When Robert L. Borden became the CIO of the South Carolina Retirement System Investment Commission in 2006, the fund had 52.6% in domestic equities, 46.6% in fixed income and 0.8% in cash. For the five-year period ended March 31, 2006, the fund returned 20 basis points above its policy benchmark. During his tenure, Mr. Borden transformed the asset allocation. The equity component now represents a world opportunity set with 15.6% in domestic equities, 8.4% in developed international equities and 8.1% in emerging markets equities as of June 30. The fund also has substantial exposure to alternative investments with 28.7% in opportunistic credit, hedge funds, private equity, commodities and real estate. For the five years ended June 30, the fund outperformed its policy benchmark by 83 basis points. Only time will tell if Mr. Borden's changes will benefit participants over the long term.