003 · Benchmarks
Florida RS.
Targets, ranges and benchmarks as the document states them. Our copy of the IPS.
| Asset class | Bucket | Target | Range | Benchmark |
|---|---|---|---|---|
| Global Equity | Public Equity | 45% | 35–60% | Custom MSCI ACWI ex China ex Hong Kong IMI, in dollar terms, net of withholding taxes, adjusted for prohibited securitiesCustom MSCI All Country World Index ex China ex Hong Kong Investable Market Index, in dollar terms, net of withholding taxes, adjusted for prohibited securities |
| Fixed Income | Fixed Income | 21% | 12–30% | Bloomberg US AggregateBloomberg U.S. Aggregate Bond Index |
| Active Credit | Fixed Income | 7% | 2–12% | Floating based on public/private mix: High Yield – Bloomberg US High Yield ; Bank Loans – LSTA Leveraged Loan ; Emerging Market Debt – Bloomberg Emerging Market indices; Private Credit - LSTA Leveraged Loan + 1.75%Floating based on public/private mix: High Yield – Bloomberg U.S. High Yield Index; Bank Loans – LSTA Leveraged Loan Index; Emerging Market Debt – Bloomberg Emerging Market indices; Private Credit - LSTA Leveraged Loan Index + 1.75% |
| Real Estate | Real Estate | 12% | 8–20% | 83.3% NCREIF Fund – Open-ended Diversified Core Equity () + 16.7% (NCREIF ODCE + 1.5%)83.3% NCREIF Fund Index – Open-ended Diversified Core Equity (NET of fees) + 16.7% (NCREIF ODCE + 150 basis points) |
| Private Equity | Private Equity | 10% | 6–20% | Global Equity Target , plus 250 basis points per annumGlobal Equity Target Index, plus 250 basis points per annum |
| Strategic Investments | Multi-Asset / Other | 4% | 2–14% | Floating based on sub-category weights: Hedge Funds - SOFR + 3%; Real Assets – CPI + 4%; Insurance Linked Securities – Swiss RE CAT Bond ; Opportunistic Strategies – appropriate benchmarkFloating based on sub-category weights: Hedge Funds - SOFR + 3%; Real Assets – CPI + 4%; Insurance Linked Securities – Swiss RE CAT Bond Total Return Index; Opportunistic Strategies – appropriate benchmark |
| Cash Equivalents | Cash | 1% | 0.25–5% | Bloomberg US T-Bill: 1-3 MonthsBloomberg Barclays U.S. Treasury Bill: 1-3 Months Index |