Ohio Police & Fire Pension Fund, Columbus, returned 16% in 2013, confirmed spokesman David Graham.
The $14 billion pension fund’s top-performing asset class for the year ended Dec. 31 was master limited partnerships, which returned 32.3%, following by domestic equity at 30.7%.
Other double-digit returns came from international equity, 21%, private real estate, 15.1% and private markets, 11.9%. Also, high yield returned 6.2%; cash, 4.9%; timber, 3.4%; core fixed income, -0.9%; and global inflation-protected securities, -10.6%.
All returns are estimated, unaudited and gross of fees, according to Mr. Graham.
As of Dec. 31, the pension fund’s actual allocation was 26.7% domestic equity, 25.4% international equity, 12.5% global inflation-protected securities, 12.3% high-yield fixed income, 9.4% real estate, 8.5% core fixed income, 5.4% MLPs, 4.3% private markets, 0.9% timber, and 0.7% cash. The allocation totals more than 100% due to leveraging, Mr. Graham said.
The pension fund’s target allocation for the fourth quarter was 22.4% domestic equity; 21.6% international equity; 15% high yield fixed income; 11.5% core fixed income; 11% real estate; 6.5% global inflation-protected securities; 5% each, MLPs and private markets; and 2%, timber.