003 · Benchmarks
Fairfax County Schools.
Targets, ranges and benchmarks as the document states them. Our copy of the IPS.
| Asset class | Bucket | Target | Range | Benchmark |
|---|---|---|---|---|
| U.S. Large Cap | Public Equity | 15% | 10–20% | — |
| U.S. Small Cap | Public Equity | 6% | 2–10% | — |
| International Large Cap | Public Equity | 7% | 3–11% | — |
| International Small Cap | Public Equity | 3% | 1–5% | — |
| Emerging Markets Equity | Public Equity | 3% | 1–5% | MSCI Emerging Markets IMIMSCI Emerging Markets IMI (Net) |
| Global Equity | Public Equity | 3% | 1–5% | MSCI ACWIMSCI All Country World Index (Net) |
| Core Fixed Income | Fixed Income | 37% | 29–45% | — |
| Private Equity | Private Equity | 7% | 4–13% | ThomsonOne All Regions PE / Public market equivalent of MSCI ACWI IMI + 2.5% |
| Private Debt | Private Credit / Debt | 4% | 2–7% | Morningstar LSTA US Leveraged LoanMorningstar LSTA U.S. Leveraged Loan Index |
| Hedge Fund | Hedge Funds / Absolute Return | 0% | 0–12% | — |
| Real Estate | Real Estate | 7% | 3–12% | NCREIF – ODCE NET |
| Infrastructure | Real Assets / Infrastructure | 3% | 1–5% | — |
| Natural Resources (Private) | Real Assets / Infrastructure | 5% | 0–7% | — |
| Cash | Cash | 0% | 0–4% | — |
| U.S. Large Cap Equity | Public Equity | — | — | Russell 1000Russell 1000 Index |
| U.S. Small Cap Value Equity | Public Equity | — | — | Russell 2000 ValueRussell 2000 Value Index |
| U.S. Small Cap Core Equity | Public Equity | — | — | Russell 2000Russell 2000 Index |
| U.S. Small Cap Growth Equity | Public Equity | — | — | Russell 2000 GrowthRussell 2000 Growth Index |
| International Large Cap Equity | Public Equity | — | — | MSCI EAFEMSCI EAFE (Net) |
| International Small Cap Equity | Public Equity | — | — | MSCI EAFE Small CapMSCI EAFE Small Cap (Net) |
| Fixed Income | Fixed Income | — | — | Bloomberg US AggregateBloomberg U.S. Aggregate Index |
| Fixed Income (Loomis Sayles) | Fixed Income | — | — | Bloomberg US Govt/CreditBloomberg U.S. Govt/Credit Index |
| Private Infrastructure | Real Assets / Infrastructure | — | — | FTSE 10 Year Treasury OTR |
| Private Natural Resources | Real Assets / Infrastructure | — | — | 3-Month T-Bill90 Day U.S. Treasury Bill |