003 · Benchmarks
Pennsylvania School Employees.
Targets, ranges and benchmarks as the document states them. Our copy of the IPS.
| Asset class | Bucket | Target | Range | Benchmark |
|---|---|---|---|---|
| Equity Exposure | Public Equity | 44% | 39–49%+/- 5% | — |
| Public Equity | Public Equity | 32% | 27–37%+/- 5% | — |
| U.S. Equity | Public Equity | 20% | 15–25%+/- 5% | S&P 1500S&P 1500 TR Index |
| Non-U.S. Equity | Public Equity | 12% | 7–17%+/- 5% | MSCI ACWI ex USA IMI NetMSCI ACWI ex USA IMI Net TR Index |
| Private Equity | Private Equity | 12% | 8–16%+/- 4% | MSCI Global Private Equity Closed-End Fund (Frozen; USD), oneMSCI Global Private Equity Closed-End Fund Index (Frozen; USD), one-quarter lagged |
| Fixed Income Exposure | Fixed Income | 34% | 29–39%+/- 5% | — |
| Public Fixed Income | Fixed Income | 27% | 22–32%+/- 5% | — |
| Investment Grade | Fixed Income | 16% | 11–21%+/- 5% | Bloomberg US Aggregate Bond and Bloomberg US Long TreasuryBloomberg US Aggregate Bond TR Index and Bloomberg U.S. Long Treasury TR Index |
| Credit-Related | Fixed Income | 4% | 1–7%+/- 3% | Bloomberg US Corporate High Yield BondBloomberg US Corporate High Yield Bond Index |
| Inflation Protected | Real Assets / Infrastructure | 7% | 2–12%+/- 5% | Bloomberg US Government Inflation-Linked Bond All MaturitiesBloomberg US Government Inflation-Linked Bond All Maturities TR Index |
| Private Credit | Private Credit / Debt | 7% | 5–9%+/- 2% | MSCI Global Private Credit Closed-End Fund (Frozen; USD), oneMSCI Global Private Credit Closed-End Fund Index (Frozen; USD), one-quarter lagged |
| Real Asset Exposure | Real Assets / Infrastructure | 22% | 17–27%+/- 5% | — |
| Public Real Assets | Real Assets / Infrastructure | 11% | 8–14%+/- 3% | — |
| Infrastructure | Real Assets / Infrastructure | 5% | 2–8%+/- 3% | — |
| Commodities | Real Assets / Infrastructure | 4% | 1–7%+/- 3% | Bloomberg CommodityBloomberg Commodity TR Index |
| Real Estate | Real Estate | 2% | 0–5%+/- 3% | — |
| Private Real Assets | Real Assets / Infrastructure | 11% | 8–14%+/- 3% | — |
| Opportunistic | Multi-Asset / Other | 0% | 0–5% | — |
| Cash | Cash | 4.5% | — | ICE BofA 0-3-Month US T-BillICE BofAML 0-3 Month US Treasury Bill Index |
| Public Infrastructure | Real Assets / Infrastructure | — | — | FTSE Developed Core Infrastructure 50/50 NetFTSE Developed Core Infrastructure 50/50 Net TR Index |
| Public Real Estate | Real Estate | — | — | FTSE EPRA/NAREIT Developed, NetFTSE EPRA/NAREIT Developed, Net TR Index |
| Private Infrastructure | Real Assets / Infrastructure | — | — | MSCI Global Private Infrastructure Closed-End Fund (Frozen; USD), oneMSCI Global Private Infrastructure Closed-End Fund Index (Frozen; USD), one-quarter lagged |
| Private Real Estate | Real Estate | — | — | MSCI Global Private Real Estate Closed-End Fund (Frozen; USD), oneMSCI Global Private Real Estate Closed-End Fund Index (Frozen; USD), one-quarter lagged |
| Financing Cost of Leverage | Multi-Asset / Other | — | — | 3-Month Term SOFR |