DFX Intelligence
Allocator Intelligence
The capital-owner graph behind private markets. Who owns the capital, who decides, how much, under what policy, on whose advice, to which managers, and what changed, with a source and a date behind every row. A target is never an actual, a disclosed holding is never an approval, and an estimate says so.
Taft-Hartley plan
Operating Engineers Local 428 Pension Trust
Taft-Hartley planPhoenix, AZ
Assets
$15.0M
Total assets, Dec 31, 2025 reported
Funded
n/a
not filed
Private markets target
n/a
policy Dec 31, 2025
Commitments
11
1 managers on Schedule C
Plan sponsor: Operating Engineers Local 428 Pension Trust
Allocation policy
Form 5500, as of Dec 31, 2025
Actual allocation lines without a target (as filed)
- Interest-bearing cash 2.9%
- Non-interest-bearing cash 4.1%
- Corporate debt instruments (other) 0.0%
- Common/collective trusts 5.2%
- Registered investment companies 87.4%
Consultants and advisers
5 firms
- Verus Advisory, Inc. Investment adviser (plan)Pension consultantthrough Dec 31, 2025 Form 5500
- BMO Bank Custodianthrough Dec 31, 2025 Form 5500
- The Segal Co (western States), Inc. Actuarythrough Dec 31, 2025 Form 5500
- PNC Bank Custodianthrough Dec 31, 2024 Form 5500
- BMO Harris Bank, N.A. Custodianthrough Dec 31, 2022 Form 5500
People
No investment staff or executives have been read for this allocator yet.
Manager roster
2 managers on the commitment tape
From the plan’s own commitment disclosures
- J.P. Morgan Chase4 rows, latest Dec 31, 2025
- Panagora Investment Manager3 rows, latest Dec 31, 2024
From Schedule C (investment management, code 28)
- J.P. Morgan Chaseplan years 2025
- Pangora Asset Managementplan years 2023
- Western Asset Mgmt Company, LLCplan years 2022
- Panagora Asset Management, Inc.plan years 2022
- Pgim Real Estate U.S. Debt Fund, LPplan years 2022
- LSV Asset Managementplan years 2022
Commitments
11 rows, 0 dated closings
Disclosed holdings (from the plan’s performance or holdings report, as of the report date)
| Date | Fund | Manager | Bucket | Amount | Vintage | Status | Source |
|---|---|---|---|---|---|---|---|
| as of Dec 31, 2025 | Jpmcb Strategic Property Fundcollective trust | J.P. Morgan Chase | Real estate | $784,201 held | Disclosed holding | askebsa.dol.gov | |
| as of Dec 31, 2024 | Jpmcb Strategic Property Fundcollective trust | J.P. Morgan Chase | Real estate | $939,481 held | Disclosed holding | askebsa.dol.gov | |
| as of Dec 31, 2024 | Panagora Risk Management103 12 ie | Panagora Investment Manager | Pooled vehicles | $1.6M held | Disclosed holding | askebsa.dol.gov | |
| as of Dec 31, 2023 | Western Asset Mbs Port103 12 ie | Western Asset Management Company | Pooled vehicles | $5.0M held | Disclosed holding | askebsa.dol.gov | |
| as of Dec 31, 2023 | Panagora Risk Management103 12 ie | Panagora Investment Manager | Pooled vehicles | $2.2M held | Disclosed holding | askebsa.dol.gov | |
| as of Dec 31, 2023 | LSV International (acwi Ex US) Valucollective trust | Reliance Trust Company | Pooled vehicles | $988,630 held | Disclosed holding | askebsa.dol.gov | |
| as of Dec 31, 2023 | Jpmcb Strategic Property Fundcollective trust | J.P. Morgan Chase | Real estate | $1.1M held | Disclosed holding | askebsa.dol.gov | |
| as of Dec 31, 2022 | Western Asset Mbs Port103 12 ie | Western Asset Management Company | Pooled vehicles | $3.5M held | Disclosed holding | askebsa.dol.gov | |
| as of Dec 31, 2022 | Jpmcb Strategic Property Fundcollective trust | J.P. Morgan Chase | Real estate | $1.3M held | Disclosed holding | askebsa.dol.gov | |
| as of Dec 31, 2022 | LSV International (acwi Ex US) Valucollective trust | Reliance Trust Company | Pooled vehicles | $2.2M held | Disclosed holding | askebsa.dol.gov | |
| as of Dec 31, 2022 | Panagora Risk Management103 12 ie | Panagora Investment Manager | Pooled vehicles | $2.5M held | Disclosed holding | askebsa.dol.gov |
Size and funding
28 readings
Total assets
$16.7M (2024-12) · $19.5M (2023-12) · $21.5M (2022-12)
Net assets
$16.6M (2024-12) · $19.5M (2023-12) · $21.5M (2022-12)
Benefits paid
$3.2M (2024-12) · $3.4M (2023-12) · $3.7M (2022-12)
Net investment income
$-2.8M (2024-12) · $-2.0M (2023-12) · $-8.4M (2022-12)
Investment management fees
$79,790 (2024-12) · $92,650 (2023-12) · $105,866 (2022-12)
Form 5500 filings
4 plan years
| Plan year | Participants | Assets (SB market) | Funding target | FTAP | Total assets (H) | Partnerships / JV | Master trust | Real estate |
|---|---|---|---|---|---|---|---|---|
| 2025 to Dec 31, 2025 | 1,577 | n/a | n/a | n/a | $15.0M | n/a | n/a | n/a |
| 2024 to Dec 31, 2024 | 1,577 | n/a | n/a | n/a | $16.7M | n/a | n/a | n/a |
| 2023 to Dec 31, 2023 | 1,638 | n/a | n/a | n/a | $19.5M | n/a | n/a | n/a |
| 2022 to Dec 31, 2022 | 1,714 | n/a | n/a | n/a | $21.5M | $1.2M | n/a | n/a |
Service providers and investment entities as filed (Schedule C and D, latest year first)
- The Segal Company codes 11 16 17 $70,877 PY2025
- Southwest Service Administrators codes 13 15 36 38 $63,173 PY2025
- Verus Advisors, Inc codes 27 $53,000 PY2025
- Spencer Fane LLP codes 29 $30,606 PY2025
- Baldwin Moffitt Behm LLP codes 10 $27,087 PY2025
- Mosaic codes 36 $11,851 PY2025
- BMO Bank codes 19 $8,577 PY2025
- JP Morgan Asset Management codes 28 $8,255 PY2025
- JP Morgan Strategic Property Fund Sched. D C $784,201 PY2025
- Panagora Risk Parity Multi-Asset Sched. D E PY2025
- Southwest Service Administrators codes 13 15 36 38 $58,330 PY2024
- The Segal Company codes 11 16 17 $57,417 PY2024
- Verus Advisors, Inc codes 17 60 $53,518 PY2024
- Spencer Fane LLP codes 29 $28,753 PY2024
- Baldwin Moffitt Behm LLP codes 10 $27,082 PY2024
- PNC Bank codes 19 $11,949 PY2024
- JP Morgan Asset Management codes 28 $9,993 PY2024
- Western Asset Management codes 28 $9,418 PY2024
- Panagora Asset Management codes 28 $6,861 PY2024
- Weinberg, Roger & Rosenfeld codes 29 $5,355 PY2024
- Panagora Risk Parity Multi-Asset Sched. D E $1.6M PY2024
- JP Morgan Strategic Property Fund Sched. D C $939,481 PY2024
- LSV International Acwi Ex-Us Value Sched. D C PY2024
- Western Asset US Core Plus, L.L.C. Sched. D E PY2024
- Southwest Service Administrators codes 13 15 36 38 $54,763 PY2023
- Verus Advisors, Inc codes 17 60 $48,000 PY2023
- The Segal Company codes 11 16 17 $47,980 PY2023
- Ward Keenan and Barrett, PC codes 29 $28,398 PY2023
- Baldwin Moffitt Behm LLP codes 10 $27,149 PY2023
- Jennings, Strouss & Salmon Plc codes 29 $21,420 PY2023
- Spencer Fane LLP codes 29 $17,920 PY2023
- JP Morgan Asset Management codes 28 $15,666 PY2023
- BMO Harris codes 19 $14,144 PY2023
- Western Asset Management codes 28 $12,488 PY2023
- Pangora Asset Management codes 28 $7,458 PY2023
- Segal Select Insurance Services codes 53 $5,449 PY2023
- Panagora Risk Parity Multi-Asset Sched. D E $2.2M PY2023
- LSV International Acwi Ex-Us Value Sched. D C $988,630 PY2023
- JP Morgan Strategic Property Fund Sched. D C $1.1M PY2023
- Western Asset US Core Plus, L.L.C. Sched. D E $5.0M PY2023
- Zenith American Solutions codes 13 15 36 38 $260,285 PY2022
- The Segal Company codes 11 16 17 $75,560 PY2022
- Verus Advisors, Inc codes 17 60 $48,000 PY2022
- Jennings, Strouss & Salmon Plc codes 29 $36,024 PY2022
- Baldwin Moffitt Behm LLP codes 10 $27,102 PY2022
- BMO Harris codes 19 $21,078 PY2022
- Ward Keenan and Barrett, PC codes 29 $16,680 PY2022
- JP Morgan Asset Management codes 28 $13,756 PY2022
- Pgim Real Estate U.S. Debt Fund, LP codes 51 $12,315 PY2022
- Western Asset Management codes 28 $12,098 PY2022
- LSV Asset Management codes 28 51 $10,445 PY2022
- Panagora Asset Management codes 28 $9,252 PY2022
- Segal Select Insurance Services codes 53 $6,341 PY2022
- LSV International Acwi Ex-Us Value Sched. D C $2.2M PY2022
- Panagora Risk Parity Multi-Asset Sched. D E $2.5M PY2022
- Western Asset US Core Plus, L.L.C. Sched. D E $3.5M PY2022
- JP Morgan Strategic Property Fund Sched. D C $1.3M PY2022
What changed
12 events
- Dec 31, 2025Holding endedinferenceOperating Engineers Local 428 Pension Trust no longer reports Panagora Risk Management (Panagora Investment Manager) (last held $2M at 2024-12-31; absent from the 2025-12-31 filing)with Panagora Investment Manageraskebsa.dol.gov
- Dec 31, 2025Manager relationship endedinferencePanagora Asset Management no longer appears on Operating Engineers Local 428 Pension Trust's Schedule C as investment manager (plan year 2025 vs 2024)with Panagora Asset Management, Inc.askebsa.dol.gov
- Dec 31, 2025Manager relationship endedinferenceWestern Asset Management no longer appears on Operating Engineers Local 428 Pension Trust's Schedule C as investment manager (plan year 2025 vs 2024)with Western Asset Mgmt Company, LLCaskebsa.dol.gov
- Dec 31, 2025Assets changedOperating Engineers Local 428 Pension Trust total assets $17M -> $15M (-10.1%, 2024-12-31 to 2025-12-31)
- Dec 31, 2024Holding endedinferenceOperating Engineers Local 428 Pension Trust no longer reports Western Asset Mbs Port (last held $5M at 2023-12-31; absent from the 2024-12-31 filing)with Western Asset Mortgag Backed LLCaskebsa.dol.gov
- Dec 31, 2024Holding endedinferenceOperating Engineers Local 428 Pension Trust no longer reports LSV International (acwi Ex US) Valu (last held $988,630 at 2023-12-31; absent from the 2024-12-31 filing)with LSV International (acwi Ex US) Valuaskebsa.dol.gov
- Dec 31, 2024Manager relationship endedinferencePangora Asset Management no longer appears on Operating Engineers Local 428 Pension Trust's Schedule C as investment manager (plan year 2024 vs 2023)with Pangora Asset Managementaskebsa.dol.gov
- Dec 31, 2024Manager relationship startedPanagora Asset Management appears on Operating Engineers Local 428 Pension Trust's Schedule C as investment manager (plan year 2024 vs 2023)with Panagora Asset Management, Inc.askebsa.dol.gov
- Dec 31, 2024Assets changedOperating Engineers Local 428 Pension Trust total assets $19M -> $17M (-14.4%, 2023-12-31 to 2024-12-31)
- Dec 31, 2023Manager relationship startedPangora Asset Management appears on Operating Engineers Local 428 Pension Trust's Schedule C as investment manager (plan year 2023 vs 2022)with Pangora Asset Managementaskebsa.dol.gov
- Dec 31, 2023Manager relationship endedinferencePanagora Asset Management no longer appears on Operating Engineers Local 428 Pension Trust's Schedule C as investment manager (plan year 2023 vs 2022)with Panagora Asset Management, Inc.askebsa.dol.gov
- Dec 31, 2023Manager relationship endedinferenceLSV Asset Management no longer appears on Operating Engineers Local 428 Pension Trust's Schedule C as investment manager (plan year 2023 vs 2022)with LSV Asset Managementaskebsa.dol.gov
Board record: approvals, recommendations, searches, terminations and re-up prospects for this system.
Provenance
Identifiers: EIN-PN 866025732-001
Cross-graph: no entry on another DFX graph
First observed Sep 15, 2026, last observed Sep 15, 2026. Classification confirmed. Every row above carries its source; a reported figure is the subject’s own, a derived one is arithmetic on reported figures, an estimated one is a model or a survey imputation and is never summed into a headline.