003 · Benchmarks
Michigan Office of Retirement Services.
Targets, ranges and benchmarks as the document states them. Our copy of the IPS.
| Asset class | Bucket | Target | Range | Benchmark |
|---|---|---|---|---|
| Domestic Equity | Public Equity | 25% | 10–20% | S&P Composite 1500S&P Composite 1500 Index |
| Private Equity | Private Equity | 16% | 13–27% | S&P 500 + 3% (with Venture Capital lagged by three months)S&P 500 Index + 300 basis points (with Venture Capital lagged by three months) |
| International Equity | Public Equity | 15% | 7–13% | MSCI ACWI ex USAMSCI ACWI ex USA Index |
| Real Return & Opportunistic | Real Assets / Infrastructure | 10% | 5–15% | — |
| Long Term Fixed Income | Fixed Income | 13% | 20–30% | — |
| Real Estate & Infrastructure | Real Estate | 10% | 5–15% | NCREIF NPI less 130 basis points / NCREIF Fund – Open End Diversified Core Equity (NCREIF ODCE)NCREIF Property Index less 130 basis points / NCREIF Fund Index – Open End Diversified Core Equity (NFI-ODCE) |
| Absolute Return | Hedge Funds / Absolute Return | 9% | 10–20% | US T-Bill + 4% / HFN Fund of Funds Aggregate medianU.S. T-bills + 400 basis points / HFN Fund of Funds Aggregate Index median |
| Short Term Fixed Income | Cash | 2% | 1–8% | 30-Day US T-Bill30-Day U.S. Treasury Bill |
| Fixed Income | Fixed Income | — | — | Bloomberg US AggregateBloomberg Barclays U.S. Aggregate Index |
| Real Return | Real Assets / Infrastructure | — | — | Custom benchmark (CPI + 4% annually)Custom benchmark (CPI + 400 basis points annually) |
| Opportunistic | Multi-Asset / Other | — | — | Actuarial rate of return |