The Metropolitan Opera's Portfolio

February 24, 2026

This week we take a look at the Metropolitan Opera Pension’s portfolio. The plan is managed by OCIO Partners Capital, whose AUM has grown nearly 5x over the past decade.

Other disclosed Partners Capital clients include the John Simon Guggenheim Foundation and the Huo Family Foundation.

As a reminder, OWL users can see a number of data points about OCIOs on the platform, including team changes, business data (AUM, headcount, etc.), and new funds launched. In addition to seeing this data on an OCIO’s profile page, users can filter the newsfeed for any recent changes at these firms:

 

Metropolitan Opera Portfolio 

Just over half of the pension’s investments are in public and private alternatives; below we show the alternatives portfolio’s asset allocation:

The remainder of the pension’s assets are in cash and mutual funds/ETFs across fixed income, domestic equities and global equities.

In Friday’s newsletter we showed a sample of the pension’s public and private asset managers, including its largest disclosed position across both categories in TCI, and one of its smaller positions with Anomaly.

 

Anomaly 

Anomaly Capital Management is a long/short fund founded in 2019 by Benjamin Jacobs following his 10-year career at Viking Global where he most recently served as Co-CIO. Other disclosed LPs for Anomaly include the Jewish Federation of Cleveland, the John Simon Guggenheim Memorial and the Joyce & Irving Goldman Family Foundation, all of whom also disclose a relationship with Partners Capital. Fund-of-funds AB Multi-Manager Alternative also discloses an investment in Anomaly. 

Anomaly’s AUM has grown substantially every year since its founding, with notable fundraising disclosed in 2021 and 2024.

Anomaly currently discloses 32 open positions across sectors. Approximately $1.1 billion of its capital is concentrated in its top five disclosed positions in Amazon, Corteva, Gildan Activewear, Burlington Stores and GE HealthCare Technologies, representing close to 40% of its disclosed portfolio.

 

OWL Feature Reminder - One Click Reference Lists 

For managers like Anomaly, OWL is the most powerful platform to find unique, “off-list” reference checks. In addition to seeing a full list of each manager’s former employees OWL users can click “reference list” on each individual’s profile, and OWL will create a unique reference list for that individual. Below, you can see a handful of several hundred Viking team members that Jacobs overlapped with during his time there:

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About Old Well Labs

OWL is an intelligence platform built for allocators, by allocators. Leading endowments, foundations, and family offices use the system to find, monitor, and connect with thousands of fund managers globally. OWL's analytics engine has collected over one billion data points from 65 countries. We make it easy for allocators to find and track information about the managers they care about – not just positions but also performance analytics, people data, business information, and details about the manager investments of other allocators.

Disclaimers

Returns represent the return on invested capital of publicly disclosed long positions, as calculated by OWL. Actual returns may vary based on a number of factors, including (but not limited to) undisclosed positions, short exposure, non-equity holdings, cash holdings, and lagged disclosure of positions.

This newsletter and the material on the Old Well Labs platform are for informational purposes only and should not be considered investment advice or a recommendation of any particular security, manager, or strategy. Old Well Labs shall not be liable for any investment gain or loss that may occur from the use of this material. No part of this material may be reproduced in any form or used in any publication without express written permission from Old Well Labs.