Employees' Retirement Fund of the City of Fort Worth

The fund currently maintains a highly concentrated portfolio consisting of only 8 holdings. The investment strategy appears to have shifted aggressively away from broad equity exposure and dividend growth toward a defensive, fixed-income-oriented posture. The concentration risk is notable, with the top three holdings comprising approximately 62.6% of the total assets under management.

2. Key Holdings

The portfolio is dominated by fixed-income Exchange Traded Funds (ETFs), reflecting a "core-satellite" approach where the core is now heavily weighted toward bonds.