The DGA-Producer Pension Plan Finance Committee oversees the Plans’ investment accounts, with advice and support from the Pension Plans’ investment consultant, Cambridge Associates, and actuary, Venuti & Associates. Read below for more information about the investment performance and allocation of the Plans’ two pension plans.
(Preliminary data, net of fees)
| Time Period | Return |
|---|---|
| January 2026 | 1.4% |
| Year-to-Date (as of January 31, 2026) | 1.4% |
As of January 31, 2026 (net of fees)
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 11.9% | 10.1% | 10.3% | -10.8% | 7.8% | 13.1% | 13.3% | -5.0% | 13.1% | 7.3% | -0.6% |
|---|
As of January 31, 2026 (subject to change over time)
| Asset | Allocation Amount |
|---|---|
| U.S. Equity | 17.1% |
| International Equity | 10.5% |
| Global Equity | 2.0% |
| Fixed Income | 23.0% |
| Private Equity (Alternatives) | 10.5% |
| Credit | 7.2% |
| Real Assets (Alternatives) | 9.8% |
| Diversifiers (Alternatives) | 15.6% |
| Cash | 4.3% |
(Preliminary data, net of fees)
| Time Period | Return |
|---|---|
| January 2026 | 1.3% |
| Year-to-Date (as of January 31, 2026) | 1.3% |
As of January 31, 2026 (net of fees)
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 11.3% | 9.0% | 8.7% | -10.1% | 5.8% | 12.2% | 11.8% | -4.0% | 11.2% | 6.1% | -0.7% |
|---|
As of January 31, 2026 (subject to change over time)
| Asset | Allocation Amount |
|---|---|
| U.S. Equity | 16.2% |
| International Equity | 9.2% |
| Global Equity | 2.2% |
| Fixed Income | 30.2% |
| Private Equity (Alternatives) | 4.5% |
| Credit | 7.8% |
| Real Assets (Alternatives) | 10.6% |
| Diversifiers (Alternatives) | 17.1% |
| Cash | 2.3% |
The Finance Committee, with advice from Cambridge Associates, establishes the asset allocation guidelines and targets for the Basic and Supplemental Plans and monitors the asset allocation for compliance with those guidelines. In the Basic Plan, the asset allocation is designed to meet the actuary’s investment return assumption over the long-term investment horizon for the plan (40 to 50 years). Please note that the asset allocation for the Plans may change over time based on a variety of factors, including: funding status, change in capital market assumptions, expected risk and return, objectives of the Finance Committee and recommendations from the Plans’ consultant, Cambridge Associates.
While the Basic Plan and Supplemental Plan portfolios generally use the same investment managers, the asset allocations differ. This is driven by several factors:
As a result, the Finance Committee in consultation with its investment consultant, Cambridge Associates, evaluates the appropriateness of each investment and allocation for each of the different DGA-PPHP portfolios.
As of January 31, 2026
This asset class represents shares of ownership in U.S. headquartered corporations. Included in this category are publicly traded common stocks and American and global depository receipts.
Burgundy Asset Management Ltd.
Manager: Burgundy
Style: U.S. Small Cap Value
Benchmark: Russell 2500 Value Index
Summary: An actively managed strategy that invests in the stocks of U.S. small- and mid-cap companies, trading at a discount to intrinsic value.
D.E. Shaw Investment Management, L.L.C.
Manager: D.E. Shaw
Style: Large Cap Core
Benchmark: Russell 1000 Index
Summary: A quantitative strategy that invests predominantly in equity securities that are publicly traded in the U.S. markets.
GMO Quality Strategy Fund
Manager: GMO
Style: Large Cap Core
Benchmark: S&P 500 Index
Summary: An actively managed portfolio that invests in high quality companies that are profitable, have low debt levels and are expected to continue to provide a stable return on equity.
State Street Global Advisors Russell 1000 Index Fund
Manager: State Street Global Advisors
Style: Large Cap Core
Benchmark: Russell 1000 Index
Summary: A passively managed portfolio that attempts to replicate the returns of the Russell 1000 Index.
This asset class represents shares of ownership in non-U.S. headquartered corporations in both developed and emerging countries. Included in this category are publicly traded common stocks and American and global depository receipts.
ARGA Emerging Markets Value Equity CIT Fund
Manager: ARGA – ARGA Investment Managing, LP
Style: Emerging Markets
Benchmark: MSCI Emerging Markets Index
Summary: An actively managed strategy that invests in emerging market companies at attractive valuations.
City of London EMF Fund
Manager: City of London
Style: Emerging Markets
Benchmark: MSCI Emerging Markets Index
Summary: An actively managed emerging markets strategy that invests in closed end funds, taking advantage of changes in discounts to NAV, country selection, and underlying active management.
MFS International Value Equity Fund
Manager: MFS Investment Management
Style: Developed Core
Benchmark: MSCI EAFE index
Summary: To provide long-term capital appreciation and current income by investing principally in attractively valued equities of companies whose operations lie outside of the U.S.
State Street Global Advisors MSCI EAFE Index Fund
Manager: State Street Global Advisors
Style: Developed Core
Benchmark: MSCI EAFE Index
Summary: A passively managed portfolio that attempts to replicate the returns of the MSCI EAFE Index.
Trinity Street Commingled EAFE Equity Fund, LP
Manager: Trinity Street Asset Management
Style: Developed Core
Benchmark: MSCI EAFE Index
Summary: An actively managed strategy that invests in non-U.S. developed market stocks, with a focus on large and mid-cap companies.
This asset class represents shares of ownership in U.S. and non-U.S. headquartered corporations. Included in this category are publicly traded common stocks and American and global depository receipts.
First Eagle Global Value Fund
Manager: First Eagle Investments
Style: Global Core
Benchmark: MSCI World Index
Summary: Seeks long-term growth of capital by investing in a range of asset classes from markets in the United States and around the world.
This asset class represents debt instruments of corporations, government or agencies characterized by a fixed or variable interest rate and stated maturity date. Included are marketable bonds and cash equivalents.
BlackRock Core Plus
Manager: BlackRock
Style: Core Plus
Benchmark: Bloomberg U.S. Universal Bond Index
Summary: An actively managed portfolio that applies the same controlled-duration, relative value sector rotation and security selection style to the management of all its fundamental fixed income mandates, including Core Bond. The distinguishing feature of BlackRock’s investment management style has been the ability to generate alpha within a risk-controlled framework. Real-time analysis of a vast array of risk measures allows BlackRock to assess the potential impact of various sector and security strategies on total return.
BlackRock Laddered Maturity
Manager: BlackRock
Style: Short-term Fixed Income
Benchmark: Bloomberg 1-3 Year Government Bond Index
Summary: A hold to maturity portfolio of investment grade bonds with maturities of four years or less. Designed to be a well-diversified, provide income, and preserve capital. Medium credit quality bonds are limited to a maximum of 20% with the remainder of the portfolio being high credit quality. All investments are denominated in U.S. dollars.
BlackRock 1-3 Year Government Bond Index Fund
Manager: BlackRock
Style: Short-term Fixed Income
Benchmark: Bloomberg 1-3 Year Government Bond Index
Summary: Invests at least 80% of its assets in investment grade bonds and maintains an average portfolio duration that is between 0-3 years. The Fund may invest up to 20% of its assets in non-investment grade bonds. The Fund may also invest up to 25% of its assets in foreign issuers, of which 10% may be invested in emerging markets issuers. Up to 10% of the Fund’s assets may be exposed to non-U.S. currency risk.
Dodge & Cox Income
Manager: Dodge & Cox
Style: Intermediate Duration Fixed Income
Benchmark: Bloomberg U.S. Aggregate Bond Index
Summary: Dodge & Cox’s investment philosophy combines rigorous fundamental analysis, a long-term investment horizon, and a focus on valuation and downside risk analysis. This approach aims to exploit market inefficiencies and build a portfolio with attractive total return characteristics across various economic environments. Dodge & Cox’s discipline, team-based decision-making, and repeatable process are designed to build a portfolio with durable incremental yield, attractive return prospects, good liquidity, high average quality, and broad diversification.
J.P. Morgan Managed Reserves
Manager: J.P. Morgan
Style: Short-term Fixed Income
Benchmark: Bloomberg 1-3 Year Government Bond Index
Summary: Invests in investment grade bonds and similar securities with an average duration between 0-2 years. The strategy seeks to earn a high level of current income with low volatility of principal. All investments are denominated in U.S. dollars.
Alternatives are any investments except stocks, bonds, and cash. The Basic and Supplemental Plans’ alternative portfolios were designed to protect against equity downturns, provide “smoother” returns and mitigate risk. Investments in this asset class can involve holding both long and short positions in securities instead of traditional long-only investments in publicly traded investments. Managers also may utilize derivatives or hedging strategies as well.
