MAPS Investment Trust cites strong returns, approves investment policy amendments

The Oklahoma City MAPS Investment and Operating Trust on Feb. 16 received quarterly and monthly investment reports showing double-digit trailing returns in some categories and approved changes to its investment policy statement to better reflect current allocations.

Doug Anderson, the investment presenter for the trust, told trustees the total fund was up 1.71% for the fourth quarter and noted strong one‑year results driven by international equities. "ACWI ex US ... was up 32% last year," Anderson said, and he observed that international performance was aided by a weaker dollar. He said the trust continues to target a 4% total fund return.

Anderson described the portfolio as large, liquid and low‑cost: total contributions stood at about $115,500,000 and market value was roughly $150,000,000 as of Dec. 31. He highlighted fee efficiency, noting an estimated annual fee of $6,279 on a $41,860,000 portfolio slice and a total‑fund fee near 19 basis points.

The presenter also reviewed asset allocation and benchmarks. He told trustees some policy ranges showed the fund out of compliance for fixed income and alternatives/real estate because the trust has not allocated to those categories; the proposed amendment would reallocate those target weights into existing asset classes and update benchmark names. "We have eliminated the active duration fixed income, the real estate, REITs, and the alternatives, and reallocated that to existing asset classes," he said.

Trustees discussed the timing and cadence for policy review and the need for board education; one trustee said they had not had sufficient time to review the changes and signaled an abstention from that vote. After discussion, the board moved to approve the amendments to the Statement of Investment Policies, Guidance and Objectives.

The trust also clarified reporting presentation: Anderson confirmed the performance figures shown in the packet are net of investment management fees (but not custodial fees).

The trust voted to receive the quarterly investment report and to receive the monthly reports for January. Anderson recommended maintaining current target allocations and noted the portfolio's mix of index exposures for equities and active managers in fixed income.

The trust's next routine steps include implementing the approved policy changes in the reporting charts and continuing periodic education on asset allocation for trustees.