A: When I think about my commitment to minority-, women-owned, disability and veteran managers, it's where my purpose and passion meet. My purpose is to have the best-performing portfolio. The passion is having an industry that's diverse, where a person like myself can start at an entry level job, and rise to a CIO spot.
I'm a capitalist as well. So it's about performance, return, risk and when you think about those things, think about diverse managers. They serve a purpose in the portfolio. They're complementary to larger managers, they're small and operate in the middle market where we see opportunities. They find various paths to exit, so more distributions for us. It's a less competitive space. By leaning in on diverse managers, it's minimizing risk and creating value. It helps us to have less variations in our portfolio.
We're a long-term investor. If I could have steady, efficient returns that are above actuarial rate of return, it's boring, but we're securing the pension fund. Diverse managers can perform as well as majority-owned managers. It's part of our fiduciary responsibility to invest in the best managers, the managers who can contribute to our portfolio being successful. I'm looking for any strategy I can find. Diversity is a strategy and we should treat it that way.
When I came (our allocation) was 21%, and we were right at $11 billion of the total. As of September, it's at 26% and some of the rebalances and hirings of managers contributed. So it's about $13 billion.