As required by state law, Dallas Police and Fire Pension System (DPFP) maintains a diversified asset allocation. As part of the Board approved asset allocation, DPFP, through carefully selected investment managers, invests domestically and internationally across multiple asset classes. These outside investment managers, not DPFP staff, select the individual securities in their respective portfolios.
DPFP staff is closely monitoring the geopolitical developments in Russia and Ukraine and has reviewed all current holdings of investment managers in the DPFP portfolio. Of the over $1.8 billion in investment assets, DPFP had very limited exposure to Russia, with $3.7 million, or 1/5th of 1% of the portfolio as of January 31, 2022. The exposure was limited investments with two large investment managers, Ashmore and Northern Trust. Based on current market conditions, these Russian investments have been written down by the investment managers to essentially zero.