The $91.2 billion Ohio Public Employees Retirement System (OPERS), the largest public pension system in Ohio, has recorded an 11.35 percent return for its defined benefit plan as of Dec. 31, 2020.
According to a January board meeting packet, OPERS reported mixed performance for its real assets allocation in the third quarter of 2020, putting most sectors in the red. After rebounding in the second quarter, oil prices were flat at $40 per barrel, while natural gas continued its upward trajectory, ending the quarter at $2.53 per million British thermal units (MMBtu).
At the same time, rig counts declined, putting constraints on the supply of new oil and gas. The EIA reported that demand for global liquid fuel was up 12 percent from the second quarter, but still down 6 percent from the previous year. In turn, OPERS expects distress in the sector to continue, even if demand stabilizes close to 2
