Investment consultant: Portfolio outperformed targets despite recent volatility
April 10, 2026 | Other Public Meetings, Oklahoma City, Oklahoma County, Oklahoma
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Jason Pulis, the investment consultant from ACG, told the Oklahoma City Employee Retirement System trustees the portfolio has weathered recent market volatility and is outperforming its long-term return targets.
Pulis opened the presentation by urging trustees to stick with the system’s strategic plan during turbulent markets rather than making short-term allocation changes. “You put a plan in place... we want to stick with that plan,” he said, noting geopolitical events and oil-price swings as sources of recent volatility.
The consultant reviewed recent monthly and year-to-date performance, saying emerging markets fell about 13% and international equities about 10% in the recent month while large-cap U.S. equities were roughly flat year-to-date. He highlighted updated December 31 private-market valuations that added approximately $3.5 million to total plan value, driven by write-ups cited from private equity managers including FirstMark and Clayton, Dubilier & Rice.
Those valuation updates pushed the portfolio’s one-year net-of-fees return to about 14% (previously reported near 13.5%), Pulis said. He also reported the private equity one-year return at just under 9% and an updated 10-year net return of about 14.3% after manager updates.
Pulis noted individual manager performance, saying small-cap managers (named in materials as Silverest and Earnest) were up roughly 28% over the trailing year and that the small-cap index had rebounded strongly, “up 50%” on a trailing one-year basis. He described fixed income and real estate as more modest return contributors; the real estate sleeve was reported at about 2.5% gross and 1.8% net.
Trustees asked questions and then moved to receive the investment consultant’s report; that motion passed without a recorded roll-call tally in the transcript.
The board heard no reported manager-specific problems during the presentation. Pulis closed by reiterating the long-term purpose of the fund to pay benefits decades into the future and by recommending continued adherence to the strategic asset allocation rather than reacting to short-term market moves.
Pulis opened the presentation by urging trustees to stick with the system’s strategic plan during turbulent markets rather than making short-term allocation changes. “You put a plan in place... we want to stick with that plan,” he said, noting geopolitical events and oil-price swings as sources of recent volatility.
The consultant reviewed recent monthly and year-to-date performance, saying emerging markets fell about 13% and international equities about 10% in the recent month while large-cap U.S. equities were roughly flat year-to-date. He highlighted updated December 31 private-market valuations that added approximately $3.5 million to total plan value, driven by write-ups cited from private equity managers including FirstMark and Clayton, Dubilier & Rice.
Those valuation updates pushed the portfolio’s one-year net-of-fees return to about 14% (previously reported near 13.5%), Pulis said. He also reported the private equity one-year return at just under 9% and an updated 10-year net return of about 14.3% after manager updates.
Pulis noted individual manager performance, saying small-cap managers (named in materials as Silverest and Earnest) were up roughly 28% over the trailing year and that the small-cap index had rebounded strongly, “up 50%” on a trailing one-year basis. He described fixed income and real estate as more modest return contributors; the real estate sleeve was reported at about 2.5% gross and 1.8% net.
Trustees asked questions and then moved to receive the investment consultant’s report; that motion passed without a recorded roll-call tally in the transcript.
The board heard no reported manager-specific problems during the presentation. Pulis closed by reiterating the long-term purpose of the fund to pay benefits decades into the future and by recommending continued adherence to the strategic asset allocation rather than reacting to short-term market moves.
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