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Annual Investment Plan FY 23

It is with pleasure that we present the fiscal year 2023 Annual Investment Plan. This year’s plan is the eleventh iteration of investment plans written since fiscal year 2013. The investment plan uses a 7-10 year forward horizon in the development of an outlook for the economy, financial markets, and for the development of longer term investment themes and strategies. It is written with a ranging readership in mind. We focus discussion on the largest of economic and financial market variables–economic growth, inflation, interest rates and the basic investment markets of stocks and bonds–with as little industry terminology and jargon as possible. Asset class plans for each major asset class employed are presented. This work is the organized accumulation of investment knowledge, thought and input across as many fund fiduciaries as possible: the Council, the Council investment committee, the investment office management group and investment staff, external investment consultants and external investment managers. It has the purpose of transparency of our investment process as a lead objective, and seeks to be informative, and educational where possible.