History of LASERS Investments
Our most remarkable growth in the history of LASERS is in the area of investments. Our retirement fund balance was $1.1 million in 1947 and today it stands in excess of $14 billion.
LASERS is a long-term investor managed by its Board of Trustees and a team of dedicated investment professionals. Investment income is typically the main source of revenue for benefits paid to our members and their beneficiaries. LASERS team takes seriously its role in providing retirement security for our members.
This is achieved by maintaining an appropriate asset allocation, which consists of broadly diversified assets and minimizing exposure to risk. The investment approach is structured to preserve and enhance principal over the long-term. While investments are diversified to minimize the risk of significant losses, short-term fluctuations are expected and do not cause the Plan to veer off course.
Scroll down to view a timeline and growth over the years, our asset allocation history, and more.
First investment approved – $200k in U.S. Treasury Bonds, Series G & H.
National Bank of Commerce in New Orleans selected as the first custodian.
Certificates of Deposit & Corporate Bonds
First investment in certificates of deposit ($100m) and corporate bonds ($3m par value of AT&T).
First investment in equities of $1m. Stocks included AT&T, GE, GM, Eastman Kodak, Union Carbide, and Standard Oil.
High Yield Bonds
Invested in high yield bonds.
Boston Company of Louisville, KY hired as first consultant.
First formal Investment Policy adopted.
Assets reached $1 Billion.
First money managers hired.
In-house structured investment program approved.
Asset Allocation Adopted
Asset allocation adopted: 60% debt, 35% equity, 5% real estate
Investment assumption rate changed to 8.25%. First International Equity managers hired.
NEPC, LLC, hired as Investment Consultant and remains today.
First Investment Workshop held for the Board of Trustees.
Internally managed program began with S&P 500 Index Fund.
Chief Investment Officer
Bobby Beale became LASERS Chief Investment Officer.
LASERS first Annual Investment Report was published in 2002.
New Custodian Bank
BNY Mellon hired as Custodian Bank and remains today.
LASERS assets exceed $10 Billion.
Assistant Chief Investment Officers
Darren Fournerat and Laney Sanders became Co-Assistant CIOs.
CFA / CAIA Designations
Majority of Investment staff hold both the Chartered Financial Analyst (CFA) and Chartered Alternative Investment Analyst (CAIA) designations.
Assets Exceed $12 Billion
NASDAQ 100 Index added to internally-managed program.
LASERS assets exceed $12 Billion.
Highest Investment Return
LASERS reported a 35.6% investment return for the 12-month period that ended June 30, 2021, the highest return in the history of the System.
Total market value of assets stand in excess of $14.7 billion.
as of June 30 Fiscal Year-End
Click on the buttons below to view additional investment information.