Would STRS Ohio have more money if it had invested solely in the S&P 500?

Under state law, STRS Ohio must diversify its investments to minimize the risk of large losses. So, in no event is STRS Ohio allowed to invest solely in the S&P 500 Index. The state auditor found that STRS Ohio’s diversified portfolio outperformed the S&P 500 index from 1999–2021 as noted on Page 27 of the state auditor’s report.