Ohio State Teachers Retirement System, Columbus, is conducting an asset-liability study.
Callan, the $95.1 billion pension fund's investment consultant, is conducting the study to establish reasonable risk-return expectations and objectives, according to a presentation included with materials for Thursday's board meeting.
Preliminary results of the study will be presented to the board at its Dec. 15-17 meeting, with the full study to be completed in the spring and provide recommendations for a new asset allocation.
The pension fund will consider additional asset classes and strategies, but the presentation does not disclose which are currently under consideration.
The pension fund's current target allocation is 28% domestic equities, 23% international/global equities, 16% core fixed income, 10% each opportunistic/diversified strategies and real estate, 7% private equity, 5% liquid Treasury portfolio and 1% liquidity reserves.
As of Sept. 30, the actual allocation was 28% domestic equities, 23.2% international/global equities, 14.2% core fixed income, 11.4% private equity, 8.7% real estate, 8.4% opportunistic/diversified strategies, 5.2% liquid Treasury portfolio and 0.9% liquidity reserves.
Spokesman Nick Treneff could not be immediately reached for further information.