003 · Benchmarks
California PERF.
Targets, ranges and benchmarks as the document states them. Our copy of the IPS.
| Asset class | Bucket | Target | Range | Benchmark |
|---|---|---|---|---|
| Public Equity | Public Equity | 37% | 30–44%+/-7% | — |
| Private Equity | Private Equity | 17% | 12–22%+/-5% | Custom FTSE All World, All Cap Equity + 1.5%Custom FTSE All World, All Cap Equity + 150bps, Quarter Lag |
| Income | Multi-Asset / Other | 28% | 22–34%+/-6% | — |
| Real Assets | Real Assets / Infrastructure | 15% | 10–20%+/-5% | MSCI/PREA US ACOE Quarterly Property Fund (Unfrozen)MSCI/PREA U.S. ACOE Quarterly Property Fund Index (Unfrozen) |
| Private Debt | Private Credit / Debt | 8% | 3–13%+/-5% | Morningstar LSTA US Leveraged Loan 100 + 1.25%Morningstar LSTA U.S. Leveraged Loan 100 Index + 125 bps, Quarter Lag |
| Strategic Leverage | Multi-Asset / Other | — | — | ICE BofA US 3-Month T-Bill + 0.5%ICE BofA US 3-Month Treasury Bill Index + 50 bps |
| Public Equity - Cap Weighted | Public Equity | — | — | Custom FTSE All World, All Cap Equity |
| Public Equity - Factor Weighted | Public Equity | — | — | Custom FTSE Factor WeightedCustom FTSE Factor Weighted Index |
| Income - Treasury | Fixed Income | — | — | Custom Bloomberg Government |
| Income - Mortgage-Backed Securities | Fixed Income | — | — | Custom Bloomberg Mortgage |
| Income - Investment Grade Corporates | Fixed Income | — | — | Custom Bloomberg Corporate ex Sov |
| Income - High Yield | Fixed Income | — | — | Custom Bloomberg High Yield |
| Income - Emerging Market Sovereign Bonds | Fixed Income | — | — | Custom JP Morgan EMBIG Diversified |
| CERBT - Global Equity | Public Equity | — | — | MSCI ACWI IMIMSCI ACWI IMI (Net) |
| CERBT - U.S. Fixed Income | Fixed Income | — | — | Bloomberg Long LiabilityBloomberg Long Liability Index |
| CERBT - TIPS | Fixed Income | — | — | Bloomberg US TIPs , Series LBloomberg U.S. TIPs Index, Series L |
| CERBT - Commodities | Real Assets / Infrastructure | — | — | S&P GSCI DailyS&P GSCI Total Return Daily |
| CERBT - REITs | Real Estate | — | — | FTSE EPRA/NAREIT DevelopedFTSE EPRA/NAREIT Developed (Net) |
| CERBT - Liquidity | Cash | — | — | ICE BofA US 3-Month T-BillICE BofA US 3-Month Treasury Bill Index |
| JRS - Cash Equivalents | Cash | — | — | ICE BofA US 3-Month T-BillICE BofA US 3-Month Treasury Bill Index |
| JRSII - Global Equity | Public Equity | — | — | MSCI ACWI IMIMSCI ACWI IMI (Net) |
| JRSII - U.S. Fixed Income | Fixed Income | — | — | Bloomberg Long LiabilityBloomberg Long Liability Index |
| JRSII - TIPS | Fixed Income | — | — | Bloomberg US TIPs , Series LBloomberg U.S. TIPs Index, Series L |
| JRSII - Commodities | Real Assets / Infrastructure | — | — | S&P GSCI DailyS&P GSCI Total Return Daily |
| JRSII - REITs | Real Estate | — | — | FTSE EPRA/NAREIT DevelopedFTSE EPRA/NAREIT Developed Index |
| JRSII - Liquidity | Cash | — | — | ICE BofA US 3-Month T-BillICE BofA US 3-Month Treasury Bill Index |
| LRS - Global Equity | Public Equity | — | — | MSCI ACWI IMIMSCI ACWI IMI (Net) |
| LRS - U.S. Fixed Income | Fixed Income | — | — | Bloomberg Long LiabilityBloomberg Long Liability Index |
| LRS - TIPS | Fixed Income | — | — | Bloomberg US TIPs , Series LBloomberg U.S. TIPs Index, Series L |
| LRS - Commodities | Real Assets / Infrastructure | — | — | S&P GSCI DailyS&P GSCI Total Return Daily |
| LRS - REITs | Real Estate | — | — | FTSE EPRA/NAREIT DevelopedFTSE EPRA/NAREIT Developed Index |
| LRS - Liquidity | Cash | — | — | ICE BofA US 3-Month T-BillICE BofA US 3-Month Treasury Bill Index |
| LTC - Global Equity | Public Equity | — | — | Custom MSCI Equity Blend |
| LTC - Global Fixed Income | Fixed Income | — | — | Custom Fixed Income Blend |
| LTC - Commodities | Real Assets / Infrastructure | — | — | Bloomberg CommodityBloomberg Commodity Index Total Return |
| LTC - REITs | Real Estate | — | — | FTSE EPRA Nareit Developed 100% Hedged to USD Net TaxFTSE EPRA Nareit Developed 100% Hedged to USD Net Tax Index |
| LTC - Liquidity | Cash | — | — | ICE BofA US 3-Month T-BillICE BofA US 3-Month Treasury Bill Index |
| PEHCF - Liquidity | Cash | — | — | ICE BofA US 3-Month T-BillICE BofA US 3-Month Treasury Bill Index |
| SIP TRD - U.S. Equity | Public Equity | — | — | Russell 3000Russell 3000 Index |
| SIP TRD - International Equity | Public Equity | — | — | MSCI ACWI ex-USA IMIMSCI ACWI ex-USA IMI Index (Net) |
| SIP TRD - U.S. Fixed Income | Fixed Income | — | — | Bloomberg US AggregateBloomberg U.S. Aggregate Bond Index |
| SIP TRD - U.S. Fixed Income (1-3Y) | Fixed Income | — | — | Bloomberg US 1-3 Year Government/Credit BondBloomberg U.S. 1-3 Year Government/Credit Bond Index |
| SIP TRD - Real Assets | Real Assets / Infrastructure | — | — | Weighted benchmark (REIT, Commodity, Infrastructure, TIPS) |
| SIP TRD - Cash Equivalents | Cash | — | — | ICE BofA US 3-Month T-BillICE BofA US 3-Month Treasury Bill Index |
| CEPPT - Global Equity | Public Equity | — | — | MSCI ACWI IMIMSCI ACWI IMI (Net) |
| CEPPT - U.S. Fixed Income | Fixed Income | — | — | Bloomberg US AggregateBloomberg U.S. Aggregate Bond Index |
| CEPPT - TIPS | Fixed Income | — | — | Bloomberg US TIPs , Series LBloomberg U.S. TIPs Index, Series L |
| CEPPT - REITs | Real Estate | — | — | FTSE EPRA/NAREIT DevelopedFTSE EPRA/NAREIT Developed (Net) |
| CEPPT - Liquidity | Cash | — | — | ICE BofA US 3-Month T-BillICE BofA US 3-Month Treasury Bill Index |