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Oregon Public Employees Retirement Fund
The Oregon Public Employees Retirement Fund (OPERF) is a major public pension fund headquartered in Tigard, Oregon, established in 1946. It is managed by the Oregon State Treasury and overseen by the Oregon Investment Council. OPERF manages retirement and disability benefits for Oregon’s state, school district, and local government employees, serving more than 160,000 retirees and nearly 250,000 active and inactive members. The fund is one of the largest in the US public pension space and is vital to the retirement security of Oregon’s public workforce.
Investment Strategy
OPERF’s investment strategy is governed by the Oregon Investment Council’s policies with a statutory mandate to achieve the highest return possible on its investments. The portfolio is broadly diversified, with targets across public equity, private equity, fixed income, real estate, real assets, diversifying strategies, and an opportunity portfolio. The fund’s philosophy emphasizes positive risk-adjusted returns and long-term stability required to ensure retiree security, balancing return-seeking assets with risk management and liquidity. The Council and staff conduct routine asset/liability studies and adjust asset allocation to address market uncertainties and long-term performance goals.
Latest 13F Filing Activity
Oregon Public Employees Retirement Fund filed their most recent 13F report on Jun 30, 2025 disclosing 1,486 equity positions with a total 13F market value of $6B. The fund increased holdings in Nvidia Corp., Microsoft Corp., Broadcom Inc. among other positions. Oregon Public Employees Retirement Fund reduced exposure to Apple Inc., Unitedhealth Group Inc., Blue Owl Capital Corp. among others.
Top Holdings
Equity Positions (1,486)
| Ticker | Security | Weight | Market Value | Shares | Avg Cost | Price | Change (QoQ) |
|---|---|---|---|---|---|---|---|
N NVDA | NVIDIA CORP | 5.87% | $333.1M | 2,108,279 | $15.38 | $157.99 | +$105.2M |
M MSFT | MICROSOFT CORP | 5.63% | $319.5M | 642,282 | $123.59 | $497.41 | +$79.8M |
A AAPL | APPLE INC | 4.67% | $264.9M | 1,290,897 | $56.98 | $205.17 | -$21.7M |
O OBDC | BLUE OWL CAPITAL CORP | 4.01% | $227.3M | 15,853,675 | $14.69 | $14.34 | -$8.7M |
A AMZN | AMAZON.COM INC | 3.16% | $179.2M | 816,800 | $99.04 | $219.39 | +$25.1M |
Industry Allocation
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