003 · Benchmarks
Minnesota State Board of Investment.
Targets, ranges and benchmarks as the document states them. Our copy of the IPS.
| Asset class | Bucket | Target | Range | Benchmark |
|---|---|---|---|---|
| Public Equity | Public Equity | 50% | 45–55% | 67% Russell 3000 and 33% MSCI ACWI ex USA Net Return (USD)67% Russell 3000 Index and 33% MSCI ACWI ex USA Net Return Index (USD) |
| Domestic Equity | Public Equity | 33.5% | 28–39% | Russell 3000Russell 3000 Index |
| International Equity | Public Equity | 16.5% | 14–19% | MSCI ACWI ex USA Net Return (USD)MSCI ACWI ex USA Net Return Index (USD) |
| Fixed Income and Cash | Fixed Income | 25% | 22.5–27.5% | 24% Bloomberg US Aggregate Bond , 24% Return-Seeking Fixed Income Benchmark, 40% Treasury Protection Benchmark, 12% ICE BofA US 3-Month T-Bill24% Bloomberg U.S. Aggregate Bond Index, 24% Return-Seeking Fixed Income Benchmark, 40% Treasury Protection Benchmark, 12% ICE BofA U.S. 3-Month Treasury Bill Index |
| Core/Core Plus Fixed Income | Fixed Income | 6% | 4–8% | Bloomberg US AggregateBloomberg U.S. Aggregate Bond Index |
| Return-Seeking Fixed Income | Fixed Income | 6% | 4–8% | 25% ICE BofA US Cash Pay High Yield Constrained , 25% S&P UBS Leveraged Loan , 25% JPM EMBI Global Diversified , 25% ICE BofA AA-BBB US Fixed and Floating Rate Asset-Backed Securities25% ICE BofA U.S. Cash Pay High Yield Constrained Index, 25% S&P UBS Leveraged Loan Index, 25% JPM EMBI Global Diversified Index, 25% ICE BofA AA-BBB U.S. Fixed and Floating Rate Asset-Backed Securities Index |
| Treasury Protection | Fixed Income | 10% | 5–15% | 80% Bloomberg US Treasury and 20% Bloomberg US Long Treasury80% Bloomberg U.S. Treasury Index and 20% Bloomberg U.S. Long Treasury Index |
| U.S. Treasury (Broad Maturity) | Fixed Income | 8% | 5–15% | Bloomberg US TreasuryBloomberg U.S. Treasury Index |
| U.S. Treasury - Long | Fixed Income | 2% | 0–5% | Bloomberg US Long TreasuryBloomberg U.S. Long Treasury Index |
| Cash Equivalents | Cash | 3% | 0–5% | ICE BofA 3 Mo US T-BillICE BofA U.S. 3-Month Treasury Bill Index |
| Private Markets | Multi-Asset / Other | 25% | 20–32% | — |
| Private Equity | Private Equity | 18% | 15–25% | MSCI Global Buyout Closed-End Fund (USD), lagged 1 quarterMSCI Global Buyout Closed-End Fund Index (USD), lagged 1 quarter |
| Private Credit | Private Credit / Debt | 3% | 0–6% | MSCI Global Private Credit Closed-End Fund (USD), lagged 1 quarterMSCI Global Private Credit Closed-End Fund Index (USD), lagged 1 quarter |
| Private Real Assets | Real Assets / Infrastructure | 2% | 0–4% | 75% MSCI Global Private Infrastructure Closed-End Fund (USD), lagged 1 quarter and 25% MSCI Global Private Natural Resources Closed-End Fund (USD), lagged 1 quarter75% MSCI Global Private Infrastructure Closed-End Fund Index (USD), lagged 1 quarter and 25% MSCI Global Private Natural Resources Closed-End Fund Index (USD), lagged 1 quarter |
| Private Real Estate | Real Estate | 2% | 0–4% | 50% Custom MSCI Global Private Opportunistic Real Estate Closed-End Fund Benchmark (USD), lagged 1 quarter and 50% Custom MSCI Global Private Value-Added Real Estate Closed-End Fund Benchmark (USD), lagged 1 quarter |
| Opportunistic | Multi-Asset / Other | — | 0–10% | Relevant blended benchmark, as applicable |
| Uninvested Private Markets | Multi-Asset / Other | — | — | 80% Public Equity Benchmark and 20% Bloomberg US Aggregate Bond80% Public Equity Benchmark and 20% Bloomberg U.S. Aggregate Bond Index |