Analysis: Retirement Systems of Alabama investment diversification continues to pay dividends

Under the 50-year guidance of Dr. David Bronner, The Retirement Systems of Alabama (RSA) has grown its total assets to $40.3 Billion, as of the latest 2022 annual report, with the 2023 report due out soon.  Early on in his tenure, Dr. Bronner and his investment team were largely restricted by statute to investing in cash, cash equivalents and fixed income instruments. Luckily, and as Bronner took the responsibility of investing the System’s funds, the restricted investment policy coincided with a strong, long-running bull market in the bond market. And so, RSA grew its assets in impressive fas