Dollar-weighted return-seeking allocation climbed from 67% to 76% from 2001 to 2025

Return-seeking assets (equities, private capital, real estate, hedge funds, commodities, and miscellaneous assets) vs. fixed income assets (fixed income and cash), weighted by dollars

Return-seeking (growth) Fixed income (defensive)
Line chart of dollar-weighted return-seeking vs. fixed income asset allocation, 2001 to 2025.

Source: Equable Institute analysis of public plan valuation reports and ACFRs. State of Pensions 2026, Pg. 26 Asset Allocation.