003 · Benchmarks
Milwaukee County ERS.
Targets, ranges and benchmarks as the document states them. Our copy of the IPS.
| Asset class | Bucket | Target | Range | Benchmark |
|---|---|---|---|---|
| Core Fixed Income | Fixed Income | 13.5% | — | BarCap US AggregateBarCap U.S. Aggregate |
| Core Plus Fixed Income | Fixed Income | 8.5% | — | BarCap US AggregateBarCap U.S. Aggregate |
| Emerging Market Debt | Fixed Income | 3% | — | JP Morgan EMBI Global |
| Private Debt | Private Credit / Debt | 3.5% | — | S&P UBS Leveraged Loan |
| All-Cap Core | Public Equity | 20% | — | Russell 3000 |
| Large-Cap Value | Public Equity | 3.5% | — | Russell 1000 Value |
| Small-Cap Value | Public Equity | 2.5% | — | Russell 2000 Value |
| Large-Cap Non-U.S. | Public Equity | 14.5% | — | — |
| Emerging Markets Small-Cap | Public Equity | 1% | — | MSCI EM Small-Cap |
| Defensive Equity | Public Equity | 6% | — | HFRX Hedged Equity |
| Infrastructure - Core | Real Assets / Infrastructure | 10% | — | CPI + 4% |
| Private Equity - Diversified | Private Equity | 9% | — | S&P 500 |
| Private Real Estate - Core | Real Estate | 5% | — | — |
| Cash or Cash Equivalents | Cash | 0% | 0–5% | 91-Day T-Bill |
| Total Fixed Income | Fixed Income | — | 15–35% | BarCap US AggregateBarCap U.S. Aggregate |
| Total U.S. Equity | Public Equity | — | 21–31% | Wilshire 5000 |
| Total Non-U.S. Equity | Public Equity | — | 11–20% | ACWI ex USMSCI ACWI ex-U.S. |
| Total Hedged Equity | Public Equity | — | 0–10% | — |
| Total Equity | Public Equity | — | 30–65% | — |
| Total Infrastructure | Real Assets / Infrastructure | — | 6–14% | CPI + 4% |
| Total Private Equity | Private Equity | — | 5–20% | S&P 500 |
| Total Real Estate | Real Estate | — | 3–10% | NCREIF ODCENFI ODCE (NET) |
| Large-Cap, Non-U.S. | Public Equity | — | — | ACWI ex USMSCI ACWI ex-U.S. |
| Total Hedged Funds | Hedge Funds / Absolute Return | — | — | HFRX Hedged Equity |
| Real Estate – Core | Real Estate | — | — | NCREIF ODCENFI ODCE (NET) |