003 · Benchmarks
North Carolina Investment Authority.
Targets, ranges and benchmarks as the document states them. Our copy of the IPS.
| Asset class | Bucket | Target | Range | Benchmark |
|---|---|---|---|---|
| Equity | Public Equity | 62% | 55–75% | — |
| Corporate Equity | Public Equity | 44% | 23–66% | — |
| Real Asset Equity | Real Assets / Infrastructure | 18% | 6–28% | — |
| Debt | Fixed Income | 35% | 25–45% | — |
| Investment Grade | Fixed Income | 25% | 15–37% | — |
| Credit | Fixed Income | 9% | 3–14% | — |
| Cash | Cash | 1% | 0–5% | — |
| Multi-Strategy | Hedge Funds / Absolute Return | 3% | 0–10% | — |
| Reference Portfolio Benchmark | Multi-Asset / Other | — | — | 65% MSCI ACWI IMI (net of withholding taxes) + 35% ICE BofA 5+ Years US Treasury65% MSCI All Country World Investable Market Index (net of withholding taxes) + 35% ICE BofA 5+ Years U.S. Treasury Index |
| Implementation Benchmark | Multi-Asset / Other | — | — | Delegated to CIO with asset class category benchmarks to be broadly diversified and generally accepted within institutional investment industry |