003 · Benchmarks
Los Angeles Fire and Police.
Targets, ranges and benchmarks as the document states them. Our copy of the IPS.
| Asset class | Bucket | Target | Range | Benchmark |
|---|---|---|---|---|
| Broad US Equity | Public Equity | 29% | ±16-19% | — |
| Broad International Equity | Public Equity | 18% | 1–35%±17% | — |
| Private Equity | Private Equity | 15% | 0–40%±25% | S&P 500 plus 2.5%S&P 500 Index plus 2.5% |
| LAFPP Custom Fixed Income | Fixed Income | 22% | varies by sub-class | — |
| Private Credit | Private Credit / Debt | 3% | 0–28%±25% | Morningstar LSTA US Leveraged Loan plus 1%Morningstar LSTA US Leveraged Loan Index plus 1% |
| Real Assets | Real Assets / Infrastructure | 12% | ±15-21% | — |
| Cash Equivalents | Cash | 1% | 1–4% | — |
| Domestic Large Cap Equity | Public Equity | — | — | S&P 500 (Capitalization Weighted)S&P 500 (Capitalization Weighted) Index |
| Small Capitalization Equity | Public Equity | — | — | Russell 2000Russell 2000 Index |
| International Developed Equity | Public Equity | — | — | Morgan Stanley Capital International All Country World ex US , including CanadaMorgan Stanley Capital International All Country World Index ex U.S. (Gross), including Canada |
| Total Domestic Equity | Public Equity | — | — | Russell 3000Russell 3000 Index |
| Total International Equity | Public Equity | — | — | Morgan Stanley Capital International All Country World ex USMorgan Stanley Capital International All Country World Index ex U.S. (Gross) |
| Core Bonds | Fixed Income | — | — | Bloomberg US AggregateBloomberg U.S. Aggregate Bond Index |
| TIPS | Fixed Income | — | — | Bloomberg US TIPS 1-5 YearBloomberg U.S. TIPS 1-5 Year Index |
| High Yield Bonds | Fixed Income | — | — | ICE ICE BofA High Yield Master II ConstrainedICE Bank of America Merrill Lynch High Yield Master II Constrained Index |
| Long Duration | Fixed Income | — | — | Bloomberg US Long Government/Credit BondBloomberg U.S. Long Government/Credit Bond Index |
| MBS | Multi-Asset / Other | — | — | Bloomberg US MBSBloomberg US MBS Index |
| Unconstrained Fixed Income | Fixed Income | — | — | ICE BofA US 3-Month T-Bill rate plus 1%Merrill Lynch U.S. 3-month Treasury Bill rate plus 1% |
| Global Credit | Fixed Income | — | — | Custom benchmark: 50% Bloomberg Global Aggregate Credit USD Hedged, 16.7% ICE BofA Developed Markets High Yield USD, 16.7% JP Morgan Emerging Markets Bond Global Diversified USD, 16.7% S&P UBS Leveraged LoanCustom benchmark: 50% Bloomberg Global Aggregate Credit Index USD Hedged, 16.7% ICE BofA Developed Markets High Yield Index USD, 16.7% JP Morgan Emerging Markets Bond Index Global Diversified USD, 16.7% S&P UBS Leveraged Loan Index |
| Total Fixed Income | Fixed Income | — | — | Bloomberg US Universal BondBloomberg US Universal Bond Index |
| Real Estate (Private) | Real Estate | — | — | NCREIF ODCE + 50 bpsNFI-ODCE + 50 bps (Net) |
| Real Estate (Public) | Real Estate | — | — | 50% Dow Jones US Real Estate Securities and 50% FTSE EPRA/NAREIT Developed50% Dow Jones US Real Estate Securities Index (Gross) and 50% FTSE EPRA/NAREIT Developed Index (Gross) |
| Infrastructure | Real Assets / Infrastructure | — | — | Consumer Price plus 375 basis pointsConsumer Price Index plus 375 basis points |