003 · Benchmarks
Los Angeles Water and Power.
Targets, ranges and benchmarks as the document states them. Our copy of the IPS.
| Asset class | Bucket | Target | Range | Benchmark |
|---|---|---|---|---|
| Domestic Equity | Public Equity | 20.6% | 20.6% target, 17.5%-23.7% range (+/- 15%) | — |
| International Equity | Public Equity | 17.2% | 17.2% target, 13.8%-20.6% range (+/- 20%) | — |
| Global Equity | Public Equity | 4.2% | 4.2% target, 3.4%-5.0% range (+/- 20%) | — |
| Fixed Income | Fixed Income | 20% | 25.0% target, 21.3%-28.8% range (+/- 15%) | — |
| Private Credit | Private Credit / Debt | 5% | 5.0% target, 0.0%-7.5% range (+50/-100%) | Credit Suisse Leveraged Loan plus 200 basis pointsCredit Suisse Leveraged Loan Index plus 200 basis points |
| Real Return | Real Assets / Infrastructure | 5% | 5.0% target, 0.0%-7.5% range (+50/-100%) | — |
| Hedge Funds | Hedge Funds / Absolute Return | 5% | 5.0% target, 0.0%-7.5% range (+50/-100%) | — |
| Real Estate | Real Estate | 10% | 10.0% target, 0.0%-15.0% range (+50/-100%) | NCREIF NPI plus 50 basis points (, rolling 5-year)NCREIF Property Index plus 50 basis points (net of fees, rolling 5-year) |
| Private Equity | Private Equity | 12% | 12.0% target, 0.0%-18.0% range (+50/-100%) | Russell 3000 plus 300 basis pointsRussell 3000 Index plus 300 basis points |
| Cash Equivalents | Cash | 1% | 1.0% target, 0.5%-1.5% range (+/-50%) | — |
| Domestic Equity (Aggregate) | Fixed Income | — | — | Russell 3000Russell 3000 Index |
| Domestic Equity - Large Cap Core (Passive) | Public Equity | — | — | Russell 1000Russell 1000 Index |
| Domestic Equity - Large Cap Value (Active) | Public Equity | — | — | Russell 1000 ValueRussell 1000 Value Index |
| Domestic Equity - Large Cap Growth (Active) | Public Equity | — | — | Russell 1000 GrowthRussell 1000 Growth Index |
| Domestic Equity - Small Cap Value (Active) | Public Equity | — | — | Russell 2000 ValueRussell 2000 Value Index |
| Domestic Equity - Small Cap Growth (Active) | Public Equity | — | — | Russell 2000 GrowthRussell 2000 Growth Index |
| International Equity (Aggregate) | Fixed Income | — | — | MSCI ACWI ex-US IMI NDMSCI ACWI ex-U.S. IMI ND Index |
| International Equity - Developed Markets (Passive) | Public Equity | — | — | MSCI World ex-US IMI NDMSCI World ex-U.S. IMI ND Index |
| International Equity - Large Cap Developed Markets (Active) | Public Equity | — | — | MSCI World ex-US IMI NDMSCI World ex-U.S. IMI ND Index |
| International Equity - Small Cap Developed Markets (Active) | Public Equity | — | — | MSCI ACWI ex-US Small NDMSCI ACWI ex-U.S. Small ND Index |
| International Equity - Emerging Markets (Active) | Public Equity | — | — | MSCI Emerging Markets IMI NDMSCI Emerging Markets IMI ND Index |
| Global Equity (Aggregate) | Fixed Income | — | — | MSCI ACWI IMI NDMSCI ACWI IMI ND Index |
| Global Equity - Active | Public Equity | — | — | MSCI ACWI IMI NDMSCI ACWI IMI ND Index |
| Fixed Income (Aggregate) | Fixed Income | — | — | Custom benchmark: 50% Barclays US Intermediate Aggregate ex. Credit, 27% Barclays Global Aggregate Credit (hedged), 9% ICE Developed Markets High Yield (hedged), 9% JPMorgan EMBI Global Diversified , 5% Morningstar LSTA Leveraged LoanCustom benchmark: 50% Barclays U.S. Intermediate Aggregate ex. Credit, 27% Barclays Global Aggregate Credit Index (hedged), 9% ICE Developed Markets High Yield Index (hedged), 9% JPMorgan EMBI Global Diversified Index, 5% Morningstar LSTA Leveraged Loan Index |
| Fixed Income - Principal Protection | Fixed Income | — | — | Barclays US Intermediate Aggregate ex. CreditBarclays U.S. Intermediate Aggregate ex. Credit Index |
| Fixed Income - Extended Global Credit | Fixed Income | — | — | 60% Barclays Global Aggregate Credit (hedged), 20% ICE Developed Markets High Yield (hedged), 20% JPMorgan EMBI Global Diversified60% Barclays Global Aggregate Credit Index (hedged), 20% ICE Developed Markets High Yield Index (hedged), 20% JPMorgan EMBI Global Diversified Index |
| Fixed Income - U.S. Bank Loans | Fixed Income | — | — | Morningstar LSTA Leveraged LoanMorningstar LSTA Leveraged Loan Index |
| Real Return - Passive Short Duration TIPS | Real Assets / Infrastructure | — | — | Bloomberg US TIPS 0-5 YearBloomberg US TIPS 0-5 Year Index |
| Real Return - Commodities | Real Assets / Infrastructure | — | — | Bloomberg CommodityBloomberg Commodity Index |
| Real Return - Timber | Real Assets / Infrastructure | — | — | NCREIF TimberlandNCREIF Timberland Index |
| Hedge Funds (Primary) | Hedge Funds / Absolute Return | — | — | T-Bill plus 300 basis pointsT-Bills plus 300 basis points |
| Hedge Funds (Secondary) | Hedge Funds / Absolute Return | — | — | HFRI FoF ConservativeHFRI FoF Conservative Index |
| Real Estate - Public REITs | Real Estate | — | — | FTSE EPRA NAREIT Global DevelopedFTSE EPRA NAREIT Global Developed Index |
| Infrastructure | Real Assets / Infrastructure | — | — | FT Wilshire Private Infrastructure plus 50 basis pointsFT Wilshire Private Infrastructure Index plus 50 basis points |
| Death Benefits Fund | Multi-Asset / Other | — | — | 95% Barclays US Aggregate Bond , 5% FTSE 3-Month T-Bill95% Barclays US Aggregate Bond Index, 5% FTSE 3 Month Treasury Bill Index |
| Disability Benefits Fund | Multi-Asset / Other | — | — | 95% Barclays US Aggregate Bond , 5% FTSE 3-Month T-Bill95% Barclays US Aggregate Bond Index, 5% FTSE 3 Month Treasury Bill Index |