Protect
We protect members' interests through cost-conscious investing.
Investing for the future PERA's Investment Stewardship
Stewardship is at the heart of PERA's mission to provide retirement security for our members while ensuring the sustainability of the Fund.
Colorado PERA's overall approach to investment stewardship is straightforward: seek out quality investments that are expected to provide the best risk-adjusted returns to PERA's portfolio over the long term.
PERA's holistic approach.
Under the fiduciary duty we owe to PERA's membership, we serve as responsible stewards of plan assets. Our stewardship is guided by four key practices expected to support our ability to earn the best, risk-adjusted returns to the portfolio over multi-decade horizons.
The Four Pillars
Integrate
We integrate financially material factors into our investment decisions.
Advocate
We advocate for robust markets that serve long-term investors.
Evaluate
We evaluate our portfolio results and exposures on an ongoing basis.
- Protect
- Integrate
- Advocate
- Evaluate
Protect.
Low-cost and high-value.
PERA leverages our experts.
We leverage our in-house investment experts and external partnerships to add value while minimizing costs. We hire experts, negotiate lower management fees, and support cost transparency with a focus on high-quality investments.
Lower fees, more compounding.
All-in fee for participants in the PERAPlus 401(k) Plan, 2011 vs. 2025.
2011 0.66
2025 0.10
All-in fee, the PERAPlus 401(k) Plan
Net Reduction: 0.85 All-in fee reduction for members to participate in the PERAPlus 401(k) Plan.
23.6
Cost of PERA Internal
Management
Management
124.0
Estimated Cost
To Outsource
To Outsource
62
Of Combined Investment Fund (CIF)
Portfolio Managed By PERA's
Investment Experts.
Portfolio Managed By PERA's
Investment Experts.
0.33
Cost to manage the CIF, or less than $4
of cost for every $1,000 managed.
of cost for every $1,000 managed.
- Protect
- Integrate
- Advocate
- Evaluate
Integrate.
Financially informed decisions.
PERA invests with purpose.
We invest with one purpose: to provide retirement benefits to our members in perpetuity. We consider the full mosaic of financially material risks and opportunities when making investment and proxy voting decisions.
No single risk factor dominates an investment decision.
Risks are not without opportunity, and investors expect to be compensated for taking on risk.
Liquidity
Credit
Regulatory
Operational
Biological
Economic
Competition
Climate
Interest
Rate
Rate
Geopolitical
Supply
Chain
Chain
Volatility
Reputational
We do not invest to drive markets. We anticipate and respond to markets.
Regulation and Legislation
Markets
Technology and Innovation
Supply and Demand
Financial materiality is dynamic. Risks and opportunities change through time as markets evolve.
- Protect
- Integrate
- Advocate
- Evaluate
Advocate.
Market integrity and transparency.
PERA advocates for robust financial markets that benefit investors.
We promote fair and transparent markets. We contribute our expertise to advisory boards and hold external partners accountable to best practices aligned with long-term investor interests.
Market Structure Reform
Corporate Governance
Investor Education
Disclosure Standards
- Protect
- Integrate
- Advocate
- Evaluate
Evaluate.
Ongoing portfolio evaluation.
PERA evaluates the portfolio and its underlying exposures on an ongoing basis.
We evaluate portfolio attributes on an ongoing basis. We prioritize financial returns on a risk-adjusted basis, and monitor thematic exposures that may result from our responsible asset management.
By the numbers.
Time-weighted performance is net of external investment management and custody fees. The total fund Benchmark Policy inception date is April 1, 2004.
Investment Income
94Generated by PERA's investments.
10-Year Annualized Return
9.5Compared to 9.1% Benchmark Return
Since Inception, Annualized Return
8.1Compared to 7.6% Benchmark Return
A Financially
Sustainable Future.
PERA remains committed to serving as responsible stewards of plan assets on behalf of our members because we know they depend on us for their retirement security—now and into the future.