003 · Benchmarks
Hawaii ERS.
Targets, ranges and benchmarks as the document states them. Our copy of the IPS.
| Asset class | Bucket | Target | Range | Benchmark |
|---|---|---|---|---|
| Broad Growth | Multi-Asset / Other | 70% | 60–80% | — |
| Diversifying Strategies | Hedge Funds / Absolute Return | 30% | 20–40% | — |
| Opportunities | Multi-Asset / Other | 0% | 0–3% | — |
| Broad Growth - Global Equity | Public Equity | — | — | 51% MSCI ACWI IMI, 49% MSCI ACWI IMI (qtr. lag) |
| Broad Growth - Real Assets | Real Assets / Infrastructure | — | — | 47% FTSE EPRA NAREIT Global REITS GD (qtr. lag), 37% Dow Jones Brookfield Global Infrastructure (qtr. lag), 9% S&P Global Timber & Forestry (qtr. lag), 7% S&P GSCI Agriculture (qtr. lag)47% FTSE EPRA NAREIT Global REITS Index GD (qtr. lag), 37% Dow Jones Brookfield Global Infrastructure Index (qtr. lag), 9% S&P Global Timber & Forestry Index (qtr. lag), 7% S&P GSCI Agriculture Index (qtr. lag) |
| Broad Growth - Global Credit | Fixed Income | — | — | 17% Bloomberg Global High Yield (hedged), 17% S&P LSTA Leveraged Loan 100 , 33% Bloomberg Global High Yield (hedged) (qtr. lag), 33% S&P LSTA Leveraged Loan 100 (qtr. lag)17% Bloomberg Global High Yield Index (hedged), 17% S&P LSTA Leveraged Loan 100 Index, 33% Bloomberg Global High Yield (hedged) (qtr. lag), 33% S&P LSTA Leveraged Loan 100 Index (qtr. lag) |
| Diversifying Strategies - Liquid Defensive | Hedge Funds / Absolute Return | — | — | 31% MLM Global EV (15% Vol), 15% Bloomberg US Treasury Long , 54% Bloomberg US Treasury Intermediate31% MLM Global EV Index (15% Vol), 15% Bloomberg U.S. Treasury Long Index, 54% Bloomberg U.S. Treasury Intermediate Index |
| Diversifying Strategies - Illiquid Diversifying | Hedge Funds / Absolute Return | — | — | 100% Swiss Re Global Cat Bonds (hedged) |
| Real Estate | Real Estate | — | — | FTSE EPRA NAREIT Global REIT GD (qtr. lag)FTSE EPRA NAREIT Global REIT Index GD (qtr. lag) |
| Timber/Agriculture | Real Assets / Infrastructure | — | — | S&P GSCI Agriculture (qtr. lag), S&P Global Timber & Forestry (qtr. lag)S&P GSCI Agriculture Index (qtr. lag), S&P Global Timber & Forestry Index (qtr. lag) |
| Infrastructure | Real Assets / Infrastructure | — | — | Dow Jones Brookfield Global Infrastructure (qtr. lag)Dow Jones Brookfield Global Infrastructure Index (qtr. lag) |
| Private Equity | Private Equity | — | — | MSCI ACWI IMI plus 200 basis points (rolling 10-year periods) |