Policy
• Opportunistic and Tactical Investment Policy
• Investment Risk Management Policy
• Iran/Sudan Investment Policy
• Notice of Registration and Disclosure Laws

These certification forms with instructions and qualification criteria, as well the Ohio-Qualified Managers and Broker/Agent list can be accessed below.

• Ohio-Qualified Manager Certification
• Ohio-Qualified Agent Certification
• Ohio-Qualified Managers List
• Ohio-Qualified Broker/Agent List
• Doing Business with Retirement Systems in Ohio: Ethics Commission Information Sheet

• Corporate Governance Principles
• Proxy Voting Guidelines

Employees and Board members of SERS are governed by provisions of the Ohio Ethics Law. Those provisions limit anyone from offering, and us from accepting, gifts, including food, beverages and travel-related expenses. To abide with the ethics laws, we request that you not send gifts to, or make donations to charity on behalf of, SERS and any SERS Board or staff members. Click here to learn more from the Ohio Ethics Commission regarding the ethics laws governing the Ohio Retirement Systems.

Thank you for your attention and cooperation in this matter.