The board received a report from the investment office summarizing seven years of performance and an asset‑allocation shift toward growth assets.

Investment staff said 5‑ and 7‑year returns improved materially from the 2018 baseline. Representative figures presented: five‑year returns moved to about 9.8% and seven‑year returns to about 8.1% (presenter cited June 2018 as a low base). Staff said peer ranking moved from the bottom percentile in 2018 to roughly the top 20% for both five‑ and seven‑year windows.

Staff attributed performance gains to a deliberate increase in growth exposure (equities and private growth strategies). The growth allocation rose from a roughly 50% starting point in 2018 to about 76% today, funded largely from reduced fixed‑income exposure and commodity positions. Presenters emphasized this higher growth posture when describing the plan’s risk‑budgeting approach and said they view a 75%–76% growth baseline as a reasonable starting point for further tactical adjustments.

Investment staff noted cumulative net investment gains in the last seven years of roughly $1.5 billion on top of contributions and that the plan’s market value grew from about $2.07 billion (July 2018) to approximately $3.6 billion in 2025. Staff said they would continue to balance liquidity needs for benefit payments against long‑term return targets and that they retain delegated authority for certain tactical allocations within board limits.

Why this matters: The change in asset mix materially affects expected returns and funding trajectory; trustees discussed maintaining an appropriate liquidity cushion for benefit payments and retaining flexibility for tactical reallocations around large market moves.

Follow up: Staff will return with implementation details as part of the strategic‑planning and annual budget process and will continue reporting performance versus the policy benchmark.