PSERS’ Investment Program DetailsTransparency is very important to PSERS and we take our fiduciary duty to our members very seriously.
PSERS’ investment asset allocation is well-diversified and structured differently than the typical asset allocation of an individual investor. That is one of the main reasons why PSERS endeavors to provide transparency in all of our operations, especially with investment operations, to allow the public to better understand PSERS’ institutional investment program.
PSERS has a history of providing very detailed information about our investments, not only with regard to investment manager fees, performance, and investment policy and guidelines, but also about the hiring of PSERS’ investment managers.
PSERS' INVESTMENT POLICY STATEMENT, OBJECTIVES AND GUIDELINES
Each year PSERS reviews its investment policy statement, objectives and guidelines and posts an updated copy of the Investment Policy Statement, Objectives, and Guidelines.
PSERS’ ASSET ALLOCATION
PSERS' assets have grown from $6 billion in 1982 to $51.9 billion as of June 30, 2015.
- A Listing of PSERS’ Investment Managers, Advisors, and Partnerships as of June 30, 2016
- PSERS detailed asset allocation - Overview of the Investment Portfolio as of June 30, 2016
PSERS’ MOST RECENTLY RELEASED QUARTERLY INVESTMENT PERFORMANCE
- PSERS Annualized Total Fund Performance (Net of Fees) as of June 30, 2016 (private markets and real estate performance is one quarter lagged)
- PSERS Private Markets Investment Performance (Net of Fees) as of December 30, 2015
- PSERS Real Estate Investment Performance (Net of Fees) as of December 30, 2015
- History of PSERS' Market Rates of Return
PSERS’ INVESTMENT MANAGER HIRINGS
- Detailed information is also available about PSERS’ investment manager hirings, including Board resolutions, staff presentations, and consultant recommendation letters.
PSERS’ INVESTMENT MANAGER FEE INFORMATION
- Detailed investment manager fee information is reported on an annual basis in PSERS' Budget book which is posted online each year (Go to page 87 in Section 3 Investment Information)
- Investment Manager Fee Presentation to PSERS Board of Trustees – December 2015
PSERS’ PROXY VOTING POLICY
PSERS hires a proxy voting agent to vote PSERS shares according to PSERS established proxy voting policies. Additional information on PSERS proxy voting policies and voting history is below.
- U.S. Proxy Voting Policy
- Non-U.S. Proxy Voting Policy
- 2006 to present Proxy Voting History
- Diversity in the Boardroom: PSERS believes that increasing diversity in the boardroom will better reflect a company’s workforce, customers and community, and that this enhances shareholder value. Click here to access the Diverse Director Datasource (3D) website. The DataSource is a clearinghouse for potential corporate director candidates with a special emphasis on a more diverse range of skills and experience. The DataSource was conceived by the California Public Employees’ Retirement System and the California State Teachers’ Retirement System and is now owned and maintained by GovernanceMetrics International (GMI), an independent provider of global corporate governance ratings and research.
DIVESTMENT FROM IRAN AND SUDAN
PSERS is required to follow Act 44 of 2010 regarding investments in Iran and Sudan. PSERS works in cooperation with the Pennsylvania Treasury Department, the State Employees' Retirement System, and the Pennsylvania Municipal Retirement System.
- The reports prepared pursuant to the reporting requirements found in Act 44 are located on the Pennsylvania Treasury website at: http://www.patreasury.gov/reports/divestment/
FREQUENTLY ASKED QUESTIONS ABOUT PSERS' INVESTMENTS
PSERS receives numerous inquiries about its investment program that may not be addressed in the preceding information. We have taken the Q&A from these inquiries and have included them on our website. We will update the Q&A on a regular basis to help our members and the public better understand our investment program.
INVESTMENT-RELATED PRESS RELEASES
Press Release: PSERS Earns $474 Million in Net Investment Income for FY 2016; Fund also reduces External Investment Manager Fees for Third Consecutive Year
Press Release: Devon resident elected to PSERS Board; New demographic and economic assumptions adopted from Five-Year Experienc Study
Press Release: PSERS Reports Investment Performance for the Fiscal Year ended June 30, 2015; Fund also receives independent auditor’s report and announces a reduction in investment manager fees for second year
Press Release: PSERS posts March 31, 2015 quarterly investment performance; Fund earned 2.82% for the quarter and 7.93% for the one-year period ended March 31, 2015
Press Release: PSERS posts December 31, 2014 quarterly investment performance; earned 8.83% for the calendar year ended December 31, 2014 and added over $4.2 billion in net investment income to the Fund.
Press Release: PSERS posts FY 2014 investment performance, outperformed investment earnings assumption and added over $7 billion in net investment income to the Fund.
Press Release: Public School Employees' Retirement System posts quarterly investment performance and announces Financial Reporting Award - Fund reports 3.61 percent return for the quarter ended March 31, 2014 which added nearly $1.7 billion.
Press Release: Public School Employees’ Retirement Board Selects New Chief Investment Officer - James H. Grossman, Jr. named Chief Investment Officer
- Press Release: Employer contribution rate of 21.40 percent certified for next fiscal year 2014-2015; three retiring Board members recognized; and September 30, 2013 investment performance reported.
PSERS’ REPORTS AND PUBLICATIONS
- Comprehensive Annual Financial Reports
- Quarterly Financial Statements
- Actuarial Valuations
- PSERS' Most Recent SEC Form 13F Filing