Update Regarding Silicon Valley Bank
STRS Ohio has bought and sold shares of SVB stock since 1999 and achieved net gains on this stock of over $30 million since inception, even after the write downs on March 8. As of Wednesday, March 8, STRS Ohio held shares of SVB worth $27.2 million, which accounted for approximately 0.03% of STRS Ohio’s total fund. Due to the bank’s failure, SVB stock was removed from the S&P 500 and the Russell 3000 indices, and the price of its stock was written down to $0.
STRS Ohio continues to be a strong pension fund and benefits to STRS Ohio members remain safe.
The STRS Ohio fund is designed to weather situations like this. Our investment strategy is built on the core principle of diversification. By diversifying across various asset classes, sectors and companies, STRS Ohio can mitigate the impact of unforeseen events like the loss in SVB shares.