003 · Benchmarks · by asset class

Hedge Funds / Absolute Return.

42 distinct benchmarks from 8 index providers, named across 47 plans. Benchmarks are grouped by who publishes them; each table lists the plans that use the benchmark, the label they give the sleeve, and their document.

HFR (24) · Cash rate (13) · S&P (3) · Bloomberg (2) · Credit Suisse (2) · Custom blend (2) · Swiss Re (1) · Not stated (1)

HFR

17 benchmarks · 24 plans

HFRI Fund of Funds

8 plans

Plan	Labelled as	IPS	Source
Alameda County ERS	Absolute Return	Our copy	Plan's site
Boston RS	Hedge Funds	Our copy	—
Chicago Police	Hedge Funds	Our copy	Plan's site
Employees' Retirement System of Rhode Island	Absolute Return	Our copy	Plan's site
Louisiana Municipal Police	Hedge Funds	Our copy	—
Louisiana SERS	Absolute Return	Our copy	Plan's site
Vermont Pension Investment Commission	Hedge Fund of Funds	Our copy	Plan's site
Wyoming Public Employees	Diversifying	Our copy	Plan's site

HFRI FoF Conservative

3 plans

Plan	Labelled as	IPS	Source
Los Angeles Water and Power	Hedge Funds (Secondary)	Our copy	Plan's site
Oregon PERS	Diversifying Strategies	Our copy	Plan's site
Sacramento County ERS	Absolute Return	Our copy	Plan's site

33.3% Bloomberg US Long Treasury, 33.3% SocGen Trend, and 33.3% HFR Global Macro

1 plan

Plan	Labelled as	IPS	Source
Illinois Teachers	Diversifying Strategies	Our copy	Plan's site

Asset Weighted Combination of: 50% HFRI Relative Value , 25% HFRI Global Macro , 25% Event Driven

1 plan

Plan	Labelled as	IPS	Source
Maryland State Retirement and Pension System	Absolute Return	Our copy	Plan's site

Blend: Dynamic weighted strategy (HFRX)

1 plan

Plan	Labelled as	IPS	Source
Connecticut Retirement Plans and Trust Funds	Absolute Return	Our copy	Plan's site

Custom benchmark (HFRI single strategy indices weighted per AIP)

1 plan

Plan	Labelled as	IPS	Source
Ohio PERS	Hedge Funds	Our copy	Plan's site

HFR Risk Parity Vol 12 Institutional (HFRPV12I)

1 plan

Plan	Labelled as	IPS	Source
Texas Teachers	Risk Parity	Our copy	Plan's site

HFR, Inc. (HFRI) Fund of Funds Composite

1 plan

Plan	Labelled as	IPS	Source
Texas County & District	Hedge Funds	Our copy	Plan's site

HFRI Asset Weighted Composite

1 plan

Plan	Labelled as	IPS	Source
Texas Municipal	Hedge Funds	Our copy	Plan's site

HFRI Equity Hedge

1 plan

Plan	Labelled as	IPS	Source
Chicago Laborers	Hedge Funds - Equity Hedge	Our copy	Plan's site

HFRI Equity Relative Value

1 plan

Plan	Labelled as	IPS	Source
Chicago Laborers	Hedge Funds - Relative Value	Our copy	Plan's site

HFRI FOF: Conservative (HFRIFOFC)

1 plan

Plan	Labelled as	IPS	Source
Texas ERS	Hedge Funds	Our copy	Plan's site

HFRI Fund-of-Funds

1 plan

Plan	Labelled as	IPS	Source
Chicago Municipal	Hedge Funds	Our copy	Plan's site

HFRI for the manager or fund; MSCI World Equity (hedged) on a risk adjusted basis

1 plan

Plan	Labelled as	IPS	Source
Houston Police	Hedge Funds	Our copy	Plan's site

HFRX Equity

1 plan

Plan	Labelled as	IPS	Source
Chicago Police	Long/Short Equities	Our copy	Plan's site

HFRX Hedged Equity

1 plan

Plan	Labelled as	IPS	Source
Milwaukee County ERS	Total Hedged Funds	Our copy	Plan's site

ICE BofA US 3-Month T-Bill plus 250 basis points per annum (75%) and HFRI Institutional Trend Following Directional (25%)

1 plan

Plan	Labelled as	IPS	Source
Virginia RS	Diversifying Strategies	Our copy	Plan's site

Cash rate

14 benchmarks · 13 plans

SOFR + 2.5%

2 plans

Plan	Labelled as	IPS	Source
New Mexico PERA	Hedge Funds	Our copy	Plan's site
Texas Teachers	Stable Value Hedge Funds	Our copy	Plan's site

1yr T-Bill yield + 4%

1 plan

Plan	Labelled as	IPS	Source
New York City ERS	Hedge Funds	Our copy	—

9% 3-Month T-Bill + 3% & 3% MSCI ACWI

1 plan

Plan	Labelled as	IPS	Source
Kern County ERS	Hedge Funds	Our copy	Plan's site

90-Day SOFR + 4%

1 plan

Plan	Labelled as	IPS	Source
Cook County ERS	Hedge Funds	Our copy	Plan's site

90-Day T-Bill + 3%

1 plan

Plan	Labelled as	IPS	Source
San Francisco City & County ERS	Absolute Return	Our copy	Plan's site

90-Day T-Bill + 4%

1 plan

Plan	Labelled as	IPS	Source
Chicago Fire	Liquid Diversifying Assets	Our copy	Plan's site

FTSE 3-Month T-Bill + 2%

1 plan

Plan	Labelled as	IPS	Source
West Virginia Investment Management Board	Portable Alpha - Alternative Risk Premia	Our copy	Plan's site

FTSE 3-Month US T-Bill + 2% (1-Month lagged)

1 plan

Plan	Labelled as	IPS	Source
LA County ERS	Diversified Hedge Funds	Our copy	Plan's site

S&P 500 minus SOFR minus 15bps

1 plan

Plan	Labelled as	IPS	Source
West Virginia Investment Management Board	Portable Alpha - Equity Beta Replication	Our copy	Plan's site

SOFR + 2%

1 plan

Plan	Labelled as	IPS	Source
New Mexico Educational	Diversifying Assets	Our copy	Plan's site

SOFR + 4%

1 plan

Plan	Labelled as	IPS	Source
Texas Teachers	Absolute Return (Including Credit Sensitive Investments)	Our copy	Plan's site

Secured Overnight Financing Rate (SOFR) + 4%

1 plan

Plan	Labelled as	IPS	Source
Milwaukee City ERS	Hedge Fund of Funds (CMERS Low Beta)	Our copy	Plan's site

T-Bill plus 300 basis points

1 plan

Plan	Labelled as	IPS	Source
Los Angeles Water and Power	Hedge Funds (Primary)	Our copy	Plan's site

US T-Bill + 4% / HFN Fund of Funds Aggregate median

1 plan

Plan	Labelled as	IPS	Source
Michigan Office of Retirement Services	Absolute Return	Our copy	Plan's site

S&P

3 benchmarks · 3 plans

60/40 mix of the S&P 500 and the Barclay's Aggregate

1 plan

Plan	Labelled as	IPS	Source
Houston Police	Risk Parity	Our copy	Plan's site

S&P 500

1 plan

Plan	Labelled as	IPS	Source
West Virginia Investment Management Board	Portable Alpha Pool	Our copy	Plan's site

S&P Risk Parity 10% Vol Target (USD)

1 plan

Plan	Labelled as	IPS	Source
Ohio PERS	Risk Parity	Our copy	Plan's site

Bloomberg

2 benchmarks · 2 plans

31% MLM Global EV (15% Vol), 15% Bloomberg US Treasury Long , 54% Bloomberg US Treasury Intermediate

1 plan

Plan	Labelled as	IPS	Source
Hawaii ERS	Diversifying Strategies - Liquid Defensive	Our copy	Plan's site

Bloomberg Barclay's Capital US Government Bond

1 plan

Plan	Labelled as	IPS	Source
West Virginia Investment Management Board	Portable Alpha - Government Securities	Our copy	Plan's site

Credit Suisse

2 benchmarks · 2 plans

CS Managed Futures (15%Vol)

1 plan

Plan	Labelled as	IPS	Source
Illinois Universities	Systematic Trend Following	Our copy	Plan's site

Credit Suisse Managed Futures (18% Target Volatility)

1 plan

Plan	Labelled as	IPS	Source
Employees' Retirement System of Rhode Island	Systematic Trend Following	Our copy	Plan's site

Custom blend

2 benchmarks · 2 plans

Hedge Funds Research, Inc. Fund-of-Funds Composite + 1%

1 plan

Plan	Labelled as	IPS	Source
West Virginia Investment Management Board	Absolute Return Pool	Our copy	Plan's site

Weighted average of underlying strategy benchmarks

1 plan

Plan	Labelled as	IPS	Source
San Diego City ERS	Diversifying	Our copy	Plan's site

Swiss Re

1 benchmark · 1 plan

100% Swiss Re Global Cat Bonds (hedged)

1 plan

Plan	Labelled as	IPS	Source
Hawaii ERS	Diversifying Strategies - Illiquid Diversifying	Our copy	Plan's site

Not stated

1 benchmark · 1 plan

Not specified in guidelines

1 plan

Plan	Labelled as	IPS	Source
Milwaukee City ERS	Hedge Fund of Funds (CMERS Low Beta 2)	Our copy	Plan's site

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