The Combined Funds assets are divided into several asset class pools categorized by subgroups and managed by institutional managers with similar investment mandates. The individual plans participate in the investment pools by purchasing units which function much like shares of a mutual fund. While the majority of these pools are owned by the Combined Funds, a number of asset class pools have also been made available to other investment programs. Not all are asset class pools are available for purchase; some pools are only available to the defined benefit plans that invest in the Combined Funds.
Combined Funds asset class pools are externally managed by institutional investment firms and broken out into the subgroups listed below.
|
Public Markets |
Private Markets |
|---|---|
| Assets in the public markets are managed in separate accounts and held with the SBI's master custodian. | Assets are primarily commingled with other limited partners to provide capital in the form of equity or debt in a privately held company that have been vetted through the general partners investment due diligence process. |
| Public Equity | Private Markets (Invested) |
| Domestic Equity | - Private Equity |
| International Equity and Currency Management | - Private Credit |
| Global Equity | - Real Estate |
| Fixed Income | - Real Assets |
| - Core/Core Plus Bonds | - Distressed/Opportunistic |
| - Return Seeking Fixed Income | Private Markets (Uninvested) |
| - Treasury Protection | - S&P 500 Cash Overlay |
| - Laddered Bond + Cash | - S&P 500 Physical |
Public Markets
Assets in the public markets are managed in separate accounts and held with the SBI's master custodian.
- Public Equity:
- Domestic Equity
- International Equity and Currency Management
- Global Equity
- Fixed income:
- Core/Core Plus Bonds
- Return Seeking Fixed Income
- Treasury Protection
- Laddered Bond + Cash
Private Markets
Assets are primarily commingled with other limited partners to provide capital in the form of equity or debt in a privately held company that have been vetted through the general partners investment due diligence process.
- Private Markets (Invested):
- Private Equity
- Private Credit
- Real Estate
- Real Assets
- Distressed/Opportunistic
- Private Markets (Uninvested):
- S&P 500 Cash Overlay
- S&P 500 Physical
Public Equity
| Manager | Strategy | Benchmark |
|---|---|---|
| ArrowMark Partners | Small Cap Growth | Russell 2000 Growth |
| Barrow, Hanley, Mewhinney & Strauss | Large Cap Value | Russell 1000 Value |
| BlackRock Institutional Trust Company | Semi-Passive | Russell 1000 |
| Passive Large Cap | Russell 1000 | |
| Passive Small Cap | Russell 2000 | |
| Passive All Cap | Russell 3000 | |
| Goldman Sachs Asset Management | Small Cap Value | Russell 2000 Value |
| Hood River Capital Management | Small Cap Growth | Russell 2000 Growth |
| Hotchkis and Wiley Capital Management | Small Cap Value | Russell 2000 Value |
| J.P. Morgan Investment Management | Semi-Passive | Russell 1000 |
| LSV Asset Management | Large Cap Value | Russell 1000 Value |
| Martingale Asset Management | Small Cap Value | Russell 1000 Value |
| Peregrine Capital Management | Small Cap Value | Russell 1000 Value |
| Rice Hall James & Associates | Small Cap Growth | Russell 2000 Growth |
| Sands Capital Management | Large Cap Growth | Russell 1000 Growth |
| Wellington Management Company | Small Cap Growth | Russell 2000 Growth |
| Winslow Capital Management | Large Cap Growth | Russell 1000 Growth |
| Zevenbergen Capital Investments | All Cap | Russell 3000 |
| Manager | Strategy | Benchmark |
|---|---|---|
| AQR Capital Management | Semi-Passive Developed Markets | MSCI World ex US (net) |
| Acadian Asset Management | Developed Markets | MSCI World ex US (net) |
| Columbia Management | Developed Markets | MSCI World ex US (net) |
| Earnest Partners | China A Shares | MSCI China A Index |
| ACWI Ex US | MSCI ACWI ex US (net) | |
| Fidelity Institutional Asset Management | Developed Markets | MSCI World ex US (net) |
| J.P. Morgan Investment Management | Developed Markets | MSCI World ex US (net) |
| Macquarie Investment Management Advisers | Emerging Markets | MSCI Emerging Mkts Free (net) |
| Marathon Asset Management | Developed Markets | MSCI World ex US (net) |
| McKinley Capital Management | Developed Markets | MSCI World ex US (net) |
| Morgan Stanley Investment Management | Emerging Markets | MSCI Emerging Mkts Free (net) |
| Neuberger Berman Investment Advisers | Emerging Markets | MSCI Emerging Mkts Free (net) |
| Pzena Investment Management | Emerging Markets | MSCI Emerging Mkts Free (net) |
| Record Currency Management | Currency Management | NA |
| The Rock Creek Group | Emerging Markets | MSCI Emerging Mkts Free (net) |
| State Street Global Advisors | Passive Developed Markets | MSCI World ex US (net) |
| Passive Emerging Markets | MSCI Emerging Mkts Free (net) |
| Manager | Strategy | Benchmark |
|---|---|---|
| Ariel Investments | Global | MSCI ACWI Net USD |
| Baillie Gifford | Global | MSCI ACWI Net USD |
| Martin Currie Investments | Global | MSCI ACWI Net USD |
Fixed Income
| Manager | Strategy | Benchmark |
|---|---|---|
| BlackRock Financial Management | Core Bonds | BBG Barclays US Aggregate |
| Dodge & Cox | Core Bonds | BBG Barclays US Aggregate |
| Goldman Sachs Asset Management | Core Bonds | BBG Barclays US Aggregate |
| Neuberger Berman Investment Advisers | Core Bonds | BBG Barclays US Aggregate |
| Western Asset Management Company | Core Bonds | BBG Barclays US Aggregate |
| Manager | Strategy | Benchmark |
|---|---|---|
| Ashmore | Emerging Market Debt | JPM JEMB Sovereign Only 50-50 |
| BlackRock Financial Management | Opportunistic Fixed Income | ICE BofA 3-Month T-Bill |
| Columbia Management | Credit Plus | Credit Plus Blended Bmk* |
| KKR | High Yield | ICE BofA US HY Cash Pay Constr |
| Oaktree | High Yield | ICE BofA US HY Cash Pay Constr |
| Pacific Investment Mgmt. Co. (PIMCO) | Credit Plus | Credit Plus Blended Bmk* |
| Payden & Rygel | Multi-Asset Credit | Multi-Asset Credit Blended Bmk** |
| Prudential Global Investment Mgmt (PGIM) | Multi-Asset Credit | Multi-Asset Credit Blended Bmk** |
*Credit Plus Blended Benchmark
40% BBG Barclays US Corporate Bond Index
30% BBG Barclays US Mortgage Backed Index
20% BofA ML High Yield BB-B Cash Pay Constrained Index
10% JPM EMBI Global Diversified Index
** Multi-Asset Credit Blended Benchmark
33.33% ICE BofA High Yield
33.33% S&P LSTA Leveraged Loan
33.33% JPM EMBI Global
| Manager | Strategy | Benchmark |
|---|---|---|
| BlackRock Financial Management | Treasury Protection | BBG Barclays 5Yr US Tsy Index |
| Goldman Sachs Asset Management | Treasury Protection | BBG Barclays 5Yr US Tsy Index |
| Neuberger Berman Investment Advisers | Treasury Protection | BBG Barclays 5Yr US Tsy Index |
| Manager | Strategy | Benchmark |
|---|---|---|
| Neuberger Berman Investment Advisers | Laddered Bond | ICE BofA US 3 Month T-Bill |
| Goldman Sachs Asset Management | Laddered Bond | ICE BofA US 3 Month T-Bill |
| State Street Global Advisors | Cash | ICE BofA US 3 Month T-Bill |
Private Markets
| Manager | Manager | Manager |
|---|---|---|
| Adams Street Partners | Crescendo | Permira |
| Advent International | GTCR | Public Pension Capital Management |
| Affinity Ventures | Goldman, Sachs & Co. | Silver Lake Partners |
| Apax Private Equity | Goldner Hawn John & Morrison | Split Rock |
| Arsenal Capital Partners | Green Equity Investors | Summit Partners |
| Asia Alternatives | HarbourVest | TPG Capital |
| Banc Fund Private Equity | Hellman & Friedman | Thoma Bravo LLC |
| BlackRock | IK Limited | Thomas H. Lee Partners |
| Blackstone Group | Kohlberg, Kravis, Roberts & Co. | Thomas, McNerney & Partners |
| Blackstone Strategic Partners | Lexington Partners | Vestar Capital |
| Bridgepoint | Madison Dearborn Capital Partners | Vista Equity Partners |
| Brookfield Asset Management | Neuberger Berman LLC | Warburg Pincus |
| CVC Capital Partners | Nordic Capital | Wellspring Capital Partners |
| Cardinal Partners | North Sky Capital | Welsh, Carson, Anderson & Stowe |
| Carlyle Group | Oak Hill Capital | Whitehorse Capital |
| Chicago Growth Partners | Paine & Partners | Wind Point Partners |
| Court Square | Permal PE | Windjammer Capital Investors |
| Manager | Manager | Manager |
|---|---|---|
| Audax Group | HPS Investment Partners | Oaktree Capital Management |
| BlackRock | Kohlberg, Kravis, Roberts | Portfolio Advisors LLC |
| Energy Capital Partners | LBC Credit Partners | Prudential Global Investment Management |
| Gold Hill | Marathon | Summit Partners |
| Goldman, Sachs & Co. | Merit Capital Partners | TCW |
| Manager | Manager | Manager |
|---|---|---|
| BlackRock | Energy Capital Partners | Merit Energy |
| EIG Global Energy Partners | Enervest Management Partners | NGP |
| Encap Energy | First Reserve | Sheridan |
| Energy & Minterals Group | Kohlberg, Kravis, Roberts |
| Manager | Manager | Manager |
|---|---|---|
| Angelo Gordon & Co. | Colony Capital LLC | Rockpoint |
| Blackstone | Landmark Partners | Rockwood |
| Blackstone Strategic Partners | Lubert Adler | Silverpeak Real Estate Partners |
| Carlyle Group | Oaktree Capital Management, LLC | TA Associates Realty |
| Manager | Manager | Manager |
|---|---|---|
| Avenue Capital Partner | MHR Institutional Partners | TSSP |
| BlackRock | Marathon | Varde Fund |
| Canyon Partners | Merced Capital | Wayzata Investment Partners |
| CarVal Investors | Oaktree Capital Management | |
| Carlyle Group | PIMCO BRAVO |
| Manager | Strategy | Benchmark |
|---|---|---|
| NISA | Cash Overlay | S&P 500 |
| BlackRock | S&P 500 Index Fund | S&P 500 |