6.30 Investment Holdings
6.30 Investment Holdings
6.30 Investment Holdings
The Montana Board of Investment’s holdings file is a comprehensive listing of all manager funds,
separately managed and commingled, and aggregated security positions. Securities are organized across
common categories: Pension Pool, Asset Class, Manager Fund, Aggregated Individual Holdings, and
Non-Pension Pools. Market values shown are in U.S. dollars. The market values shown in this document
are for the individual investment holdings only and do not include any information on accounts for
receivables or payables. Aggregated Individual Holdings represent securities held at our custodian bank
and individual commingled accounts. The Investment Holdings Report is unaudited and may be subject
to change.
The Independent Auditor’s Report and Consolidated Unified Investment Program Financial Statement
will be made available once the Legislative Audit Division issues the Audit Opinion. Once issued, the
Legislative Audit Division will have the Audit Opinion available online at https://www.leg.mt.gov/
publications/audit/agency-search-report by selecting Board of Investments under Agency and the
Board’s website http://investmentmt.com/AnnualReportsAudits will contain a link.
CAPP - TIPS 38
State Fund 79
End Notes 85
Glossary 86
CAPP
Asset Class Holdings
Security Name Market Value
Domestic Equity 4,078,329,601
International Equity 2,023,457,144
Private Equity 1,252,281,286
Natural Resources 268,582,047
Real Estate 808,199,836
TIPS 385,161,518
Broad Fixed Income 145,563,928
US Treasury & Agency 950,954,477
Investment Grade Credit 394,940,375
Mortgage-Backed 460,147,709
High Yield 318,067,649
Diversifying Strategies 26,182,023
Cash Equivalents 196,983,462
Asset Class: A broad group or category of securities that exhibits similar characteristics and behavior.
Broad Fixed Income: A broad investment class including Investment Grade, structured bonds,
Government and Agency bonds, international bonds, and High Yield.
Buyout: A fund strategy that acquires a controlling interest in a company. Under a buyout, the previous
ownership loses control over the company in exchange for compensation. If borrowed funds are used to
acquire the company, the deal is called a ‘leveraged buyout’.
Capital Commitment: The amount of capital an LP is contractually obligated to pay into a blind pool fund or
portfolio to finance underlying investments and their associated fees and expenses.
Cash Equivalents: Assets that retain value and have a high degree of liquidity and are generally short-term
commitments with minimal risk of loss.
Commingled Fund: Represents a pool of assets for multiple clients and are managed in a similar fashion by
the same entity. Each client has a pro-rata share of the overall portfolio. Custody of the underlying
securities are at the investment manager’s custodian.
Consolidated Asset Pension Pool (CAPP): The Consolidated Asset Pension Pool invests directly in the 13 Asset
Classes.
Core Real Estate: Lower risk compared to non-core real estate; considered the best quality holdings such
as prime commercial property in major metropolitan cities that have lower levels of vacancy compared to
non-core real estate.
Coupon: The interest rate paid on a bond. This can either be a fixed or floating rate. A floating interest rate
is typically tied to a benchmark such as U.S. Treasury Bills. Payments can be monthly, semi-annual, or
annual.
Credit Rating: An assessment of creditworthiness of a borrower. An investment grade rating (between AAA
and BBB-) given by one of the three main credit rating agencies indicates a low risk of default making it a
safer and more attractive investment.
Debt Related: A fund strategy that provides debt financing in the form of a secured or unsecured loan for
working capital or capital expenditures. Also called term loans, which often requires the borrower to
adhere to certain rules regarding financial performance called covenants.
Distressed. An investment strategy whereby the private investment manager purchases a distressed asset
at a significant discount with the intention of turning around or improving the asset prior to selling.
Domestic Equity: Equity from the United State including stocks, or other public equity-related investments.
Exchange Traded Fund (ETF): An investment fund traded on stock exchanges, much like stocks. Most ETFs
track an index, such as a stock index or bond index.
Fund Name: The name of an institutional investment fund which invests in multiple securities much like a
mutual fund invests in multiple stocks.
General Partner (GP): The team/firm that oversees the investment of a specific private fund.
High Yield: A non-investment grade bond that is at a higher risk of default or some other adverse event.
However, these pay higher yields than better quality bonds to make them attractive to investors.
International Equity: Equity outside of the United States. Examples include stocks or equity investments in
China, Germany, or Canada.