003 · Benchmarks
Louisiana Teachers.
Targets, ranges and benchmarks as the document states them. Our copy of the IPS.
| Asset class | Bucket | Target | Range | Benchmark |
|---|---|---|---|---|
| Large/Mid Cap U.S. Equity | Public Equity | 15% | 10–22% | — |
| Small Cap US Equity | Public Equity | 6.5% | 3–10% | — |
| REITs | Real Estate | 1% | 0–4% | FTSE EPRA/NAREIT DevelopedFTSE EPRA/NAREIT Developed Index (Net) |
| International (Non-U.S.) Equity | Public Equity | 8% | 4–14% | MSCI EAFE or MSCI World Ex US Small CapMSCI EAFE Index (Net) or MSCI World Ex US Small Cap (Net) |
| Emerging Markets Equity | Public Equity | 3.5% | 0–7% | MSCI Emerging MarketsMSCI Emerging Markets Index (Net Dividends) |
| Core U.S. Fixed Income | Fixed Income | 6% | 4–9% | Bloomberg US AggregateBloomberg U.S. Aggregate Index |
| US High Yield Bonds | Fixed Income | 2% | 1–4% | ICE BofA US High YieldICE BofA US High Yield Index |
| Non-U.S. Developed Bonds | Fixed Income | 2% | 1–4% | — |
| Multi-Asset Credit | Fixed Income | 4% | 2–7% | 33.34% Morningstar LSTA US Leveraged Loan 100 + 33.33% ICE BofA US High Yield + 20.00% Bloomberg Global Aggregate-Securitized + 13.33% JPMorgan EMBI Global Diversified + 0.8%33.34% Morningstar LSTA US Leveraged Loan 100 Index + 33.33% ICE BofA U.S. High Yield Index + 20.00% Bloomberg Global Aggregate-Securitized Index + 13.33% JPMorgan EMBI Global Diversified Index + 80 basis points |
| Core Real Estate | Real Estate | 8% | 0–13% | Expanded NCREIF NPIExpanded NCREIF Property Index |
| Non-Core Real Estate | Real Estate | 7% | 2–12% | Expanded NCREIF NPI + 2%Expanded NCREIF Property Index + 200 basis points |
| Corporate Finance/Buyouts | Private Equity | 12% | 5–19% | Russell 3000 + 3%Russell 3000 Index + 300 basis points |
| Venture Capital | Private Equity | 7% | 0–11% | Russell 2000 Growth + 2%Russell 2000 Growth Index + 200 basis points |
| Mezzanine | Multi-Asset / Other | 5% | 2–9% | ICE BofA US High Yield + 2%ICE BofA U.S. High Yield Index + 200 basis points |
| Distressed Debt | Private Credit / Debt | 4% | 0–7% | ICE BofA US High Yield + 2%ICE BofA U.S. High Yield Index + 200 basis points |
| Direct Lending | Private Credit / Debt | 3% | 0–6% | Morningstar LSTA Leveraged Loan 100 + 2%Morningstar LSTA Leveraged Loan 100 Index + 200 basis points |
| Infrastructure | Real Assets / Infrastructure | 3% | 0–5% | Consumer Price + 5%Consumer Price Index + 500 basis points |
| Commodities | Real Assets / Infrastructure | 1% | 0–3% | Bloomberg CommoditiesBloomberg Commodities Index |
| Farmland | Real Assets / Infrastructure | 2% | 0–4% | NCREIF FarmlandNCREIF Farmland Index |
| Opportunistic | Multi-Asset / Other | 0% | 0–5% | — |
| Total Equities (including REITs) | Real Estate | — | 22–46% | — |
| Total Fixed Income | Fixed Income | — | 6–22% | — |
| Total Private Assets | Multi-Asset / Other | — | 10–47% | — |
| Total Real Estate (ex REITs) | Real Estate | — | 5–25% | — |
| Global Fixed Income | Fixed Income | — | — | Bloomberg Global Aggregate (unhedged)Bloomberg Global Aggregate Index (unhedged) |