003 · Benchmarks
Pennsylvania State ERS.
Targets, ranges and benchmarks as the document states them. Our copy of the IPS.
| Asset class | Bucket | Target | Range | Benchmark |
|---|---|---|---|---|
| Private Equity | Private Equity | 14% | 12–16%+/- 2% | 75% Russell 3000 / 25% MSCI World ex US plus 300 basis points75% Russell 3000 Index / 25% MSCI World ex U.S. Index plus 300 basis points |
| Real Estate | Real Estate | 4% | N/A | NCREIF Fund – Open End Diversified Core Equity (NCREIF ODCE)NCREIF Fund Index – Open End Diversified Core Equity (NFI-ODCE) |
| U.S. Equity | Public Equity | 44% | 39–49%+/- 5% | Russell 3000Russell 3000 Index |
| International Developed Markets Equity | Public Equity | 14% | 9–19%+/- 5% | MSCI World ex USMSCI World ex U.S. Index |
| Emerging Markets Equity | Public Equity | 2% | 0–4%+/- 2% | MSCI Emerging MarketsMSCI Emerging Markets Index |
| Fixed Income | Fixed Income | 17% | 12–22%+/- 5% | Bloomberg US AggregateBloomberg U.S. Aggregate Bond Index |
| Inflation Protection (TIPS) | Real Assets / Infrastructure | 3% | 0–6%+/- 3% | Bloomberg US TIPSBloomberg U.S. TIPS Index |
| Cash | Cash | 2% | 7% max | ICE BofA 3 Mo US T-BillICE BofAML U.S. 3-Month Treasury Bill Index |